2024-04-29T14:21:37-05:00 2023-06-30 042734675 DANIEL DENNIS & COMPANY LLP 990 WASHINGTON STREET STE 203 DEDHAM MA 02026 990 2022-07-01 042681311 BOSTON LOCAL DEVELOPMENT CORPORATION BOST 6179185425 43 HAWKINS STREET BOSTON MA 02114 JOHN E MARSTON PRESIDENT 6179185425 2024-04-29 JOHN MARSTON 999009999 0 ANDREW BACIGALUPO CPA P01797572 6172629898 2024-04-29 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z JOHN E MARSTON 43 HAWKINS STREET BOSTON MA 02114 1971693 0 X N/A X 1979 MA TO BENEFIT THE COMMUNITY BY FOSTERING INCREASED EMPLOYMENT OPPORTUNITIES AND EXPANSION OF BUSINESS AND INDUSTRY FOR THE CITIZENS OF THE CITY OF BOSTON 8 8 0 322 0 0 1263109 1870476 115030 90862 333 4794 5053 5561 1383525 1971693 559710 276815 0 0 153688 223572 0 0 0 299958 115205 1013356 615592 370169 1356101 6574456 7670777 443797 184017 6130659 7486760 X TO BENEFIT THE COMMUNITY BY FOSTERING INCREASED EMPLOYMENT OPPORTUNITIES AND EXPANSION OF BUSINESS AND INDUSTRY FOR THE CITIZENS OF THE CITY OF BOSTON. BLDC ACCOMPLISHES THIS BY PROVIDING LONG-TERM FINANCING TO FIRMS AND COMPANIES LOCATED IN THE CITY OF BOSTON, MASSACHUSETTS. 0 0 274572 96423 BLDC SUBCONTRACTS WITH ITS AFFILIATE, EDIC, TO ADMINISTER A REVOLVING LOAN FUND TO PROMOTE INDUSTRIAL AND ECONOMIC DEVELOPMENT AND JOB GROWTH. 31 REVOLVING LOANS WERE SERVICED IN FISCAL YEAR 2023. 63150 63150 EARNED INCOME TAX CREDIT PROGRAM - VOLUNTEER INCOME TAX ASSISTANCE (VITA) COMMUNITY-BASED PROGRAM THAT HAS LED THE TAX EQUITY FIELD IN BOSTON FOR 20 YEARS. THE PROGRAM PROVIDES FREE, HIGH-QUALITY TAX PREPARATION AND ASSET BUILDING SERVICES IN EIGHT LANGUAGES TO APPROXIMATELY 10,642 LOW AND MODERATE-INCOME TAXPAYERS IN BOSTON ANNUALLY. 86040 86040 FINANCIAL OPPORTUNITY CENTER - PROGRAM WHICH IS PROVIDED TO LOW-TO MODERATE-INCOME RESIDENTS BY PROVIDING CAREER SERVICES, TO HELP RESIDENTS START ON A PATHWAY THAT LEADS TO EMPLOYMENT OPPORTUNITIES THAT PAY LIVING WAGES, AND INDIVIDUALIZED FINANCIAL COACHING, WHICH BEGINS WITH A BUDGET AND GOAL FOR THE FUTURE, INCORPORATING SAVINGS AND ASSET BUILDING. THIS FREE COACHING TAKES PLACE IN ONE-ON-ONE MEETINGS OVER 18-24 MONTHS. THIS PROGRAM SUPPORTED APPROXIMATELY 354 RESIDENTS IN FISCAL YEAR 2023. CREDIT BUILDING PROGRAMMING. EARLY CHILDHOOD LITERACY, AND CHILDREN'S SAVINGS ACCOUNTS ARE ALSO KEY COMPONENTS OF THE SERVICES PROVIDED BY THE CENTER. 127625 127625 ALL OTHER PROGRAMS 127625 127625 551387 1 1 0 0 0 0 0 0 0 0 0 1 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 X 8 8 0 1 0 0 1 1 0 1 0 0 0 0 1 1 1 0 1 1 0 0 MA X ECONOMIC DEVELOPMENT AND INDUSTRIAL 6179185425 43 HAWKINS STREET BOSTON MA 02114 JOHN E MARSTON PRESIDENT 2.00 X X 0 0 0 E RENEE LEFEVRE VICE PRESIDENT 2.00 35.00 X X 0 53375 0 MICHAEL F BURKE ESQ TRUSTEE 1.00 X 0 0 0 FRANK L DAVIS III TRUSTEE 1.00 X 0 0 0 MARVIN E GILMORE TRUSTEE 1.00 X 0 0 0 REGINALD A NUNNALLY TRUSTEE 1.00 X 0 0 0 MARIJO MCCARTHY ESQ TRUSTEE 1.00 X 0 0 0 KATHLEEN A KELLY TRUSTEE 1.00 X 0 0 0 LISA HERRINGTON BPDA INTERIM GENERAL COUNSEL 1.00 35.00 X 0 114495 38356 LINDA QIAN FORMER TREASURER 1.00 35.00 X 0 133263 44643 GISELLA SORIANO ASSISTANT CLERK 1.00 35.00 X 0 79997 26799 WILLIAM P NICKERSON GENERAL MANAGER 1.00 35.00 X 0 104193 34905 AMINA SCOTT TREASURER 1.00 35.00 X 0 50769 17008 0 536092 161711 0 0 1 0 0 1870476 1870476 LOAN INTEREST INCOME 525990 87098 87098 LOAN SERVICING FEES 525990 3764 3764 90862 4794 4794 MISCELLANEOUS INCOME 525990 5561 5561 5561 1971693 96423 0 4794 276815 276815 130846 130846 36077 36077 41891 41891 14758 14758 600 600 34500 34500 BAD DEBT 36000 36000 EDIC OVERHEAD 17708 17708 MISCELLANEOUS EXPENSE 15000 15000 LOAN FORGIVENESS 11397 11397 615592 551387 64205 0 3505958 4069278 495443 367559 2567127 2721969 5928 6887 505084 6574456 7670777 142797 59652 271000 94365 30000 30000 443797 184017 X 5159496 5182515 971163 2304245 6130659 7486760 6574456 7670777 1356101 0 X 0 1 X 0 1 1 X 1005392 711730 687954 1250554 1840351 5495981 44795 7701 1749 5546 3764 63555 1050187 719431 689703 1256100 1844115 5559536 43000 139352 148041 153977 286000 770370 0 43000 139352 148041 153977 286000 770370 4789166 433 403 4991 333 4794 10954 433 403 4991 333 4794 10954 111230 92114 38485 109484 87098 438411 1161850 811948 733179 1365917 1936007 6008901 0.79700 0.80510 0.00180 0.00130 X SCHEDULE A, PART III, LINE 12, EXPLANATION OF OTHER INCOME: INTEREST INCOME FROM REVOLVING LOANS - 2018 AMOUNT: $ 111,230. 2019 AMOUNT: $ 92,114. 2020 AMOUNT: $ 38,485. 2021 AMOUNT: $ 109,484. 2022 AMOUNT: $ 87,098. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 CERTIFICATES OF DEPOSIT 505084 F 505084 X 1971693 0 1971693 0 1971693 615592 0 615592 0 615592 PART X, LINE 2: BLDC EVALUATES THE TAX POSITIONS TAKEN OR EXPECTED TO BE TAKEN IN THEIR TAX RETURNS TO DETERMINE WHETHER THE TAX POSITIONS ARE "MORE-LIKELY-THAN-NOT" OF BEING SUSTAINED BY THE APPLICABLE TAX AUTHORITY. TAX POSITIONS NOT DEEMED TO MEET THE MORE-LIKELY-THAN-NOT THRESHOLD, ALONG WITH ACCRUED INTEREST AND PENALTIES THEREON, WOULD BE RECORDED AS AN EXPENSE IN THE CURRENT YEAR FINANCIAL STATEMENTS. BLDC HAS EVALUATED THE TAX POSITIONS TAKEN IN ITS PREVIOUSLY FILED RETURNS AND THOSE EXPECTED TO BE TAKEN IN ITS FISCAL YEAR 2023 RETURNS AND BELIEVE THEY ARE MORE-LIKELY-THAN-NOT OF BEING SUSTAINED IF EXAMINED BY FEDERAL OR STATE TAX AUTHORITIES. BLDC'S FISCAL YEARS 2020 THROUGH 2022 TAX YEARS REMAIN SUBJECT TO EXAMINATION BY FEDERAL AND STATE TAX AUTHORITIES. 1 ECONOMIC DEVELOPMENT AND INDUSTRIAL CORPORATIONBOSTON 43 HAWKINS STREET BOSTON MA 02114 042519577 GOVERNMENTAL ENTITY 30125 0 N/A N/A READ BOSTON PROGRAM ECONOMIC DEVELOPMENT AND INDUSTRIAL CORPORATIONBOSTON 43 HAWKINS STREET BOSTON MA 02114 042519577 GOVERNMENTAL ENTITY 86040 0 N/A N/A FINANCIAL OPPORTUNITY CENTER ECONOMIC DEVELOPMENT AND INDUSTRIAL CORPORATIONBOSTON 43 HAWKINS STREET BOSTON MA 02114 042519577 GOVERNMENTAL ENTITY 63150 0 N/A N/A EARNED INCOME TAX CREDIT PROGRAM ECONOMIC DEVELOPMENT AND INDUSTRIAL CORPORATIONBOSTON 43 HAWKINS STREET BOSTON MA 02114 042519577 GOVERNMENTAL ENTITY 15000 0 N/A N/A OFFICE OF WORKFORCE DEVELOPMENT ECONOMIC DEVELOPMENT AND INDUSTRIAL CORPORATIONBOSTON 43 HAWKINS STREET BOSTON MA 02114 042519577 GOVERNMENTAL ENTITY 82500 0 N/A N/A POWERCORP PART I, LINE 2: BLDC RECEIVES CONTRIBUTIONS FROM CORPORATIONS THAT SUPPORT THE EARNED INCOME TAX CREDIT, READ BOSTON, POWER CORPS AND OFFICE OF FINANCICIAL OPPORTUNITY PROGRAMS OPERATED BY ECONOMIC DEVELOPMENT AND INDUSTRIAL CORPORATION OF BOSTON (EDIC). SOLICITATION EFFORTS AND RELATED FUNDRAISING COSTS ARE INCURRED BY EDIC. 0 0 0 0 0 0 0 0 0 LINDA QIAN FORMER TREASURER 0 133263 0 0 0 0 0 0 0 0 0 133263 0 0 LISA HERRINGTON BPDA INTERIM GENERAL COUNSEL 0 114495 0 0 0 0 0 0 0 0 0 114495 0 0 FORM 990, PART VI, SECTION A, LINE 3 THE ORGANIZATION HAS CONTRACTED WITH ECONOMIC DEVELOPMENT AND INDUSTRIAL CORPORATION/BOSTON FOR FISCAL AGENT SERVICES, INCLUSIVE OF CASH AND INVESTMENT ACCOUNT MAINTENANCE, DEPOSITING AND DISBURSING CASH, ACCOUNTING, AND PROGRAM MONITORING. FORM 990, PART VI, SECTION A, LINE 6 THE ORGANIZATION HAS A SELF-PERPETUATING GROUP CALLED THE MEMBERSHIP, CONSISTING OF NOT LESS THAN TWENTY-FIVE NOR MORE THAN FORTY-FIVE MEMBERS. THE MEMBERSHIP INCLUDES REPRESENTATION FROM EACH OF THE FOLLOWING FIVE GROUPS: (I) BOSTON CITY GOVERNMENT; (II) PRIVATE LENDING INSTITUTIONS; (III) COMMUNITY ORGANIZATIONS; (IV) BUSINESS ORGANIZATIONS; AND (V) THE ECONOMIC DEVELOPMENT AND INDUSTRIAL CORPORATION OF BOSTON. FORM 990, PART VI, SECTION A, LINE 7A MEMBERS HAVE THE POWER TO FILL VACANCIES IN THEIR MEMBERSHIP, TO AMEND THE CHARTER AND BY-LAWS OF THE ORGANIZATION BY TWO-THIRDS VOTE OF THE MEMBERSHIP, TO ELECT OR REMOVE ORGANIZATION OFFICERS AND TRUSTEES, AND TO TERMINATE THE ORGANIZATION AND TO DETERMINE TO WHOM THE PROPERTY OF THE CORPORATION SHALL BE TURNED OVER AFTER PAYMENT OF ALL ITS JUST DEEDS AND OBLIGATIONS. FORM 990, PART VI, SECTION A, LINE 8B THE ORGANIZATION DOES NOT HAVE COMMITTEES WITH AUTHORITY TO ACT ON BEHALF OF THE GOVERNING BOARD. FORM 990, PART VI, SECTION B, LINE 11B FORM 990 IS PREPARED BY THE CPA THAT PERFORMS THE ANNUAL AUDIT OF THE ORGANIZATION'S FINANCIAL STATEMENTS. THE CONTROLLER OF EDIC, THE ORGANIZATION'S FISCAL AGENT, REVIEWS AND APPROVES FORM 990 PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C THE ORGANIZATION MONITORS ITS COMPLIANCE WITH THE CONFLICT OF INTEREST POLICY THROUGH REGULARLY SCHEDULED BOARD MEETINGS. FORM 990, PART VI, SECTION B, LINE 15A THE BOARD OF DIRECTORS USED COMPARABILITY DATA IN ESTABISHING THE CONTROLLER'S SALARY WHEN ORGINALLY HIRED BY THE ORGANIZATION. THE BOARD OF DIRECTORS HAVE USED THIS SALARY AND APPLICABLE COST OF LIVING INCREASES EACH YEAR IN DETERMINING THE CURRENT COMPENSATION PAID. THE ORGANIZATION DOES NOT HAVE OTHER COMPENSATED OFFICERS OR OTHER KEY EMPLOYEES. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS AVAILABLE UPON REQUEST. FORM 990, PART V, LINE 2A THE ORGANIZATION DOES NOT HAVE ANY DIRECT EMPLOYEES. SALARIES AND WAGES REPORTED ON FORM 990 PART IX LINE 7 REPRESENT CONTRACTED EMPLOYEES FROM THE ORGANIZATIONS RELATED PARTY. FORM 990, PART V, LINE 1C BACKUP WITHHOLDING RULES DID NOT APPLY. ECONOMIC AND DEVELOPMENT INDUSTRIAL CORPORATIONBOSTON 43 HAWKINS STREET BOSTON MA 02114 042519577 ECONOMIC DEVELOPMENT AND JOB CREATION WITHIN THE CITY OF BOSTON. MA 115 N/A N/A 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 ECONOMIC DEVELOPMENT AND INDUSTRIAL CORPORATIONBOSTON B 276815 FAIR MARKET VALUE ECONOMIC DEVELOPMENT AND INDUSTRIAL CORPORATIONBOSTON O 166923 COST ECONOMIC DEVELOPMENT AND INDUSTRIAL CORPORATIONBOSTON C 286000 FAIR MARKET VALUE