The compounds Gd3-xYxCo29Ge4B10 (x = 0, 0.5, 1.0, 1.5, and 3.0), Gd3Co29Al4B10, and Gd3Co29Al4B10 were synthesized by arc melting, and their magnetic properties investigated as a function of temperature and applied magnetic field. X-ray measurements showed primarily single-phase samples with the tetragonal crystal structure P4/nmm. It was found that Gd3Co29Ge4B10 orders ferromagnetically at TC = 212 K and shows a compensation point at 128 K, indicating a ferrimagnetic ordering of the Co and Gd moments. An entropy change of −ΔS = 0.5 J/kgK was observed in a 5-T field at TC for this sample, while a change in sign for this quantity was observed both at the maximum value of magnetization (around 200 K) and then again at the compensation point. Substitution of Y for Gd in Gd3Co29Ge4B10 does not affect the Curie temperature, but shifts the compensation point to lower temperatures. This indicates that a decrease in Gd concentration does not affect the d-d exchange interaction, but has a pronounced effect on the f-d exchange interaction.