Civic Intelligence

Addison County Economic Development Corporation

EIN 03-0331665 • 501(c)6 • Middlebury, VT

Profile

To create an entrepreneurial and innovative environment, nurturing businesses to launch, grow, and thrive.

1590 Route 7 South 8Middlebury, VT 05753

www.addisoncountyedc.org

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

93rd percentile

0.73x

Higher debt load relative to assets than 93% of similar nonprofits.

501(c)6 • $1M-$5M nonprofits • Source year 2024

Liabilities / Revenue

99th percentile

2.75x

Higher debt load relative to revenue than 99% of similar nonprofits.

501(c)6 • $1M-$5M nonprofits • Source year 2024

Net Margin

15th percentile

-8.6%

Higher net margin than 15% of similar nonprofits.

501(c)6 • $1M-$5M nonprofits • Source year 2024

Top Officer Pay

43rd percentile

$114,568

Higher top officer pay than 43% of similar nonprofits.

Top officer pay equals 36.3% of source-year revenue.

501(c)6 • $1M-$5M nonprofits • Source year 2024

Asset Growth

42nd percentile

3.0%

Faster asset growth than 42% of similar nonprofits.

501(c)6 • $1M-$5M nonprofits • Annualized from 2023 to 2024

Revenue Growth

88th percentile

34%

Faster revenue growth than 88% of similar nonprofits.

501(c)6 • $1M-$5M nonprofits • Annualized from 2023 to 2024

Balance Sheet
Liabilities / Assets93rd percentile

Assets

Up

$1,187,721

Up $34,750 (+3.0%) from 2023

Liabilities

Up

$867,386

Up $61,723 (+7.7%) from 2023

Net Assets

Down

$320,335

Down $26,973 (-7.8%) from 2023

Operations
Liabilities / Revenue99th percentileNet Margin15th percentile

Revenue

Up

$315,360

Up $80,383 (+34%) from 2023

Expenses

Up

$342,333

Up $15,971 (+4.9%) from 2023

Net Income

Up

-$26,973

Up $64,412 (+70%) from 2023

Trend Graphs

Balance Sheet Trend

Asset Growth42nd percentile

Grouped bars show assets, liabilities, and net assets across loaded filings.

$2.0M$1.5M$1.0M$500K$0Assets 2012: $1,538,876Liabilities 2012: $1,014,716Net Assets 2012: $524,1602012Assets 2013: $1,470,190Liabilities 2013: $925,739Net Assets 2013: $544,4512013Assets 2014: $1,483,902Liabilities 2014: $924,122Net Assets 2014: $559,7802014Assets 2015: $1,501,487Liabilities 2015: $943,110Net Assets 2015: $558,3772015Assets 2016: $1,469,423Liabilities 2016: $893,618Net Assets 2016: $575,8052016Assets 2017: $1,431,299Liabilities 2017: $851,121Net Assets 2017: $580,1782017Assets 2018: $1,373,726Liabilities 2018: $806,993Net Assets 2018: $566,7332018Assets 2019: $1,247,519Liabilities 2019: $763,788Net Assets 2019: $483,7312019Assets 2020: $1,112,494Liabilities 2020: $723,169Net Assets 2020: $389,3252020Assets 2021: $1,150,154Liabilities 2021: $701,338Net Assets 2021: $448,8162021Assets 2022: $1,197,128Liabilities 2022: $758,435Net Assets 2022: $438,6932022Assets 2023: $1,152,971Liabilities 2023: $805,663Net Assets 2023: $347,3082023Assets 2024: $1,187,721Liabilities 2024: $867,386Net Assets 2024: $320,3352024

Highlighted filing

2024

Assets$1,187,721
Liabilities$867,386
Net Assets$320,335
Open 2024 Filing

Operations Trend

Revenue Growth88th percentile

Revenue, expenses, and net income by year, with the latest filing highlighted.

$400K$200K$0-$200KExpenses 2012: $274,0492012Revenue 2013: $222,951Expenses 2013: $202,660Net Income 2013: $20,2912013Revenue 2014: $218,645Expenses 2014: $203,316Net Income 2014: $15,3292014Revenue 2015: $227,257Expenses 2015: $228,660Net Income 2015: -$1,4032015Revenue 2016: $242,795Expenses 2016: $225,367Net Income 2016: $17,4282016Revenue 2017: $245,003Expenses 2017: $240,630Net Income 2017: $4,3732017Revenue 2018: $231,337Expenses 2018: $240,539Net Income 2018: -$9,2022018Revenue 2019: $277,988Expenses 2019: $360,990Net Income 2019: -$83,0022019Revenue 2020: $300,224Expenses 2020: $394,631Net Income 2020: -$94,4072020Revenue 2021: $362,506Expenses 2021: $303,015Net Income 2021: $59,4912021Revenue 2022: $329,758Expenses 2022: $339,881Net Income 2022: -$10,1232022Revenue 2023: $234,977Expenses 2023: $326,362Net Income 2023: -$91,3852023Revenue 2024: $315,360Expenses 2024: $342,333Net Income 2024: -$26,9732024

Highlighted filing

2024

Revenue$315,360
Expenses$342,333
Net Income-$26,973
Open 2024 Filing

Filings

Most recent year

2024 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$1,187,721
Liabilities
$867,386
Net assets
$320,335
Revenue
$315,360
Expenses
$342,333
Net income
-$26,973
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$1.19$0.87$0.32$0.32$0.34$0.03
2023Detailed filing. Detailed filing data is available for this year.$1.15$0.81$0.35$0.23$0.33$0.09
2022XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1.20$0.76$0.44$0.33$0.34$0.01
2021XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1.15$0.70$0.45$0.36$0.30$0.06
2020Detailed filing. Detailed filing data is available for this year.$1.11$0.72$0.39$0.30$0.39$0.09
2019Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.25$0.76$0.48$0.28$0.36$0.08
2018Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.37$0.81$0.57$0.23$0.24$0.01
2017Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.43$0.85$0.58$0.25$0.24$0.00
2016XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1.47$0.89$0.58$0.24$0.23$0.02
2015XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1.50$0.94$0.56$0.23$0.23$0.00
2014Detailed filing. Detailed filing data is available for this year.$1.48$0.92$0.56$0.22$0.20$0.02
2013Import issue. A filing source exists for this year, but detailed import did not complete cleanly.$1.47$0.93$0.54$0.22$0.20$0.02
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.54$1.01$0.52$0.27
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jul 1, 2023 to Jun 30, 2024
Signed
Feb 19, 2025
Return Version
2023v6.0
Gross Receipts
$315,360
Mission and Program Overview

Mission

To promote sound economic development of Addison County area, foster new business, and assist with the expansion of existing businesses within the area.

To create an entrepreneurial and innovative environment, nurturing business to launch, grow, and thrive.

Balance Sheet Detail
LineBeginningEndChange
Assets
Other Notes and Loans Receivable, Net$581,189$643,053▲ $61,864
Savings and Temporary Cash Investments$495,467$498,377▲ $2,910
Cash and Non-Interest-Bearing Accounts$47,539$32,317▼ $15,222
Accounts Receivable$9,863$6,372▼ $3,491
Prepaid Expenses and Deferred Charges$3,370$3,710▲ $340
Land, Buildings, and Equipment, Net$53--
Total Assets$1,152,971$1,187,721▲ $34,750
Other Assets Total$15,490$3,892▼ $11,598
Liabilities
Mortgage Notes Payable Secured by Investment Property$769,870$825,831▲ $55,961
Deferred Revenue$4,005$21,463▲ $17,458
Accounts Payable and Accrued Expenses$16,298$16,200▼ $98
Other Liabilities$15,490$3,892▼ $11,598
Total Liabilities$805,663$867,386▲ $61,723
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$282,779$276,331▼ $6,448
Net Assets With Donor Restrictions$64,529$44,004▼ $20,525
Total Net Assets Fund Balance$347,308$320,335▼ $26,973
Total Liabilities and Net Assets / Fund Balance$1,152,971$1,187,721▲ $34,750

Asset Categories

AssetBook ValueDepreciationBasis
Equipment-$7,215$7,215
Compensation and Service Providers
Top Officer Pay43rd percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Frederick Kenney IIExecutive DirectorFT$99,896$14,672$114,568

Board Members and Trustees

NameTitle
Jason LarocquePresident
Bill Townsend left in 2024Board Member
Christopher LapierreBoard Member
Darcy TarteBoard Member
Jason Robart left in 2024Board Member
Joseph AndrianoBoard Member
Mark FosterBoard Member
Nicole MacTavishBoard Member
Renny PerryBoard Member
Richard McKerrBoard Member
Robert OrtmyerBoard Member
Ryan BartlettBoard Member
Susan P RitterBoard Member
Thomas Thompson left in 2024Board Member
Valerie Capels left in 2024Board Member
David CastleSecretary
Gina LarrowVP Treasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$262,863
Program Service Revenue
$48,223
Investment Income
$3,671
Other Revenue
$603
Change in Net Assets
$-26,973

Audited Revenue Reconciliation

Revenue per Audited Statements
$315,360
Total Revenue per Audited Statements
$315,360
Total Revenue per Form 990
$315,360
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$219,458
Other Expenses$122,875
Total Fundraising Expense$27,903
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$59,377$36,239$2,663$98,279
Current Officers, Directors, Trustees, and Key Employees$62,765$22,416$4,483$89,664
Fees for Services Accounting$19,364$2,582$3,873$25,819
Fees for Services Other$13,298-$8,865$22,163
Occupancy$14,950$2,990$1,993$19,933
Payroll Taxes$5,800$5,800$2,900$14,500
Office Expenses$12,370$1,378$516$14,264
Other Employee Benefits$8,473$3,135$704$12,312
Conferences and Meetings$8,804--$8,804
Interest$6,859--$6,859
Pension Plan Contributions$3,292$1,176$235$4,703
Insurance$3,360$608$406$4,374
Advertising$1,896-$1,265$3,161
Fees for Services Legal$2,301--$2,301
Travel$2,178--$2,178
Other Expenses$139$1,020-$1,159
Depreciation Depletion-$53-$53
Total Functional Expenses$237,033$77,397$27,903$342,333

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$342,333
Total Expenses per Audited Statements$342,333
Total Expenses per Form 990$342,333
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Federal income taxes$3,892
Lease liability-
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
Yes
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section B, Line 11B

“Organizations process to review Form 990 - The draft audit and Form 990 are reviewed by the Executive Committee prior to signing”

Form 990, Part VI, Section B, Line 12C

“Enforecement of Conflicts Policy - Board members disclose any conflicts or potential conflicts priro to board meetings. If a conflict exists, Board memebers do not receive information on the conflicting entity, nor do they participate in debate and they abstain from voting.”

Form 990, Part VI, Section B, Line 15A

“Compensation Process for Top Official - The Executive Committee / Hiring Committee determones compensation upon hiring. Pay changes and benefit changes are approe as part of the annual budget approval in July, subject to positive performance evaluations bythe Executive Committee in October.”

Form 990, Part VI, Section C, Line 19

“Governing Document Disclosure - Governing documents are provided upon request”

Filing and Contact Details

Filer

Filer Name
Addison County Economic Development Corporation
EIN
03-0331665
Address
1590 Route 7 South 8, Middlebury, VT 05753

Signing Officer

Name
Frederick Kenney II
Title
Executive Director
Signed
2025-02-19
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Frederick Kenney II
Formed
1991
Legal Domicile
Vt
Voting Board Members
13
Independent Board Members
13
Employees
5
Volunteers
16

Preparer

Firm
Wisehart Wimette Associates PLC
Address
159 River Road, Essex Junction, VT 05452
Preparer
Kirk P Wisehart
Phone
8028791055
Supplemental Narrative

Financial Statement Notes

X 2

“The Organization is a non-profit organization exempt from income taxes under Section 501C6 of the Internal Revenue Code. It has been classified as an organization that is not a private foundation. In addition, none of its present or anticipated future activities are subject to taxation as unrelated business income therefore, no provision for income taxes has been made in the accompanying financial statements. The Organization believes it has taken no uncertain tax positions that could have an effect on its financial statements.”

Raw XML AppendixShowing 400 of 488 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990/Form990PartVIISectionAGrp/PersonNm1Jason Larocque
IRS990/Form990PartVIISectionAGrp/PersonNm2Gina Larrow
IRS990/Form990PartVIISectionAGrp/PersonNm3David Castle
IRS990/Form990PartVIISectionAGrp/PersonNm4Christopher Lapierre
IRS990/Form990PartVIISectionAGrp/PersonNm5Joseph Andriano
IRS990/Form990PartVIISectionAGrp/PersonNm6Ryan Bartlett
IRS990/Form990PartVIISectionAGrp/PersonNm7Mark Foster
IRS990/Form990PartVIISectionAGrp/PersonNm8Nicole MacTavish
IRS990/Form990PartVIISectionAGrp/PersonNm9Richard McKerr
IRS990/Form990PartVIISectionAGrp/PersonNm10Robert Ortmyer
IRS990/Form990PartVIISectionAGrp/PersonNm11Renny Perry
IRS990/Form990PartVIISectionAGrp/PersonNm12Susan P Ritter
IRS990/Form990PartVIISectionAGrp/PersonNm13Darcy Tarte
IRS990/Form990PartVIISectionAGrp/PersonNm14Valerie Capels left in 2024
IRS990/Form990PartVIISectionAGrp/PersonNm15Jason Robart left in 2024
IRS990/Form990PartVIISectionAGrp/PersonNm16Thomas Thompson left in 2024
IRS990/Form990PartVIISectionAGrp/PersonNm17Bill Townsend left in 2024
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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0The Organization is a non-profit organization exempt from income taxes under Section 501C6 of the Internal Revenue Code. It has been classified as an organization that is not a private foundation. In addition, none of its present or anticipated future activities are subject to taxation as unrelated business income therefore, no provision for income taxes has been made in the accompanying financial statements. The Organization believes it has taken no uncertain tax positions that could have an effect on its financial statements.
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