Brightwood Development Corp

Analysis

Brightwood Development Corp is a registered charity in United States, based in Springfield, MA. It received its IRS tax-exemption ruling in July 1979, 47 years ago. Its declared purposes cover community improvement and capacity building, which this site groups under community and economic development. The IRS classifies it as a publicly supported organisation (donations from the general public) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending December 2023, Brightwood Development Corp reported income of $327k and spending of $391k, spending 119% of what it took in. Across the 5 years on record, from December 2019 to December 2023, income fell from $529k to $327k (-38%), an average of -11% a year. The sharpest change came in the year to December 2022, when income rose by 75%. Over the whole period it spent 146% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Brightwood Development Corp sits at the 60th percentile: it is larger than about 60% of them. Against every charity in United States with reported income it ranks in the 63rd percentile, and in the 65th percentile within MA. Charities of a similar size with the same main cause include Second Chance Center of Hope ($327k), Tappahannock Main Street ($327k) and Downtown Springfield Inc ($327k).

On its Form 990 for the period ending December 2023, revenue came from program service revenue 100% of the total. Other salaries and wages came to $60k. At year end it held assets of $1.9m against liabilities of $353k, net assets of $1.5m.

Data notes from the register: Spending has exceeded income in each of the last three reported years, so the charity has been drawing on reserves or other funds.