2026-02-27T16:25:49-06:00 2025-09-30 872525370 CITRIN COOPERMAN ADVISORS LLC 30 BRAINTREE HL OFFICE PARK STE 300 BRAINTREE MA 02184 990 2024-10-01 042738974 BAY COLONY DEVELOPMENT CORP BAYC 7818913594 230 THIRD AVENUE 1ST FLOOR WALTHAM MA 02451 ERIK ADAMS PRESIDENT & CEO 7818913594 2026-02-15 1 1 AMANDA ADAMS P00748038 7813562000 2026-02-15 2024 2025-03-06 01:10:19Z ERIK ADAMS 230 THIRD AVENUE 1ST FLOOR WALTHAM MA 02451 5477577 0 X WWW.BAYCOLONY.ORG X 1981 MA THE ORGANIZATION PROVIDES SBA 504 FINANCING AND MICROLOANS TO SMALL BUSINESSES LOCATED IN NEW ENGLAND. 9 8 17 0 0 0 0 0 4881009 5362456 142741 114430 0 0 5023750 5476886 53505 31000 0 0 3364369 3996583 0 0 0 727091 825596 4144965 4853179 878785 623707 5320645 5987484 722470 740681 4598175 5246803 IT IS BCDC'S MISSION TO BE THE LENDER OF CHOICE FOR SMALL BUSINESSES, BY INVESTING RESOURCES; BOTH MONETARILY AND PROFESSIONALLY, THAT OFFER CREATIVE FINANCING SOLUTIONS TO PROVIDE POSITIVE ECONOMIC IMPACT WITHIN THE COMMUNITIES WE SERVE. 0 0 3947328 31000 5339759 TO ASSIST SMALL BUSINESS CONCERNS TO FINANCE OWNER OCCUPIED COMMERCIAL REAL ESTATE, PURCHASES OF LAND, MACHINERY AND EQUIPMENT, AND TO ASSIST WITH THE GROWTH AND DEVELOPMENT OF BUSINESSES AND FOSTER INCREASED EMPLOYMENT OPPORTUNITIES. DURING THE YEAR, THE CORPORATION RECEIVED APPROVAL FROM THE SBA FOR 111 PROJECTS TOTALING $87.4 MILLION IN SECTION 504 LOANS. DURING THE YEAR, BAY COLONY DEVELOPMENT FUNDED 79 LOANS TOTALING $57.8 MILLION. 22697 BCDC PROVIDES MICROLOANS ($50,000 MAXIMUM) TO BORROWERS WITHIN THE CORPORATION'S LENDING AREA. DURING THE YEAR, BCDC FUNDED 6 LOANS TOTALING $145,900. 3947328 0 0 0 0 0 0 0 0 0 1 0 0 1 1 1 1 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 1 21 0 1 17 1 0 0 0 0 0 0 0 0 X 9 8 1 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 X BETTY J ULE CFO 7818913594 230 THIRD AVENUE 1ST FLOOR WALTHAM MA 02451 MARY KATHERINE MANSFIELD PRESIDENT AND CEO (THRU 6/25) 40.00 X X 371109 0 78896 ERIK ADAMS PRESIDENT AND CEO (AS OF 7/25) 40.00 X X 401126 0 77316 REBECCA DEWOLFE CHAIRWOMAN 7.00 X X 18000 0 0 SCOTT VANDERSALL VICE CHAIRMAN 5.00 X X 14000 0 0 WILLIAM CANTOR DIRECTOR 2.00 X 5000 0 0 TIMOTHY FAHEY DIRECTOR 2.00 X 7000 0 0 JUSTIN P GELINAS DIRECTOR 2.00 X 0 0 0 JAMES HEALEY DIRECTOR 5.00 X 14000 0 0 RICHARD LEFFERTS DIRECTOR 4.00 X 7000 0 0 NINA LUCHKA DIRECTOR 5.00 X 14000 0 0 SEAN MORIARTY DIRECTOR 2.00 X 1250 0 0 BETTY ULE CHIEF FINANCIAL OFFICER 40.00 X 198019 0 65893 EBERTO RANERO SVP MARKETING 40.00 X 243418 0 38817 HEATHER STORME VP MARKETING 40.00 X 195900 0 19048 LAURA BROWN VP MARKETING 40.00 X 207978 0 22048 ROSEMARIE FINN VP UNDERWRITING 40.00 X 165325 0 21100 KIMBERLY LEGERE VP SERVICING 40.00 X 152469 0 47711 DANIELLE BOUTIN VP UNDERWRITING 40.00 X 138286 0 13514 COLLEEN MURPHY GUARNIERI VP CLOSING 40.00 X 123344 0 44920 MELINDA BATOR VP UNDERWRITING 40.00 X 134533 0 13755 MICHAEL HORRIGAN VP MARKETING 40.00 X 43357 0 12790 CAILEEN HORRIGAN CLOSING SPECIALIST 40.00 X 100280 0 10160 2555394 0 465968 12 0 1 0 0 SERVICE AND OTHER FEES 900099 4282985 4282985 LOAN REVENUE 900099 1058198 1058198 MICRO LOAN INTEREST 900099 21273 21273 5362456 115121 115121 691 -691 -691 -691 5476886 5362456 0 114430 31000 31000 3042391 2254166 788225 598888 598888 90423 90423 61243 52375 8868 203638 160874 42764 207495 207495 28475 28475 80192 71064 9128 90961 90961 166440 136374 30066 128212 115391 12821 19957 17961 1996 59585 48264 11321 6617 5955 662 11135 11135 MEMBERSHIP DUES 15432 15432 BAD DEBT 11095 11095 4853179 3947328 905851 0 1283561 1653848 2925985 3138297 102311 299174 229333 290635 15657 8796 34460 13202 25325 21258 337450 267110 401023 308366 5320645 5987484 356179 457307 366291 283374 722470 740681 X 4598175 5246803 4598175 5246803 5320645 5987484 X 623707 7649 17272 X 0 1 X 1 0 30980 10825 20155 3480 2377 1103 21258 OPERATING LEASE RIGHT-OF-USE ASSET 299534 DEPOSITS 8832 308366 OPERATING LEASE LIABILITIES 283374 283374 X 5484535 7649 7649 5476886 0 5476886 4835907 0 4835907 17272 17272 4853179 PART X, LINE 2: THE CORPORATION ACCOUNTS FOR UNCERTAIN TAX POSITIONS IN ACCORDANCE WITH FASB ASC 740, INCOME TAXES. FASB ASC 740 PRESCRIBES A RECOGNITION THRESHOLD AND MEASUREMENT PROCESS FOR FINANCIAL STATEMENT RECOGNITION OF UNCERTAIN TAX POSITIONS TAKEN OR EXPECTED TO BE TAKEN IN A TAX RETURN. THE TOPIC ALSO PROVIDES GUIDANCE ON RECOGNITION, CLASSIFICATION, INTEREST AND PENALTIES, ACCOUNTING IN INTERIM PERIODS, DISCLOSURE AND TRANSITION. AT SEPTEMBER 30, 2025 AND 2024, MANAGEMENT BELIEVES THAT THE CORPORATION HAS NO MATERIAL UNCERTAIN TAX POSITIONS. PART XII, LINE 4B - OTHER ADJUSTMENTS: ADJUSTMENT TO SERP 17,272. 1 NEWVUE 470 MAIN STREET FITCHBURG MA 01420 042690210 501(C)(3) 10000 0 ECONOMIC DEVELOPMENT NH COMMUNITY LOAN FUND 7 WALL STREET CONCORD NH 03301 222524015 501(C)(3) 5000 0 ECONOMIC DEVELOPMENT VT COMMUNITY LOAN FUND 15 STATE STREET PO BOX 827 MONTPELIER VT 05601 222864900 501(C)(3) 5000 0 ECONOMIC DEVELOPMENT CENTER FOR WOMEN & ENTERPRISES INC 132 GEORGE M COHAN BLVD 2ND FLOOR PROVIDENCE RI 02903 043256236 501(C)(3) 5000 0 ECONOMIC DEVELOPMENT COMMUNITY DEVELOPMENT PARTNERSHIP PO BOX 2786 ORLEANS MA 02653 223191450 501(C)(3) 5000 0 ECONOMIC DEVELOPMENT 5 0 PART I, LINE 2: BCDC PROVIDES DONATIONS TO SPECIFIC NON-PROFIT ORGANIZATIONS FOR USE IN THE COMMUNITIES IN WHICH THEY EACH OPERATE AND SERVE IN ACCORDANCE WITH THEIR MISSION STATEMENTS. ANNUAL REPORTS ARE REVIEWED YEARLY TO MONITOR EACH ORGANIZATION'S SUCCESS WITHIN THEIR LOCAL REGIONS OF SERVICE. X X 0 1 0 0 0 0 0 1 0 ERIK ADAMS PRESIDENT AND CEO (AS OF 7/25) 221554 0 151708 0 27864 0 33000 0 44316 0 478442 0 0 0 MARY KATHERINE MANSFIELD PRESIDENT AND CEO (THRU 6/25) 316109 0 55000 0 0 0 33000 0 45896 0 450005 0 0 0 EBERTO RANERO SVP MARKETING 183670 0 59748 0 0 0 22109 0 16708 0 282235 0 0 0 BETTY ULE CHIEF FINANCIAL OFFICER 184619 0 13400 0 0 0 20458 0 45435 0 263912 0 0 0 LAURA BROWN VP MARKETING 150000 0 57978 0 0 0 21139 0 909 0 230026 0 0 0 HEATHER STORME VP MARKETING 150472 0 45428 0 0 0 18695 0 353 0 214948 0 0 0 KIMBERLY LEGERE VP SERVICING 141469 0 11000 0 0 0 15468 0 32243 0 200180 0 0 0 ROSEMARIE FINN VP UNDERWRITING 143525 0 21800 0 0 0 16066 0 5034 0 186425 0 0 0 COLLEEN MURPHY GUARNIERI VP CLOSING 113344 0 10000 0 0 0 12400 0 32520 0 168264 0 0 0 DANIELLE BOUTIN VP UNDERWRITING 115636 0 22650 0 0 0 13170 0 344 0 151800 0 0 0 PART I, LINE 4B ERIK ADAMS PARTICIPATED IN A SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN DURING THE YEAR. BEGINNING IN 2018, THE CORPORATION WILL MAKE A DISCRETIONARY CONTRIBUTION TO THE PLAN ON AN ANNUAL BASIS, SUBJECT TO THE ORGANIZATION'S OVERALL FINANCIAL CONDITION. AS LONG AS ERIK ADAMS REMAINS EMPLOYED BY THE CORPORATION, THE PLAN BALANCE WILL VEST INCREMENTALLY AND BE PAID OUT TO HIM. THE VESTING PERIOD IS FROM 1/1/23 TO 1/1/2027 AND WILL BE COMPLETELY PAID OUT BY 1/1/2027 IF THE EMPLOYMENT CONDITIONS ARE MET. DURING THE FISCAL YEAR, THE CORPORATION MADE A CONTRIBUTION TO THE PLAN OF $45,000 AND PAID OUT THE APPLICABLE VESTED AMOUNT OF $42,728 TO ERIK ADAMS. COLLEEN GUARNIERI PARTICIPATED IN A SUPPLEMENTAL RETIREMENT PLAN DURING THE YEAR. BEGINNING IN 2025, THE CORPORATION WILL MAKE A DISCRETIONARY CONTRIBUTION TO THE PLAN ON AN ANNUAL BASIS, SUBJECT TO THE ORGANIZATION'S OVERALL FINANCIAL CONDITION. AS LONG AS COLLEEN GUARNIERI REMAINS EMPLOYED BY THE CORPORATION, THE PLAN BALANCE WILL VEST INCREMENTALLY TO BE PAID OUT TO HER. THE VESTING PERIOD IS FROM 4/1/25 TO 3/31/34 AND WILL BE COMPLETELY PAID OUT BY 4/1/2035 IF EMPLOYMENT CONDITIONS ARE MET. DURING THE FISCAL YEAR, THE CORPORATION MADE A CONTRIBUTION TO THE PLAN OF $15,000. NO AMOUNT WAS PAID OUT. PART I, LINE 7 DISCRETIONARY BONUSES ARE AWARDED TO MOST EMPLOYEES. ANY BONUSES AWARDED TO THE PRESIDENT & CEO ARE BASED ON RECOMMENDATIONS BY THE EXECUTIVE COMMITTEE AND APPROVED BY THE BOARD. OTHER DISCRETIONARY EMPLOYEE BONUSES ARE DETERMINED BY THE PRESIDENT & CEO. HEATHER STORME FAMILY MEMBER OF OFFICER 293702 EMPLOYMENT 0 KIMBERLY LEGERE FAMILY MEMBER OF OFFICER 206037 EMPLOYMENT 0 CAILEEN HORRIGAN FAMILY MEMBER OF OFFICER 114435 EMPLOYMENT 0 FORM 990, PART VI, SECTION A, LINE 2 KIMBERLY LEGERE, VP AND HEATHER STORME, VP HAVE A FAMILY RELATIONSHIP. FORM 990, PART VI, SECTION B, LINE 11B THE CHIEF FINANCIAL/COMPLIANCE OFFICER AND PRESIDENT REVIEW FORM 990 FIRST TO ENSURE ACCURACY. THE AUDIT COMMITTEE THEN REVIEWS THE DRAFT FORM AND MAKES COMMENTS TO THE ABOVE OFFICERS. A FINAL COPY IS THEN GIVEN TO THE BOARD OF DIRECTORS PRIOR TO FILING WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C THE CHIEF FINANCIAL/COMPLIANCE OFFICER OR PRESIDENT IS RESPONSIBLE TO HAVE ALL EMPLOYEES AND DIRECTORS SIGN AND SUBMIT A CONFIDENTIALITY/CONFLICT OF INTEREST AGREEMENT ANNUALLY. FORM 990, PART VI, SECTION B, LINE 15 THE PRESIDENT'S SALARY AND BONUSES PAID ARE BASED ON RECOMMENDATIONS BY THE EXECUTIVE COMMITTEE AND APPROVED BY THE BOARD OF DIRECTORS. ALL SALARIES ARE INCLUDED IN THE ANNUAL BUDGET WHICH IS REVIEWED AND APPROVED BY THE BOARD OF DIRECTORS. SOMETIME AFTER THE END OF THE FISCAL YEAR ON SEPTEMBER 30TH, BUT PRIOR TO THE DECEMBER BOARD AND EXECUTIVE COMMITTEE MEETING THE CEO WILL SUBMIT TO THE EXECUTIVE COMMITTEE A WRITTEN REPORT OUTLINING EACH OF THE CORPORATE GOALS THAT WERE UNDERTAKEN DURING THE JUST ENDED FISCAL YEAR AND HER/HIS ASSESSMENT OF HOW WELL THE COMPANY DID IN ACHIEVING THOSE GOALS. THE CEO WILL ALSO PROVIDE AN ADDENDUM TO THE GOALS REPORT SETTING FORTH HER/HIS RECOMMENDATIONS FOR ANY BONUS OR OTHER BENEFIT COMPENSATION THAT MAY BE RELATED TO THE RESULTS FROM THE PRIOR FISCAL YEAR. NEXT THE CEO WILL INCLUDE A LIST OF HER/HIS GOALS FOR THE NEW FISCAL YEAR AS WELL AS HER/HIS RECOMMENDATION FOR SALARY, BONUS, OR OTHER REMUNERATION TO BE PAID DURING THE UPCOMING YEAR. ONCE THESE ITEMS HAVE BEEN PROVIDED TO THE EXECUTIVE COMMITTEE THE COMMITTEE WILL MEET, AS SOON AS CONVENIENT, WITH THE CEO TO DISCUSS ALL ASPECTS FOLLOWED BY AN EXECUTIVE SESSION WITHOUT THE CEO IN ATTENDANCE TO DECIDE WHETHER OR NOT TO ACCEPT THESE REPORTS IN WHOLE OR IN PART AND IF NOT FULLY ACCEPTED WHAT CHANGES WOULD BE APPROPRIATE. IN DETERMINING THE COMPENSATION PACKAGE FOR THE CEO, THE EXECUTIVE COMMITTEE MAY RELY ON A REVIEW OF IRS FORM 990S FOR SIMILAR SIZED CDCS, THE EXPERIENCE OF MEMBERS ON THE EXECUTIVE COMMITTEE, AND COMPENSATION SURVEY REPORTS PREPARED BY INDEPENDENT CONSULTANTS. FORM 990, PART VI, SECTION C, LINE 19 GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS ARE AVAILABLE UPON REQUEST FOR A FREE REVIEW AT THE ORGANIZATION'S OFFICE. FORM 990, PART XI, LINE 9: ADJUSTMENT TO SERP 17,272.