Civic Intelligence

Lowell Telecommunications Corporation

990 • Fiscal year 2023 • EIN 04-3179126

Jul 01, 2022 to Jun 30, 2023 • Filed on Nov 15, 2023

246 Market StreetLowell, MA 01852

(978) 458-5400

Siviq Scores

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

Liabilities / Assets

38th percentile

0.02x

Higher debt load relative to assets than 38% of similar nonprofits.

2023 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2023

Liabilities / Revenue

40th percentile

0.04x

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

2023 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2023

Net Margin

61st percentile

9.5%

Higher net margin than 61% of similar nonprofits.

2023 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2023

Top Officer Pay

57th percentile

$76,334

Higher top officer pay than 57% of similar nonprofits.

Top officer pay equals 9.2% of source-year revenue.

2023 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2023

Asset Growth

62nd percentile

9.7%

Faster asset growth than 62% of similar nonprofits.

2023 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2022 to 2023

Revenue Growth

61st percentile

15%

Faster revenue growth than 61% of similar nonprofits.

2023 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2022 to 2023

Assets

Up

$1,510,769

Up $133,114 (+9.7%) from 2022

Net Assets

Up

$1,475,597

Up $131,893 (+9.8%) from 2022

Liabilities

Up

$35,172

Up $1,221 (+3.6%) from 2022

Revenue

Up

$825,593

Up $104,807 (+15%) from 2022

Expenses

Down

$747,216

Down $22,711 (-2.9%) from 2022

Net Income

Up

$78,377

Up $127,518 (+259%) from 2022

Historical Trend

Balance Sheet Trend

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

$2.0M$1.5M$1.0M$500K$0Assets 2011: $1,593,316Liabilities 2011: $126,535Net Assets 2011: $1,466,7812011Assets 2012: $1,455,680Liabilities 2012: $78,065Net Assets 2012: $1,377,6152012Assets 2013: $1,461,487Liabilities 2013: $95,216Net Assets 2013: $1,366,2712013Assets 2014: $1,423,151Liabilities 2014: $97,386Net Assets 2014: $1,325,7652014Assets 2015: $1,418,814Liabilities 2015: $85,582Net Assets 2015: $1,333,2322015Assets 2016: $1,411,815Liabilities 2016: $54,632Net Assets 2016: $1,357,1832016Assets 2017: $1,400,279Liabilities 2017: $63,120Net Assets 2017: $1,337,1592017Assets 2018: $1,422,314Liabilities 2018: $36,933Net Assets 2018: $1,385,3812018Assets 2019: $1,344,576Liabilities 2019: $25,336Net Assets 2019: $1,319,2402019Assets 2020: $1,440,797Liabilities 2020: $125,152Net Assets 2020: $1,315,6452020Assets 2021: $1,478,851Liabilities 2021: $23,941Net Assets 2021: $1,454,9102021Assets 2022: $1,377,655Liabilities 2022: $33,951Net Assets 2022: $1,343,7042022Assets 2023: $1,510,769Liabilities 2023: $35,172Net Assets 2023: $1,475,5972023Assets 2024: $1,480,261Liabilities 2024: $33,461Net Assets 2024: $1,446,8002024

Highlighted filing

2023

Assets$1,510,769
Liabilities$35,172
Net Assets$1,475,597

Operations Trend

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

$1.0M$500K$0-$500KExpenses 2011: $739,9312011Expenses 2012: $795,4922012Revenue 2013: $772,963Expenses 2013: $784,307Net Income 2013: -$11,3442013Revenue 2014: $778,939Expenses 2014: $819,445Net Income 2014: -$40,5062014Revenue 2015: $791,128Expenses 2015: $783,661Net Income 2015: $7,4672015Revenue 2016: $863,094Expenses 2016: $839,143Net Income 2016: $23,9512016Revenue 2017: $850,550Expenses 2017: $870,574Net Income 2017: -$20,0242017Revenue 2018: $930,712Expenses 2018: $882,490Net Income 2018: $48,2222018Revenue 2019: $836,725Expenses 2019: $902,866Net Income 2019: -$66,1412019Revenue 2020: $822,188Expenses 2020: $825,783Net Income 2020: -$3,5952020Revenue 2021: $878,816Expenses 2021: $739,551Net Income 2021: $139,2652021Revenue 2022: $720,786Expenses 2022: $769,927Net Income 2022: -$49,1412022Revenue 2023: $825,593Expenses 2023: $747,216Net Income 2023: $78,3772023Revenue 2024: $690,254Expenses 2024: $797,086Net Income 2024: -$106,8322024

Highlighted filing

2023

Revenue$825,593
Expenses$747,216
Net Income$78,377
Jump To
Filing Snapshot
Filing Period
Jul 1, 2022 to Jun 30, 2023
Signed
Nov 15, 2023
Return Version
2022v5.0
Gross Receipts
$825,593
Mission and Program Overview

Mission

Lowell telecommunication corporation's mission is to provide open access to information and technology and be a hub for the distribution of locally produced media and ideas, thus providing a space for community development and for personal empowerment. Lowell telecommunication corporation is the independent and non-profit community access media and technology center that proudly serves the diverse urban population of lowell, ma. Anyone who works or lives in the city of lowell, and those beyond, may become a member and use its facilities.

Lowell telecommunication corporation's mission is to strengthen the city of lowell as a community media and education center that empowers, connects, and informs all residents, businesses, and organizations in the city. Ltc provides equipment, facilities and training to lowell residents to produce programming for ltc's three channels. Ltc also provides gallery space for local artists, youth media programs, and production services for businesses.

Balance Sheet Detail
LineBeginningEndChange
Assets
Savings and Temporary Cash Investments$256,511$566,883▲ $310,372
Accounts Receivable$524,888$262,271▼ $262,617
Cash and Non-Interest-Bearing Accounts$70,076$134,549▲ $64,473
Land, Buildings, and Equipment, Net$68,753$45,830▼ $22,923
Prepaid Expenses and Deferred Charges$19,492$9,785▼ $9,707
Total Assets$1,377,655$1,510,769▲ $133,114
Other Assets Total$437,935$491,451▲ $53,516
Liabilities
Accounts Payable and Accrued Expenses$33,951$35,172▲ $1,221
Total Liabilities$33,951$35,172▲ $1,221
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$1,342,932$1,475,024▲ $132,092
Net Assets With Donor Restrictions$772$573▼ $199
Total Net Assets Fund Balance$1,343,704$1,475,597▲ $131,893
Total Liabilities and Net Assets / Fund Balance$1,377,655$1,510,769▲ $133,114

Asset Categories

AssetBook ValueDepreciationBasis
Other Land Buildings$45,830$1,531,235$1,577,065
Other Assets Org$491,451--

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2022$437,935-▲ $61,516-$491,451
2021-$500,000▼ $59,993-$437,935
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Daniel BazarianExecutive DiFT$68,028$8,306$76,334
Bora ChiemruomFormer Ed-$40,554-$40,554

Board Members and Trustees

NameTitle
Pavel RomanikoChair - Boar
Connie MartinChair - Fund
Eric SackPresident
Allesandra FisherDirector
Fabiola Rivera WhiteDirector
Francois DecosterdDirector
Jennifer MyersDirector
Kevin WetmoreDirector
Stacey ThompsonDirector
Susie ChhounDirector
Vesna NuonDirector
Beth NoelDirector 11/
Charlie SmithDirector 11/
Elizabeth NoelDirector 11/
Jennifer AradhyaDirector 11/
Jess DonaldsonDirector 11/
Luz VasudevanDirector 11/
Sue KimDirector 11/
Karen SennottClerk
Justin LeachTreasurer
Sidney LiangVice Preside
Revenue and Support

Revenue Composition

Contributions and Grants
$640,455
Program Service Revenue
$184,906
Investment Income
$232
Other Revenue
$0
All Other Contributions
$629,739
Change in Net Assets
$78,377

Audited Revenue Reconciliation

Revenue per Audited Statements
$879,109
Revenue Not Reported on Financial Statements
$-53,516
Other Revenue Adjustments
$-53,516
Total Revenue per Audited Statements
$879,109
Total Revenue per Form 990
$825,593
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$439,229
Other Expenses$307,987
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$247,064$47,016-$294,080
Occupancy$149,140$16,885-$166,025
Current Officers, Directors, Trustees, and Key Employees$79,316--$79,316
Payroll Taxes$30,424$4,512-$34,936
Depreciation Depletion$26,946$6,737-$33,683
Fees for Services Other$31,602--$31,602
Other Employee Benefits$24,819$4,710-$29,529
Fees for Services Legal-$18,240-$18,240
Office Expenses$10,107$3,157-$13,264
Information Technology$9,560$2,390-$11,950
Fees for Services Accounting-$9,900-$9,900
All Other Expenses$3,459$1,562-$5,021
Other Expenses$1,417$945-$2,362
Advertising-$1,940-$1,940
Conferences and Meetings$1,501$375-$1,876
Pension Plan Contributions$1,015$353-$1,368
Insurance-$1,164-$1,164
Total Functional Expenses$624,982$122,234$0$747,216

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$747,216
Total Expenses per Audited Statements$747,216
Total Expenses per Form 990$747,216
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
Lobbying 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
No
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 11B

A meeting will be held between the finance committee and the external auditors following the completion of the annual audit. The meeting will include discussions relating to the performance of management, results from operations, scope limitations, proposed adjusting entries, changes in accounting and tax matters and other topics at the discretion of the auditors or members of the finance committee.

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

A form is completed annually by current board members. Ltc personnel policies state that ltc employees have an obligation to conduct business within guidelines that prohibit actual or potential conflicts of interest. If employees have any influence on transactions involving purchases contracts, or leases, it is requested that they disclose to an officer of ltc as soon as possible the existence of any actual or potential conflict of interest so that safeguards can be established to protect all parties.

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

Members of the executive committee meet and discuss the performance of the executive director annually. Compensation is based upon performance and a comparative process is used when determining the level of compensation. Data is gathered from similar sized non-profit organizations in the area with similar budgets.

Form 990, Page 6, Part VI, Line 19

All statements and forms are available upon request from the main office.

Filing and Contact Details

Filer

Filer Name
Lowell Telecommunications
EIN
04-3179126
Phone
9784585400
Address
246 MARKET STREET, LOWELL, MA 01852

Signing Officer

Name
Karen Sennott
Title
Clerk
Phone
9784585400
Signed
2023-11-15
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Eric Sack
Formed
1992
Legal Domicile
Ma
Voting Board Members
15
Independent Board Members
14
Employees
8
Volunteers
21

Preparer

Firm
Anstiss & Co Pc
Address
6 OMNI WAY STE 201, CHELMSFORD, MA 01824-4187
Preparer
Jayne a Andrews
Phone
9784522500
Supplemental Narrative

Additional Explanations

FORM 990 - ORGANIZATION'S MISSION

Lowell telecommunication corporation's mission is to strengthen the city of lowell as a community media and education center that empowers, connects, and informs all residents, businesses, and organizations in the city. Ltc provides equipment, facilities and training to lowell residents to produce programming for ltc's three channels. Ltc also provides gallery space for local artists, youth media programs, and production services for businesses.

Form 990, Part XI, Line 9

Change in net asset value of beneficial interest 53,516

Financial Statement Notes

Schedule D, Page 2, Part V, Line 4

The purpose of the fund is to provide annual support, and as necessary capital support, to lowell telemedia center in furtherance of the agency's mission to strengthen the city of lowell as a community media and education center that empowers, connects, and informs all residents, businesses, and organizations in the city.

Schedule D, Page 3, Part X

The organization has been granted tax-exempt status under internal revenue code section 501(c)(3) and is, therefore, generally exempt from federal and state income taxes. Accordingly, no provision for income taxes has been provided for in the accompanying financial statements. Asc 740-10, "accounting for uncertainty in income taxes," requires the organization to evaluate and disclose tax positions that could have an effect on the organization's financial statements. The organization reports its activities to the internal revenue service and to the commonwealth of massachusetts on an annual basis. These informational returns are generally subject to audit and review by the governmental agencies for a period of three years after filing. Management believes it is no longer subject to review by the taxing authorities for periods before 2020. Substantially all the organization's income, expenditures and activities relate to its exempt purpose, therefore, management has determined that the organization is not subject to unrelated business income taxes and will continue to qualify as a tax-exempt not-for-profit entity.

Schedule D, Page 4, Part XI, Line 4B

Change in net asset value of beneficial interest -53,516

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IRS990/Form990PartVIISectionAGrp/PersonNm22BETH NOEL
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IRS990/Form990PartVIISectionAGrp/TitleTxt1FORMER ED
IRS990/Form990PartVIISectionAGrp/TitleTxt2PRESIDENT
IRS990/Form990PartVIISectionAGrp/TitleTxt3VICE PRESIDE
IRS990/Form990PartVIISectionAGrp/TitleTxt4TREASURER
IRS990/Form990PartVIISectionAGrp/TitleTxt5CLERK
IRS990/Form990PartVIISectionAGrp/TitleTxt6CHAIR - BOAR
IRS990/Form990PartVIISectionAGrp/TitleTxt7CHAIR - FUND
IRS990/Form990PartVIISectionAGrp/TitleTxt8DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt9DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt10DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt11DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt12DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt13DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt14DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt15DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt16DIRECTOR 11/
IRS990/Form990PartVIISectionAGrp/TitleTxt17DIRECTOR 11/
IRS990/Form990PartVIISectionAGrp/TitleTxt18DIRECTOR 11/
IRS990/Form990PartVIISectionAGrp/TitleTxt19DIRECTOR 11/
IRS990/Form990PartVIISectionAGrp/TitleTxt20DIRECTOR 11/
IRS990/Form990PartVIISectionAGrp/TitleTxt21DIRECTOR 11/
IRS990/Form990PartVIISectionAGrp/TitleTxt22DIRECTOR 11/
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IRS990/MissionDesc0LOWELL TELECOMMUNICATION CORPORATION'S MISSION IS TO STRENGTHEN THE CITY OF LOWELL AS A COMMUNITY MEDIA AND EDUCATION CENTER THAT EMPOWERS, CONNECTS, AND INFORMS ALL RESIDENTS, BUSINESSES, AND ORGANIZATIONS IN THE CITY. LTC PROVIDES EQUIPMENT, FACILITIES AND TRAINING TO LOWELL RESIDENTS TO PRODUCE PROGRAMMING FOR LTC'S THREE CHANNELS. LTC ALSO PROVIDES GALLERY SPACE FOR LOCAL ARTISTS, YOUTH MEDIA PROGRAMS, AND PRODUCTION SERVICES FOR BUSINESSES.
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Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$1.48$0.03$1.45$0.69$0.80$0.11
2023Detailed filing. Detailed filing data is available for this year.$1.51$0.04$1.48$0.83$0.75$0.08
2022XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1.38$0.03$1.34$0.72$0.77$0.05
2021Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.48$0.02$1.45$0.88$0.74$0.14
2020Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.44$0.13$1.32$0.82$0.83$0.00
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1.34$0.03$1.32$0.84$0.90$0.07
2018Detailed filing. Detailed filing data is available for this year.$1.42$0.04$1.39$0.93$0.88$0.05
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1.40$0.06$1.34$0.85$0.87$0.02
2016Detailed filing. Detailed filing data is available for this year.$1.41$0.05$1.36$0.86$0.84$0.02
2015XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1.42$0.09$1.33$0.79$0.78$0.01
2014Detailed filing. Detailed filing data is available for this year.$1.42$0.10$1.33$0.78$0.82$0.04
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.46$0.10$1.37$0.77$0.78$0.01
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.46$0.08$1.38$0.80
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.59$0.13$1.47$0.74
Peer Organizations

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