Civic Intelligence

Worcester Business Development Corp

EIN 04-2381829 • 501(c)4 • Worcester, MA

View Organization Page

Profile

The worcester business development corporation (wbdc) is a private, non- profit business organization with a public purpose mission to serve as an innovation and leading force in the economic development of the city of worcester and the region, resulting in job creation and tax base expansion.

89 Shrewsbury StreetWorcester, MA 01604

www.thewbdc.com

Siviq Scores

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

Liabilities / Assets

40th percentile

0.05x

Higher debt load relative to assets than 40% of similar nonprofits.

501(c)4 • $10M-$25M nonprofits • Source year 2024

Liabilities / Revenue

68th percentile

0.49x

Higher debt load relative to revenue than 68% of similar nonprofits.

501(c)4 • $10M-$25M nonprofits • Source year 2024

Net Margin

58th percentile

14%

Higher net margin than 58% of similar nonprofits.

501(c)4 • $10M-$25M nonprofits • Source year 2024

Top Officer Pay

Score unavailable

No value available

No filing with officer rows is available for this organization yet.

Asset Growth

53rd percentile

5.3%

Faster asset growth than 53% of similar nonprofits.

501(c)4 • $10M-$25M nonprofits • Annualized from 2023 to 2024

Revenue Growth

62nd percentile

13%

Faster revenue growth than 62% of similar nonprofits.

501(c)4 • $10M-$25M nonprofits • Annualized from 2023 to 2024

Balance Sheet
Liabilities / Assets40th percentile

Assets

Up

$18,935,195

Up $956,364 (+5.3%) from 2023

Liabilities

Down

$966,864

Down $23,061 (-2.3%) from 2023

Net Assets

Up

$17,968,331

Up $979,425 (+5.8%) from 2023

Operations
Liabilities / Revenue68th percentileNet Margin58th percentile

Revenue

Up

$1,979,674

Up $226,441 (+13%) from 2023

Expenses

Down

$1,697,908

Down $101,385 (-5.6%) from 2023

Net Income

Up

$281,766

Up $327,826 (+712%) from 2023

Trend Graphs

Balance Sheet Trend

Asset Growth53rd percentile

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

$20M$15M$10M$5.0M$0Assets 2010: $11,561,709Liabilities 2010: $3,084,098Net Assets 2010: $8,477,6112010Assets 2011: $9,780,032Liabilities 2011: $1,043,973Net Assets 2011: $8,736,0592011Assets 2012: $9,959,973Liabilities 2012: $929,219Net Assets 2012: $9,030,7542012Assets 2013: $13,311,755Liabilities 2013: $708,785Net Assets 2013: $12,602,9702013Assets 2014: $15,816,635Liabilities 2014: $970,579Net Assets 2014: $14,846,0562014Assets 2015: $16,234,810Liabilities 2015: $825,502Net Assets 2015: $15,409,3082015Assets 2016: $16,762,753Liabilities 2016: $189,777Net Assets 2016: $16,572,9762016Assets 2017: $17,380,611Liabilities 2017: $395,402Net Assets 2017: $16,985,2092017Assets 2018: $17,824,976Liabilities 2018: $674,796Net Assets 2018: $17,150,1802018Assets 2019: $18,286,932Liabilities 2019: $444,049Net Assets 2019: $17,842,8832019Assets 2020: $17,907,259Liabilities 2020: $633,610Net Assets 2020: $17,273,6492020Assets 2021: $18,366,111Liabilities 2021: $1,167,808Net Assets 2021: $17,198,3032021Assets 2022: $17,242,895Liabilities 2022: $1,048,365Net Assets 2022: $16,194,5302022Assets 2023: $17,978,831Liabilities 2023: $989,925Net Assets 2023: $16,988,9062023Assets 2024: $18,935,195Liabilities 2024: $966,864Net Assets 2024: $17,968,3312024

Highlighted filing

2024

Assets$18,935,195
Liabilities$966,864
Net Assets$17,968,331
Open 2024 Filing

Operations Trend

Revenue Growth62nd percentile

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

$6.0M$4.0M$2.0M$0-$2.0MExpenses 2010: $1,819,4592010Expenses 2011: $1,931,9892011Expenses 2012: $1,774,8392012Revenue 2013: $4,129,188Expenses 2013: $1,624,884Net Income 2013: $2,504,3042013Revenue 2014: $4,618,469Expenses 2014: $2,822,319Net Income 2014: $1,796,1502014Revenue 2015: $2,623,707Expenses 2015: $1,978,562Net Income 2015: $645,1452015Revenue 2016: $2,778,311Expenses 2016: $1,891,164Net Income 2016: $887,1472016Revenue 2017: $1,422,079Expenses 2017: $1,827,587Net Income 2017: -$405,5082017Revenue 2018: $2,147,872Expenses 2018: $1,638,800Net Income 2018: $509,0722018Revenue 2019: $1,237,702Expenses 2019: $1,700,434Net Income 2019: -$462,7322019Revenue 2020: $1,152,681Expenses 2020: $2,105,828Net Income 2020: -$953,1472020Revenue 2021: $1,969,639Expenses 2021: $2,914,958Net Income 2021: -$945,3192021Revenue 2022: $1,869,155Expenses 2022: $1,699,843Net Income 2022: $169,3122022Revenue 2023: $1,753,233Expenses 2023: $1,799,293Net Income 2023: -$46,0602023Revenue 2024: $1,979,674Expenses 2024: $1,697,908Net Income 2024: $281,7662024

Highlighted filing

2024

Revenue$1,979,674
Expenses$1,697,908
Net Income$281,766
Open 2024 Filing

Filings

Most recent year

2024 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$18,935,195
Liabilities
$966,864
Net assets
$17,968,331
Revenue
$1,979,674
Expenses
$1,697,908
Net income
$281,766
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$18.9$0.97$18.0$1.98$1.70$0.28
2023Detailed filing. Detailed filing data is available for this year.$18.0$0.99$17.0$1.75$1.80$0.05
2022Detailed filing. Detailed filing data is available for this year.$17.2$1.05$16.2$1.87$1.70$0.17
2021Detailed filing. Detailed filing data is available for this year.$18.4$1.17$17.2$1.97$2.91$0.95
2020Detailed filing. Detailed filing data is available for this year.$17.9$0.63$17.3$1.15$2.11$0.95
2019Detailed filing. Detailed filing data is available for this year.$18.3$0.44$17.8$1.24$1.70$0.46
2018Detailed filing. Detailed filing data is available for this year.$17.8$0.67$17.2$2.15$1.64$0.51
2017Detailed filing. Detailed filing data is available for this year.$17.4$0.40$17.0$1.42$1.83$0.41
2016Detailed filing. Detailed filing data is available for this year.$16.8$0.19$16.6$2.78$1.89$0.89
2015Detailed filing. Detailed filing data is available for this year.$16.2$0.83$15.4$2.62$1.98$0.65
2014Detailed filing. Detailed filing data is available for this year.$15.8$0.97$14.8$4.62$2.82$1.80
2013Detailed filing. Detailed filing data is available for this year.$13.3$0.71$12.6$4.13$1.62$2.50
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$9.96$0.93$9.03$1.77
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$9.78$1.04$8.74$1.93
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$11.6$3.08$8.48$1.82
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jan 1, 2024 to Dec 31, 2024
Signed
Jun 10, 2025
Return Version
2024v5.0
Gross Receipts
$1,979,674
Mission and Program Overview

Mission

The worcester business development corporation is a private, non-profit business organization with a public purpose mission to serve as an innovative and leading force in the economic development of the city of worcester and the region, resulting in job creation and tax base expansion.

To serve as an innovation and leading force in the economic development of the city of worcester and the region, resulting in job creation and tax based expansion.

Balance Sheet Detail
LineBeginningEndChange
Assets
Other Notes and Loans Receivable, Net$8,513,253$10,629,606▲ $2,116,353
Investments Other Securities$5,901,947$6,430,443▲ $528,496
Investments in Publicly Traded Securities$428,559$497,559▲ $69,000
Savings and Temporary Cash Investments$2,243,268$489,986▼ $1,753,282
Land, Buildings, and Equipment, Net$400,068$402,969▲ $2,901
Cash and Non-Interest-Bearing Accounts$8,693$115,641▲ $106,948
Accounts Receivable$64,604$51,017▼ $13,587
Prepaid Expenses and Deferred Charges$2,879$2,851▼ $28
Total Assets$17,978,831$18,935,195▲ $956,364
Other Assets Total$415,560$315,123▼ $100,437
Liabilities
Other Liabilities$856,987$822,609▼ $34,378
Accounts Payable and Accrued Expenses$132,938$144,255▲ $11,317
Total Liabilities$989,925$966,864▼ $23,061
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$16,988,906$17,968,331▲ $979,425
Total Net Assets Fund Balance$16,988,906$17,968,331▲ $979,425
Total Liabilities and Net Assets / Fund Balance$17,978,831$18,935,195▲ $956,364

Asset Categories

AssetBook ValueDepreciationBasis
Leasehold Improvements$377,727$278,391$656,118
Equipment$25,242$148,214$173,456
Other Securities$6,430,443--

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2024$5,901,947-▲ $834,886$306,390$6,430,443
2023$5,270,288-▲ $941,292$309,633$5,901,947
2022$6,622,133-▼ $1,111,095$240,750$5,270,288
2021$5,701,497-▲ $920,636-$6,622,133
2020$5,857,347-▲ $458,319$614,169$5,701,497
Compensation and Service Providers
Top Officer PayScore unavailable

Employees

NameTitleFull / Part TimeBaseOtherTotal
Craig L BlaisPresident &PT$407,357$42,893$450,250
Craig L BlaisPresident & CEO-$352,357$97,893$450,250
Roberta L BrienVP of ProjecPT$278,467$44,296$322,763
Roberta L BrienVP of Projects-$253,467$69,296$322,763
Kathleen Kelleher CPA MstCFOPT$164,761$30,829$195,590

Board Members and Trustees

NameTitle
Robert J MortonChair
Stephan M RodolakisVice Chair
Adrian a BerthiaumeDirector
Corinne MaleskiDirector
Daniel Rea IiiDirector
Dennis F KerriganDirector
Elizabeth M MctigueDirector
Emily M SricharoenchaikitDirector
Eric L GoodwineDirector
Eric a BusenburgDirector
Jill WhittredgeDirector
Michael CovinoDirector
Monica AryiteyDirector
Randal D WebberDirector
Renee a Mikitarian-bradleyDirector
Sean M RoseDirector
Stephanie RameyDirector
Timothy P MurrayDirector
Todd M BaileyDirector
MICHAEL J O'HARAAsst Clerk
Jessica L RoyceAsst Treasur
David E SuprenantClerk
Robert J HenniganNgp/project
Marina L TaylorTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$1,470,731
Investment Income
$387,654
Other Revenue
$121,289
Change in Net Assets
$281,766
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$952,121
Other Expenses$719,587
Grants and Similar Amounts Paid$26,200
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$303,437$80,204-$383,641
Current Officers, Directors, Trustees, and Key Employees$301,491$52,585-$354,076
Occupancy$130,572$32,642-$163,214
Pension Plan Contributions$68,506$15,038-$83,544
Other Employee Benefits$63,667$13,974-$77,641
Office Expenses$45,554$19,524-$65,078
Payroll Taxes$43,640$9,579-$53,219
Fees for Services Lobbying$48,000--$48,000
Conferences and Meetings$31,457$6,152-$37,609
Depreciation Depletion$21,238$5,309-$26,547
Grants to Domestic Orgs$26,200--$26,200
Fees for Service Investment Mgmnt Fees$23,310--$23,310
Information Technology$18,113$4,528-$22,641
Advertising-$21,366-$21,366
Fees for Services Accounting$16,503$2,912-$19,415
Insurance$9,242$9,243-$18,485
Fees for Services Legal$7,080$1,250-$8,330
Other Expenses$8,000$4,548-$4,548
Fees for Services Other$3,721$657-$4,378
Travel$3,035$1,012-$4,047
Total Functional Expenses$1,417,385$280,523$0$1,697,908
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Worcester Railers Hc CharitableBeverly, MA501c3-$15,000
Worcester Regional StrategicWorcester, MA501c3-$10,000
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
457 Plan Liability$497,559
Office Lease Liability$325,050
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
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
Yes
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Page 6, Part VI, Line 11B

“No review was or will be conducted.”

Form 990, Page 6, Part VI, Line 12C

“Every member of the board of directors signs a written conflict of interest policy every year.”

Form 990, Page 6, Part VI, Line 19

“The organization makes its governing documents, conflict of interest policy, and financial statements available to the public upon request.”

Filing and Contact Details

Filer

Filer Name
Worcester Business Development Corp
EIN
04-2381829
Phone
5087557883
Address
89 SHREWSBURY STREET, WORCESTER, MA 01604

Signing Officer

Name
Craig L Blais
Title
President & CEO
Phone
5087557883
Signed
2025-06-10
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Craig L Blais
Formed
1965
Legal Domicile
Ma
Voting Board Members
25
Independent Board Members
24
Employees
12

Preparer

Firm
Wadovick & Company
Address
1300 DIVISION RD STE 104, WEST WARWICK, RI 02893
Preparer
Jeffrey D Wadovick CPA
Phone
4018234004
Supplemental Narrative

Additional Explanations

FORM 990 - ORGANIZATION'S MISSION

“The worcester business development corporation (wbdc) is a private, non- profit business organization with a public purpose mission to serve as an innovation and leading force in the economic development of the city of worcester and the region, resulting in job creation and tax base expansion.”

Financial Statement Notes

Schedule D, Page 3, Part X

“The organization 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 combined financial statements regarding a tax position taken or expected to be taken in a tax return. The organization has determined that there are no uncertain tax positions which qualify for either recognition or disclosure in the combined financial statements at december 31, 2024. The organization's information returns are subject to examination by the federal and state jurisdictions and generally remain open for the most recent three years.”

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This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990/Form990PartVIISectionAGrp/PersonNm1ROBERT J MORTON
IRS990/Form990PartVIISectionAGrp/PersonNm2STEPHAN M RODOLAKIS
IRS990/Form990PartVIISectionAGrp/PersonNm3MARINA L TAYLOR
IRS990/Form990PartVIISectionAGrp/PersonNm4JESSICA L ROYCE
IRS990/Form990PartVIISectionAGrp/PersonNm5DAVID E SUPRENANT
IRS990/Form990PartVIISectionAGrp/PersonNm6MICHAEL J O'HARA
IRS990/Form990PartVIISectionAGrp/PersonNm7MONICA ARYITEY
IRS990/Form990PartVIISectionAGrp/PersonNm8TODD M BAILEY
IRS990/Form990PartVIISectionAGrp/PersonNm9ADRIAN A BERTHIAUME
IRS990/Form990PartVIISectionAGrp/PersonNm10ERIC A BUSENBURG
IRS990/Form990PartVIISectionAGrp/PersonNm11MICHAEL COVINO
IRS990/Form990PartVIISectionAGrp/PersonNm12ERIC L GOODWINE
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IRS990/Form990PartVIISectionAGrp/PersonNm14DENNIS F KERRIGAN
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IRS990/Form990PartVIISectionAGrp/TitleTxt2VICE CHAIR
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IRS990/Form990PartVIISectionAGrp/TitleTxt9DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt10DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt11DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt12DIRECTOR
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IRS990/Form990PartVIISectionAGrp/TitleTxt14DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt15DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt16DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt17DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt18DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt19DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt20DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt21DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt22DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt23DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt24DIRECTOR
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