2025-06-12T11:49:38-04:00 2024-12-31 264156406 WADOVICK & COMPANY 1300 DIVISION RD STE 104 WEST WARWICK RI 02893 990 2024-01-01 201727883 NEW GARDEN PARK INC NEWG 5087555734 89 SHREWSBURY STREET WORCESTER MA 01604 CRAIG L BLAIS PRESIDENT & CEO 5087555734 2025-06-10 true true JEFFREY D WADOVICK CPA P01204328 4018234004 2025-06-10 X 2024 2025-03-06 01:10:19Z CRAIG L BLAIS 89 SHREWSBURY STREET WORCESTER MA 01604 8308312 false X N/A X 2004 MA TO CARRY OUT AND OPERATE FOR THE BENEFIT OF THE CHARITABLE PURPOSE OF THE WORCESTER BUSINESS DEVELOPMENT CORPORATION (WBDC) AND LESSEN THE BURDENS OF GOVERNMENT BY COMBATING COMMUNITY DETERIORATION AND ENABLING ECONOMIC DEVELOPMENT BY PROVIDING INFRASTRUCTURE IN DISTRESSED AREAS THROUGH THE ACQUISTION, HOLDING, OWNING, MAINTENANCE, IMPROVEMENT, LEASE, FINANCE, REFINANCE, SELLING, EXCHANGE OR OTHER DISPOSITION OF ALL OR PART OF ITS PROPERTIES. 6 5 0 0 17599 640549 640738 5248942 750189 908523 241845 1192369 1650371 7990383 0 0 0 0 0 1182409 6489795 1182409 6489795 467962 1500588 42233185 48673301 16052666 20990009 26180519 27683292 X TO CARRY OUT AND OPERATE FOR THE BENEFIT OF THE CHARITABLE PURPOSE OF THE WORCESTER BUSINESS DEVELOPMENT CORPORATION (WBDC) AND LESSEN THE BURDENS OF GOVERNMENT BY COMBATING COMMUNITY DETERIORATION AND ENABLING ECONOMIC DEVELOPMENT BY PROVIDING INFRASTRUCTURE IN DISTRESSED AREAS THROUGH THE ACQUISTION, HOLDING, OWNING, MAINTENANCE, IMPROVEMENT, LEASE, FINANCE, REFINANCE, SELLING, EXCHANGE OR OTHER DISPOSITION OF ALL OR PART OF ITS PROPERTIES. false false 6480470 5889491 TO LESSEN THE BURDENS OF GOVERNMENT BY COMBATING COMMUNITY DETERIORATION AND ENABLING ECONOMIC DEVELOPMENT BY PROVIDING INFRASTRUCTURE IN DISTRESSED AREAS. 6480470 true true false false false false false false false false false true false true true true false true false false false false false false false false false false false false false false false false false false false false false false false false false true true true false false true 6 0 0 false false false false false false false false X 6 5 false false false false false false false true true false false true true true true true true false false false MA X X KATHLEEN KELLEHER CPA (CFO) 5087555734 89 SHREWSBURY STREET WORCESTER MA 01604 X CRAIG L BLAIS PRESIDENT & 20.00 20.00 X X 0 0 0 ROBERT HENNIGAN CHAIR 1.00 X X 0 0 0 KATHERINE BADGIS VICE CHAIR 1.00 X X 0 0 0 KAREN DUFFY INTERIM TREA 1.00 X X 0 0 0 RICHARD MAZZOCCHI DIRECTOR 1.00 X 0 0 0 EMMANUEL LARBI DIRECTOR 1.00 X 0 0 0 false false false CHAPELL ENGINEERING ASSOCIATES LLC 201 BOSTON POST ROAD WEST STE 101 MARLBOROUGH MA 01752 ENGINEERING 171379 BOHLER ENGINEERING 352 TURNPIKE ROAD SOUTHBOROUGH MA 01772 ENGINEERING 167699 2 640549 640549 PROGRAM SERVICE FEES 5248942 5248942 5248942 908523 698513 210010 410331 317929 92402 92402 92402 GAIN ON INVESTMENT - PARCEL 5 900003 1099967 1099967 1099967 7990383 7139824 210010 11385 7799 3586 100000 100000 990 683 307 159607 159607 11097 5665 5432 PROJECT DEVELOPMENT COSTS 5990911 5990911 LOSS ON INVESTMENT 213805 213805 BAD DEBT 2000 2000 6489795 6480470 9325 0 2400760 3187256 4000000 4000000 1750516 2449758 24558522 24558522 2050 2187 5451071 6337233 4070266 8138345 42233185 48673301 648772 1424902 5029902 5773130 1838176 3108832 8535816 10683145 16052666 20990009 X 26180519 27683292 26180519 27683292 42233185 48673301 X 1500588 2185 X true X true X true false X X X 1 WORCESTER BUSINESS DEVELOPMENT CORPORATION 042381829 10 true 0 0 1 0 true false true false false false false false false false false false false false false false false true false RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 6337233 C 6337233 DEVELOPMENT COSTS 8138345 8138345 NOTES PAYABLE TO WBDC 10629606 DUE TO WBDC 25000 DEFERRED RENT PAYABLE - GAAP 20378 DUE TO 20 FRANKLIN 8161 10683145 X SCHEDULE D, PAGE 3, PART X THE ORGANIZATION ACCOUNTS FOR UNCERTAINTY IN INCOME TAXES IN ACCORDANCE WITH ASC TOPIC, INCOME TAXES. THIS STANDARD CLARIFIES THE ACCOUNTING FOR UNCERTAINTY IN TAX POSITIONS AND PRESCRIBES A RECOGNITION THRESHOLD AND MEASUREMENT ATTRIBUTE FOR THE COMBINED FINANCIAL STATEMENTS REGARDING A TAX POSITION TAKEN OR EXPECTED TO BE TAKEN IN A TAX RETURN. THE ORGANIZATION HAS DETERMINED THAT THERE ARE NO UNCERTAIN TAX POSITIONS WHICH QUALIFY FOR EITHER RECOGNITION OR DISCLOSURE IN THE COMBINED FINANCIAL STATEMENTS AT DECEMBER 31, 2024. THE ORGANIZATION'S INFORMATION RETURNS ARE SUBJECT TO EXAMINATION BY THE FEDERAL AND STATE JURISDICTIONS AND GENERALLY REMAIN OPEN FOR THE MOST RECENT THREE YEARS. FORM 990 - ORGANIZATION'S MISSION TO CARRY OUT AND OPERATE FOR THE BENEFIT OF THE CHARITABLE PURPOSE OF THE WORCESTER BUSINESS DEVELOPMENT CORPORATION (WBDC) AND LESSEN THE BURDENS OF GOVERNMENT BY COMBATING COMMUNITY DETERIORATION AND ENABLING ECONOMIC DEVELOPMENT BY PROVIDING INFRASTRUCTURE IN DISTRESSED AREAS THROUGH THE ACQUISTION, HOLDING, OWNING, MAINTENANCE, IMPROVEMENT, LEASE, FINANCE, REFINANCE, SELLING, EXCHANGE OR OTHER DISPOSITION OF ALL OR PART OF ITS PROPERTIES. FORM 990, PAGE 6, PART VI, LINE 11B ALL INDIVIDUALS ON THE ORGANIZATION'S BOARD OF DIRECTORS, AS WELL AS, MANAGMENT REVIEWS AND FOLLOWS UP REGARDING CHANGES OR INQUIRES. FORM 990, PAGE 6, PART VI, LINE 12C EVERY MEMBER OF THE BOARD OF DIRECTORS SIGNS A WRITTEN CONFLICT OF INTEREST POLICY EVERY YEAR. FORM 990, PAGE 6, PART VI, LINE 19 THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, PART XI, LINE 9 GAAP LEASE ADJUSTMENT - BOOK TO TAX 2,185 WORCESTER BUSINESS DEVELOPMENT CORP 89 SHREWSBURY STREET WORCESTER MA 01604 042381829 DEVELOPMEN MA 501C4 7 N/A false 20 FRANKLIN QALICB CORPORATION 89 SHREWSBURY STREET WORCESTER MA 01604 800957186 RENTAL MA NEW GARDEN PARK INC C CORP 2574428 19267473 1.00000 false false false false false true false false false false false true false true false true true false false false WORCESTER BUSINESS DEVELOPMENT CORP E 10629606 LOAN AGREEMENT WORCESTER BUSINESS DEVELOPMENT CORP M 100000 SERVICE AGREEMENT 20 FRANKLIN QALICB CORPORATION K 312337 RENTAL AGREEMENT WORCESTER BUSINESS DEVELOPMENT CORP P 159607 INTEREST EXPENSE ON LOANS WORCESTER BUSINESS DEVELOPMENT CORP O 945230 PAYROLL, TAXES & BENEFITS WORCESTER BUSINESS DEVELOPMENT CORP M 100000 DEVELOPER FEE