Bay Colony Development Corp
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Bay Colony Development Corp at a glance
In short: Bay Colony Development Corp gave $30K across 5 grants in 2025 (avg $6K), mostly in Massachusetts. Source: 2025 IRS Form 990.
- Annual giving (2025)
- $30,000
- -40.0% vs 2024
- Grants made (2025)
- 5
- -44.4% vs 2024
- Average grant
- $6,000
- +8.0% vs 2024
- Median grant
- $5,000
- Total assets
- $5,987,484
- +12.5% vs 2024
- Primary geography
- Massachusetts (50% of itemized 2025 grant dollars)
- Latest 990 filing
- Form 990, 2025 View filing
Data from IRS Form 990, 2025; updated September 2026.
Who Bay Colony Development Corp funds
How this funder distributes its grants
Top Recipients
Top 5 recipients in 2025
The largest 2025 recipient was Newvue ($10K). Together the top 5 received $30K.
Grant Size Distribution
29 grants across all recorded years
The most common grant size was under $50K: 29 grants of 29 (100%).
Geographic Focus
Where this funder awards grants
Grant Distribution by State
Share of 2025 grant dollars across all 5 itemized grants.
Cities
How Bay Colony Development Corp gives
- Giving grew 71% from 2022 to 2025. Method
From the foundation's IRS Form 990 filings. Methodology.
Giving History
Giving Over Time
Total grant dollars and number of grants per year
From 2019 to 2025, annual grant giving ranged from $15K (2019) to $50K (2024). In 2025 it made 5 grants totaling $30K.
Grants by year
Grant recipients and amounts by year
| Recipient | Purpose | Amount |
|---|---|---|
| Newvue Fitchburg, MA | Economic Development | $10,000 |
| NH Community Loan Fund Concord, NH | Economic Development | $5,000 |
| VT Community Loan Fund Montpelier, VT | Economic Development | $5,000 |
| Center for Women & Enterprises Inc Providence, RI | Economic Development | $5,000 |
| Community Development Partnership Orleans, MA | Economic Development | $5,000 |
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Financial History
Multi-year comparison from IRS filings
| Filing year | Total Assets | Revenue | Expenses | Grants paid | Grants | Net Investment Income |
|---|---|---|---|---|---|---|
| 2025 | $5,987,484 | $5,476,886 | $4,853,179 | $30,000 | 5 | $114,430 |
| 2024 | $5,320,645 | $5,023,750 | $4,144,965 | $50,000 | 9 | $142,741 |
| 2023 | $4,414,025 | $4,591,941 | $3,962,002 | $30,000 | 5 | $95,180 |
| 2022 | $3,401,192 | $4,128,330 | $3,908,557 | $17,500 | 5 | $4,489 |
| 2021 | $3,095,960 | $4,580,376 | $3,604,803 | $30,000 | 5 | $5,184 |
| 2020 | $2,070,794 | $3,834,582 | $3,355,516 | $16,000 | 4 | $4,415 |
| 2019 | $1,678,377 | $3,564,957 | $3,386,306 | $15,000 | 4 | $9,125 |
About Bay Colony Development Corp
Based on IRS filings
Bay Colony Development Corp is a public charity focused on Economically disadvantaged people, based in Waltham, MA. IRS filing data is available from 2019 through 2025. As of 2025, the organization holds $6.0M in total assets. In 2025, it awarded 5 grants totaling $30K. Net investment income was $114K.
Focus Areas
Leadership & Key People
Officers and directors from IRS filings
Bay Colony Development Corp is led by Erik Adams, President & CEO since 2025 (on filings since 2019); 21 of 22 officers listed in 2025 are compensated.
Officers on the 2025 filing
Erik Adams
President & CEO
Executive Vice President Sales & Marketing → Executive Vice President & Senior Vice President Marketing, 2024
Executive Vice President & Senior Vice President Marketing → President & CEO, 2025
On filings since 2019
40 hrs/week
$272K (2019) → $401K (2025)
Mary Katherine Mansfield
President & CEO
President, Executive Committee & Audit Committee → President & Executive Committee, 2021
President & Executive Committee → President & CEO, 2023
On filings since 2019
40 hrs/week
$260K (2019) → $371K (2025)
Rebecca Dewolfe
Chairwoman
Director & Audit Committee → Director, 2023
Director → Chairwoman, 2024
On filings since 2019
7 hrs/week
$6K (2019) → $18K (2025)
James Healey
Director
Director → Director & Executive Committee, 2020
Director & Executive Committee → Director, 2023
On filings since 2019
5 hrs/week
$4K (2019) → $14K (2025)
Richard Lefferts
Director
Director → Director & Audit Committee, 2020
Director & Audit Committee → Director, 2022
On filings since 2019
4 hrs/week
$4K (2019) → $7K (2025)
Timothy Fahey
Director
Chairman & Executive Committee → Chairman, 2023
Chairman → Director, 2024
On filings since 2019
2 hrs/week
$14K (2019) → $7K (2025)
William Cantor
Director
Director → Director & Executive Committee, 2020
Director & Executive Committee → Director, 2023
On filings since 2019
2 hrs/week
$4K (2019) → $5K (2025)
Nina Luchka
Director
New Director → Director, 2022
On filings since 2021
5 hrs/week
$2K (2022) → $14K (2025)
Sean Moriarty
Director
New on the 2025 filing
2 hrs/week
$1K (2025)
Justin P. Gelinas
Director
New on the 2025 filing
2 hrs/week
No compensation reported
Betty Ule
Chief Financial Officer
Senior Vice President, CFO & CCO → CFO, 2024
CFO → Chief Financial Officer, 2025
On filings since 2019
40 hrs/week
$113K (2019) → $198K (2025)
Colleen Murphy Guarnieri
Vice President Closing
On filings since 2019
40 hrs/week
$85K (2019) → $123K (2025)
Danielle Boutin
Vice President Underwriting
On filings since 2019
40 hrs/week
$101K (2019) → $138K (2025)
Eberto Ranero
Senior Vice President Marketing
Vice President Marketing → Senior Vice President Business Development, 2023
Senior Vice President Business Development → Senior Vice President Marketing, 2024
On filings since 2019
40 hrs/week
$174K (2019) → $243K (2025)
Heather Storme
Vice President Marketing
Vice President Marketing → Vice President Business Development, 2023
Vice President Business Development → Vice President Marketing, 2024
On filings since 2019
40 hrs/week
$119K (2019) → $196K (2025)
Kimberly Legere
Vice President Servicing
Vice President Servicing → Vice President Portfolio Management, 2023
Vice President Portfolio Management → Vice President Servicing, 2024
On filings since 2019
40 hrs/week
$105K (2019) → $152K (2025)
Rosemarie Finn
Vice President Underwriting
Vice President Underwriting → Vice President Credit Manager, 2023
Vice President Credit Manager → Vice President Underwriting, 2024
On filings since 2019
40 hrs/week
$120K (2019) → $165K (2025)
Scott Vandersall
Vice Chairman
New Director → Director, 2021
Director → Vice Chairman, 2024
On filings since 2019
5 hrs/week
$3K (2020) → $14K (2025)
Laura Brown
Vice President Marketing
Vice President Marketing → Vice President Business Development, 2023
Vice President Business Development → Vice President Marketing, 2024
On filings since 2022
40 hrs/week
$54K (2022) → $208K (2025)
Melinda Bator
Vice President Underwriting
On filings since 2023
40 hrs/week
$122K (2023) → $135K (2025)
Caileen Horrigan
Closing Specialist
New on the 2025 filing
40 hrs/week
$100K (2025)
Michael Horrigan
Vice President Marketing
New on the 2025 filing
40 hrs/week
$43K (2025)
Former officers (5)
- Former: George R. Berbeco (2019–2024) — Director
- Former: Michael Lanava (2019–2023) — Director
- Former: Rebecca Dewofle (2020–2022) — Director & Executive Committee
- Former: Bradley Nichols (2019–2021) — Former Vice President Marketing
- Former: Walter E. Huskins (2019–2021) — Director
Data from IRS Form 990 filings, 2019–2025. "On filings since" is the earliest filing we hold that lists the person; hours are average hours per week as reported.
Compensation Overview
From 2025 IRS filing
The highest reported compensation on the 2025 filing was $401K, to Erik Adams (President and CEO (As of 7/25)). 21 officers or directors reported compensation on that filing.
Frequently asked questions about Bay Colony Development Corp
How much does Bay Colony Development Corp give each year?
Bay Colony Development Corp gave $30K across 5 grants in 2025, according to its 2025 IRS Form 990. In 2024 it gave $50K across 9 grants.
What is Bay Colony Development Corp's typical grant size?
Bay Colony Development Corp's median grant in 2025 was $5,000, and its average grant was $6,000, across 5 grants on its 2025 IRS Form 990.
Where does Bay Colony Development Corp give grants?
Bay Colony Development Corp gives mostly in Massachusetts: 50% of the grant dollars itemized on its 2025 IRS Form 990 went to recipients there. The next largest states were New Hampshire (17%) and Vermont (17%).
Does Bay Colony Development Corp give general operating support?
Not in 2025: none of the 5 grants with a stated purpose on Bay Colony Development Corp's 2025 IRS Form 990 were described as general or operating support. Recurring purposes include "Economic Development" (5 grants).
Who are Bay Colony Development Corp's largest grantees?
Bay Colony Development Corp's largest 2025 grantees include Newvue ($10,000), NH Community Loan Fund ($5,000) and VT Community Loan Fund ($5,000), according to its 2025 IRS Form 990. Together they received 67% of its itemized 2025 grant dollars.
How large is Bay Colony Development Corp?
Bay Colony Development Corp reported $6.0M in total assets on its 2025 IRS Form 990. Its revenue that year was $5.5M.
What is Bay Colony Development Corp?
Bay Colony Development Corp is a public charity focused on Economically disadvantaged people, based in Waltham, MA. It holds $6.0M in total assets as of 2025.
What is Bay Colony Development Corp's EIN?
Bay Colony Development Corp's EIN (Employer Identification Number) is 04-2738974. IRS Form 990 filing data is available on this page for 2019–2025.
Data last updated September 2026. Sourced from IRS Form 990 filings.
Data update history
(1)
When this profile's IRS filing data changed on Grantable
- IRS filings on file for fiscal years 2019–2025
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Bay Colony Development Corp down — hundreds of funders to go?