Civic Intelligence

New Bedford Development Corporation

EIN 83-1553317 • 501(c)3 • New Bedford, MA

Profile

To develop and sustain stable and vibrant affordable and low-income housing,and to provide related resident services. To develop and operate community projects which combat community deterioration and assist in neighborhood revitalization, stabilization, and support energy efficiency initiatives.

Refreshing map…

128 Union St 400New Bedford, MA 02740

n/A

Siviq Scores

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

Liabilities / Assets

94th percentile

1.04x

Higher debt load relative to assets than 94% of similar nonprofits.

501(c)3 • $1M-$5M nonprofits • Source year 2024

Liabilities / Revenue

100th percentile

981.86x

Higher debt load relative to revenue than 100% of similar nonprofits.

501(c)3 • $1M-$5M nonprofits • Source year 2024

Net Margin

1st percentile

-706%

Higher net margin than 1% of similar nonprofits.

501(c)3 • $1M-$5M nonprofits • Source year 2024

Top Officer Pay

40th percentile

$0

Higher top officer pay than 40% of similar nonprofits.

Top officer pay equals 0.0% of source-year revenue.

501(c)3 • $1M-$5M nonprofits • Source year 2024

Asset Growth

36th percentile

-0.8%

Faster asset growth than 36% of similar nonprofits.

501(c)3 • $1M-$5M nonprofits • Annualized from 2023 to 2024

Revenue Growth

2nd percentile

-72%

Faster revenue growth than 2% of similar nonprofits.

501(c)3 • $1M-$5M nonprofits • Annualized from 2023 to 2024

Balance Sheet
Liabilities / Assets94th percentile

Assets

Down

$2,666,005

Down $20,908 (-0.8%) from 2023

Liabilities

Down

$2,785,546

Down $870 (-0.0%) from 2023

Net Assets

Down

-$119,541

Down $20,038 (-20%) from 2023

Operations
Liabilities / Revenue100th percentileNet Margin1st percentile

Revenue

Down

$2,837

Down $7,231 (-72%) from 2023

Expenses

Down

$22,875

Down $79,639 (-78%) from 2023

Net Income

Up

-$20,038

Up $72,408 (+78%) from 2023

Trend Graphs

Balance Sheet Trend

Asset Growth36th percentile

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

$4.0M$3.0M$2.0M$1.0M$0-$1.0MAssets 2018: $1,462,318Liabilities 2018: $1,514,400Net Assets 2018: -$52,0822018Assets 2019: $2,014,874Liabilities 2019: $2,112,685Net Assets 2019: -$97,8112019Assets 2020: $2,386,061Liabilities 2020: $2,649,253Net Assets 2020: -$263,1922020Assets 2021: $2,381,110Liabilities 2021: $2,729,900Net Assets 2021: -$348,7902021Assets 2022: $2,906,457Liabilities 2022: $3,355,083Net Assets 2022: -$448,6262022Assets 2023: $2,686,913Liabilities 2023: $2,786,416Net Assets 2023: -$99,5032023Assets 2024: $2,666,005Liabilities 2024: $2,785,546Net Assets 2024: -$119,5412024

Highlighted filing

2024

Assets$2,666,005
Liabilities$2,785,546
Net Assets-$119,541
Open 2024 Filing

Operations Trend

Revenue Growth2nd percentile

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

$400K$200K$0-$200KRevenue 2018: $519Expenses 2018: $52,601Net Income 2018: -$52,0822018Revenue 2019: $196,194Expenses 2019: $241,923Net Income 2019: -$45,7292019Revenue 2020: $1,370Expenses 2020: $166,751Net Income 2020: -$165,3812020Revenue 2021: $648Expenses 2021: $86,246Net Income 2021: -$85,5982021Revenue 2022: $312Expenses 2022: $100,148Net Income 2022: -$99,8362022Revenue 2023: $10,068Expenses 2023: $102,514Net Income 2023: -$92,4462023Revenue 2024: $2,837Expenses 2024: $22,875Net Income 2024: -$20,0382024

Highlighted filing

2024

Revenue$2,837
Expenses$22,875
Net Income-$20,038
Open 2024 Filing

Filings

Most recent year

2024 • Form 990Facts available. Structured filing facts are available, but richer extracted sections are limited.

Open filing
Assets
$2,666,005
Liabilities
$2,785,546
Net assets
-$119,541
Revenue
$2,837
Expenses
$22,875
Net income
-$20,038
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$2.67$2.79$0.12$0.00$0.02$0.02
2023Detailed filing. Detailed filing data is available for this year.$2.69$2.79$0.10$0.01$0.10$0.09
2022Detailed filing. Detailed filing data is available for this year.$2.91$3.36$0.45$0.00$0.10$0.10
2021Detailed filing. Detailed filing data is available for this year.$2.38$2.73$0.35$0.00$0.09$0.09
2020Detailed filing. Detailed filing data is available for this year.$2.39$2.65$0.26$0.00$0.17$0.17
2019Detailed filing. Detailed filing data is available for this year.$2.01$2.11$0.10$0.20$0.24$0.05
2018Summary only. Only limited summary data is available for this year.$1.46$1.51$0.05$0.00$0.05$0.05
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jan 1, 2024 to Dec 31, 2024
Signed
Nov 5, 2025
Return Version
2024v5.2
Gross Receipts
$2,837
Mission and Program Overview

Mission

To develop and sustain stable and vibrant affordable and low-income housing,and to provide related resident services. To develop and operate community projects which combat community deterioration and assist in neighborhood revitalization, stabilization, and support energy efficiency initiatives.

To develop,redevelop,own and manage affordable workforce housing and related services to low and moderate income households,and to provide related resident services.to develop and operate community projects which combat community deterioration and assist in neighborhood revitalization, stabilization,and support energy efficiency initiatives.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$1,372,537$1,347,465▼ $25,072
Other Notes and Loans Receivable, Net$1,238,473$1,229,917▼ $8,556
Savings and Temporary Cash Investments$38,627$58,622▲ $19,995
Investments Other Securities$37,276$30,001▼ $7,275
Total Assets$2,686,913$2,666,005▼ $20,908
Liabilities
Unsecured Notes Loans Payable$2,500,000$2,500,000→ $0
Accounts Payable and Accrued Expenses$286,416$285,546▼ $870
Total Liabilities$2,786,416$2,785,546▼ $870
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$-99,503$-119,541▼ $20,038
Total Net Assets Fund Balance$-99,503$-119,541▼ $20,038
Total Liabilities and Net Assets / Fund Balance$2,686,913$2,666,005▼ $20,908
Compensation and Service Providers
Top Officer Pay40th percentile

Board Members and Trustees

NameTitle
Steven AbeauregardPresident
Bruce JoliveiraDirector
John WhalenDirector
Joseph EcarvalhoDirector
William HkingDirector
Wendy Amendoza-riveraClerk
Revleona JfisherTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$0
Investment Income
$2,837
Other Revenue
$0
Change in Net Assets
$-20,038
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$22,875
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Fees for Services Accounting$14,333--$14,333
Insurance$1,070--$1,070
Fees for Services Legal$780--$780
Other Expenses$576--$576
Total Functional Expenses$22,875$0$0$22,875
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
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, Part VI, Section B, Line 11B

“A full copy of the federal form 990/990 sch a & o along with all supporting schedules,as well as form mass pc are provided to the board of directors prior to filing.”

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

“The board of directors approved a conflict of interest policy and each director signs an annual statement regarding compliance with the policy.”

Form 990, Part VI, Section B, Line 15A

“All compensation payments are approved by the board of directors prior to any payments.”

Form 990, Part VI, Section C, Line 18

“All organizational documents are open to the general public upon request as well as the annual forms federal 990 and mass pc.”

Form 990, Part VI, Section C, Line 19

“The organizational documents are open to the general public upon request as well as the annual forms federal 990 and mass pc.”

Form 990, Part VII Contact Addresses for Officers, Directors, Etc

“Steven a.beauregard - 128 union st, ste 400, new bedford, ma 02740. Rev.leona j.fisher - 207 sycamore st, new bedford, ma 02740. Wendy a.mendoza-rivera - 128 union st, ste 400, new bedford, ma 02740. Joseph e.carvalho - 1 welby road, new bedford, ma 02740. William h.king - 30 centre street # 3, new bedford, ma 02740. John whalen - 128 union st, ste 400, new bedford, ma 02740. Bruce j.oliveira - 119 plymouth street, new bedford, ma 02740.”

Filing and Contact Details

Filer

Filer Name
New Bedford Development Corporation
EIN
83-1553317
Phone
5089974829
Address
128 UNION ST 400, NEW BEDFORD, MA 02740

Signing Officer

Name
Steven Abeauregard
Title
President
Phone
5089974829
Signed
2025-11-05
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Steven Abeauregard
Formed
2018
Legal Domicile
Ma
Voting Board Members
7
Independent Board Members
7
Employees
0
Volunteers
0

Preparer

Firm
Forvis Mazars Llp
Address
9 BAY STATE COURT, BREWSTER, MA 02631-2120
Preparer
Michael a Nocella CPA
Phone
5082552240
Raw XML Appendix334 raw XML fields

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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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0A FULL COPY OF THE FEDERAL FORM 990/990 SCH A & O ALONG WITH ALL SUPPORTING SCHEDULES,AS WELL AS FORM MASS PC ARE PROVIDED TO THE BOARD OF DIRECTORS PRIOR TO FILING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE BOARD OF DIRECTORS APPROVED A CONFLICT OF INTEREST POLICY AND EACH DIRECTOR SIGNS AN ANNUAL STATEMENT REGARDING COMPLIANCE WITH THE POLICY.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2ALL COMPENSATION PAYMENTS ARE APPROVED BY THE BOARD OF DIRECTORS PRIOR TO ANY PAYMENTS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3ALL ORGANIZATIONAL DOCUMENTS ARE OPEN TO THE GENERAL PUBLIC UPON REQUEST AS WELL AS THE ANNUAL FORMS FEDERAL 990 AND MASS PC.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4THE ORGANIZATIONAL DOCUMENTS ARE OPEN TO THE GENERAL PUBLIC UPON REQUEST AS WELL AS THE ANNUAL FORMS FEDERAL 990 AND MASS PC.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5STEVEN A.BEAUREGARD - 128 UNION ST, STE 400, NEW BEDFORD, MA 02740. REV.LEONA J.FISHER - 207 SYCAMORE ST, NEW BEDFORD, MA 02740. WENDY A.MENDOZA-RIVERA - 128 UNION ST, STE 400, NEW BEDFORD, MA 02740. JOSEPH E.CARVALHO - 1 WELBY ROAD, NEW BEDFORD, MA 02740. WILLIAM H.KING - 30 CENTRE STREET # 3, NEW BEDFORD, MA 02740. JOHN WHALEN - 128 UNION ST, STE 400, NEW BEDFORD, MA 02740. BRUCE J.OLIVEIRA - 119 PLYMOUTH STREET, NEW BEDFORD, MA 02740.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PART VI, SECTION B, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PART VI, SECTION B, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PART VI, SECTION B, LINE 15A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PART VI, SECTION C, LINE 18
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PART VI, SECTION C, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5FORM 990, PART VII CONTACT ADDRESSES FOR OFFICERS, DIRECTORS, ETC
IRS990/SchoolOperatingInd00
IRS990/SignificantChangeInd00
IRS990/SignificantNewProgramSrvcInd00
IRS990/StatesWhereCopyOfReturnIsFldCd0MA
IRS990/SubjectToExcsTaxNetInvstIncInd00
IRS990/SubjectToProxyTaxInd00
IRS990/SubjToTaxRmnrtnExPrchtPymtInd00
IRS990/TaxablePartyNotificationInd00
IRS990/TaxExemptBondsInd00
IRS990/TerminateOperationsInd00
IRS990/TotalAssetsBOYAmt02686913
IRS990/TotalAssetsEOYAmt02666005
IRS990/TotalAssetsGrp/BOYAmt02686913
IRS990/TotalAssetsGrp/EOYAmt02666005
IRS990/TotalCompGreaterThan150KInd00
IRS990/TotalEmployeeCnt00
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt00
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt022875
IRS990/TotalFunctionalExpensesGrp/TotalAmt022875
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt02786416
IRS990/TotalLiabilitiesEOYAmt02785546
IRS990/TotalLiabilitiesGrp/BOYAmt02786416
IRS990/TotalLiabilitiesGrp/EOYAmt02785546
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt0-99503
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt0-119541
IRS990/TotalOtherCompensationAmt00
IRS990/TotalProgramServiceExpensesAmt022875
IRS990/TotalReportableCompFromOrgAmt00
IRS990/TotalRevenueGrp/ExclusionAmt02837
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt00
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt02837
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt00
IRS990/TotalVolunteersCnt00
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt02686913
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt02666005
IRS990/TotReportableCompRltdOrgAmt00
IRS990/TrnsfrExmptNonChrtblRltdOrgInd00
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd00
IRS990/UnsecuredNotesLoansPayableGrp/BOYAmt02500000
IRS990/UnsecuredNotesLoansPayableGrp/EOYAmt02500000
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt0128 UNION ST
IRS990/USAddress/CityNm0NEW BEDFORD
IRS990/USAddress/StateAbbreviationCd0MA
IRS990/USAddress/ZIPCd002740
IRS990/VotingMembersGoverningBodyCnt07
IRS990/VotingMembersIndependentCnt07
IRS990/WebsiteAddressTxt0N/A
IRS990/WhistleblowerPolicyInd00
ReturnHeader/BuildTS02025-03-06 01:10:19Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd01
ReturnHeader/BusinessOfficerGrp/PersonNm0STEVEN ABEAUREGARD
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0PRESIDENT
ReturnHeader/BusinessOfficerGrp/PhoneNum05089974829
ReturnHeader/BusinessOfficerGrp/SignatureDt02025-11-05
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0NEW BEDFORD DEVELOPMENT CORPORATION
ReturnHeader/Filer/BusinessNameControlTxt0NEWB
ReturnHeader/Filer/EIN0831553317
ReturnHeader/Filer/PhoneNum05089974829
ReturnHeader/Filer/USAddress/AddressLine1Txt0128 UNION ST 400
ReturnHeader/Filer/USAddress/CityNm0NEW BEDFORD
ReturnHeader/Filer/USAddress/StateAbbreviationCd0MA
ReturnHeader/Filer/USAddress/ZIPCd002740
ReturnHeader/IRSResponsiblePrtyInfoCurrInd01
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0440160260
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0FORVIS MAZARS LLP
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt09 BAY STATE COURT
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0BREWSTER
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0MA
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd0026312120
ReturnHeader/PreparerPersonGrp/PhoneNum05082552240
ReturnHeader/PreparerPersonGrp/PreparationDt02025-11-05
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0MICHAEL A NOCELLA CPA
ReturnHeader/ReturnTs02025-11-07T08:43:53-06:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02024-01-01
ReturnHeader/TaxPeriodEndDt02024-12-31
ReturnHeader/TaxYr02024

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