Civic Intelligence

Gloucester Development Team Inc.

990 • Fiscal year 2023 • EIN 23-7383044

Jan 01, 2023 to Dec 31, 2023 • Filed on Jun 03, 2024

Organization ProfileN/A
1 Woodbury StreetGloucester, MA 01930

(978) 283-1212

Siviq Scores

Scores are not available for this record yet.

Balance Sheet

Assets

Down

$8,357,340

Down $849,542 (-9.2%) from 2022

Net Assets

Down

$8,330,980

Down $851,902 (-9.3%) from 2022

Liabilities

Up

$26,360

Up $2,360 (+9.8%) from 2022

Revenue And Expenses

Revenue

Up

$373,144

Up $5,429 (+1.5%) from 2022

Expenses

Up

$1,225,046

Up $1,187,802 (+3189%) from 2022

Net Income

Down

-$851,902

Down $1,182,373 (-358%) from 2022

Historical Trend

Balance Sheet Trend

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

$10M$5.0M$0Assets 2015: $7,187,545Liabilities 2015: $276,767Net Assets 2015: $6,910,7782015Assets 2016: $7,205,125Liabilities 2016: $10,640Net Assets 2016: $7,194,4852016Assets 2017: $7,525,021Liabilities 2017: $10,640Net Assets 2017: $7,514,3812017Assets 2018: $7,930,104Liabilities 2018: $90,004Net Assets 2018: $7,840,1002018Assets 2019: $8,262,017Liabilities 2019: $95,004Net Assets 2019: $8,167,0132019Assets 2020: $8,617,457Liabilities 2020: $115,004Net Assets 2020: $8,502,4532020Assets 2021: $8,913,201Liabilities 2021: $60,790Net Assets 2021: $8,852,4112021Assets 2022: $9,206,882Liabilities 2022: $24,000Net Assets 2022: $9,182,8822022Assets 2023: $8,357,340Liabilities 2023: $26,360Net Assets 2023: $8,330,9802023Assets 2024: $8,642,541Liabilities 2024: $5,000Net Assets 2024: $8,637,5412024Assets 2025: $8,865,626Liabilities 2025: $5,000Net Assets 2025: $8,860,6262025

Highlighted filing

2023

Assets$8,357,340
Liabilities$26,360
Net Assets$8,330,980
Open 2023 Filing

Operations Trend

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

$2.0M$1.0M$0-$1.0MRevenue 2015: $319,418Expenses 2015: $51,848Net Income 2015: $267,5702015Revenue 2016: $323,191Expenses 2016: $39,484Net Income 2016: $283,7072016Revenue 2017: $329,925Expenses 2017: $10,029Net Income 2017: $319,8962017Revenue 2018: $355,811Expenses 2018: $30,637Net Income 2018: $325,1742018Revenue 2019: $357,133Expenses 2019: $30,220Net Income 2019: $326,9132019Revenue 2020: $356,940Expenses 2020: $21,500Net Income 2020: $335,4402020Revenue 2021: $370,428Expenses 2021: $20,470Net Income 2021: $349,9582021Revenue 2022: $367,715Expenses 2022: $37,244Net Income 2022: $330,4712022Revenue 2023: $373,144Expenses 2023: $1,225,046Net Income 2023: -$851,9022023Revenue 2024: $382,755Expenses 2024: $76,194Net Income 2024: $306,5612024Revenue 2025: $408,198Expenses 2025: $185,113Net Income 2025: $223,0852025

Highlighted filing

2023

Revenue$373,144
Expenses$1,225,046
Net Income-$851,902
Open 2023 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2023 to Dec 31, 2023
Signed
Jun 3, 2024
Return Version
2023v5.0
Gross Receipts
$373,144
Mission and Program Overview

Mission

Development of low income housing

Balance Sheet Detail
LineBeginningEndChange
Assets
Other Notes and Loans Receivable, Net$7,220,582$7,324,595▲ $104,013
Investments Program Related$1,886,052$485,840▼ $1,400,212
Savings and Temporary Cash Investments$356$355,135▲ $354,779
Cash and Non-Interest-Bearing Accounts$52,589$143,948▲ $91,359
Accounts Receivable$13,842$14,258▲ $416
Total Assets$9,206,882$8,357,340▼ $849,542
Other Assets Total$33,461$33,564▲ $103
Liabilities
Accounts Payable and Accrued Expenses$24,000$26,360▲ $2,360
Total Liabilities$24,000$26,360▲ $2,360
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$9,182,882$8,330,980▼ $851,902
Total Net Assets Fund Balance$9,182,882$8,330,980▼ $851,902
Total Liabilities and Net Assets / Fund Balance$9,206,882$8,357,340▼ $849,542

Asset Categories

AssetBook ValueDepreciationBasis
Investment Program Related Org$485,840--
Other Assets Org$33,514--
Compensation and Service Providers

Board Members and Trustees

NameTitle
Marc N SandlerPresident/director
R Kirk NoyesDirector
Astrida M CutterTreasurer/director
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$14,258
Investment Income
$358,886
Other Revenue
$0
Change in Net Assets
$-851,902
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$1,220,046
Grants and Similar Amounts Paid$5,000
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Expenses$1,070,211$0$0$1,070,211
Fees for Services Other$122,500$0$0$122,500
Fees for Services Accounting$0$15,865$0$15,865
Grants to Domestic Orgs$5,000--$5,000
Total Functional Expenses$1,197,711$27,335$0$1,225,046
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
Insider Transactions and Loans

Interested-Person Transactions

Interested PartyRelationshipDescriptionShared RevenueAmount
Richard Kirk NoyesDirectorBuilding ConsultingNo$122,500
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
Yes
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
Yes
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
No
Management duties delegated
No
Filing and Contact Details

Filer

Filer Name
Gloucester Development Team Inc
EIN
23-7383044
Phone
9782831212
Address
1 WOODBURY STREET, GLOUCESTER, MA 01930
Doing Business As
Co Richard K Noyes

Signing Officer

Name
Richard K Noyes
Title
Director
Phone
9782831212
Signed
2024-06-03
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Richard K Noyes
Formed
1974
Legal Domicile
Ma
Voting Board Members
3
Independent Board Members
3
Employees
0
Volunteers
0

Preparer

Firm
Horvitz & Frisch Pc
Address
128 MAIN ST, GLOUCESTER, MA 01930
Preparer
Howard M Frischcpa
Phone
9782812639
Supplemental Narrative

Additional Explanations

Pt VI, Line 11B

“The form 990 is provided to the board of directors prior to filing”

Pt VI, Line 12C

“The conflict of interest policy is reviewed at least annually”

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ReturnHeader/PreparerPersonGrp/PreparationDt02024-06-04
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0HOWARD M FRISCHCPA
ReturnHeader/ReturnTs02024-06-10T09:08:42-07:00
ReturnHeader/ReturnTypeCd0990
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ReturnHeader/TaxPeriodBeginDt02023-01-01
ReturnHeader/TaxPeriodEndDt02023-12-31
ReturnHeader/TaxYr02023

Document Assets

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Filings

Displayed year

2023 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$8,357,340
Liabilities
$26,360
Net assets
$8,330,980
Revenue
$373,144
Expenses
$1,225,046
Net income
-$851,902
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Detailed filing. Detailed filing data is available for this year.$8.87$0.01$8.86$0.41$0.19$0.22
2024Detailed filing. Detailed filing data is available for this year.$8.64$0.01$8.64$0.38$0.08$0.31
2023Detailed filing. Detailed filing data is available for this year.$8.36$0.03$8.33$0.37$1.23$0.85
2022Detailed filing. Detailed filing data is available for this year.$9.21$0.02$9.18$0.37$0.04$0.33
2021Facts available. Structured filing facts are available, but richer extracted sections are limited.$8.91$0.06$8.85$0.37$0.02$0.35
2020Detailed filing. Detailed filing data is available for this year.$8.62$0.12$8.50$0.36$0.02$0.34
2019Detailed filing. Detailed filing data is available for this year.$8.26$0.10$8.17$0.36$0.03$0.33
2018Detailed filing. Detailed filing data is available for this year.$7.93$0.09$7.84$0.36$0.03$0.33
2017Detailed filing. Detailed filing data is available for this year.$7.53$0.01$7.51$0.33$0.01$0.32
2016Detailed filing. Detailed filing data is available for this year.$7.21$0.01$7.19$0.32$0.04$0.28
2015Detailed filing. Detailed filing data is available for this year.$7.19$0.28$6.91$0.32$0.05$0.27