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Gardner Industrial Development Corporation

Not tax-deductible

Sterling, MA501(c)(6)EIN 23-7328328Revenue $18K in FY2024

On file with the IRSCo Joseph Sova 7 Cynthia Lane, 01564-0000 · Sterling, MATax-exempt since Dec 1973

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To promote, stimulate, develop and advance the business prosperity and ecomonic welfare of the City of Gardner and its vicinity and the citizens thereof.

501(c)(6) business league; gifts are not tax-deductible as charitable contributions.
Run by 17 volunteers.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · People: Part I, lines 5–6

Before you give

FY2024 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
501(c)(6)
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
No
Donations are not tax-deductible
Worth a look: the IRS does not list gifts to it as deductible.
IRS Pub. 78 · IRS BMF
Latest return
FY2024
latest Form 990
Looks good: the latest return is for FY2024, 2 tax years back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
4 of 4
filings with a surplus
Average surplus $21K a year · 95% of revenue · last 4 filings
Looks good: a surplus in 4 of the last 4 filings.
Pt I · Ln 19 · 4 filings
Cash reserves
123 mo
of spending, in cash
Plus $679K in investments, Pt X · Ln 11–13
Looks good: 123.3 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$850
0.10% of total assets
Looks good: liabilities are 0% of assets; 50% or less.
Pt X · Ln 26
Independent board members
16
of 16 voting members
Looks good: 16 of 16 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$18K
-9% vs prior year
Spent
$2K
Net assets
$878K
By yearFY2021–FY2024
Revenue
$18K
FY2024▼ -9%
Tap a bar for its year
Revenue by fiscal year
FY2021$16K
FY2022$32K
FY2023$20K
FY2024$18K
Expenses
$2K
FY2024▲ +98%
Tap a bar for its year
Expenses by fiscal year
FY2021$865
FY2022$865
FY2023$865
FY2024$2K
Net assets
$878K
FY2024▲ +7%
Tap a bar for its year
Net assets by fiscal year
FY2021$858K
FY2022$786K
FY2023$824K
FY2024$878K

From the FY2024 Form 990 (year ending July 2024) · see the original

990 PDF Claim

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2024. IRS ruling in Dec 1973.

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

Who runs it and what they're paid

16 people listed on the 990.

Part VII, Section A · reportable compensation · most recent filed roster (FY2023); the FY2024 filing did not itemize Part VII
Joseph Sova
Treasurer
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
See Gardner Industrial Development Corporation executive salaries →

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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

Boosts business and economic well-being for Gardner and its residents.

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1 program · in their own filed words · FY2023
01

To promote job opportunities for area residents by attracting and expanding existing businesses.

Pt IX · col B

By the numbers

The FY2024 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$18K
Ln 12
Investment incomeLn 3$18K
Money outPt IX
$2K
Ln 25
Owns and owesPt X
$878K
net assets · Ln 32
Cash and savingsLn 1–2$18K
Total assetsLn 16$878K
LiabilitiesLn 26$850
PeoplePt VI, VII
16
listed · VII A
PaidVII A0
Voting boardVI 1a16
IndependentVI 1b16
2In more detail
Revenue in detailPt VIII
Investment incomeLn 3$18K
Total revenueLn 12$18K
Assets in detailPt X, end of year
CashLn 1$18K
Cash and savings togetherLn 1–2$18K
InvestmentsLn 11–13$679K
Land, buildings, equipmentLn 10c$446
Other assetsLn 15$1K
Total assetsLn 16$878K
LiabilitiesLn 26$850
Net assetsLn 32$878K
OperationsPt I, VI
EmployeesI 50
VolunteersI 617
Fiscal year endsHeaderJuly
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 FY24End FY24
Cash and savingsLn 1–2$7K$18K
InvestmentsLn 11–13$636K$679K
Land, buildings, equipmentLn 10c$446$446
Total assetsLn 16$825K$878K
LiabilitiesLn 26$850$850
Net assetsLn 32$824K$878K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Accounting feesLn 11c$2K
Other fees for servicesLn 11g$15
Total functional expensesLn 25$2K

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest Viewing $18K$2K$17K$878K 990 PDF
FY2023 $20K$865$19K$824K 990 PDF
FY2022 $32K$865$31K$786K 990 PDF
FY2021 $16K$865$15K$858K 990 PDF

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Schedules filed Part IV

III · Programs R · Related orgs G · Fundraising L · Interested persons I · Grants A · Public support O · Explanations
See the full FY2024 990 (6 parts)
Part I · Summary $18,475 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 $20,272$18,475
I-11 Other revenuePrior year $0$0
I-12 Total revenuePrior year $20,272$18,475
I-13 Grants and similar amounts paidPrior year $0$0
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 $865$1,715
I-18 Total expensesPrior year $865$1,715
I-19 Revenue less expensesPrior year $19,407$16,760
Part VI · Governance 16 of 16 board members independent, 4 to look at
VI-1a Voting members of the governing body16
VI-1b Independent voting members16
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 $18,475 across 2 lines filed
VIII-3 Investment incomeExcluded from tax $18,475$18,475
VIII-12 Total revenueRelated to mission $0 · Unrelated business $0 · Excluded from tax $18,475$18,475
Part IX · Statement of functional expenses $1,715 across 2 lines filed
IX-11c Accounting fees$1,700
IX-25 Total functional expenses$1,715
Part X · Balance sheet $878,388 assets, 10 lines filed
Asset lines not itemized here account for $179,732; see the IRS return.
X-1 Cash, non-interest-bearingStart of year $7,325$17,623
X-10c Land, buildings and equipment, netStart of year $446$446
X-12 Other securitiesStart of year $636,079$679,487
X-15 Other assetsStart of year $1,100$1,100
X-16 Total assetsStart of year $824,682$878,388
X-17 Accounts payable and accrued expensesStart of year $850$850
X-26 Total liabilitiesStart of year $850$850
X-27 Net assets without donor restrictionsStart of year $823,832$877,538
X-32 Total net assets or fund balancesStart of year $823,832$877,538
X-33 Total liabilities and net assetsStart of year $824,682$878,388
Part XI · Reconciliation of net assets $877,538 net assets at year end
XI-1 Total revenue$18,475
XI-2 Total expenses$1,715
XI-3 Revenue less expenses$16,760
XI-4 Net assets at start of year$823,832
XI-5 Net unrealized gains (losses) on investments$36,946
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$877,538

Form 990 e-file (XML) FY2024 from the IRS · Classification, formation year and address from the IRS Business Master File

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