Civic Intelligence

Worcester Educational Development Foundation Inc.

990 • Fiscal year 2023 • EIN 56-2522670

Jul 01, 2022 to Jun 30, 2023 • Filed on May 15, 2024

Organization ProfileWWW.WEDFWPS.ORG
210 Park Avenue 224Worcester, MA 01609

(774) 389-0740

Siviq Scores

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

Liabilities / Assets

81st percentile

0.12x

Higher debt load relative to assets than 81% of similar nonprofits.

2023 filings • 501(c)3 • <$500k nonprofits • Source year 2023

Liabilities / Revenue

84th percentile

0.12x

Higher debt load relative to revenue than 84% of similar nonprofits.

2023 filings • 501(c)3 • <$500k nonprofits • Source year 2023

Net Margin

10th percentile

-50%

Higher net margin than 10% of similar nonprofits.

2023 filings • 501(c)3 • <$500k nonprofits • Source year 2023

Top Officer Pay

85th percentile

$18,575

Higher top officer pay than 85% of similar nonprofits.

Top officer pay equals 4.2% of source-year revenue.

2023 filings • 501(c)3 • <$500k nonprofits • Source year 2023

Asset Growth

18th percentile

-29%

Faster asset growth than 18% of similar nonprofits.

2023 filings • 501(c)3 • <$500k nonprofits • Annualized from 2022 to 2023

Revenue Growth

13th percentile

-45%

Faster revenue growth than 13% of similar nonprofits.

2023 filings • 501(c)3 • <$500k nonprofits • Annualized from 2022 to 2023

Balance Sheet
Liabilities / Assets81st percentile

Assets

Down

$438,744

Down $182,016 (-29%) from 2022

Net Assets

Down

$385,863

Down $213,169 (-36%) from 2022

Liabilities

Up

$52,881

Up $31,153 (+143%) from 2022

Revenue And Expenses
Liabilities / Revenue84th percentileNet Margin10th percentile

Revenue

Down

$438,392

Down $358,844 (-45%) from 2022

Expenses

Up

$657,119

Up $79,524 (+14%) from 2022

Net Income

Down

-$218,727

Down $438,368 (-200%) from 2022

Historical Trend

Balance Sheet Trend

Asset Growth18th percentile

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

$800K$600K$400K$200K$0Assets 2011: $159,378Liabilities 2011: $9,156Net Assets 2011: $150,2222011Assets 2012: $155,439Liabilities 2012: $2,500Net Assets 2012: $152,9392012Assets 2013: $203,344Liabilities 2013: $6,295Net Assets 2013: $197,0492013Assets 2014: $267,242Liabilities 2014: $18,586Net Assets 2014: $248,6562014Assets 2015: $382,528Liabilities 2015: $12,814Net Assets 2015: $369,7142015Assets 2016: $358,173Liabilities 2016: $17,110Net Assets 2016: $341,0632016Assets 2017: $390,751Liabilities 2017: $10,060Net Assets 2017: $380,6912017Assets 2018: $410,448Liabilities 2018: $10,049Net Assets 2018: $400,3992018Assets 2019: $397,630Liabilities 2019: $16,237Net Assets 2019: $381,3932019Assets 2020: $440,578Liabilities 2020: $14,121Net Assets 2020: $426,4572020Assets 2021: $404,067Liabilities 2021: $13,387Net Assets 2021: $390,6802021Assets 2022: $620,760Liabilities 2022: $21,728Net Assets 2022: $599,0322022Assets 2023: $438,744Liabilities 2023: $52,881Net Assets 2023: $385,8632023Assets 2024: $796,100Liabilities 2024: $18,569Net Assets 2024: $777,5312024

Highlighted filing

2023

Assets$438,744
Liabilities$52,881
Net Assets$385,863
Open 2023 Filing

Operations Trend

Revenue Growth13th percentile

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

$1.0M$500K$0-$500KExpenses 2011: $195,5872011Expenses 2012: $231,8602012Expenses 2013: $229,9732013Revenue 2014: $363,434Expenses 2014: $311,827Net Income 2014: $51,6072014Revenue 2015: $411,428Expenses 2015: $290,370Net Income 2015: $121,0582015Revenue 2016: $402,235Expenses 2016: $430,885Net Income 2016: -$28,6502016Revenue 2017: $443,678Expenses 2017: $404,050Net Income 2017: $39,6282017Revenue 2018: $485,933Expenses 2018: $466,225Net Income 2018: $19,7082018Revenue 2019: $448,612Expenses 2019: $467,618Net Income 2019: -$19,0062019Revenue 2020: $507,282Expenses 2020: $462,218Net Income 2020: $45,0642020Revenue 2021: $118,537Expenses 2021: $154,314Net Income 2021: -$35,7772021Revenue 2022: $797,236Expenses 2022: $577,595Net Income 2022: $219,6412022Revenue 2023: $438,392Expenses 2023: $657,119Net Income 2023: -$218,7272023Revenue 2024: $994,872Expenses 2024: $614,129Net Income 2024: $380,7432024

Highlighted filing

2023

Revenue$438,392
Expenses$657,119
Net Income-$218,727
Open 2023 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2022 to Jun 30, 2023
Signed
May 15, 2024
Return Version
2022v5.0
Gross Receipts
$457,553
Mission and Program Overview

Mission

To collaborate with the worcester public schools to provide programs and resources to improve learning and success for students. We are working to eliminate barriers to students reaching their full academic potential by supporting rich opportunities for students including arts and culture, athletics, and health and wellness.

To support the worcester public schools, connecting students and teachers with needed resources, enriching the student experience, and advancing equity through collaboration.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$516,371$330,519▼ $185,852
Investments Other Securities$97,511$105,717▲ $8,206
Pledges and Grants Receivable$4,370--
Prepaid Expenses and Deferred Charges$2,508$2,508→ $0
Total Assets$620,760$438,744▼ $182,016
Liabilities
Accounts Payable and Accrued Expenses$21,728$40,131▲ $18,403
Deferred Revenue-$12,750-
Total Liabilities$21,728$52,881▲ $31,153
Net Assets / Fund Balance
Net Assets With Donor Restrictions$573,403$393,111▼ $180,292
Net Assets Without Donor Restrictions$25,629$-7,248▼ $32,877
Total Net Assets Fund Balance$599,032$385,863▼ $213,169
Total Liabilities and Net Assets / Fund Balance$620,760$438,744▼ $182,016

Asset Categories

AssetBook ValueDepreciationBasis
Other Securities$105,717--
Compensation and Service Providers
Top Officer Pay85th percentile

Employees

NameTitleFull / Part TimeBaseTotal
Louise ClarkeExecutive Director and VPPT$18,575$18,575

Board Members and Trustees

NameTitle
Stephen MillsPresident
Tony EconomouVice President
DAN O'BRIENTrustee
Ginny PitcherTrustee
Jermoh KamaraTrustee
Kathleen FinneganTrustee
Matthew WallyTrustee
Rachel MonarrezTrustee
Robert LayneTrustee
Roger NugentTrustee
SUSAN O'NEILTrustee
Stacey LusterTrustee
Susan PopinchalkTrustee
Thomas MurrayClerk
Frances ArenaTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$410,911
Program Service Revenue
$0
Investment Income
$5,424
Other Revenue
$22,057
All Other Contributions
$410,911
Change in Net Assets
$-218,727

Audited Revenue Reconciliation

Revenue per Audited Statements
$438,392
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$5,558
Total Revenue per Audited Statements
$443,950
Total Revenue per Form 990
$438,392
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$606,877
Salaries, Compensation, and Employee Benefits$32,677
Grants and Similar Amounts Paid$17,565
Total Fundraising Expense$16,614
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Travel$99,946$6,455-$106,401
Fees for Services Other$1,800$26,555$3,870$32,225
Other Salaries and Wages-$19,934$9,965$29,899
Grants to Domestic Individuals$17,565--$17,565
Other Expenses$9,496$400$1,022$10,518
Fees for Services Accounting-$8,358-$8,358
All Other Expenses$3,570$3,909$507$7,986
Insurance-$3,529-$3,529
Office Expenses$115$2,836$324$3,275
Payroll Taxes-$1,852$926$2,778
Occupancy-$663-$663
Total Functional Expenses$558,814$81,691$16,614$657,119

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$657,119
Total Expenses per Audited Statements$657,119
Total Expenses per Form 990$657,119
Expenses Not Reported on Financial Statements$0
Expenses Not Reported on Form 990$0
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Gross Income$41,079
Fundraising Direct Expenses$19,161
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
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

Governance Explanations

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

“The form 990 is presented to the foundation's vice president and treasurer, and is reviewed before it is filed. The vice president and treasurer report significant matters relating to the 990, if any, to the board of directors.”

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

“Each member of the board of directors is well apprised of the foundation's conflict of interest policy. New members are made aware of it through various new member orientation procedures. All members are required to inform the foundation of changes to their own conflict of interest status.”

Form 990, Part VI, Section C, Line 19

“By virtue of a copy of the federal form 990 and the audited financial statements having to accompany the ma form pc submitted to the attorney general division of public charities, which is a public document, financial statements of the foundation are readily available to the public. The foundation's governing documents and conflict of interest policies are not made available to the general public, but are available upon request.”

Filing and Contact Details

Filer

Filer Name
Worcester Educational Development Founda
EIN
56-2522670
Phone
7743890740
Address
210 PARK AVENUE 224, WORCESTER, MA 01609

Signing Officer

Name
Frances Arena
Title
Treasurer
Phone
7743890740
Signed
2024-05-15
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Frances Arena
Formed
2005
Legal Domicile
Ma
Voting Board Members
16
Independent Board Members
16
Employees
1
Volunteers
0

Preparer

Firm
Spinelli CPA Pc
Address
146 WEST BOYLSTON DRIVE, WORCESTER, MA 01606
Preparer
Karen Spinelli
Phone
5083656522
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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/ActivityOrMissionDesc0TO SUPPORT THE WORCESTER PUBLIC SCHOOLS, CONNECTING STUDENTS AND TEACHERS WITH NEEDED RESOURCES, ENRICHING THE STUDENT EXPERIENCE, AND ADVANCING EQUITY THROUGH COLLABORATION.
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IRS990/MissionDesc0TO COLLABORATE WITH THE WORCESTER PUBLIC SCHOOLS TO PROVIDE PROGRAMS AND RESOURCES TO IMPROVE LEARNING AND SUCCESS FOR STUDENTS. WE ARE WORKING TO ELIMINATE BARRIERS TO STUDENTS REACHING THEIR FULL ACADEMIC POTENTIAL BY SUPPORTING RICH OPPORTUNITIES FOR STUDENTS INCLUDING ARTS AND CULTURE, ATHLETICS, AND HEALTH AND WELLNESS.
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IRS990/ProgSrvcAccomActy2Grp/Desc0SCIENCE AND TECHNOLOGY PROGRAMS INCLUDES PROCURE EQUIPMENT FOR VOCATIONAL PROGRAMS AT THE WORCESTER TECHNICAL HIGH SCHOOL AND PROVIDE COMPUTERS FOR GRADUATING SENIORS THROUGH CONNECTED SCHOLARS.
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IRS990/ProgSrvcAccomActy3Grp/Desc0COLLEGE/CAREER READINESS PROGRAMS INCLUDING EDUCATIONAL PROGRAMS, MATERIALS & SUPPLIES AND SCHOLARSHIPS.
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IRS990/RevenueAmt0139
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Filings

Displayed year

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

Open filing
Assets
$438,744
Liabilities
$52,881
Net assets
$385,863
Revenue
$438,392
Expenses
$657,119
Net income
-$218,727
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$7.96$0.19$7.78$9.95$6.14$3.81
2023Detailed filing. Detailed filing data is available for this year.$4.39$0.53$3.86$4.38$6.57$2.19
2022Detailed filing. Detailed filing data is available for this year.$6.21$0.22$5.99$7.97$5.78$2.20
2021Facts available. Structured filing facts are available, but richer extracted sections are limited.$4.04$0.13$3.91$1.19$1.54$0.36
2020Detailed filing. Detailed filing data is available for this year.$4.41$0.14$4.26$5.07$4.62$0.45
2019Detailed filing. Detailed filing data is available for this year.$3.98$0.16$3.81$4.49$4.68$0.19
2018Detailed filing. Detailed filing data is available for this year.$4.10$0.10$4.00$4.86$4.66$0.20
2017Detailed filing. Detailed filing data is available for this year.$3.91$0.10$3.81$4.44$4.04$0.40
2016Detailed filing. Detailed filing data is available for this year.$3.58$0.17$3.41$4.02$4.31$0.29
2015Detailed filing. Detailed filing data is available for this year.$3.83$0.13$3.70$4.11$2.90$1.21
2014Detailed filing. Detailed filing data is available for this year.$2.67$0.19$2.49$3.63$3.12$0.52
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$2.03$0.06$1.97$2.30
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.55$0.03$1.53$2.32
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.59$0.09$1.50$1.96