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Massdevelopment Hefa Trust

Tax-deductible

Boston, MA501(c)(3)Since 1997Foundations & Grantmakers EIN 04-3379905Revenue $1.5M in FY2025

On file with the IRSmassdevelopment.com99 High Street 11th Floor, 02110-2320 · Boston, MATax-exempt since Nov 1997Supporting organization — 509(a)(3)

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The Trust may provide funds (I) for the benefit of massachusetts development finance agency (Massdevelopment), a quasipublic entity, to reduce charges that IT otherwise would impose on certain institutions using its services and (II) for the benefit of (see schedule o) certain charitable organizations and governmental entities that the former massachusetts health and educational facilities authority, prior to its merger by law into Massdevelopment, was authorized by statute to assist.

501(c)(3) charity; gifts are tax-deductible.
40¢ of each $1 spent went to programs.
Run by 5 volunteers.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX · People: Part I, lines 5–6

Before you give

FY2025 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
501(c)(3)
not on the IRS revocation list
Looks good: listed by the IRS and not on the revocation list.
IRS BMF · Auto-Revocation List
Tax-deductible gifts
Yes
Donations are tax-deductible
Looks good: the IRS lists gifts to it as deductible.
IRS Pub. 78 · IRS BMF
Latest return
FY2025
latest Form 990
Looks good: the latest return is for FY2025, 1 tax year back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
3 of 5
filings with a surplus
Average surplus $306K a year · 39% of revenue · last 5 filings
Worth a look: a surplus in 3 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Spent on programs
40%
of spending
Concern: 40% of spending went to programs; under 50%.
Pt IX · Ln 25 · col B
Cash reserves
<1 mo
of spending, in cash
Plus $9.4M in investments, Pt X · Ln 11–13
Fine: 0.6 months of spending in cash, plus $9.4M in investments.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$865
<0.01% of total assets
Looks good: liabilities are 0% of assets; 50% or less.
Pt X · Ln 26
Independent board members
1
of 2 voting members
Fine: 1 of 2 voting members are independent, half.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$1.5M
+192% vs prior year
Spent
$250K
To programs
40%
Net assets
$10.9M
By yearFY2021–FY2025
Revenue
$1.5M
FY2025▲ +192%
Tap a bar for its year
Revenue by fiscal year
FY2021$1.0M
FY2022$808K
FY2023$74K
FY2024$510K
FY2025$1.5M
Expenses
$250K
FY2025▼ -44%
Tap a bar for its year
Expenses by fiscal year
FY2021$377K
FY2022$1.1M
FY2023$247K
FY2024$446K
FY2025$250K
Net assets
$10.9M
FY2025▲ +8%
Tap a bar for its year
Net assets by fiscal year
FY2021$11.3M
FY2022$8.9M
FY2023$9.3M
FY2024$10.0M
FY2025$10.9M

From the FY2025 Form 990 (year ending June 2025) · figures checked against the IRS filing · see the original

Give Claim

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2025. IRS ruling in Nov 1997.

IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Where the money goes

40 cents of each dollar spent went to programs.

Program services 40% · $100K Management & general 60% · $150K

Form 990 Part IX, line 25, columns B–D. Every line is in By the numbers.

Something off? Claim to add context

Who runs it and what they're paid

5 people listed on the 990.

Part VII, Section A · reportable compensation · most recent filed roster (FY2024); the FY2025 filing did not itemize Part VII
$0Pt VII · Sec A
Sean Calnan
Director/Clerk
$0Pt VII · Sec A
Daniel Rivera
President/CEO
$0Pt VII · Sec A
Simon Gerlin
EVP Finance/CFO
$0Pt VII · Sec A
Cynthia Tonucci
Interim EVP Finance Programs
$0Pt VII · Sec A
See Massdevelopment Hefa Trust executive salaries →

3 open jobs right now. See them →

Questions the 990 asks

The form asks each of these directly. These are the filed answers.

  • Family or business ties among officersPt VI · Ln 2No
  • Top official's pay set by an independent reviewPt VI · Ln 15aNo

Programs and updates

Provides funds to support economic development initiatives.

Questions for Massdevelopment Hefa Trust

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Your first name shows with your question. Massdevelopment Hefa Trust answers here, for everyone.

1 program · $100K · in their own filed words · FY2024
01

Funded healthcare initiatives for various healthcare entities to help them better serve their communities.

$100Kprogram expense

Funders

Who pays for it.

From grant filings on record. Receipts are incomplete: individual donors are never listed.

Grants

Schedule I · this organization's grantmaking
Grants paid · 36 grants · $1.8M · 2020–2024
North End Community Health Committee INCMA · FY2024$50,000
Boston Medical Center CorporationMA · FY2024$50,000
Greater Lawrence Family Health Center INCMA · FY2023$50,000
Holyoke Health Center INCMA · FY2023$50,000
Umass Memorial Health Care INCMA · FY2023$50,000
Community Healthlink INCMA · FY2023$50,000
Lynn Community Health INCMA · FY2023$50,000
Lowell Community Health Center INCMA · FY2023$49,878
Brockton Neighborhood Health Center INCMA · FY2023$49,336
Fenway Community Health Center INCMA · FY2022$50,000
Community Health Center of Cape Cod INCMA · FY2022$50,000
Dimock Community Foundation INC Group ReturnMA · FY2022$50,000
Manet Community Health Center INCMA · FY2021$81,191
Uphams Corner Health Committee INCMA · FY2021$50,000
Outer Cape Health Services INCFY2021$50,000
North Shore Community Health INCMA · FY2021$50,000
North End Community Health Committee INCMA · FY2021$50,000
Island Health INCMA · FY2021$50,000
See all 36 grants →

By the numbers

The FY2025 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$1.5M
Ln 12
Investment incomeLn 3$1.5M
Other incomeLn 4–11$4K
Money outPt IX
$250K
Ln 25
Programscol B$100K
Managementcol C$150K
Owns and owesPt X
$10.9M
net assets · Ln 32
Cash and savingsLn 1–2$12K
Total assetsLn 16$10.9M
LiabilitiesLn 26$865
PeoplePt VI, VII
5
listed · VII A
PaidVII A0
Voting boardVI 1a2
IndependentVI 1b1
2In more detail
Revenue in detailPt VIII
Investment incomeLn 3$1.5M
Other incomeLn 4–11$4K
Gains on assetsLn 7$1.2M
Total revenueLn 12$1.5M
Assets in detailPt X, end of year
CashLn 1$0
SavingsLn 2$12K
Cash and savings togetherLn 1–2$12K
InvestmentsLn 11–13$9.4M
Total assetsLn 16$10.9M
LiabilitiesLn 26$865
Net assetsLn 32$10.9M
OperationsPt I, VI
EmployeesI 50
VolunteersI 65
Fiscal year endsHeaderJune
Conflict-of-interest policyVI 12aNo
Whistleblower policyVI 13No
Records policyVI 14No
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY25End FY25
Cash and savingsLn 1–2$112K$12K
InvestmentsLn 11–13$9.9M$9.4M
Total assetsLn 16$10.1M$10.9M
LiabilitiesLn 26$10K$865
Net assetsLn 32$10.0M$10.9M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic organizationsLn 1$100K$100K
Management feesLn 11a$56K$56K
Investment management feesLn 11f$44K$44K
Other expenses (24a–d)Ln 24$51K$51K
Total functional expensesLn 25$250K$100K$150K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 Latest Viewing $1.5M$250K$1.2M$10.9M 990 PDF
FY2024Filed with the IRS May 14, 2025 $510K$446K$64K$10.0M 990 PDF
FY2023Filed with the IRS Mar 18, 2024 $74K$247K−$173K$9.3M 990 PDF
FY2022Filed with the IRS Feb 3, 2023 $808K$1.1M−$264K$8.9M 990 PDF
FY2021Filed with the IRS Mar 25, 2022 $1.0M$377K$665K$11.3M 990 PDF

Schedules filed Part IV

III · Programs R · Related orgs G · Fundraising L · Interested persons I · Grants A · Public support O · Explanations
See the full FY2025 990 (6 parts)
Part I · Summary $1,489,894 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $0$0
I-9 Program service revenuePrior year $0$0
I-10 Investment incomePrior year $509,394$1,485,559
I-11 Other revenuePrior year $747$4,335
I-12 Total revenuePrior year $510,141$1,489,894
I-13 Grants and similar amounts paidPrior year $349,214$100,000
I-14 Benefits paid to membersPrior year $0$0
I-15 Salaries and benefitsPrior year $0$0
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $97,191$150,266
I-18 Total expensesPrior year $446,405$250,266
I-19 Revenue less expensesPrior year $63,736$1,239,628
Part VI · Governance 1 of 2 board members independent, 4 to look at
VI-1a Voting members of the governing body2
VI-1b Independent voting members1
VI-12a Written conflict of interest policyNo
VI-13 Written whistleblower policyNo
VI-14 Document retention and destruction policyNo
VI-15a Process for setting top official's payNo
VI-2 Family or business relationship among officers or directorsNo
Part VIII · Statement of revenue $1,489,894 across 4 lines filed
VIII-3 Investment incomeRelated to mission $304,633$304,633
VIII-7 Net gain or loss on sales of assetsRelated to mission $1,180,926$1,180,926
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Related to mission $4,335$4,335
VIII-12 Total revenueRelated to mission $1,489,894 · Unrelated business $0 · Excluded from tax $0$1,489,894
Part IX · Statement of functional expenses $250,266 across 4 lines filed
IX-1 Grants to domestic organizationsPrograms $100,000$100,000
IX-11a Management feesManagement $55,575$55,575
IX-11f Investment management feesManagement $43,567$43,567
IX-24 Other expenses (24a–d)Management $51,124$51,124
IX-25 Total functional expensesPrograms $100,000 · Management $150,266 · Fundraising $0$250,266
Part X · Balance sheet $10,889,047 assets, 11 lines filed
Asset lines not itemized here account for $1,511,865; see the IRS return.
X-1 Cash, non-interest-bearingStart of year $100,250$0
X-2 Savings and temporary cash investmentsStart of year $11,586$12,384
X-4 Accounts receivableStart of year $0$3,270
X-11 Publicly traded securitiesStart of year $9,947,343$9,361,528
X-16 Total assetsStart of year $10,059,179$10,889,047
X-17 Accounts payable and accrued expensesStart of year $4,335$0
X-25 Other liabilitiesStart of year $5,577$865
X-26 Total liabilitiesStart of year $9,912$865
X-27 Net assets without donor restrictionsStart of year $10,049,267$10,888,182
X-32 Total net assets or fund balancesStart of year $10,049,267$10,888,182
X-33 Total liabilities and net assetsStart of year $10,059,179$10,889,047
Part XI · Reconciliation of net assets $10,888,182 net assets at year end
XI-1 Total revenue$1,489,894
XI-2 Total expenses$250,266
XI-3 Revenue less expenses$1,239,628
XI-4 Net assets at start of year$10,049,267
XI-5 Net unrealized gains (losses) on investments−$400,713
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$10,888,182

Form 990 e-file (XML) FY2025 from the IRS · Classification, formation year and address from the IRS Business Master File

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