Brightwood Development Corp EIN 04-2622178 Form 990 (PDF) Claim this org

Brightwood Development Corp FY2023 filing

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Fosters economic growth and community development through job placement, business support, and housing initiatives. For fiscal year 2023 it reported $327K in revenue, $391K in expenses, and $1.5M in net assets.Pt I

Type
Public charity (501(c)(3)) · Community Development
Location
Springfield, MA
Filings
5 on file (2020–2023)
Revenue
$327KFY2023
Expenses
$391K
Net assets
$1.5M
People
4
Filings
5
Updates
0
More identity details & actions ⌄
EIN  04-2622178 Public charity (501(c)(3)) Springfield, MA
Form 990 (PDF)
You’re viewing the FY2023 filing — not the latest on file. See the latest (FY2024) →
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Size
$100K–1M
What they do
Fosters economic growth and community development through job placement, business support, and housing initiatives.
Leadership
Daniel Knapik · Clerk
Money in and out
$327K revenue, $391K expenses
Bottom line
90% program efficiency
Where the money goes · FY2023
Total revenue
$327K
Pt VIII · Ln 12
Total expenses
$391K
Pt IX · Ln 25
Net assets
$1.5M
Pt X · Ln 32
Revenue less expenses (Pt I · Ln 19): −$64K
Where spending went · Part IX cols B–D
Program services $0.90 Management & general $0.10
Program efficiency
90%
of spending reaches programs
Operating runway
1.0mo
months of highly liquid reserves at operating expense rate
Surplus margin
-19%
revenue over expenses, this year

Summary of the Filing

Part I · fiscal year 2023 · Form 990
Revenue
$327K
FY2023▼ -5%
Expenses
$391K
FY2023▼ -2%
Total assets
$1.9M
FY2023▼ -2%
Total liabilities
$353K
FY2023▲ +6%
Total revenue
$327K
Pt VIII · Ln 12
Total expenses
$391K
Pt IX · Ln 25
Net assets
$1.5M
Pt X · Ln 32
Revenue less expensesPt I · Ln 19−$64K
Total assetsPt X · Ln 16$1.9M
Program-expense ratioPt IX · col B90%
Voting members of governing bodyPt I · Ln 34
Independent voting membersPt I · Ln 42

Identity & Classification

Form 990 Header · IRS Business Master File
Legal nameHdr · item CBrightwood Development Corp
EINHdr · item D04-2622178
Principal addressHdr · item CSpringfield, MA
WebsiteHdr · item Jnone reported
Year of formationHdr · item Lpending
State of legal domicileHdr · item MMA
Exempt statusHdr · item I501(c)(3) · active
NTEE classificationIRS BMFCommunity Development (S310)
Ruling yearIRS BMFJul 1979

Governance & Policies

Part VI
Voting members of the governing bodyPt VI · Ln 1a4
Independent voting membersPt VI · Ln 1b2
Conflict-of-interest policyPt VI · Ln 12aNo
Whistleblower policyPt VI · Ln 13No
Document retention policyPt VI · Ln 14No
CEO/top-official compensation independently reviewedPt VI · Ln 15aNo
Family or business relationships among officers/directorsPt VI · Ln 2No

Officers, Directors & Key Employees

Part VII, Section A · reportable compensation
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
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Mission & Programs · Part III

Where the work happens

3 program services account for $351K of program spending, described in the organization's own filed words · FY2023.
01

Villa Taino Apartments

30 unit usda RD rural housing multiple family housing property to provide subsidized housing to area farm workers and their families.

$333Kprogram expense
02

Brightwood Development Corporation

To promote economic development in the springfield, ma area through on-going assistance and support in the areas of job placement, new and existing business development, entrepreneurship, and housing.

$18Kprogram expense
03

Mayaguez puerto rico economic development

Pt IX · col B

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Statement of Revenue

Part VIII
Program service revenue100%$326K
Investment income$704
Total revenueLn 12$327K

Statement of Functional Expenses

Part IX · allocated across program, management, and fundraising
Allocation · columns B–D
Program services $0.90 Management & general $0.10
Program services90%$351K
Management & general10%$40K
Total functional expensesLn 25$391K

Balance Sheet

Part X · end of year
CashLn 1$10K
Total assetsLn 16$1.9M
Total liabilitiesLn 26$353K
Total net assetsLn 32$1.5M
Months of cash on handcomputed0.3

Financial Metrics

Form 990 · FY2023 · each ratio shown with the dollars behind it
Liquidity & Payout
Operating runway
Highly liquid reserves $31K · Operating expenses/yr $391K
1.0 months
Where the money goes
Program services
Program services $351K · Total expenses $391K
90%
Management & General
Management & general $40K · Total expenses $391K
10%
Fundraising
Fundraising $0 · Total expenses $391K
0%
Cost to raise $1
Fundraising expense (3-yr avg) $0 · Solicited contributions (3-yr avg) $0
Solicited contributions below reporting floor
Where the money comes from
Contribution dependence
Contributions & grants $0 · Total revenue $327K
0%
Government reliance
Government grants — · Total revenue $327K
Earned-income share
Program service revenue $326K · Total revenue $327K
100%
Investment reliance
Investment income $704 · Total revenue $327K
+0.2%
Program self-sufficiency
Program service revenue $326K · Total expenses $391K
84%
Growth & trend
Revenue growth (YoY)
This year $327K · Prior year $344K
-5%
Net-asset trend (YoY)
End of year $1.5M · Beginning of year —
Beginning net assets not meaningfully positive — showing dollar change
Balance sheet
Surplus Margin
Revenue $327K · Expenses $391K
-19%
Liabilities-to-Assets
Total liabilities — · Total assets $1.9M
Net-asset ratio
Net assets $1.5M · Total assets $1.9M
81%
Marketable Investment Share
Publicly traded securities (Pt X, ln 11) $22K · Other securities (Pt X, ln 12) $0 · Total assets (Pt X, ln 16) $1.9M
1%
People & payroll
Highest Reported Total Compensation
Individual Daniel Knapik · Reported title Clerk · Highest reported compensation $0 · Total expenses $391K
0%
Personnel share
Salaries, benefits & payroll (Pt IX 5-10) $71K · Total expenses $391K
18%
Peer comparison

Same NTEE category, revenue band, and state where available. Descriptive — not a grade.

MetricThis orgPeer medianPercentile
Program ratio 90%
Overhead ratio 10%
Revenue growth -5%
Investment management fee ratio 0%
Legal fee ratio 0.8%
Accounting fee ratio 2%
Fundraising fee ratio 0%

Straight from the Form 990 — descriptive, not an evaluation. A ratio is hidden when its base is zero or too small to be meaningful; the dollars are always shown.

Grants

Schedule I · this organization's grantmaking
Grants paid · 1 grant · $27K · 2022–2022
New North Citizens CouncilMA · FY2022$26,627

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Filings & Schedule Manifest

Part IV
III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash
FY2024 (Latest)$327K revenue · ⤓ 990 PDF
FY2023$327K revenue · viewing · ⤓ 990 PDF
FY2022$344K revenue · ⤓ 990 PDF
FY2021$196K revenue · ⤓ 990 PDF
FY2020$545K revenue · ⤓ 990 PDF

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Sources

Every figure above is drawn from these filings
Form 990 e-file (XML) · FY2023IRS
Classification, formation year, addressIRS Business Master File
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