Nonprofit · EIN 04-3244024
NEW BEDFORD ECONOMIC DEVELOPMENT COUNCIL INC
Tax-exempt · NEW BEDFORD, MA 02740
Financials
| Year ended | Form | Revenue | Expenses | Net income | Total assets | Liabilities | Net assets |
|---|---|---|---|---|---|---|---|
| June 30, 2025 | 990 | $2,686,841 | $2,446,944 | $239,897 | $7,075,280 | $1,980,505 | $5,094,775 |
| June 30, 2024 | 990 | $3,626,061 | $3,547,853 | $78,208 | $5,744,138 | $889,260 | $4,854,878 |
| June 30, 2023 | 990 | $3,383,460 | $4,299,183 | -$915,723 | $5,597,517 | $1,472,939 | $4,124,578 |
Financial details: 990 for the year ended June 30, 2025
Revenue
- Contributions, gifts and grants
- $2,163,069
- of which government grants
- $1,607,495
- Program service revenue
- $441,474
- Investment income
- $8,464
- Other revenue
- $73,834
Expenses
- Grants and similar amounts paid
- $472,528
- Compensation of officers, directors and key employees
- $233,588
- Other salaries and wages
- $568,775
- Salaries, compensation and benefits (total)
- $973,841
- Professional fundraising fees
- $0
- Legal fees
- $2,349
- Accounting fees
- $28,664
- Occupancy
- $43,553
- Depreciation
- $5,936
- Program services (functional)
- $2,242,348
- Management and general (functional)
- $204,596
Balance sheet and other
- Total assets, start of year
- $5,744,138
- Total assets, end of year
- $7,075,280
- Total liabilities, end of year
- $1,980,505
- Net assets, end of year
- $5,094,775
- Land, buildings and equipment
- $23,605
- Net assets without donor restrictions
- $3,145,540
- Net assets with donor restrictions
- $1,949,235
- Gross receipts
- $2,686,841
- Employees
- 8
- Volunteers
- 42
- Year formed
- 1998
- State of legal domicile
- MA
From the e-filed returns the IRS publishes as XML (latest three processing years; amended returns replace the original). PDF copies at the IRS.
Officers, directors and key employees
As listed on the 990 for the year ended June 30, 2025, highest compensation first.
| Name | Title | Hours / week | Compensation | Other / benefits |
|---|---|---|---|---|
| DEREK SANTOS | EXECUTIVE DIRECTOR Officer | 40 | $183,339 | $36,649 |
| RAMON D SILVA | SENIOR LENDING OFFICER Highest-paid employee | 40 | $148,836 | $28,381 |
| DEBORAH A TROMBLY | ACCOUNTANT Highest-paid employee | 40 | $126,730 | $11,725 |
| ANTHONY R SAPIENZA | PRESIDENT Trustee or director, Officer | 3 | $0 | $0 |
| ELIZABETH ISHERWOOD | VICE PRESIDENT Trustee or director, Officer | 1.5 | $0 | $0 |
| DAVID SLUTZ | TREASURER Trustee or director, Officer | 2.5 | $0 | $0 |
| CAROL PIMENTEL | CLERK Trustee or director, Officer | 1 | $0 | $0 |
| HELENA DASILVA HUGHES | DIRECTOR Trustee or director | 1.5 | $0 | $0 |
| STEPHEN KENYON | DIRECTOR Trustee or director | 1.5 | $0 | $0 |
| STEPHEN CANESSA | DIRECTOR Trustee or director | 1.5 | $0 | $0 |
| MELANIE EDWARDS-TAVARES | DIRECTOR Trustee or director | 1.5 | $0 | $0 |
| ROLAND GIROUX | DIRECTOR Trustee or director | 1.5 | $0 | $0 |
| DAVID MCCREADY | DIRECTOR Trustee or director | 1.5 | $0 | $0 |
990 for the year ended June 30, 2024: 13 people
| Name | Title | Hours / week | Compensation | Other / benefits |
|---|---|---|---|---|
| DEREK SANTOS | EXECUTIVE DIRECTOR Officer | 40 | $170,141 | $28,126 |
| RAMON D SILVA | SENIOR LENDING OFFICER Highest-paid employee | 40 | $144,388 | $25,082 |
| DEBORAH A TROMBLY | ACCOUNTANT Highest-paid employee | 40 | $120,886 | $5,679 |
| ANTHONY R SAPIENZA | PRESIDENT Trustee or director, Officer | 3 | $0 | $0 |
| ELIZABETH ISHERWOOD | VICE PRESIDENT Trustee or director, Officer | 1.5 | $0 | $0 |
| DAVID SLUTZ | TREASURER Trustee or director, Officer | 2.5 | $0 | $0 |
| CAROL PIMENTEL | CLERK Trustee or director, Officer | 1 | $0 | $0 |
| HELENA DASILVA HUGHES | DIRECTOR Trustee or director | 1.5 | $0 | $0 |
| LAURA DOUGLAS | DIRECTOR Trustee or director | 1.5 | $0 | $0 |
| DAVID MCCREADY | DIRECTOR Trustee or director | 1.5 | $0 | $0 |
| MELANIE EDWARDS-TAVARES | DIRECTOR Trustee or director | 1.5 | $0 | $0 |
| ROLAND GIROUX | DIRECTOR Trustee or director | 1.5 | $0 | $0 |
| DR RAYFORD KRUGER | DIRECTOR (UNTIL 10/2023) Trustee or director | 1.5 | $0 | $0 |
990 for the year ended June 30, 2023: 12 people
| Name | Title | Hours / week | Compensation | Other / benefits |
|---|---|---|---|---|
| DEREK SANTOS | EXECUTIVE DIRECTOR Officer | 40 | $167,754 | $35,013 |
| RAMON SILVA | SR DIRECTOR - LENDING Highest-paid employee | 40 | $139,073 | $16,156 |
| DEBORAH TROMBLY | CONTROLLER Highest-paid employee | 40 | $115,852 | $10,426 |
| ANTHONY R SAPIENZA | PRESIDENT Trustee or director, Officer | 3 | $0 | $0 |
| ELIZABETH ISHERWOOD | VICE PRESIDENT Trustee or director, Officer | 1.5 | $0 | $0 |
| DAVID SLUTZ | TREASURER Trustee or director, Officer | 2.5 | $0 | $0 |
| CAROL PIMENTAL | CLERK Trustee or director, Officer | 1 | $0 | $0 |
| HELENA DASILVA HUGHES | DIRECTOR Trustee or director | 1.5 | $0 | $0 |
| LAURA DOUGLAS | DIRECTOR Trustee or director | 1.5 | $0 | $0 |
| DR RAYFORD KRUGER | DIRECTOR Trustee or director | 1.5 | $0 | $0 |
| JONATHAN M MITCHELL | MAYOR EX-OFFICIO (UNTIL 2/23) Trustee or director | 0.25 | $0 | $0 |
| JEFFREY P PAGLIUCA | DIRECTOR Trustee or director | 1.5 | $0 | $0 |
Address and contacts
- Address (IRS master file)
- 1213 PURCHASE STREET, NEW BEDFORD, MA 02740-6694
- In care of
- % DEBORAH TROMBLY
- Principal officer (990 for 2024)
- ANTHONY R SAPIENZA, 1213 PURCHASE STREET, NEW BEDFORD, MA 02740
- Signed the 990
- ANTHONY R SAPIENZA, PRESIDENT
- Phone
- (508) 991-3122
- Website
- WWW.NBEDC.ORG
- Return prepared by
- AAFCPAS INC
Mission
TO CULTIVATE AND PROMOTE A TRANSPARENT, CREDIBLE, AND BUSINESS-FRIENDLY ENVIRONMENT, THE NBEDC WORKS COLLABORATIVELY WITH LOCAL, STATE, AND FEDERAL PARTNERS TO SUPPORT CREATIVITY, SUSTAINABLE GROWTH, AND PRIVATE SECTOR INVESTMENT BENEFITING THE CITIZENS OF NEW BEDFORD.
Program accomplishments
- 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.Expenses $2,242,348 · grants $472,528 · revenue $441,474
What it must file and when
IRS records say it files Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N. Its accounting year ends in June, so each return is due on the 15th day of the 5th month after that.
| Tax year | Year ended | Due | IRS public records |
|---|---|---|---|
| 2025 | June 30, 2026 | November 16, 2026 | Not due yet |
| 2024 | June 30, 2025 | November 17, 2025 | 990 on file |
| 2023 | June 30, 2024 | November 15, 2024 | 990 on file |
IRS record
- EIN
- 04-3244024
- Tax-exempt status
- 501(c)(3): Charitable, religious, educational or scientific organization
- Foundation status
- Publicly supported organization (170(b)(1)(A)(vi))
- Donations deductible (Pub 78)
- Public charity, 50% deduction limit
- Exempt since
- 1999
- Accounting year ends
- June
- Files
- Form 990 or 990-EZ
- Category (NTEE)
- Public and societal benefit (W20)
- Assets (IRS master file)
- $7,075,280
- Income (IRS master file)
- $2,686,841
Filing history
| Form | Year ended | Revenue | Expenses | Assets | Return |
|---|---|---|---|---|---|
| 990 | June 2025 | $2,686,841 | $2,446,944 | $7,075,280 | IRS |
| 990 | June 2024 | $3,626,061 | $3,547,853 | $5,744,138 | IRS |
| 990 | June 2023 | $3,383,460 | $4,299,183 | $5,597,517 | XML |
| 990 | June 2022 | $2,890,059 | $2,008,196 | $6,271,809 | IRS |
| 990 | June 2021 | – | – | – | IRS |
| 990 | June 2019 | – | – | – | IRS |
990-N: the IRS bulk file holds only the latest e-Postcard per organization; earlier years come from archived copies of that file since 2020 and can have gaps (the IRS e-Postcard search lists every one). 990, 990-EZ, 990-PF, 990-T: every e-filed return in the IRS e-file index since 2019; XML for the latest three processing years, amounts from the IRS Statistics of Income extracts before that. PDF copies and determination letters at the IRS (search EIN 04-3244024).
Questions about NEW BEDFORD ECONOMIC DEVELOPMENT COUNCIL INC
- What is the EIN of NEW BEDFORD ECONOMIC DEVELOPMENT COUNCIL INC?
- The employer identification number (EIN) of NEW BEDFORD ECONOMIC DEVELOPMENT COUNCIL INC is 04-3244024.
- Is NEW BEDFORD ECONOMIC DEVELOPMENT COUNCIL INC tax-exempt?
- Yes. The IRS lists it as tax-exempt under section 501(c)(3) since 1999.
- Are donations to NEW BEDFORD ECONOMIC DEVELOPMENT COUNCIL INC tax-deductible?
- Yes. It is listed in IRS Publication 78 (Public charity, 50% deduction limit).
- Which annual return does NEW BEDFORD ECONOMIC DEVELOPMENT COUNCIL INC file?
- Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N.
- When is the next return of NEW BEDFORD ECONOMIC DEVELOPMENT COUNCIL INC due?
- The return for tax year 2025 (the year ending June 30, 2026) is due November 16, 2026. Form 8868 extends it by six months; the 990-N cannot be extended.
- When did NEW BEDFORD ECONOMIC DEVELOPMENT COUNCIL INC last file with the IRS?
- The latest return in the IRS public files is the 990 for the year ended June 2025.
- Who is the principal officer of NEW BEDFORD ECONOMIC DEVELOPMENT COUNCIL INC?
- The 990 for the year ended June 30, 2025 names ANTHONY R SAPIENZA.
- Who are the officers and directors of NEW BEDFORD ECONOMIC DEVELOPMENT COUNCIL INC?
- The 990 for the year ended June 30, 2025 lists 13 people; 3 received compensation from the organization, the highest $183,339 (DEREK SANTOS, EXECUTIVE DIRECTOR).
- How much revenue does NEW BEDFORD ECONOMIC DEVELOPMENT COUNCIL INC have?
- On its 990 for the year ended June 30, 2025 it reported revenue of $2,686,841, expenses of $2,446,944 and total assets of $7,075,280 at year end.
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