Civic Intelligence

Bullard Memorial Farm Association

EIN 04-2109920 • 501(c)3 • North Reading, MA

Profile

The bmfa is organized for charitable and educational purposes including, but not limited to holding, preserving, maintaining and improving the bullard farm property, and educating the public about life on, and the working of, a historic new england farm through workshops, demonstrations and visits to the homestead and farm.

275 Haverhill StreetNorth Reading, MA 01864

www.bullardmemorialfarm.org

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

12th percentile

0.00x

Higher debt load relative to assets than 12% of similar nonprofits.

501(c)3 • $5M-$10M nonprofits • Source year 2024

Liabilities / Revenue

20th percentile

0.02x

Higher debt load relative to revenue than 20% of similar nonprofits.

501(c)3 • $5M-$10M nonprofits • Source year 2024

Net Margin

88th percentile

47%

Higher net margin than 88% of similar nonprofits.

501(c)3 • $5M-$10M nonprofits • Source year 2024

Top Officer Pay

23rd percentile

$0

Higher top officer pay than 23% of similar nonprofits.

Top officer pay equals 0.0% of source-year revenue.

501(c)3 • $5M-$10M nonprofits • Source year 2024

Asset Growth

66th percentile

9.9%

Faster asset growth than 66% of similar nonprofits.

501(c)3 • $5M-$10M nonprofits • Annualized from 2023 to 2024

Revenue Growth

58th percentile

11%

Faster revenue growth than 58% of similar nonprofits.

501(c)3 • $5M-$10M nonprofits • Annualized from 2023 to 2024

Assets

Up

$5,612,644

Up $503,369 (+9.9%) from 2023

Liabilities

Down

$7,090

Down $837 (-11%) from 2023

Net Assets

Up

$5,605,554

Up $504,206 (+9.9%) from 2023

Revenue

Up

$312,612

Up $31,641 (+11%) from 2023

Expenses

Up

$166,705

Up $22,863 (+16%) from 2023

Net Income

Up

$145,907

Up $8,778 (+6.4%) from 2023

Trend Graphs

Balance Sheet Trend

Grouped bars show assets, liabilities, and net assets across loaded filings.

$6.0M$4.0M$2.0M$0Assets 2010: $2,778,749Liabilities 2010: $8,834Net Assets 2010: $2,769,9152010Assets 2011: $2,761,219Liabilities 2011: $16,333Net Assets 2011: $2,744,8862011Assets 2012: $3,060,434Liabilities 2012: $13,367Net Assets 2012: $3,047,0672012Assets 2013: $3,362,132Liabilities 2013: $6,532Net Assets 2013: $3,355,6002013Assets 2014: $3,505,215Liabilities 2014: $13,612Net Assets 2014: $3,491,6032014Assets 2015: $3,249,861Liabilities 2015: $19,014Net Assets 2015: $3,230,8472015Assets 2016: $3,375,200Liabilities 2016: $8,031Net Assets 2016: $3,367,1692016Assets 2017: $3,751,976Liabilities 2017: $7,217Net Assets 2017: $3,744,7592017Assets 2018: $3,524,892Liabilities 2018: $22,424Net Assets 2018: $3,502,4682018Assets 2019: $3,998,849Liabilities 2019: $10,662Net Assets 2019: $3,988,1872019Assets 2020: $4,324,207Liabilities 2020: $10,801Net Assets 2020: $4,313,4062020Assets 2021: $4,801,510Liabilities 2021: $6,885Net Assets 2021: $4,794,6252021Assets 2022: $4,473,905Liabilities 2022: $11,552Net Assets 2022: $4,462,3532022Assets 2023: $5,109,275Liabilities 2023: $7,927Net Assets 2023: $5,101,3482023Assets 2024: $5,612,644Liabilities 2024: $7,090Net Assets 2024: $5,605,5542024

Highlighted filing

2024

Assets$5,612,644
Liabilities$7,090
Net Assets$5,605,554

Operations Trend

Revenue, expenses, and net income by year, with the latest filing highlighted.

$600K$400K$200K$0-$200KExpenses 2010: $119,8362010Expenses 2011: $96,5432011Expenses 2012: $88,9772012Revenue 2013: $534,402Expenses 2013: $118,106Net Income 2013: $416,2962013Revenue 2014: $188,656Expenses 2014: $115,974Net Income 2014: $72,6822014Revenue 2015: $204,864Expenses 2015: $135,275Net Income 2015: $69,5892015Revenue 2016: $45,658Expenses 2016: $133,711Net Income 2016: -$88,0532016Revenue 2017: $174,613Expenses 2017: $138,754Net Income 2017: $35,8592017Revenue 2018: $267,924Expenses 2018: $126,098Net Income 2018: $141,8262018Revenue 2019: $284,952Expenses 2019: $145,666Net Income 2019: $139,2862019Revenue 2020: $80,738Expenses 2020: $139,047Net Income 2020: -$58,3092020Revenue 2021: $286,721Expenses 2021: $159,588Net Income 2021: $127,1332021Revenue 2022: $498,602Expenses 2022: $152,297Net Income 2022: $346,3052022Revenue 2023: $280,971Expenses 2023: $143,842Net Income 2023: $137,1292023Revenue 2024: $312,612Expenses 2024: $166,705Net Income 2024: $145,9072024

Highlighted filing

2024

Revenue$312,612
Expenses$166,705
Net Income$145,907

Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$5.61$0.01$5.61$0.31$0.17$0.15
2023Detailed filing. Detailed filing data is available for this year.$5.11$0.01$5.10$0.28$0.14$0.14
2022Detailed filing. Detailed filing data is available for this year.$4.47$0.01$4.46$0.50$0.15$0.35
2021Detailed filing. Detailed filing data is available for this year.$4.80$0.01$4.79$0.29$0.16$0.13
2020Detailed filing. Detailed filing data is available for this year.$4.32$0.01$4.31$0.08$0.14$0.06
2019Detailed filing. Detailed filing data is available for this year.$4.00$0.01$3.99$0.28$0.15$0.14
2018Detailed filing. Detailed filing data is available for this year.$3.52$0.02$3.50$0.27$0.13$0.14
2017Detailed filing. Detailed filing data is available for this year.$3.75$0.01$3.74$0.17$0.14$0.04
2016Detailed filing. Detailed filing data is available for this year.$3.38$0.01$3.37$0.05$0.13$0.09
2015Detailed filing. Detailed filing data is available for this year.$3.25$0.02$3.23$0.20$0.14$0.07
2014Detailed filing. Detailed filing data is available for this year.$3.51$0.01$3.49$0.19$0.12$0.07
2013Detailed filing. Detailed filing data is available for this year.$3.36$0.01$3.36$0.53$0.12$0.42
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$3.06$0.01$3.05$0.09
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$2.76$0.02$2.74$0.10
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$2.78$0.01$2.77$0.12
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jan 1, 2024 to Dec 31, 2024
Signed
May 15, 2025
Return Version
2024v5.1
Gross Receipts
$1,116,267
Mission and Program Overview

Mission

The bmfa is organized for charitable and educational purposes including, but not limited to holding, preserving, maintaining and improving the bullard farm property, and educating the public about life on, and the working of, a historic new england farm through workshops, demonstrations and visits to the homestead and farm.

SEE SCHEDULE O.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments in Publicly Traded Securities$4,347,800$4,942,294▲ $594,494
Rtn Earn Endowment Incm Other Fnds$3,043,572$3,547,778▲ $504,206
Pd in Cap Srpls Land Bldg Eqp Fund$2,057,776$2,057,776→ $0
Land, Buildings, and Equipment, Net$403,733$387,072▼ $16,661
Savings and Temporary Cash Investments$341,976$272,475▼ $69,501
Cash and Non-Interest-Bearing Accounts$15,766$10,803▼ $4,963
Accounts Receivable$0$0→ $0
Other Notes and Loans Receivable, Net$0$0→ $0
Pledges and Grants Receivable$0$0→ $0
Receivable From Disqualified Prsn$0$0→ $0
Receivables From Officers Etc$0$0→ $0
Investments Other Securities$0$0→ $0
Investments Program Related$0$0→ $0
Cap Stk Tr Prin Current Funds$0$0→ $0
Intangible Assets$0$0→ $0
Inventories for Sale or Use$0$0→ $0
Loans From Officers Directors$0$0→ $0
Prepaid Expenses and Deferred Charges$0$0→ $0
Total Assets$5,109,275$5,612,644▲ $503,369
Other Assets Total$0$0→ $0
Liabilities
Accounts Payable and Accrued Expenses$7,172$5,710▼ $1,462
Deferred Revenue$755$1,380▲ $625
Grants Payable$0$0→ $0
Mortgage Notes Payable Secured by Investment Property$0$0→ $0
Unsecured Notes Loans Payable$0$0→ $0
Other Liabilities$0$0→ $0
Escrow Account Liability$0$0→ $0
Tax Exempt Bond Liabilities$0$0→ $0
Total Liabilities$7,927$7,090▼ $837
Net Assets / Fund Balance
Total Net Assets Fund Balance$5,101,348$5,605,554▲ $504,206
Total Liabilities and Net Assets / Fund Balance$5,109,275$5,612,644▲ $503,369

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$290,334$48,087$338,421
Leasehold Improvements$96,738$239,374$336,112
Equipment$0$25,316$25,316
Compensation and Service Providers

Board Members and Trustees

NameTitle
Jay McfarlandFormer President
Suzanne McfarlandPresident
Charles Thurlow IvDirector
George BollenbacherDirector
John HathawayDirector
Scott HillsDirector
Steve HoodDirector
Meredith FlynnClerk
Tara P HathawayMembership Officer
Philip AudierTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$31,728
Program Service Revenue
$870
Investment Income
$277,401
Other Revenue
$2,613
All Other Contributions
$23,628
Change in Net Assets
$145,907
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$130,565
Salaries, Compensation, and Employee Benefits$36,140
Total Fundraising Expense$256
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$33,572--$33,572
Insurance$19,994$1,130-$21,124
Fees for Service Investment Mgmnt Fees-$18,004-$18,004
Depreciation Depletion$16,661--$16,661
Occupancy$12,617$1,320-$13,937
Fees for Services Accounting-$3,460-$3,460
Other Expenses$2,486$642$256$3,384
Payroll Taxes$2,568--$2,568
Total Functional Expenses$141,151$25,298$256$166,705
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$0
Fundraising Gross Income$0
Gaming Direct Expenses$0
Gaming Gross Income$0
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Loans from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Receivables from Disqualified Persons$0$0→ $0
Receivables from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Backup withholding compliance
Yes
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
No
Other officer compensation reviewed
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
Yes
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section A, Line 2

Tara hathaway and john hathaway have a family relationship. Jay mcfarland and suzanne mcfarland have a family relationship.

Form 990, Part VI, Section A, Line 6

Silver membership includes receiving newsletters, receiving a discount to educational events, being able to participate on bmfa committees and at association meetings with voting privileges, being able to serve on the bmfa board of directors and the ability to reserve the use of the bullard farm property, including the buildings for visitation only, during daylight hours. Gold membership includes receiving newsletters, receiving a discount to educational events, being able to participate on bmfa committees and at association meetings with voting privileges, being able to serve on the bmfa board of directors and the ability to reserve the use of the entire bullard farm property for daylight and overnight visits. All individual membership applicants must be a minimum of 22 years old to reserve the bullard farm.

Form 990, Part VI, Section A, Line 7A

Silver and gold members elect the board of directors in the fall for 3-year staggered terms.

Form 990, Part VI, Section A, Line 7B

Silver and gold members decisions to sell, alter, alienate, or encumber real estate or personal property of antique or substantial historical value, or any other property of the association with a value of $50,000 or more, shall require a two thirds vote of the full current eligible voting membership. Bylaw provisions requiring two thirds vote of the eligible voting membership or of a quorum to enact may be changed only by a two thirds vote of a quorum.

Form 990, Part VI, Section B, Line 11B

The completed form 990 is distributed to the board of directors and discussed prior to submission.

Form 990, Part VI, Section B, Line 12C

The members of the board of directors, advisors, volunteers and management employees of the bmfa shall avoid conflicts of interest and conduct which may suggest the appearance of impropriety in the disbursement of private, federal, state and local funds. If a potential conflict of interest arises, the board member, advisor, volunteer or management employee must disclose the potential conflict to the board of directors. Further, the board member shall not vote on any contract or grant and no management employee shall participate in the solicitation, negotiation, formation, award, arbitration, modification, or settlement of any contract or grant when the board member, advisor, volunteer or management employee stands to benefit, either directly or indirectly, from any such contract or grant. A board member, advisor, volunteer or management employee is not deemed to benefit directly or indirectly from a contract or grant involving public or private funds if he or she receives only the salary or stipend due him or her in the normal course of employment with or service to the bullard memorial farm.

Form 990, Part VI, Section C, Line 19

The organization's governing documents, conflicts of interest policy and financial statements are available upon request.

Part II, Section C, Line 17A, Facts and Circumstances Test

The association's public support normally received is at least 10% of the total support received. In addition, the association is organized and operated to attract new and additional public support on a continuous basis. The association's percentage of public support is low because it receives a high percentage of its total support from investment income originally contributed by the general public. The public has free access to over 100 acres of land for passive recreation. The land is regularly used for horseback riding, hiking, and walking on trails.

Filing and Contact Details

Filer

Filer Name
Bullard Memorial Farm Association
EIN
04-2109920
In Care Of
% PHILIP AUIDER
Phone
9782760431
Address
275 HAVERHILL STREET, NORTH READING, MA 01864

Signing Officer

Name
Philip Audier
Title
Treasurer
Phone
9782760431
Signed
2025-05-15
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Philip Audier
Formed
1909
Legal Domicile
Ma
Voting Board Members
10
Independent Board Members
10
Employees
2
Volunteers
25

Preparer

Firm
Withumsmithbrownpc
Address
4600 EAST WEST HWY 900, BETHESDA, MD 20814-3423
Preparer
Richard Ruvelson
Phone
3012726000
Supplemental Narrative

Additional Explanations

FORM 990, PART I, LINE 1 - ORGANIZATION'S MISSION

The mission is to support the preservation, protection, and restoration of historic structures and resources reflecting early new england life at the bullard memorial farm. To achieve this mission, we will support, encourage, inform, and educate our community and membership of the architectural significance, history and heritage of the bullard memorial farm.

Financial Statement Notes

Part III, Line 1A

In accordance with sfas 116, the organization does not capitalize works of art.

Part III, Line 4

The bmfa has a wide ranging collection of historic papers and artifacts from a historic new england farm which we use to further our educational mission. The collection is used for educational workshops, lectures, demonstrations, tours and research, all of which help educate the public about the life on and the workings of a historic new england farm.

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IRS990/MissionDesc0THE BMFA IS ORGANIZED FOR CHARITABLE AND EDUCATIONAL PURPOSES INCLUDING, BUT NOT LIMITED TO HOLDING, PRESERVING, MAINTAINING AND IMPROVING THE BULLARD FARM PROPERTY, AND EDUCATING THE PUBLIC ABOUT LIFE ON, AND THE WORKING OF, A HISTORIC NEW ENGLAND FARM THROUGH WORKSHOPS, DEMONSTRATIONS AND VISITS TO THE HOMESTEAD AND FARM.
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IRS990ScheduleA/FactsAndCircumstancesTestTxt0The Bullard Memorial Farm Association has been a public charity in operation since 1909. They are an organization recognized under code section 170 (b)(1)(A)(vi) as of 2009 that receives a substantial part of its support from a governmental unit or from the general public. The organization is organized and operated to attract new and additional public support on a continuous basis. The public support exceeds the 10% requirement to meet the facts and circumstances as it is currently calculating at 25.3654%. The organization's public support has been trending lower in recent years due to a high percentage of investment income from securities originally contributed by the general public. There are several donors giving small amounts, which is expected to increase in future years with the improvement of the economy and increase in number of donors. The organization is also working to expand local membership. The organization supports the general public through the preservation of the historical building and farm. Additionally, the general public has free access to over 100 acres of land for passive recreation. This land is regularly used for horseback riding, hiking, and walking on trails. The general public is represented on The Bullard Memorial Farm Association's board of directors through a diverse set of skills provided to assist with growing and maintaining the foundation. These skills include expertise in investment properties, community building, accounting and finance, educational programming, sales, and technology. Additional competencies include Aerospace Engineering, handyman talents such as automotive, carpentry, plumbing, and electrical, tree care expertise comprising shade tree preservation and pruning, historical preservation and conservation, and more. Based on these facts, the organization meets the facts and circumstances test.
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