Overview
What is Boston Local Development Corporation?
Boston Local Development Corporation (BLDC) is a nonprofit organization situated at 43 Hawkins Street, Boston, MA 02114. Its primary mission is to positively impact the local community by fostering increased employment opportunities and promoting business and industrial expansion for the citizens of Boston. To achieve this, BLDC collaborates with its affiliate, EDIC, to manage a revolving loan fund. This fund, serviced in 2022, offers long-term financing to businesses and companies based in Boston, Massachusetts, thereby contributing to the city's economic growth and development.
What are the reviews and ratings of this charity?
Rating from Charity Navigator: 90%, Four-Star out of Four Star rating.
The Boston Local Development Corporation has received a strong rating of 90%, reflecting its commitment to accountability and financial transparency. This score is based entirely on its Accountability & Finance metrics, highlighting the organization's effective management of resources and ethical governance practices.
Key strengths of the organization include a fully independent board with a total of eight members, which enhances its oversight capabilities. Additionally, their financial statements are thoroughly audited, and the organization has shown no material diversion of assets. With a high program expense ratio of nearly 92%, the majority of funds raised are directed toward their mission-driven activities.
One potential limitation noted in the data is the single-faceted nature of the evaluation, focusing solely on financial accountability without assessing other operational aspects such as program effectiveness. However, the details provided indicate that the organization is well-structured and financially sound, thereby supporting its mission effectively.
This AI summary has been generated from information found on Charity Navigator.
Is Boston Local Development Corporation legitimate?
Boston Local Development Corporation is a legitimate nonprofit organization registered as a 501(c)(3) entity. Boston Local Development Corporation submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $117,878
Professional Fundraising Fees: $0
Other Salaries and Wages: $0
For more financial information, click here
What is the mission statement of Boston Local Development Corporation?
The Boston Local Development Corporation is committed to serving the community by fostering increased employment opportunities and expanding businesses and industries. They achieve this by providing long-term financing to firms and companies within their jurisdiction. To promote industrial and economic development and job growth, the corporation subcontracts with its affiliate to administer a revolving loan fund. In fiscal year 2022, 34 revolving loans were serviced by the corporation.
Who is the CEO of Boston Local Development Corporation?
John E Marston is the President of Boston Local Development Corporation.
What is the revenue of Boston Local Development Corporation?
Boston Local Development Corporation's revenue in 2022 was $1,383,525.
Who are the executives of Boston Local Development Corporation and what are their salaries?
Here are 13 key members and their salaries:
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- Related: $173,984
- Other: $49,394
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- Related: $126,181
- Other: $40,290
- Compensation: $0
- Related: $67,360
- Other: $21,508
- Compensation: $0
- Related: $96,484
- Other: $30,807
- Compensation: $0
- Related: $65,611
- Other: $20,950
Where can I find the form 990 for Boston Local Development Corporation?
Boston Local Development Corporation's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Boston Local Development Corporation
Boston Local Development Corporation, abbreviated as BLDC, is an organization committed to enhancing the community by fostering increased employment opportunities and expanding business and industry for the citizens. In achieving this mission, BLDC provides long-term financing to firms and companies situated within the city. To further promote industrial and economic development and job growth, BLDC subcontracts with its affiliate, EDIC, to administer a revolving loan fund. In fiscal year 2022, 34 revolving loans were serviced by BLDC, contributing to its mission of benefiting the community.
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Impact
July, 2024
Boston Local Development Corporation's impact includes fostering increased employment opportunities, promoting industrial and economic development, and facilitating job growth for the citizens of Boston. By providing long-term financing to firms and companies located in the city, BLDC plays a crucial role in expanding business and industry, ultimately contributing to the overall improvement of the community. This not only supports local businesses but also helps create a more vibrant and prosperous economic environment for the residents of Boston.
This information is meant to be a general summary of Boston Local Development Corporation. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2022.
- Investment Income: $333
- Program Service Revenue: $115,030
- Gross Receipts: $1,383,525
Assets and Liabilities:
- Total Assets: $6,574,456
- Total Liabilities: $443,797
- Net Assets: $6,130,659
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
LOAN INTEREST INCOME
Revenue
$109,484
LOAN SERVICING FEES
Revenue
$5,546
Organization Details
Founding Year
1979
Phone
(617) 918-5425Principal Officer
John E Marston
Main Address
43 HAWKINS STREET, BOSTON, MA, 02114
NTEE Category
Code: S31Z - Community improvement
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