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Waterbury Development Corporation

Public charity · Grantmaker Waterbury, CT EIN: 06-1549006 Website

To stimulate and support economic and housing development within the communities of the city of waterbury.

Key facts about Waterbury Development Corporation

EIN
06-1549006
Latest 990 filing
Form 990, 2025
Total assets
$8,356,685

Data from IRS Form 990, 2025; updated September 2026.

Financial Overview

From 2025 IRS Form 990 · View filing

Total Assets

$8.4M

+3.3% YoY

Revenue

$4.7M

+40.3% YoY

Net Investment Income

$169K

+6.2% YoY

Expenses

$4.8M

+36.0% YoY

About Waterbury Development Corporation

Based on IRS filings

Waterbury Development Corporation is a public charity focused on Community Improvement & Capacity Building, based in Waterbury, CT. IRS filing data is available from 2019 through 2025. As of 2025, the organization holds $8.4M in total assets. Net investment income was $169K.

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Geographic Focus

Where this funder awards grants

Grant Distribution by State

1state

States

Cities

Waterbury

Giving Over Time

Total grant dollars and number of grants per year

$0$20K$40K$60K$80K0 grants2019 0 grants2020 1 grant2021 1 grant2022 0 grants2023 0 grants2024 0 grants2025

From 2021 to 2022, annual grant giving ranged from $2K (2022) to $70K (2021). In 2022 it made 1 grant totaling $2K.

Grant Insights

How this funder distributes its grants

Grant Size Distribution

2 grants across all recorded years

1<$50K1$50–100K$100–250K$250–500K$500K–1M$1–5M$5M+

The most common grant size was under $50K: 1 grant of 2 (50%).

Giving History

Grant recipients and amounts by year

No grants recorded for 2025.

Financial History

Multi-year comparison from IRS filings

Revenue
Expenses
Net Investment Income
$0$5M$10M$15M2019 2020 2021 2022 2023 2024 2025
Metric202520242023
Total Assets$8,356,685$8,089,974$8,144,248
Revenue$4,665,443$3,325,742$3,731,866
Expenses$4,792,526$3,523,046$3,808,209
Net Investment Income$168,734$158,828$57,678

Data update history

When this profile's IRS filing data changed on Grantable

  1. IRS filings on file for fiscal years 2019–2025

Leadership & Key People

Officers and directors from IRS filings

Waterbury Development Corporation is led by James Nardozzi, Executive Director since 2025 (on filings since 2019); 4 of 25 officers listed in 2025 are compensated.

Officers on the 2025 filing

  • James Nardozzi

    Executive Director

    Interim CEO → Executive Director, 2025

    On filings since 2019

    37.5 hrs/week

    $111K (2019) → $0 (2025)

  • Catherine Awwad

    Chairman

    On filings since 2019

    0.5 hrs/week

    No compensation reported

  • James Nealon

    CFO

    On filings since 2023

    37.5 hrs/week

    $72K (2023) → $90K (2025)

  • Ronald Cassella

    Vice President of Operations

    On filings since 2023

    37.5 hrs/week

    $145K (2023) → $181K (2025)

  • Thomas Favazzo

    Project Manager

    On filings since 2023

    37.5 hrs/week

    $112K (2023) → $122K (2025)

  • Thomas Hyde

    Former Executive Director

    Executive Director → Former Executive Director, 2025

    On filings since 2024

    37.5 hrs/week

    $179K (2025)

  • Arthur Denze

    Board Member

    On filings since 2019

    0.5 hrs/week

    No compensation reported

  • Domenic Giglio

    Board Member

    On filings since 2019

    0.5 hrs/week

    No compensation reported

  • Jack Traver Jr.

    Board Member

    On filings since 2019

    0.5 hrs/week

    No compensation reported

  • Joseph Dorso

    Board Member

    On filings since 2019

    0.5 hrs/week

    No compensation reported

  • Joseph R. McGrath

    Vice Chairman

    On filings since 2019

    0.5 hrs/week

    No compensation reported

  • Lynn G. Ward

    Secretary

    On filings since 2019

    0.5 hrs/week

    No compensation reported

  • William Rybczyk

    Treasurer

    Board Member → Treasurer, 2020

    On filings since 2019

    0.5 hrs/week

    No compensation reported

  • Mary M. Rosengrant-Chiappalone

    Board Member

    On filings since 2022

    0.5 hrs/week

    No compensation reported

  • William Palomba

    Board Member

    On filings since 2022

    0.5 hrs/week

    No compensation reported

  • Kenneth Cook

    Board Member

    On filings since 2023

    0.5 hrs/week

    No compensation reported

  • Matt Byrne

    Board Member

    On filings since 2023

    0.5 hrs/week

    No compensation reported

  • Stephen A. Dohoney

    Board Member

    On filings since 2023

    0.5 hrs/week

    No compensation reported

  • Susan Sprano

    Board Member

    On filings since 2023

    0.5 hrs/week

    No compensation reported

  • Carmen Romeo

    Board Member

    On filings since 2024

    0.5 hrs/week

    No compensation reported

  • David Lepore

    Board Member

    On filings since 2024

    0.5 hrs/week

    No compensation reported

  • Michael Digiovancarlo

    Board Member

    On filings since 2024

    0.5 hrs/week

    No compensation reported

  • Ruben Rodriguez

    Board Member

    On filings since 2024

    0.5 hrs/week

    No compensation reported

  • George Tirado Jr.

    Board Member

    New on the 2025 filing

    0.5 hrs/week

    No compensation reported

  • Robert Burns Director

    Board Member

    New on the 2025 filing

    0.5 hrs/week

    No compensation reported

Former officers (23)
  • Former: Robert Burns (2019–2024) — Board Member
  • Former: Michael Cervellino (2022–2024) — Board Member
  • Former: George Tiardo Jr. (2023–2024) — Board Member
  • Former: Paul K. Pernerewski Jr. (2019–2023) — Board Member
  • Former: William Pizzuto (2020–2023) — Board Member
  • Former: Michael L. O'Connor (2019–2022) — Board Member
  • Former: Ginne-Ray Clay (2020–2022) — Board Member
  • Former: Jim Nealon (2022) — Chief Financial Officer
  • Former: Robert Devito (2020–2021) — Board Member
  • Former: Richard Dupont (2021) — Board Member
  • Former: Tiadoa Josef (2021) — Board Member
  • Former: Carl W. Rosa (2019–2020) — Board Member
  • Former: Mackenzie Demac (2019–2020) — Board Member
  • Former: Mark Holtz (2019–2020) — Board Member
  • Former: Roger L. Sherman Jr. (2019–2020) — Board Member
  • Former: Donald C. McPartland (2020) — Board Member
  • Former: Anthony T. Piccochi (2019) — Board Member
  • Former: Bettejane Wesson (2019) — Board Member
  • Former: Brian Amero (2019) — Board Member
  • Former: Elliot Johnson (2019) — Board Member
  • Former: Frederick L. Luedke (2019) — Treasurer
  • Former: Joseph Geary To (2019) — Board Member
  • Former: Michael Novak To (2019) — Board Member

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

Ronald Cassella — VP of Operations: $181KRonald CassellaVP of Operations$181KThomas Hyde — Former Executive Director: $179KThomas HydeFormer Executive Director$179KThomas Favazzo — Project Manager: $122KThomas FavazzoProject Manager$122KJames Nealon — CFO: $90KJames NealonCFO$90K

The highest reported compensation on the 2025 filing was $181K, to Ronald Cassella (VP of Operations). 4 officers or directors reported compensation on that filing.

Frequently asked questions about Waterbury Development Corporation

How large is Waterbury Development Corporation?

Waterbury Development Corporation reported $8.4M in total assets on its 2025 IRS Form 990. Its revenue that year was $4.7M.

What is Waterbury Development Corporation?

Waterbury Development Corporation is a public charity focused on Community Improvement & Capacity Building, based in Waterbury, CT. It holds $8.4M in total assets as of 2025.

Where does Waterbury Development Corporation operate?

Waterbury Development Corporation has awarded grants in Connecticut.

What is Waterbury Development Corporation's EIN?

Waterbury Development Corporation's EIN (Employer Identification Number) is 06-1549006. IRS Form 990 filing data is available on this page for 2019–2025.

Data last updated September 2026. Sourced from IRS Form 990 filings.

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