Developspringfield Corporation EIN 26-3862976

Developspringfield Corporation FY2021 filing

EIN  26-3862976 Public charity (501(c)(3)) Springfield, MA
Form 990 (PDF)
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Size
$100K–1M
What they do
Helps develop or redevelop the city of Springfield, Massachusetts.
Leadership
Money in and out
$374K revenue, $202K expenses
Bottom line
+46% surplus margin

Helps develop or redevelop the city of Springfield, Massachusetts. For fiscal year 2021 it reported $374K in revenue, $202K in expenses, and $6.0M in net assets.Pt I

Where the money goes · FY2021
Total revenue
$374K
Pt VIII · Ln 12
Total expenses
$202K
Pt IX · Ln 25
Net assets
$6.0M
Pt X · Ln 32
Revenue less expenses (Pt I · Ln 19): $171K
Where spending went · Part IX cols B–D
Program services $0.41 Management & general $0.59
Surplus margin
+46%
revenue over expenses, this year
Donor-funded
56%
of revenue is gifts & grants

Summary of the Filing

Part I · fiscal year 2021 · Form 990
Revenue
$374K
FY2021▲ +35%
Expenses
$202K
FY2021▼ -53%
Total assets
$7.1M
FY2021▲ +2%
Total liabilities
$1.2M
FY2021▼ -5%
Total revenue
$374K
Pt VIII · Ln 12
Total expenses
$202K
Pt IX · Ln 25
Net assets
$6.0M
Pt X · Ln 32
Revenue less expensesPt I · Ln 19$171K
Total assetsPt X · Ln 16$7.1M
Program-expense ratioPt IX · col B41%
Voting members of governing bodyPt I · Ln 3pending
Independent voting membersPt I · Ln 4pending
Mission & Programs · Part III

Where the work happens

2 program services account for $406K of program spending, described in the organization's own filed words · FY2019.
01

Advance development and redevelopment projects, to stimulate and support economic growth, and to expedite the revitalization process within the city of springfield.

$203Kprogram expense
02

Advance development and redevelopment projects, to stimulate and support economic growth, and to expedite the revitalization process within the city of springfield.

$203Kprogram expense

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Identity & Classification

Form 990 Header · IRS Business Master File
Legal nameHdr · item CDevelopspringfield Corporation
EINHdr · item D26-3862976
Principal addressHdr · item CSpringfield, MA
WebsiteHdr · item Jwww.developspringfield.com
Year of formationHdr · item Lpending
State of legal domicileHdr · item MMA
Exempt statusHdr · item I501(c)(3) · active
NTEE classificationIRS BMFCommunity Development (S30)
Ruling yearIRS BMFMar 2010

Governance & Policies

Part VI
Voting members of the governing bodyPt VI · Ln 1apending
Independent voting membersPt VI · Ln 1bpending
Conflict-of-interest policyPt VI · Ln 12a
Whistleblower policyPt VI · Ln 13
Document retention policyPt VI · Ln 14
CEO/top-official compensation independently reviewedPt VI · Ln 15a
Family or business relationships among officers/directorsPt VI · Ln 2

Officers, Directors & Key Employees

Part VII, Section A · reportable compensation · most recent filed roster (FY2019); the FY2021 filing did not itemize Part VII
$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
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Statement of Revenue

Part VIII
Contributions & grants$211K · 56%
Other revenue$163K · 44%
Contributions & grants56%$211K
Other revenue44%$163K
Total revenueLn 12$374K

Statement of Functional Expenses

Part IX · allocated across program, management, and fundraising
Allocation · columns B–D
Program services $0.41 Management & general $0.59
Program services41%$82K
Management & general59%$120K
Total functional expensesLn 25$202K

Balance Sheet

Part X · end of year
CashLn 1
Total assetsLn 16$7.1M
Total liabilitiesLn 26$1.2M
Total net assetsLn 32$6.0M

Financial Metrics

Form 990 · FY2021 · each ratio shown with the dollars behind it
Liquidity & Payout
Operating runway
Highly liquid reserves — · Operating expenses/yr $202K
Highly liquid reserves (cash & marketable securities on Pt X) ÷ monthly operating expenses (Pt IX total, less non-cash grants & depreciation when reported).
Where the money goes
Program services
Program services — · Total expenses $202K
Management & General
Management & general — · Total expenses $202K
Fundraising
Fundraising — · Total expenses $202K
Cost to raise $1
Fundraising expense $213 · Solicited contributions $91K
$0.00 to raise $1
Where the money comes from
Contribution dependence
Contributions & grants $211K · Total revenue $374K
56%
Government reliance
Government grants — · Total revenue $374K
Earned-income share
Program service revenue — · Total revenue $374K
Investment reliance
Investment income — · Total revenue $374K
Program self-sufficiency
Program service revenue — · Total expenses $202K
Growth & trend
Revenue growth (YoY)
This year $374K · Prior year $277K
+35%
Net-asset trend (YoY)
End of year $6.0M · Beginning of year —
Beginning net assets not meaningfully positive — showing dollar change
Balance sheet
Surplus Margin
Revenue $374K · Expenses $202K
+46%
Liabilities-to-Assets
Total liabilities — · Total assets $7.1M
Net-asset ratio
Net assets $6.0M · Total assets $7.1M
84%
Marketable Investment Share
Publicly traded securities (Pt X, ln 11) — · Other securities (Pt X, ln 12) — · Total assets (Pt X, ln 16) $7.1M
Excludes program-related investments (Pt X, ln 13)
People & payroll
Highest Reported Total Compensation
Individual — · Reported title — · Highest reported compensation — · Total expenses $202K
No individual compensation reported on this filing
Personnel share
Salaries, benefits & payroll (Pt IX 5-10) — · Total expenses $202K
Peer comparison

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

MetricThis orgPeer medianPercentile
Program ratio 41%
Overhead ratio 59%
Revenue growth 35%

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 · received and paid
Grants received · FY2022
Give Music INCFY2022$25K
Total grants receivedfrom 1 funder$25K
Grants paid · 2 grants · $20K · 2019–2019
276 Bridge LLC - Springfield Innovation CenterFY2019$10,000
276 Bridge LLC - Springfield Innovation CenterFY2019$10,000

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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
FY2025 (Latest)$469K revenue · ⤓ 990 PDF
FY2024$-299K revenue · ⤓ 990 PDF
FY2023$-869K revenue · ⤓ 990 PDF
FY2022$167K revenue · ⤓ 990 PDF
FY2021$374K revenue · viewing · ⤓ 990 PDF
FY2020$277K revenue · ⤓ 990 PDF

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Sources

Every figure above is drawn from these filings
Form 990 e-file (XML) · FY2021IRS
Classification, formation year, addressIRS Business Master File
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