Civic Intelligence

South Eastern Economic Development Corporation

990 • Fiscal year 2021 • EIN 04-2772952

Oct 01, 2020 to Sep 30, 2021 • Filed on Jan 21, 2022

Organization ProfileWWW.SEEDCORP.COM
80 Dean StreetTaunton, MA 02780

(508) 822-1020

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

54th percentile

0.18x

Higher debt load relative to assets than 54% of similar nonprofits.

2021 filings • 501(c)4 • $10M-$25M nonprofits • Source year 2021

Liabilities / Revenue

63rd percentile

0.47x

Higher debt load relative to revenue than 63% of similar nonprofits.

2021 filings • 501(c)4 • $10M-$25M nonprofits • Source year 2021

Net Margin

90th percentile

74%

Higher net margin than 90% of similar nonprofits.

2021 filings • 501(c)4 • $10M-$25M nonprofits • Source year 2021

Top Officer Pay

64th percentile

$212,470

Higher top officer pay than 64% of similar nonprofits.

Top officer pay equals 2.9% of source-year revenue.

2021 filings • 501(c)4 • $10M-$25M nonprofits • Source year 2021

Asset Growth

85th percentile

36%

Faster asset growth than 85% of similar nonprofits.

2021 filings • 501(c)4 • $10M-$25M nonprofits • Annualized from 2020 to 2021

Revenue Growth

92nd percentile

280%

Faster revenue growth than 92% of similar nonprofits.

2021 filings • 501(c)4 • $10M-$25M nonprofits • Annualized from 2020 to 2021

Balance Sheet
Liabilities / Assets54th percentile

Assets

Up

$19,907,799

Up $5,249,073 (+36%) from 2020

Net Assets

Up

$16,412,470

Up $5,496,299 (+50%) from 2020

Liabilities

Down

$3,495,329

Down $247,226 (-6.6%) from 2020

Revenue And Expenses
Liabilities / Revenue63rd percentileNet Margin90th percentile

Revenue

Up

$7,426,368

Up $5,470,982 (+280%) from 2020

Expenses

Up

$1,930,069

Up $120,501 (+6.7%) from 2020

Net Income

Up

$5,496,299

Up $5,350,481 (+3669%) from 2020

Historical Trend

Balance Sheet Trend

Asset Growth85th percentile

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$40M$30M$20M$10M$0Assets 2011: $7,675,086Liabilities 2011: $2,068,188Net Assets 2011: $5,606,8982011Assets 2012: $7,853,252Liabilities 2012: $2,039,278Net Assets 2012: $5,813,9742012Assets 2013: $9,027,831Liabilities 2013: $2,150,754Net Assets 2013: $6,877,0772013Assets 2014: $10,511,060Liabilities 2014: $2,361,627Net Assets 2014: $8,149,4332014Assets 2015: $10,627,567Liabilities 2015: $2,324,492Net Assets 2015: $8,303,0752015Assets 2016: $10,528,423Liabilities 2016: $2,076,295Net Assets 2016: $8,452,1282016Assets 2017: $12,744,518Liabilities 2017: $3,320,534Net Assets 2017: $9,423,9842017Assets 2018: $13,667,695Liabilities 2018: $3,436,169Net Assets 2018: $10,231,5262018Assets 2019: $14,229,292Liabilities 2019: $3,458,929Net Assets 2019: $10,770,3532019Assets 2020: $14,658,726Liabilities 2020: $3,742,555Net Assets 2020: $10,916,1712020Assets 2021: $19,907,799Liabilities 2021: $3,495,329Net Assets 2021: $16,412,4702021Assets 2022: $21,191,120Liabilities 2022: $3,903,991Net Assets 2022: $17,287,1292022Assets 2023: $24,718,206Liabilities 2023: $5,100,776Net Assets 2023: $19,617,4302023Assets 2024: $28,678,587Liabilities 2024: $7,085,792Net Assets 2024: $21,592,7952024Assets 2025: $31,874,408Liabilities 2025: $7,495,862Net Assets 2025: $24,378,5462025

Highlighted filing

2021

Assets$19,907,799
Liabilities$3,495,329
Net Assets$16,412,470
Open 2021 Filing

Operations Trend

Revenue Growth92nd percentile

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$8.0M$6.0M$4.0M$2.0M$0Revenue 2011: $2,159,717Expenses 2011: $1,902,066Net Income 2011: $257,6512011Revenue 2012: $2,187,462Expenses 2012: $1,980,386Net Income 2012: $207,0762012Revenue 2013: $3,056,817Expenses 2013: $1,993,714Net Income 2013: $1,063,1032013Revenue 2014: $3,303,596Expenses 2014: $2,031,240Net Income 2014: $1,272,3562014Revenue 2015: $1,802,935Expenses 2015: $1,649,282Net Income 2015: $153,6532015Revenue 2016: $1,767,564Expenses 2016: $1,618,511Net Income 2016: $149,0532016Revenue 2017: $2,652,494Expenses 2017: $1,680,638Net Income 2017: $971,8562017Revenue 2018: $2,501,801Expenses 2018: $1,694,259Net Income 2018: $807,5422018Revenue 2019: $2,364,806Expenses 2019: $1,825,979Net Income 2019: $538,8272019Revenue 2020: $1,955,386Expenses 2020: $1,809,568Net Income 2020: $145,8182020Revenue 2021: $7,426,368Expenses 2021: $1,930,069Net Income 2021: $5,496,2992021Revenue 2022: $3,149,450Expenses 2022: $2,274,791Net Income 2022: $874,6592022Revenue 2023: $4,796,656Expenses 2023: $2,466,355Net Income 2023: $2,330,3012023Revenue 2024: $4,521,283Expenses 2024: $2,545,918Net Income 2024: $1,975,3652024Revenue 2025: $5,554,165Expenses 2025: $2,768,415Net Income 2025: $2,785,7502025

Highlighted filing

2021

Revenue$7,426,368
Expenses$1,930,069
Net Income$5,496,299
Open 2021 Filing
Jump To
Filing Snapshot
Filing Period
Oct 1, 2020 to Sep 30, 2021
Signed
Jan 21, 2022
Return Version
2020v4.0
Gross Receipts
$7,426,368
Mission and Program Overview

Mission

Seed's mission is to assist small businesses to start-up, expand and create new jobs. Seed was certified in 1982 by the u.s. Sba to package sba 504 loans. Seed also makes loans as a cdfi under the u.s. Department of treasury, & eda u.s. Department of commerce, and a sba micro lender and provides technical assistance.

Balance Sheet Detail
LineBeginningEndChange
Assets
Other Notes and Loans Receivable, Net$9,407,839$11,931,337▲ $2,523,498
Savings and Temporary Cash Investments$2,979,046$5,437,769▲ $2,458,723
Cash and Non-Interest-Bearing Accounts$1,222,264$1,439,300▲ $217,036
Land, Buildings, and Equipment, Net$868,101$845,741▼ $22,360
Pledges and Grants Receivable$79,558$141,485▲ $61,927
Accounts Receivable$100,355$106,277▲ $5,922
Prepaid Expenses and Deferred Charges$1,563$5,890▲ $4,327
Total Assets$14,658,726$19,907,799▲ $5,249,073
Liabilities
Mortgage Notes Payable Secured by Investment Property$2,329,266$1,989,495▼ $339,771
Unsecured Notes Loans Payable$1,170,000$1,170,000→ $0
Accounts Payable and Accrued Expenses$241,234$249,895▲ $8,661
Deferred Revenue$2,055$85,939▲ $83,884
Total Liabilities$3,742,555$3,495,329▼ $247,226
Net Assets / Fund Balance
Net Assets With Donor Restrictions$8,599,448$11,639,484▲ $3,040,036
Net Assets Without Donor Restrictions$2,316,723$4,772,986▲ $2,456,263
Total Net Assets Fund Balance$10,916,171$16,412,470▲ $5,496,299
Total Liabilities and Net Assets / Fund Balance$14,658,726$19,907,799▲ $5,249,073

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$818,220$392,915$1,211,135
Equipment$27,521$321,238$348,759
Compensation and Service Providers
Top Officer Pay64th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Susan MurrayExecutive DiFT$199,921$12,549$212,470
Susan MurrayExecutive Director-$199,921$12,549$212,470
Lisa M HolmesSr VP LendinFT$186,145$22,407$208,552
Lisa M HolmesSr VP Lending Team-$186,145$22,407$208,552
Laurie DriscollVP CommerciaFT$145,437$7,547$152,984
Laurie DriscollVP Commercial Loan-$145,437$7,547$152,984
Lindsey WilliamVP Sr CommerFT$112,494$10,284$122,778
Angela LaperriereVP BusinessFT$113,271$3,689$116,960

Board Members and Trustees

NameTitle
Wayne CarvalhoChairman
Richard ShaferPast Chair
Carl W TaberVice Chair
Charles DwyerVice Chair
Bradford P EganDirector
Catherine FeerickDirector
Cheryl a MccormickDirector
Christopher CooneyDirector
Daniel Mcauliffe JrDirector
Gerard NadeauDirector
James HorriganDirector
Jeffrey P PineaultDirector
Jennifer MenardDirector
Johnny CharlesDirector
Keith BroylesDirector
Patrick J GaughanDirector
Paul AnghinettiDirector
Paul S MedeirosDirector
Rick KidderDirector
Rochelle BleaseDirector
Rosemarie S LopesDirector
Stephen PeckDirector
Timothy P CahillDirector
William J AshDirector
John SilvaAssist Clerk
Edward F SousaAsst Treasur
Anna CluneClerk
Carmen Diaz-jusinoDirecotor
Lorraine TraversTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$5,797,759
Program Service Revenue
$1,594,514
Investment Income
$4,095
Other Revenue
$30,000
Change in Net Assets
$5,496,299

Audited Revenue Reconciliation

Revenue per Audited Statements
$7,426,368
Total Revenue per Audited Statements
$7,426,368
Total Revenue per Form 990
$7,426,368
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$1,556,633
Other Expenses$373,436
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$1,290,482$20,000-$1,310,482
Payroll Taxes$97,215$1,984-$99,199
Other Employee Benefits$80,108$1,635-$81,743
Fees for Services Accounting$36,541$37,547-$74,088
Pension Plan Contributions$63,905$1,304-$65,209
Fees for Services Other$27,560$28,319-$55,879
Occupancy$37,994--$37,994
Depreciation Depletion$30,531--$30,531
Information Technology-$27,249-$27,249
Office Expenses$23,993--$23,993
Interest$18,493--$18,493
Conferences and Meetings$14,698--$14,698
Insurance$13,178--$13,178
Fees for Services Legal$3,627$5,964-$9,591
Other Expenses$6,052--$6,052
Advertising$4,385--$4,385
All Other Expenses$4,243--$4,243
Travel$2,824--$2,824
Total Functional Expenses$1,806,067$124,002$0$1,930,069

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$1,930,069
Total Expenses per Audited Statements$1,930,069
Total Expenses per Form 990$1,930,069
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
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
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Page 6, Part VI, Line 6

“Form 990 is delivered to the full board and the officers committe for review”

Form 990, Page 6, Part VI, Line 7A

“The officers committe has the power to appoint one or more members of the governing board”

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

“Form 990 was reviewed by the seed board of directors in its entirety and approved on january 26, 2022.”

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

“The seed board of directors and seed staff individually sign the agreement to the policy annually.”

Form 990, Page 6, Part VI, Line 15A

“The seed board of directors reviews the salary schedule , which is based on comparable positions and market salary rates, and evaluates all staff performance annually.”

Form 990, Page 6, Part VI, Line 15B

“The seed board of directors reviews the salary schedule , which is based on comparable positions and market salary rates, and evaluates all staff performance annually.”

Form 990, Page 6, Part VI, Line 19

“All documents and policies related to the organization are available to the public upon request.”

Filing and Contact Details

Filer

Filer Name
South Eastern Economic Development
EIN
04-2772952
Phone
5088221020
Address
80 DEAN STREET, TAUNTON, MA 02780

Signing Officer

Name
Susan Murray
Title
Executive Director
Phone
5088221020
Signed
2022-01-21

Organization Details

Principal Officer
Susan Murray
Formed
1982
Legal Domicile
Ma
Voting Board Members
31
Independent Board Members
31
Employees
11

Preparer

Firm
Sanders Walsh & Eaton Cpas LLC
Address
PO BOX F, OSTERVILLE, MA 02655
Preparer
Joseph F Mcgee CPA
Phone
5084280790
Supplemental Narrative

Additional Explanations

FORM 990 - ORGANIZATION'S MISSION

“Seed's mission is to assist small businesses to start-up, expand and create new jobs. Seed was certified in 1982 by the u.s. Sba to package sba 504 loans. Seed also makes loans as a cdfi under the u.s. Department of treasury, & eda u.s. Department of commerce, and a sba micro lender and provides technical assistance.”

Form 990, Page 2, Part III, Line 4D

“OTHER PROGRAM SERVICES”

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IRS990/Form990PartVIISectionAGrp/TitleTxt25DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt26DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt27DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt28DIRECTOR
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IRS990/Form990PartVIISectionAGrp/TitleTxt30SR VP LENDIN
IRS990/Form990PartVIISectionAGrp/TitleTxt31VP COMMERCIA
IRS990/Form990PartVIISectionAGrp/TitleTxt32VP BUSINESS
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IRS990/OtherExpensesGrp/Desc1EQUIPMENT LEASE
IRS990/OtherExpensesGrp/Desc2TELEPHONE

Document Assets

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Filings

Displayed year

2021 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$19,907,799
Liabilities
$3,495,329
Net assets
$16,412,470
Revenue
$7,426,368
Expenses
$1,930,069
Net income
$5,496,299
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Detailed filing. Detailed filing data is available for this year.$31.9$7.50$24.4$5.55$2.77$2.79
2024Detailed filing. Detailed filing data is available for this year.$28.7$7.09$21.6$4.52$2.55$1.98
2023Detailed filing. Detailed filing data is available for this year.$24.7$5.10$19.6$4.80$2.47$2.33
2022Detailed filing. Detailed filing data is available for this year.$21.2$3.90$17.3$3.15$2.27$0.87
2021Detailed filing. Detailed filing data is available for this year.$19.9$3.50$16.4$7.43$1.93$5.50
2020Detailed filing. Detailed filing data is available for this year.$14.7$3.74$10.9$1.96$1.81$0.15
2019Summary only. Only limited summary data is available for this year.$14.2$3.46$10.8$2.36$1.83$0.54
2018Summary only. Only limited summary data is available for this year.$13.7$3.44$10.2$2.50$1.69$0.81
2017Summary only. Only limited summary data is available for this year.$12.7$3.32$9.42$2.65$1.68$0.97
2016Summary only. Only limited summary data is available for this year.$10.5$2.08$8.45$1.77$1.62$0.15
2015Summary only. Only limited summary data is available for this year.$10.6$2.32$8.30$1.80$1.65$0.15
2014Summary only. Only limited summary data is available for this year.$10.5$2.36$8.15$3.30$2.03$1.27
2013Summary only. Only limited summary data is available for this year.$9.03$2.15$6.88$3.06$1.99$1.06
2012Summary only. Only limited summary data is available for this year.$7.85$2.04$5.81$2.19$1.98$0.21
2011Summary only. Only limited summary data is available for this year.$7.68$2.07$5.61$2.16$1.90$0.26