Civic Intelligence

Addison County Economic Development Corporation

990 • Fiscal year 2017 • EIN 03-0331665

Jul 01, 2016 to Jun 30, 2017 • Filed on Oct 11, 2017

Organization ProfileWWW.ADDISONCOUNTYEDC.ORG
1590 Route 7 SouthMiddlebury, VT 05753

(802) 388-7953

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

87th percentile

0.59x

Higher debt load relative to assets than 87% of similar nonprofits.

2017 filings • 501(c)6 • $1M-$5M nonprofits • Source year 2017

Liabilities / Revenue

98th percentile

3.47x

Higher debt load relative to revenue than 98% of similar nonprofits.

2017 filings • 501(c)6 • $1M-$5M nonprofits • Source year 2017

Net Margin

42nd percentile

1.8%

Higher net margin than 42% of similar nonprofits.

2017 filings • 501(c)6 • $1M-$5M nonprofits • Source year 2017

Top Officer Pay

Score unavailable

No value available

This filing does not contain officer compensation rows.

Source year 2017

Asset Growth

23rd percentile

-2.6%

Faster asset growth than 23% of similar nonprofits.

2017 filings • 501(c)6 • $1M-$5M nonprofits • Annualized from 2016 to 2017

Revenue Growth

40th percentile

0.9%

Faster revenue growth than 40% of similar nonprofits.

2017 filings • 501(c)6 • $1M-$5M nonprofits • Annualized from 2016 to 2017

Balance Sheet
Liabilities / Assets87th percentile

Assets

Down

$1,431,299

Down $38,124 (-2.6%) from 2016

Net Assets

Up

$580,178

Up $4,373 (+0.8%) from 2016

Liabilities

Down

$851,121

Down $42,497 (-4.8%) from 2016

Revenue And Expenses
Liabilities / Revenue98th percentileNet Margin42nd percentile

Revenue

Up

$245,003

Up $2,208 (+0.9%) from 2016

Expenses

Up

$240,630

Up $15,263 (+6.8%) from 2016

Net Income

Down

$4,373

Down $13,055 (-75%) from 2016

Historical Trend

Balance Sheet Trend

Asset Growth23rd percentile

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$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

2017

Assets$1,431,299
Liabilities$851,121
Net Assets$580,178
Open 2017 Filing

Operations Trend

Revenue Growth40th percentile

Revenue, expenses, and net income across loaded years, with this 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

2017

Revenue$245,003
Expenses$240,630
Net Income$4,373
Open 2017 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2016 to Jun 30, 2017
Signed
Oct 11, 2017
Return Version
2016v3.0
Gross Receipts
$245,003
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.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$275,770$264,792▼ $10,978
Accounts Receivable$9,334$8,689▼ $645
Land, Buildings, and Equipment, Net$6,884$2,800▼ $4,084
Pledges and Grants Receivable$2,000$2,000→ $0
Prepaid Expenses and Deferred Charges$1,627$1,683▲ $56
Savings and Temporary Cash Investments-$0-
Other Notes and Loans Receivable, Net-$0-
Receivable From Disqualified Prsn-$0-
Receivables From Officers Etc-$0-
Investments Other Securities-$0-
Investments Program Related-$0-
Investments in Publicly Traded Securities-$0-
Intangible Assets-$0-
Inventories for Sale or Use-$0-
Total Assets$1,469,423$1,431,299▼ $38,124
Other Assets Total$1,173,808$1,151,335▼ $22,473
Liabilities
Mortgage Notes Payable Secured by Investment Property$820,581$788,499▼ $32,082
Other Liabilities$63,534$53,534▼ $10,000
Accounts Payable and Accrued Expenses$9,503$9,088▼ $415
Total Liabilities$893,618$851,121▼ $42,497
Net Assets / Fund Balance
Unrestricted Net Assets$297,487$298,296▲ $809
Temporarily Rstr Net Assets$278,318$281,882▲ $3,564
Total Net Assets Fund Balance$575,805$580,178▲ $4,373
Total Liabilities and Net Assets / Fund Balance$1,469,423$1,431,299▼ $38,124

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$2,800$23,679$26,479
Other Assets Org$668,665--
Compensation and Service Providers
Top Officer PayScore unavailable

Employees

NameTitleFull / Part TimeBaseOtherTotal
Robin ScheuExecutive DirectorFT$89,793$18,032$107,825

Board Members and Trustees

NameTitle
Chris KnappPresident
Marie JewettVice President
Ben Anderson-rayDirector
Eric ForandDirector
John KiernanDirector
Kathleen RamsayDirector
Mark BellingerDirector
Matthew CurranDirector
Mel HawleyDirector
Mike CorbettDirector
Ron CrawfordDirector
Sas StewartDirector
Stephanie PopeDirector
Sarah MorrisSecretary
Sarah CowanTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$174,683
Program Service Revenue
$66,564
Investment Income
$446
Other Revenue
$3,310
All Other Contributions
$16,525
Change in Net Assets
$4,373

Audited Revenue Reconciliation

Revenue per Audited Statements
$245,003
Total Revenue per Audited Statements
$245,003
Total Revenue per Form 990
$245,003
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$167,297
Other Expenses$73,333
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Current Officers, Directors, Trustees, and Key Employees$82,913--$82,913
Other Salaries and Wages$50,938--$50,938
Other Employee Benefits$16,103--$16,103
Fees for Services Other$14,768--$14,768
Payroll Taxes$13,344--$13,344
Occupancy$11,895--$11,895
Interest$8,210--$8,210
Depreciation Depletion$4,084--$4,084
Pension Plan Contributions$3,999--$3,999
Conferences and Meetings$3,442--$3,442
Insurance$2,626--$2,626
Office Expenses$2,512--$2,512
Travel$2,130--$2,130
Advertising$2,024--$2,024
Other Expenses$1,300--$1,300
All Other Expenses$840--$840
Total Functional Expenses$240,630$0$0$240,630

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$240,630
Total Expenses per Audited Statements$240,630
Total Expenses per Form 990$240,630
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
Lobbying activity
No
Subject to proxy tax
No
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Receivables from Disqualified Persons-$0-
Receivables from Officers, Directors, Trustees, and Key Employees-$0-
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Due to Veda$53,534
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
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, Line 11B: Form 990 Review Process

“The 990 is reviewed and approved by the board and the executive director prior to being filed.”

Form 990, Part VI, Line 15A: Compensation Review & Approval Process - CEO, Top Management

“The board of directors reviews the executive directors salary and benefits package annually.”

Form 990, Part VI, Line 19: Other Organization Documents Publicly Available

“UPON REQUEST.”

Filing and Contact Details

Filer

Filer Name
Addison County Economic Development
EIN
03-0331665
Phone
8023887953
Address
1590 ROUTE 7 SOUTH, MIDDLEBURY, VT 05753

Signing Officer

Name
Robin Scheu
Title
Executive Director
Signed
2017-10-11
Discuss with paid preparer
Yes

Organization Details

Formed
1991
Legal Domicile
Vt
Voting Board Members
15
Independent Board Members
15
Employees
3

Preparer

Firm
OBrien Shortle Reynolds & Sabotka PC
Address
54 North Main Street, Rutland, VT 05701
Preparer
Gwen Flewelling
Phone
8027738344
Supplemental Narrative

Financial Statement Notes

Part X : FIN48 Footnote

“Income taxes are not provided for in the financial statements since the Organization is exempt from federal and state income taxes under section 501(c)6 of the Internal Revenue Code and similar state provisions. The Organization is not classified as a private foundation.Accounting principles generally accepted in the United States of America require management to evaluate tax positions taken by the Organization and recognize a tax liability (or asset) if the Organization has taken an uncertain position that more-likely-than-not would not be sustained upon examination by the Internal Revenue Service. Management has analyzed the tax positions taken by the plan, and has concluded that as of June 30, 2017, there are no uncertain positions taken or expected to be taken that would require recognition of a liability (or asset) or disclosure in the financial statements. The Organization is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress. Management believes it is no longer subject to income tax examinations for years prior to 2014.”

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IRS990/Form990PartVIISectionAGrp/TitleTxt0Vice President
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IRS990/Form990PartVIISectionAGrp/TitleTxt2Treasurer
IRS990/Form990PartVIISectionAGrp/TitleTxt3Director
IRS990/Form990PartVIISectionAGrp/TitleTxt4Director
IRS990/Form990PartVIISectionAGrp/TitleTxt5President
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IRS990/Form990PartVIISectionAGrp/TitleTxt7Director
IRS990/Form990PartVIISectionAGrp/TitleTxt8Director
IRS990/Form990PartVIISectionAGrp/TitleTxt9Director
IRS990/Form990PartVIISectionAGrp/TitleTxt10Director
IRS990/Form990PartVIISectionAGrp/TitleTxt11Secretary
IRS990/Form990PartVIISectionAGrp/TitleTxt12Director
IRS990/Form990PartVIISectionAGrp/TitleTxt13Director
IRS990/Form990PartVIISectionAGrp/TitleTxt14Director
IRS990/Form990PartVIISectionAGrp/TitleTxt15Executive Dir.
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IRS990/MissionDesc0To promote sound economic development of Addison County area, foster new business, and assist with the expansion of existing businesses within the area.
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IRS990ScheduleD/OtherAssetsOrgGrp/Desc3IRP NOTES RECEIVABLE - LT
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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0Income taxes are not provided for in the financial statements since the Organization is exempt from federal and state income taxes under section 501(c)6 of the Internal Revenue Code and similar state provisions. The Organization is not classified as a private foundation.Accounting principles generally accepted in the United States of America require management to evaluate tax positions taken by the Organization and recognize a tax liability (or asset) if the Organization has taken an uncertain position that more-likely-than-not would not be sustained upon examination by the Internal Revenue Service. Management has analyzed the tax positions taken by the plan, and has concluded that as of June 30, 2017, there are no uncertain positions taken or expected to be taken that would require recognition of a liability (or asset) or disclosure in the financial statements. The Organization is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress. Management believes it is no longer subject to income tax examinations for years prior to 2014.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0Part X : FIN48 Footnote
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Document Assets

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Filings

Displayed year

2017 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$1,431,299
Liabilities
$851,121
Net assets
$580,178
Revenue
$245,003
Expenses
$240,630
Net income
$4,373
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
2017Detailed filing. Detailed filing data is available for this year.$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