BAY COLONY DEVELOPMENT CORP Charity Report

Public IRS 990 nonprofit record

BAY COLONY DEVELOPMENT CORP

EIN 04-2738974 · Small Business Development (S43)

What they do

IT is BCDCS MISSION to BE THE LENDER of CHOICE for SMALL BUSINESSES, BY INVESTING RESOURCES; BOTH MONETARILY and PROFESSIONALLY, THAT OFFER CREATIVE FINANCING SOLUTIONS to PROVIDE POSITIVE ECONOMIC IMPACT WITHIN THE COMMUNITIES WE SERVE.

Before you give

Should I give to this charity?

Easy charity check

Look at where the money went

Of every $100 spent, about $81.30 was reported for mission work. Use the spending picture below and ask what results that work produced.

Plain answer: A tax form cannot prove that a charity is doing good. It can show how the charity says it spent its money—and point out questions you should ask.

Basic facts we verified

IRS warning checkNo IRS revocation warning appears in this data.

Money report from 2024The charity has a recent tax report to read.

They explain their jobThe charity tells us what it is trying to do.

They name their leaders22 people are listed in the latest report.

You can reach themThey list contact information, so you can ask questions.

Money made simple

72.07%of revenue went to mission work81.3% of expenses · Program services

$88.61spent for every $100 of revenueRevenue covered expenses this year.

16.54%of revenue went to management and office costs18.7% of expenses

$1.23in assets for every $1 spent this yearSome assets cannot be spent right away.

Ask these three easy questions

Who did you help? Ask for a recent story or report that shows real results.
What will my money do? Ask exactly what your gift will pay for.
Is this really the charity? Give only through its official website or confirmed phone number.

Pay context: The highest compensation shown in this filing is $478,442 for ERIK ADAMS (PRESIDENT AND CEO (AS OF 7/25)). Compare pay with organizations of similar size and complexity.

Bottom line: Do not decide from a name, mission statement, or tax status alone. Look at where the money went, then ask what changed, who was helped, and what your gift will do. YouCanGiveBack does not endorse or grade organizations.

Money

Financial picture

Tax year 2024

A plain-language look at the latest Form 990 figures available. These numbers help you ask better questions; they do not, by themselves, rate whether a charity is good or bad.

$100revenue

How each $100 of revenue was used

The large number compares each expense with revenue. The smaller number shows its share of total expenses.

Total reported revenue$5,476,886

Mission workProgram services$3,947,32872.07% of revenue81.3% of expenses

ManagementOffice and general costs$905,85116.54% of revenue18.7% of expenses

FundraisingAsking for donations0.00% of revenue0.0% of expenses

Revenue left after expensesReported annual surplus$623,70711.39% of revenueShown in gray on the chart

Total expenses$4,853,17988.61% of revenue

Gray means reported revenue left after expenses for this filing year. It does not necessarily mean cash sitting in a bank account.

Has the pattern changed?

Colored bars = expense mix: how each year’s expenses were divided. Total expenses vs. revenue shows whether the charity spent less or more than it received. The current filing is first.

YearExpense mixDetails

2024CurrentExpense mix: 81.3% mission · 18.7% management · 0.0% fundraisingTotal expenses: 88.61% of revenue

2023Expense mix: 81.6% mission · 18.4% management · 0.0% fundraisingTotal expenses: 82.51% of revenue

2022Expense mix: 82.4% mission · 17.6% management · 0.0% fundraisingTotal expenses: 86.28% of revenue

2021Expense mix: 82.8% mission · 17.2% management · 0.0% fundraisingTotal expenses: 94.68% of revenue

2020Expense mix: 82.6% mission · 17.4% management · 0.0% fundraisingTotal expenses: 78.70% of revenue

2019Expense mix: 80.7% mission · 19.3% management · 0.0% fundraisingTotal expenses: 87.51% of revenue

2018Expense mix: 82.4% mission · 17.6% management · 0.0% fundraisingTotal expenses: 94.99% of revenue

2017Expense mix: 90.0% mission · 10.0% management · 0.0% fundraisingTotal expenses: 98.06% of revenue

Money in and money out

Revenue$5,476,886

Expenses$4,853,179

Annual surplus $623,707 Revenue was higher than expenses for this filing year.

Reported spending amounts

Mission work means the Form 990 category called program services. These are reported accounting categories—not an independent measurement of results.

Mission work (program services)$3,947,328 · 81.3% of expenses

Management and office costs$905,851 · 18.7% of expenses

See all reported dollar amounts

Revenue$5,476,886

Expenses$4,853,179

Assets$5,987,484

Income$5,477,577

Mission work (program services)$3,947,328

Grants given$229,500

Average grant$5,598

Management and general$905,851

Stocks and bonds$267,110

Accounting fees$28,475

People

Leadership and board

Tax year 2024

Names, titles, time, and compensation below are reported by the organization on its Form 990.

People reported as paid

Person and titleCompensation

ERIK ADAMSPRESIDENT AND CEO (AS OF 7/25) · 40 hrs/week $478,442Base $401,126 · Other $77,316

MARY KATHERINE MANSFIELDPRESIDENT AND CEO (THRU 6/25) · 40 hrs/week $450,005Base $371,109 · Other $78,896

EBERTO RANEROSVP MARKETING · 40 hrs/week $282,235Base $243,418 · Other $38,817

BETTY ULECHIEF FINANCIAL OFFICER · 40 hrs/week $263,912Base $198,019 · Other $65,893

LAURA BROWNVP MARKETING · 40 hrs/week $230,026Base $207,978 · Other $22,048

HEATHER STORMEVP MARKETING · 40 hrs/week $214,948Base $195,900 · Other $19,048

KIMBERLY LEGEREVP SERVICING · 40 hrs/week $200,180Base $152,469 · Other $47,711

ROSEMARIE FINNVP UNDERWRITING · 40 hrs/week $186,425Base $165,325 · Other $21,100

COLLEEN MURPHY GUARNIERIVP CLOSING · 40 hrs/week $168,264Base $123,344 · Other $44,920

DANIELLE BOUTINVP UNDERWRITING · 40 hrs/week $151,800Base $138,286 · Other $13,514

MELINDA BATORVP UNDERWRITING · 40 hrs/week $148,288Base $134,533 · Other $13,755

CAILEEN HORRIGANCLOSING SPECIALIST · 40 hrs/week $110,440Base $100,280 · Other $10,160

Compensation alone does not tell whether pay is reasonable. Consider the charity’s size, work, location, and results.

See everyone listed on the board or leadership roster (22)

ERIK ADAMSPRESIDENT AND CEO (AS OF 7/25)

MARY KATHERINE MANSFIELDPRESIDENT AND CEO (THRU 6/25)

EBERTO RANEROSVP MARKETING

BETTY ULECHIEF FINANCIAL OFFICER

LAURA BROWNVP MARKETING

HEATHER STORMEVP MARKETING

KIMBERLY LEGEREVP SERVICING

ROSEMARIE FINNVP UNDERWRITING

COLLEEN MURPHY GUARNIERIVP CLOSING

DANIELLE BOUTINVP UNDERWRITING

MELINDA BATORVP UNDERWRITING

CAILEEN HORRIGANCLOSING SPECIALIST

MICHAEL HORRIGANVP MARKETING

REBECCA DEWOLFECHAIRWOMAN

NINA LUCHKADIRECTOR

JAMES HEALEYDIRECTOR

SCOTT VANDERSALLVICE CHAIRMAN

RICHARD LEFFERTSDIRECTOR

TIMOTHY FAHEYDIRECTOR

WILLIAM CANTORDIRECTOR

SEAN MORIARTYDIRECTOR

JUSTIN P GELINASDIRECTOR

About this charity

Recognized since: January 1983
Location: 230 3RD AVE, WALTHAM, MA 02451-7528
County: Middlesex
In care of: ERIK ADAMS
Primary officer: ERIK ADAMS, PRESIDENT & CEO

How to reach them

WebsiteVisit the charity’s website Phone(781) 891-3594

Filing and classification

Latest tax year: 2024
Tax period began: October 1, 2024
Return type: 990
Tax preparer: CITRIN COOPERMAN ADVISORS LLC
NTEE classification: Small Business Development (S43)
IRS tax category: Small Business Development
Grant-giving organization: Yes

BAY COLONY DEVELOPMENT CORP

BAY COLONY DEVELOPMENT CORP

What they do

Should I give to this charity?

Basic facts we verified

Money made simple

Ask these three easy questions

Financial picture

How each $100 of revenue was used

Has the pattern changed?

Money in and money out

Reported spending amounts

Leadership and board

People reported as paid

About this charity

How to reach them

Filing and classification

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