2024-05-03T15:28:09-05:00 2023-06-30 221478099 COHNREZNICK LLP 350 GRANITE STREET SUITE 1200 BRAINTREE MA 02184 990 2022-07-01 043244024 NEW BEDFORD ECONOMIC DEVELOPMENT COUNCIL INC NEWB 5089913122 1213 PURCHASE STREET NEW BEDFORD MA 02740 ANTHONY R SAPIENZA PRESIDENT 5089913122 2024-05-02 1 ANTHONY SAPIENZA 999009999 1 JOLANTA TUCK CPA P01340068 7813803520 2024-04-27 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z ANTHONY R SAPIENZA 1213 PURCHASE STREET NEW BEDFORD MA 02740 3383460 0 X WWW.NBEDC.ORG X 1998 MA TO FOSTER BUSINESS GROWTH, GREATER EMPLOYMENT AND ECONOMIC DEVELOPMENT IN THE GREATER NEW BEDFORD AREA. 8 8 6 29 0 0 2620679 3125242 268117 246743 1263 11475 0 0 2890059 3383460 267000 1347290 0 0 697041 836070 0 0 0 1044155 2115823 2008196 4299183 881863 -915723 6271809 5597517 1231508 1472939 5040301 4124578 X TO FOSTER BUSINESS GROWTH, GREATER EMPLOYMENT AND ECONOMIC DEVELOPMENT IN THE GREATER NEW BEDFORD AREA. 0 0 3011149 1347290 246743 THE COUNCIL IS A NONPROFIT ORGANIZATION, ORGANIZED TO PROMOTE, CREATE AND STRENGTHEN ECONOMIC DEVELOPMENT OPPORTUNITIES AND A BUSINESS-FRIENDLY ENVIRONMENT IN THE CITY OF NEW BEDFORD, MASSACHUSETTS (THE CITY). PROGRAMS AND SERVICES THAT THE COUNCIL PERFORMS INCLUDE: - LENDING PROGRAMS ORIGINATING FROM FEDERAL AND PRIVATE GRANTS OR LOANS. THE COUNCIL MAKES LOANS TO ELIGIBLE LOCAL BUSINESSES. - ECONOMIC DEVELOPMENT ACTIVITIES THAT INCLUDE ASSISTING LOCAL COMPANIES WITH THEIR EXPANSION PLANS OR OTHER BUSINESS CONCERNS, AND MARKETING THE CITY WORLDWIDE, IN ORDER TO PURSUE NEW BUSINESS INVESTMENT OR OTHER SIMILAR INITIATIVES. - PROVIDING MANAGEMENT AND STRATEGIC DEVELOPMENT SERVICES AS THE CITYS OPERATOR OF THE NEW BEDFORD QUEST CENTER FOR INNOVATION (QUEST CENTER), AN INITIATIVE TO PROVIDE A FOCUS FOR ENTREPRENEURIAL TRAINING AND A SUPPORT ENVIRONMENT FOR STARTUP ACTIVITY. - REAL ESTATE DEVELOPMENT AS A PRIMARY MEANS TO FURTHER THE ONGOING TRANSFORMATION OF THE CITY. THE COUNCIL PROVIDES A HIGH LEVEL OF TECHNICAL ASSISTANCE FOR REAL ESTATE DEVELOPMENT PROJECTS INCLUDING BUT NOT LIMITED TO, SITE SELECTION, PRE-PLANNING, FINANCING, PERMITTING AND INCENTIVE AGREEMENTS. 3011149 1 1 0 0 0 0 0 0 0 0 1 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 54 0 1 6 1 0 0 0 0 0 0 0 0 0 0 0 0 X 8 8 0 0 0 0 0 0 0 1 1 0 0 0 1 1 1 1 1 1 1 0 MA X DEBORAH TROMBLY 5089913122 1213 PURCHASE STREET NEW BEDFORD MA 02740 ANTHONY R SAPIENZA PRESIDENT 3.00 X X 0 0 0 ELIZABETH ISHERWOOD VICE PRESIDENT 1.50 X X 0 0 0 DAVID SLUTZ TREASURER 2.50 X X 0 0 0 CAROL PIMENTAL CLERK 1.00 X X 0 0 0 HELENA DASILVA HUGHES DIRECTOR 1.50 X 0 0 0 LAURA DOUGLAS DIRECTOR 1.50 X 0 0 0 DR RAYFORD KRUGER DIRECTOR 1.50 X 0 0 0 JONATHAN M MITCHELL MAYOR EX-OFFICIO (UNTIL 2/23) 0.25 X 0 0 0 JEFFREY P PAGLIUCA DIRECTOR 1.50 X 0 0 0 DEREK SANTOS EXECUTIVE DIRECTOR 40.00 X 167754 0 35013 RAMON SILVA SR DIRECTOR - LENDING 40.00 X 139073 0 16156 DEBORAH TROMBLY CONTROLLER 40.00 X 115852 0 10426 422679 0 61595 3 0 1 0 0 2727470 397772 3125242 LOAN INTEREST INCOME 522291 135668 135668 MANAGEMENT FEES 531390 111075 111075 246743 11475 11475 3383460 246743 0 11475 1007290 1007290 340000 340000 211421 179707 31714 487719 423421 64298 13276 11917 1359 72629 66729 5900 51025 44049 6976 50058 50058 34376 29121 5255 52796 45577 7219 17065 17065 23581 21476 2105 19495 16829 2666 3961 3961 5976 5159 817 16819 14520 2299 CELF RECAPTURE 1107194 1107194 GRANT RELATED EXPENSES 723228 723228 BAD DEBT EXPENSE 60000 60000 DUES & MEMBERSHIPS 1274 1100 174 4299183 3011149 1288034 0 61164 91476 3778378 3097378 320008 493116 5487 19542 2056607 1847875 33833 26198 50260 28328 16332 21932 6271809 5597517 699125 152331 0 896053 532383 424555 1231508 1472939 X 1849208 2385430 3191093 1739148 5040301 4124578 6271809 5597517 -915723 0 X 0 1 X 1 1 1 X 887988 1027002 2160634 2621603 3125242 9822469 314674 242804 259492 268117 246743 1331830 1202662 1269806 2420126 2889720 3371985 11154299 0 80640 62645 53255 43405 239945 80640 62645 53255 43405 239945 10914354 2504 3238 1332 1263 11475 19812 2504 3238 1332 1263 11475 19812 10500 10500 1215666 1273044 2421458 2890983 3383460 11184611 0.97580 0.97530 0.00180 0.00100 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 22500 6576 15924 27760 21752 6008 21932 X 3383460 0 3383460 0 3383460 4299183 0 4299183 0 4299183 PART X, LINE 2: THE COUNCIL ACCOUNTS FOR UNCERTAINTY IN INCOME TAXES IN ACCORDANCE WITH ASC TOPIC, INCOME TAXES. THIS STANDARD CLARIFIES THE ACCOUNTING FOR UNCERTAINTY IN TAX POSITIONS AND PRESCRIBES A RECOGNITION THRESHOLD AND MEASUREMENT ATTRIBUTE FOR THE FINANCIAL STATEMENTS REGARDING A TAX POSITION TAKEN OR EXPECTED TO BE TAKEN IN A TAX RETURN. MANAGEMENT HAS ANALYZED THE TAX POSITIONS TAKEN BY THE COUNCIL AND HAS CONCLUDED THAT, AS OF JUNE 30, 2023 AND 2022, THERE ARE NO UNCERTAIN TAX POSITIONS TAKEN OR EXPECTED TO BE TAKEN THAT WOULD REQUIRE RECOGNITION OF A LIABILITY (OR ASSET) OR DISCLOSURE IN THE FINANCIAL STATEMENTS. GENERALLY, THE COUNCIL'S INFORMATION/TAX RETURNS REMAIN OPEN FOR POSSIBLE FEDERAL INCOME TAX EXAMINATION FOR THREE YEARS AFTER THE FILING DATE. THE COUNCIL IS NOT CURRENTLY UNDER EXAMINATION BY ANY TAXING JURISDICTION, HOWEVER, YEARS SUBSEQUENT TO 2019 REMAIN OPEN FOR AUDIT. 1 PAULINARTE 745 COUNTY ST 1 NEW BEDFORD MA 02740 882447152 12000 0 ECONOMIC DEVELOPMENT SUPPORT FREEDOM RESTORATION S CORP 1440 PURCHASE ST NEW BEDFORD MA 02740 271589852 20000 0 ECONOMIC DEVELOPMENT SUPPORT NEW BEDFORD ROWING CENTER INC 1213 PURCHASE ST RM/BOX 13 NEW BEDFORD MA 02740 272633007 501(C)(3) 6000 0 ECONOMIC DEVELOPMENT SUPPORT COMFORT TRANSPORTATION LLC 47 LAUREN DR NEW BEDFORD MA 02745 300711771 20000 0 ECONOMIC DEVELOPMENT SUPPORT DUENDE GLASS INC 88 HATCH ST 306 NEW BEDFORD MA 02745 300955011 29040 0 ECONOMIC DEVELOPMENT SUPPORT CAPE VERDEAN RECOGNITION COMMITTEE PO BOX 3070 NEW BEDFORD MA 02741 383759908 501(C)(3) 12000 0 ECONOMIC DEVELOPMENT SUPPORT TIA MARIA'S CAFE INC 42 N WATER ST NEW BEDFORD MA 02740 473736909 20000 0 ECONOMIC DEVELOPMENT SUPPORT TL6 THE GALLERY 100 WILLIAM ST NEW BEDFORD MA 02740 510665255 20000 0 ECONOMIC DEVELOPMENT SUPPORT AZOREAN MARITIME HERITAGE SOCIETY PO BOX 40942 NEW BEDFORD MA 02744 542127088 501(C)(3) 8000 0 ECONOMIC DEVELOPMENT SUPPORT CAPE VERDEAN VETERANS MEMORIAL FOUNDATION 561 PURCHASE ST NEW BEDFORD MA 02744 813152677 8000 0 ECONOMIC DEVELOPMENT SUPPORT UNPLUGGED FLOAT CENTER 50 RUTH ST NEW BEDFORD MA 02744 814147499 20000 0 ECONOMIC DEVELOPMENT SUPPORT INDIGO SPA LLC 26 SOUTH WATER ST NEW BEDFORD MA 02740 814165120 20000 0 ECONOMIC DEVELOPMENT SUPPORT SCHOOL OF YOGA 628 PLEASANT STREET NEW BEDFORD MA 02740 134148824 20000 0 ECONOMIC DEVELOPMENT SUPPORT MASS DESIGN ART & TECHNOLOGY INSTITUTE 336 ACUSHNET AVE SUITE C NEW BEDFORD MA 02740 814992798 501(C)(3) 7000 0 ECONOMIC DEVELOPMENT SUPPORT SOUTH COAST LGBTQ NETWORK INC PO BOX 8473 NEW BEDFORD MA 02742 822601799 501(C)(3) 8000 0 ECONOMIC DEVELOPMENT SUPPORT COASTAL FOODSHED INC 127 W RODNEY FRENCH BLVD STE 312 NEW BEDFORD MA 02744 824559064 501(C)(3) 20000 0 ECONOMIC DEVELOPMENT SUPPORT F RAHAMAN CORP 181 TARKILN PLACE NEW BEDFORD MA 02745 830500884 20000 0 ECONOMIC DEVELOPMENT SUPPORT NEW B CLEANING LLC 123 CHARLES STREET NEW BEDFORD MA 02744 831951039 10000 0 ECONOMIC DEVELOPMENT SUPPORT MIKE ANDRADE EXCAVATIONS LLC 435 MILL ST NEW BEDFORD MA 02740 842091467 20000 0 ECONOMIC DEVELOPMENT SUPPORT COASTAL PROVISIONS LLC 142 ARNOLD ST NEW BEDFORD MA 02740 842220594 10000 0 ECONOMIC DEVELOPMENT SUPPORT WILLIAMS QUINTIN & O'LEARY LLC 651 ORCHARD ST 200 NEW BEDFORD MA 02744 844657929 20000 0 ECONOMIC DEVELOPMENT SUPPORT LITTLE CITY TATTOOS LLC 431 W CLINTON STREET NEW BEDFORD MA 02740 852808013 10000 0 ECONOMIC DEVELOPMENT SUPPORT PROTOXYZ LLC 128 UNION ST NEW BEDFORD MA 02740 861224232 10000 0 ECONOMIC DEVELOPMENT SUPPORT LA SOUL RENAISSANCE PO BOX 5419 NEW BEDFORD MA 02740 871053125 19000 0 ECONOMIC DEVELOPMENT SUPPORT HANDUP US LLC 127 W RODNEY FRENCH BLVD NEW BEDFORD MA 02744 872744350 10000 0 ECONOMIC DEVELOPMENT SUPPORT MASS ESCAPE LLC 13 N 6TH ST NEW BEDFORD MA 02740 820824677 20000 0 ECONOMIC DEVELOPMENT SUPPORT NEW BEDFORD FOOD TOURS 92 KILLBURN STREET NEW BEDFORD MA 02740 880900358 10000 0 ECONOMIC DEVELOPMENT SUPPORT COMMUNITY ECONOMIC DEVELOPMENT CENTER 1501 ACUSHNET AVENUE NEW BEDFORD MA 02746 043371170 501(C)(3) 35150 0 ECONOMIC DEVELOPMENT SUPPORT DOWNTOWN NEW BEDFORD INC 227 UNION STREET NEW BEDFORD MA 02740 043232379 501(C)(3) 32000 0 ECONOMIC DEVELOPMENT SUPPORT SPICY LIME INC 522 PLEASANT ST NEW BEDFORD MA 02740 263087173 20000 0 ECONOMIC DEVELOPMENT SUPPORT STAGE ARTISTRY STUDIOS 471 UNION ST NEW BEDFORD MA 02740 822714756 24000 0 ECONOMIC DEVELOPMENT SUPPORT TD TAX & ACCOUNTING LLC 18 MUNROE ST LYNN MA 01901 274625483 20000 0 ECONOMIC DEVELOPMENT SUPPORT THE DRAWING ROOM LLC 22 WILLIAM ST NEW BEDFORD MA 02740 264576605 20000 0 ECONOMIC DEVELOPMENT SUPPORT THE POLISHED LOOK 865 ASHLEY BLVD NEW BEDFORD MA 02745 042840474 20000 0 ECONOMIC DEVELOPMENT SUPPORT THE STUDIO ON POPE'S ISLAND LLC 201 POPES ISLAND NEW BEDFORD MA 02740 851190404 20000 0 ECONOMIC DEVELOPMENT SUPPORT ON A MISSION NUTRITION 4435 ACUSHNET AVE NEW BEDFORD MA 02745 834182732 20000 0 ECONOMIC DEVELOPMENT SUPPORT OH MY DAWG 1900 ACUSHNET AVE NEW BEDFORD MA 02745 852422362 10000 0 ECONOMIC DEVELOPMENT SUPPORT SOCO CYCLE CO - S CORP 140 POINT JUDITH RD A14 NARRAGANSETT RI 02882 823681456 20000 0 ECONOMIC DEVELOPMENT SUPPORT NUANCE SALON 4400 ACUSHNET AVE NEW BEDFORD MA 02745 454146437 20000 0 ECONOMIC DEVELOPMENT SUPPORT CALICO 173 UNION ST NEW BEDFORD MA 02740 471555842 20000 0 ECONOMIC DEVELOPMENT SUPPORT SOUTHCOAST COMMUNITY FOUNDATION 128 UNION ST 403 NEW BEDFORD MA 02740 043280353 501(C)(3) 6500 0 ECONOMIC DEVELOPMENT SUPPORT FLIP THIS DOLLHOUSE 127 W RODNEY FRENCH BLVD 2ND FL NEW BEDFORD MA 02744 452350258 20000 0 ECONOMIC DEVELOPMENT SUPPORT CUT ABOVE LANDSCAPERS LLC 242 BROWNELL STREET NEW BEDFORD MA 02740 881220556 20000 0 ECONOMIC DEVELOPMENT SUPPORT D VEIGA CLAMOR THRONE CHAIRS INC 1 WAMSUTTA ST NEW BEDFORD MA 02740 853162510 20000 0 ECONOMIC DEVELOPMENT SUPPORT KEILAS PLACE 469 ASHLEY BLVD NEW BEDFORD MA 02745 845099199 20000 0 ECONOMIC DEVELOPMENT SUPPORT COTTER HOSPITALITY LLC 127 W RODNEY FRENCH BLVD NEW BEDFORD MA 02744 834217585 20000 0 ECONOMIC DEVELOPMENT SUPPORT CORRIE REFRIG & APPLIANCES INC 376 CEDAR ST NEW BEDFORD MA 02740 341988035 20000 0 ECONOMIC DEVELOPMENT SUPPORT BURNS FORTES CONSULTING LLC 174 UNION ST SUITE 3 NEW BEDFORD MA 02740 825321268 20000 0 ECONOMIC DEVELOPMENT SUPPORT DEPINA BROS SAND AND GRAVEL 18 CEDAR ST NEW BEDFORD MA 02740 061739990 20000 0 ECONOMIC DEVELOPMENT SUPPORT PRECISION WINDOW AND KITCHEN INC 1111 ACUSHNET AVE NEW BEDFORD MA 02746 841722722 20000 0 ECONOMIC DEVELOPMENT SUPPORT BRISTOL COUNTY CHAMBER FOUNDATION INC 200 POCASSET ST FALL RIVER MA 02721 042684468 501(C)(3) 8000 0 ECONOMIC DEVELOPMENT SUPPORT ROTCH-JONES-DUFF HOUSE & GARDEN MUSEUM INC 396 COUNTY ST NEW BEDFORD MA 02740 042859088 501(C)(3) 6000 0 ECONOMIC DEVELOPMENT SUPPORT NEW BEDFORD FESTIVAL THEATRE PO BOX 4095 NEW BEDFORD MA 02740 043086443 501(C)(3) 14600 0 ECONOMIC DEVELOPMENT SUPPORT I'M PRETTY YES HAIR SALON 1612 ACUSHNET AVE NEW BEDFORD MA 02746 880537569 10000 0 ECONOMIC DEVELOPMENT SUPPORT ARTLINDA CORP 1213 PURCHASE STREET NEW BEDFORD MA 02740 844570778 20000 0 ECONOMIC DEVELOPMENT SUPPORT 12 43 COMMUNITY DEVELOPMENT BLOCK GRANT 43 340000 CASH PART I, LINE 2: GRANTEES MUST SUBMIT INVOICES TO THE COUNCIL AT LEAST ANNUALLY DETAILING THE QUALIFYING EXPENDITURES FOR WHICH THEY WISH TO BE REIMBURSED. PART III, COLUMN (B) THE NUMBER OF INDIVIDUALS WHO RECEIVED ASSISTANCE IS REPORTED. X 0 0 0 0 0 0 0 1 0 DEREK SANTOS EXECUTIVE DIRECTOR 165455 0 2299 0 0 0 4268 0 30745 0 202767 0 0 0 RAMON SILVA SR DIRECTOR - LENDING 135239 0 3834 0 0 0 3915 0 12241 0 155229 0 0 0 PART I, LINE 7 THE BELOW INDIVIDUALS RECEIVED BONUSES IN CALENDAR YEAR 2022. THESE BONUSES WERE NOT CONTINGENT ON THE REVENUES OR NET EARNINGS OF THE ORGANIZATION: DEREK SANTOS - $2,299 RAMON SILVA - $3,834 DEBORAH TROMBLY - $3,980 FORM 990, PART VI, SECTION B, LINE 11B AFTER MANAGEMENT, THE TREASURER AND THE PRESIDENT HAS REVIEWED THE FEDERAL AND STATE INFORMATION RETURNS, THE PRESIDENT OR TREASURER, ACTING ON BEHALF OF THE BOARD OF DIRECTORS SIGNS THE RETURNS. THE INFORMATION RETURNS ARE MADE AVAILABLE TO THE BOARD. FORM 990, PART VI, SECTION B, LINE 12C THE COUNCIL'S CONFLICT OF INTEREST POLICY PROHIBITS ALL COUNCIL EMPLOYEES, OFFICERS OR THEIR FAMILIES OR AGENTS FROM PARTICIPATING IN THE SELECTION, AWARD OR ADMINISTRATION OF A CONTRACT SUPPORTED BY FEDERAL FUNDS IF A REAL OR APPARENT CONFLICT OF INTEREST EXISTS. FORM 990, PART VI, SECTION B, LINE 15 THE COUNCIL'S BOARD OF DIRECTORS EVALUATES THE EXECUTIVE DIRECTOR'S PERFORMANCE ANNUALLY BEFORE DETERMINING HIS COMPENSATION. THE BOARD OF DIRECTORS APPROVES THE OVERALL COMPENSATION OF ALL OTHER EMPLOYEES AS REFLECTED IN THE ANNUAL BUDGET. OFFICERS WHO ARE BOARD MEMBERS ARE UNPAID VOLUNTEERS. FORM 990, PART VI, SECTION C, LINE 19 FINANCIAL STATEMENTS ARE AVAILABLE THROUGH THE COMMONWEALTH OF MASSACHUSETTS DIVISION OF PUBLIC CHARITIES, OR UPON REQUEST. GOVERNING DOCUMENTS ARE AVAILABLE ON LINE VIA THE SECRETARY FOR THE COMMONWEALTH OF MASSACHUSETTS CORPORATE DATABASE AND UPON REQUEST. THE CONFLICT OF INTEREST POLICY IS AVAILABLE UPON REQUEST.