Nonprofit · EIN 04-2738974
BAY COLONY DEVELOPMENT CORP
Tax-exempt · WALTHAM, MA 02451
Financials
| Year ended | Form | Revenue | Expenses | Net income | Total assets | Liabilities | Net assets |
|---|---|---|---|---|---|---|---|
| September 30, 2025 | 990 | $5,476,886 | $4,853,179 | $623,707 | $5,987,484 | $740,681 | $5,246,803 |
| September 30, 2024 | 990 | $5,023,750 | $4,144,965 | $878,785 | $5,320,645 | $722,470 | $4,598,175 |
| September 30, 2023 | 990 | $4,591,941 | $3,962,002 | $629,939 | $4,414,025 | $726,972 | $3,687,053 |
Financial details: 990 for the year ended September 30, 2025
Revenue
- Contributions, gifts and grants
- $0
- Program service revenue
- $5,362,456
- Investment income
- $114,430
- Net gain from sales of assets
- -$691
- Other revenue
- $0
Expenses
- Grants and similar amounts paid
- $31,000
- Compensation of officers, directors and key employees
- $3,042,391
- Other salaries and wages
- $598,888
- Salaries, compensation and benefits (total)
- $3,996,583
- Professional fundraising fees
- $0
- Legal fees
- $207,495
- Accounting fees
- $28,475
- Occupancy
- $128,212
- Travel
- $19,957
- Depreciation
- $6,617
- Program services (functional)
- $3,947,328
- Management and general (functional)
- $905,851
Balance sheet and other
- Total assets, start of year
- $5,320,645
- Total assets, end of year
- $5,987,484
- Total liabilities, end of year
- $740,681
- Net assets, end of year
- $5,246,803
- Land, buildings and equipment
- $21,258
- Publicly traded securities
- $267,110
- Net assets without donor restrictions
- $5,246,803
- Gross receipts
- $5,477,577
- Employees
- 17
- Volunteers
- 0
- Year formed
- 1981
- State of legal domicile
- MA
From the e-filed returns the IRS publishes as XML (latest three processing years; amended returns replace the original). PDF copies at the IRS.
Officers, directors and key employees
As listed on the 990 for the year ended September 30, 2025, highest compensation first.
| Name | Title | Hours / week | Compensation | Other / benefits |
|---|---|---|---|---|
| ERIK ADAMS | PRESIDENT AND CEO (AS OF 7/25) Trustee or director, Officer | 40 | $401,126 | $77,316 |
| MARY KATHERINE MANSFIELD | PRESIDENT AND CEO (THRU 6/25) Trustee or director, Officer | 40 | $371,109 | $78,896 |
| EBERTO RANERO | SVP MARKETING Officer | 40 | $243,418 | $38,817 |
| BETTY ULE | CHIEF FINANCIAL OFFICER Officer | 40 | $198,019 | $65,893 |
| LAURA BROWN | VP MARKETING Officer | 40 | $207,978 | $22,048 |
| HEATHER STORME | VP MARKETING Officer | 40 | $195,900 | $19,048 |
| KIMBERLY LEGERE | VP SERVICING Officer | 40 | $152,469 | $47,711 |
| ROSEMARIE FINN | VP UNDERWRITING Officer | 40 | $165,325 | $21,100 |
| COLLEEN MURPHY GUARNIERI | VP CLOSING Officer | 40 | $123,344 | $44,920 |
| DANIELLE BOUTIN | VP UNDERWRITING Officer | 40 | $138,286 | $13,514 |
| MELINDA BATOR | VP UNDERWRITING Officer | 40 | $134,533 | $13,755 |
| CAILEEN HORRIGAN | CLOSING SPECIALIST Highest-paid employee | 40 | $100,280 | $10,160 |
| MICHAEL HORRIGAN | VP MARKETING Officer | 40 | $43,357 | $12,790 |
| REBECCA DEWOLFE | CHAIRWOMAN Trustee or director, Officer | 7 | $18,000 | $0 |
| SCOTT VANDERSALL | VICE CHAIRMAN Trustee or director, Officer | 5 | $14,000 | $0 |
7 more people on this return
| Name | Title | Hours / week | Compensation |
|---|---|---|---|
| JAMES HEALEY | DIRECTOR Trustee or director | 5 | $14,000 |
| NINA LUCHKA | DIRECTOR Trustee or director | 5 | $14,000 |
| TIMOTHY FAHEY | DIRECTOR Trustee or director | 2 | $7,000 |
| RICHARD LEFFERTS | DIRECTOR Trustee or director | 4 | $7,000 |
| WILLIAM CANTOR | DIRECTOR Trustee or director | 2 | $5,000 |
| SEAN MORIARTY | DIRECTOR Trustee or director | 2 | $1,250 |
| JUSTIN P GELINAS | DIRECTOR Trustee or director | 2 | $0 |
990 for the year ended September 30, 2024: 19 people
| Name | Title | Hours / week | Compensation | Other / benefits |
|---|---|---|---|---|
| ERIK ADAMS | EXECUTIVE VP / SVP MARKETING Officer | 40 | $362,298 | $94,530 |
| MARY KATHERINE MANSFIELD | PRESIDENT AND CEO Trustee or director, Officer | 40 | $345,223 | $64,972 |
| EBERTO RANERO | SVP MARKETING Officer | 40 | $207,745 | $34,719 |
| BETTY ULE | CFO Officer | 40 | $188,014 | $53,333 |
| HEATHER STORME | VP MARKETING Officer | 40 | $207,063 | $20,873 |
| LAURA BROWN | VP MARKETING Officer | 40 | $196,176 | $20,233 |
| KIMBERLY LEGERE | VP SERVICING Officer | 40 | $140,530 | $47,708 |
| ROSEMARIE FINN | VP UNDERWRITING Officer | 40 | $154,324 | $18,767 |
| COLLEEN MURPHY GUARNIERI | VP CLOSING Officer | 40 | $114,801 | $39,389 |
| DANIELLE BOUTIN | VP UNDERWRITING Officer | 40 | $126,510 | $13,380 |
| MELINDA BATOR | VP UNDERWRITING Officer | 40 | $121,220 | $12,830 |
| TIMOTHY FAHEY | DIRECTOR Trustee or director | 2 | $18,000 | $0 |
| JAMES HEALEY | DIRECTOR Trustee or director | 5 | $14,000 | $0 |
| REBECCA DEWOLFE | CHAIRWOMAN Trustee or director, Officer | 7 | $14,000 | $0 |
| SCOTT VANDERSALL | VICE CHAIRMAN Trustee or director, Officer | 5 | $14,000 | $0 |
| RICHARD LEFFERTS | DIRECTOR Trustee or director | 4 | $7,000 | $0 |
| NINA LUCHKA | DIRECTOR Trustee or director | 2 | $5,000 | $0 |
| WILLIAM CANTOR | DIRECTOR Trustee or director | 2 | $5,000 | $0 |
| GEORGE BERBECO | DIRECTOR UNTIL 03/24 Trustee or director | 2 | $5,000 | $0 |
990 for the year ended September 30, 2023: 20 people
| Name | Title | Hours / week | Compensation | Other / benefits |
|---|---|---|---|---|
| ERIK ADAMS | EVP SALES & MARKETING Officer | 40 | $400,946 | $67,106 |
| MARY KATHERINE MANSFIELD | PRESIDENT AND CEO Trustee or director, Officer | 40 | $313,961 | $62,525 |
| EBERTO RANERO | SVP BUSINESS DEVELOPMENT Officer | 40 | $209,349 | $37,912 |
| BETTY ULE | SENIOR VP, CFO, AND CCO Officer | 40 | $177,397 | $51,454 |
| HEATHER STORME | VP BUSINESS DEVELOPMENT Officer | 40 | $186,879 | $20,312 |
| LAURA BROWN | VP BUSINESS DEVELOPMENT Officer | 40 | $205,793 | $909 |
| KIMBERLY LEGERE | VP PORTFOLIO MANAGEMENT Officer | 40 | $131,351 | $46,463 |
| ROSEMARIE FINN | VP CREDIT MANAGER Officer | 40 | $155,042 | $18,865 |
| COLLEEN MURPHY GUARNIERI | VP CLOSING Officer | 40 | $105,718 | $38,110 |
| DANIELLE BOUTIN | VP UNDERWRITING Officer | 40 | $127,500 | $13,506 |
| MELINDA BATOR | VP UNDERWRITING Officer | 40 | $122,121 | $12,904 |
| TIMOTHY FAHEY | CHAIRMAN Trustee or director | 7 | $18,000 | $0 |
| JAMES HEALEY | DIRECTOR Trustee or director | 5 | $14,000 | $0 |
| REBECCA DEWOLFE | DIRECTOR Trustee or director | 5 | $14,000 | $0 |
| WILLIAM CANTOR | DIRECTOR Trustee or director | 2 | $14,000 | $0 |
| RICHARD LEFFERTS | DIRECTOR Trustee or director | 4 | $6,500 | $0 |
| GEORGE BERBECO | DIRECTOR Trustee or director | 2 | $4,500 | $0 |
| MICHAEL LANAVA | DIRECTOR Trustee or director | 2 | $4,500 | $0 |
| NINA LUCHKA | DIRECTOR Trustee or director | 2 | $4,500 | $0 |
| SCOTT VANDERSALL | DIRECTOR Trustee or director | 5 | $4,500 | $0 |
Address and contacts
- Address (IRS master file)
- 230 3RD AVE, WALTHAM, MA 02451-7528
- Principal officer (990 for 2024)
- ERIK ADAMS, 230 THIRD AVENUE 1ST FLOOR, WALTHAM, MA 02451
- Signed the 990
- ERIK ADAMS, PRESIDENT & CEO
- Phone
- (781) 891-3594
- Website
- WWW.BAYCOLONY.ORG
- Return prepared by
- CITRIN COOPERMAN ADVISORS LLC
Mission
IT IS BCDC'S 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.
Program accomplishments
- TO ASSIST SMALL BUSINESS CONCERNS TO FINANCE OWNER OCCUPIED COMMERCIAL REAL ESTATE, PURCHASES OF LAND, MACHINERY AND EQUIPMENT, AND TO ASSIST WITH THE GROWTH AND DEVELOPMENT OF BUSINESSES AND FOSTER INCREASED EMPLOYMENT OPPORTUNITIES. DURING THE YEAR, THE CORPORATION RECEIVED APPROVAL FROM THE SBA FOR 111 PROJECTS TOTALING $87.4 MILLION IN SECTION 504 LOANS. DURING THE YEAR, BAY COLONY DEVELOPMENT FUNDED 79 LOANS TOTALING $57.8 MILLION.Expenses $3,947,328 · grants $31,000 · revenue $5,339,759
- BCDC PROVIDES MICROLOANS ($50,000 MAXIMUM) TO BORROWERS WITHIN THE CORPORATION'S LENDING AREA. DURING THE YEAR, BCDC FUNDED 6 LOANS TOTALING $145,900.revenue $22,697
What it must file and when
IRS records say it files Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N. Its accounting year ends in September, so each return is due on the 15th day of the 5th month after that.
| Tax year | Year ended | Due | IRS public records |
|---|---|---|---|
| 2025 | September 30, 2026 | February 15, 2027 | Not due yet |
| 2024 | September 30, 2025 | February 16, 2026 | 990 on file |
| 2023 | September 30, 2024 | February 17, 2025 | 990 on file |
IRS record
- EIN
- 04-2738974
- Tax-exempt status
- 501(c)(4): Social welfare organization
- Donations deductible
- No
- Exempt since
- 1983
- Accounting year ends
- September
- Files
- Form 990 or 990-EZ
- Assets (IRS master file)
- $5,987,484
- Income (IRS master file)
- $5,477,577
Filing history
| Form | Year ended | Revenue | Expenses | Assets | Return |
|---|---|---|---|---|---|
| 990 | September 2025 | $5,476,886 | $4,853,179 | $5,987,484 | XML |
| 990 | September 2024 | $5,023,750 | $4,144,965 | $5,320,645 | XML |
| 990 | September 2023 | $4,591,941 | $3,962,002 | $4,414,025 | XML |
| 990 | September 2022 | $4,128,330 | $3,908,557 | $3,401,192 | IRS |
| 990 | September 2021 | – | – | – | IRS |
| 990 | September 2020 | – | – | – | IRS |
| 990 | September 2019 | – | – | – | IRS |
| 990 | September 2018 | – | – | – | IRS |
990-N: the IRS bulk file holds only the latest e-Postcard per organization; earlier years come from archived copies of that file since 2020 and can have gaps (the IRS e-Postcard search lists every one). 990, 990-EZ, 990-PF, 990-T: every e-filed return in the IRS e-file index since 2019; XML for the latest three processing years, amounts from the IRS Statistics of Income extracts before that. PDF copies and determination letters at the IRS (search EIN 04-2738974).
Questions about BAY COLONY DEVELOPMENT CORP
- What is the EIN of BAY COLONY DEVELOPMENT CORP?
- The employer identification number (EIN) of BAY COLONY DEVELOPMENT CORP is 04-2738974.
- Is BAY COLONY DEVELOPMENT CORP tax-exempt?
- Yes. The IRS lists it as tax-exempt under section 501(c)(4) since 1983.
- Are donations to BAY COLONY DEVELOPMENT CORP tax-deductible?
- No. The IRS master file says contributions to it are not deductible.
- Which annual return does BAY COLONY DEVELOPMENT CORP file?
- Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N.
- When is the next return of BAY COLONY DEVELOPMENT CORP due?
- The return for tax year 2025 (the year ending September 30, 2026) is due February 15, 2027. Form 8868 extends it by six months; the 990-N cannot be extended.
- When did BAY COLONY DEVELOPMENT CORP last file with the IRS?
- The latest return in the IRS public files is the 990 for the year ended September 2025.
- Who is the principal officer of BAY COLONY DEVELOPMENT CORP?
- The 990 for the year ended September 30, 2025 names ERIK ADAMS.
- Who are the officers and directors of BAY COLONY DEVELOPMENT CORP?
- The 990 for the year ended September 30, 2025 lists 22 people; 21 received compensation from the organization, the highest $401,126 (ERIK ADAMS, PRESIDENT AND CEO (AS OF 7/25)).
- How much revenue does BAY COLONY DEVELOPMENT CORP have?
- On its 990 for the year ended September 30, 2025 it reported revenue of $5,476,886, expenses of $4,853,179 and total assets of $5,987,484 at year end.
Other nonprofits in WALTHAM
- BRANDEIS UNIVERSITY EIN 04-2103552 · last filed 990 for 2025
- BENTLEY UNIVERSITY EIN 04-1081650 · last filed 990 for 2025
- EDUCATION DEVELOPMENT CENTER INC EIN 04-2241718 · last filed 990 for 2025
- MASSACHUSETTS MEDICAL SOCIETY EIN 04-2050773 · last filed 990 for 2025
- SPRINGWELL INC EIN 04-2616064 · last filed 990 for 2025
- NEW ENGLAND ORGAN BANK INC EIN 23-7024479 · last filed 990 for 2024
- PROTEUS FUND INC EIN 04-3243004 · last filed 990 for 2024
- JEWISH FAMILY AND CHILDRENS SERVICE EIN 04-2104356 · last filed 990 for 2025