Civic Intelligence

Addison County Economic Development Corporation

990 • Fiscal year 2018 • EIN 03-0331665

Jul 01, 2017 to Jun 30, 2018 • Filed on Dec 12, 2018

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

88th percentile

0.59x

Higher debt load relative to assets than 88% of similar nonprofits.

2018 filings • 501(c)6 • $1M-$5M nonprofits • Source year 2018

Liabilities / Revenue

99th percentile

3.49x

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

2018 filings • 501(c)6 • $1M-$5M nonprofits • Source year 2018

Net Margin

20th percentile

-4.0%

Higher net margin than 20% of similar nonprofits.

2018 filings • 501(c)6 • $1M-$5M nonprofits • Source year 2018

Top Officer Pay

Score unavailable

No value available

This filing does not contain officer compensation rows.

Source year 2018

Asset Growth

27th percentile

-4.0%

Faster asset growth than 27% of similar nonprofits.

2018 filings • 501(c)6 • $1M-$5M nonprofits • Annualized from 2017 to 2018

Revenue Growth

20th percentile

-5.6%

Faster revenue growth than 20% of similar nonprofits.

2018 filings • 501(c)6 • $1M-$5M nonprofits • Annualized from 2017 to 2018

Balance Sheet
Liabilities / Assets88th percentile

Assets

Down

$1,373,726

Down $57,573 (-4.0%) from 2017

Net Assets

Down

$566,733

Down $13,445 (-2.3%) from 2017

Liabilities

Down

$806,993

Down $44,128 (-5.2%) from 2017

Revenue And Expenses
Liabilities / Revenue99th percentileNet Margin20th percentile

Revenue

Down

$231,337

Down $13,666 (-5.6%) from 2017

Expenses

Down

$240,539

Down $91 (-0.0%) from 2017

Net Income

Down

-$9,202

Down $13,575 (-310%) from 2017

Historical Trend

Balance Sheet Trend

Asset Growth27th 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

2018

Assets$1,373,726
Liabilities$806,993
Net Assets$566,733
Open 2018 Filing

Operations Trend

Revenue Growth20th 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

2018

Revenue$231,337
Expenses$240,539
Net Income-$9,202
Open 2018 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2017 to Jun 30, 2018
Signed
Dec 12, 2018
Return Version
2017v2.2
Gross Receipts
$231,337
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$264,792$229,739▼ $35,053
Accounts Receivable$8,689$12,567▲ $3,878
Land, Buildings, and Equipment, Net$2,800$9,265▲ $6,465
Pledges and Grants Receivable$2,000$2,000→ $0
Prepaid Expenses and Deferred Charges$1,683$1,142▼ $541
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$1,431,299$1,373,726▼ $57,573
Other Assets Total$1,151,335$1,119,013▼ $32,322
Liabilities
Mortgage Notes Payable Secured by Investment Property$788,499$747,058▼ $41,441
Other Liabilities$53,534$43,534▼ $10,000
Accounts Payable and Accrued Expenses$9,088$16,401▲ $7,313
Total Liabilities$851,121$806,993▼ $44,128
Net Assets / Fund Balance
Temporarily Rstr Net Assets$281,882$306,186▲ $24,304
Unrestricted Net Assets$298,296$260,547▼ $37,749
Total Net Assets Fund Balance$580,178$566,733▼ $13,445
Total Liabilities and Net Assets / Fund Balance$1,431,299$1,373,726▼ $57,573

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$9,265$25,312$34,577
Other Assets Org$602,122--
Compensation and Service Providers
Top Officer PayScore unavailable

Employees

NameTitleFull / Part TimeBaseOtherTotal
Robin Scheu Until 122217Executive DirectorFT$89,781$14,552$104,333
Frederick Kenney IiExecutive DirectorFT$6,692$670$7,362

Board Members and Trustees

NameTitle
Chris Knapp Until 1217President
Marie Jewett Vp Until 1217President 1/18
Sarah Morris Sec Until 1217VPresident 1/18
Ben Anderson-rayDirector
Bill TownsendDirector
Caroline CarpenterDirector
David EstesDirector
Eric ForandDirector
John KiernanDirector
Kathleen RamsayDirector
Mel HawleyDirector
Mike CorbettDirector
Robert FeuerteinDirector
Ron CrawfordDirector
Sas StewartDirector
Stephanie PopeDirector
Valerie CapelsDirector
Mark Bellinger Starting 118Trustee
Jeff FritzSecretary 1/18
Sarah Cowan Until 1217Treasurer
Matthew CurranTreasurer 1/18
Revenue and Support

Revenue Composition

Contributions and Grants
$160,533
Program Service Revenue
$57,337
Investment Income
$481
Other Revenue
$12,986
All Other Contributions
$16,525
Change in Net Assets
$-9,202

Audited Revenue Reconciliation

Revenue per Audited Statements
$231,337
Total Revenue per Audited Statements
$231,337
Total Revenue per Form 990
$231,337
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$173,851
Other Expenses$66,688
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$96,867--$96,867
Other Salaries and Wages$47,986--$47,986
Fees for Services Other$19,038--$19,038
Other Employee Benefits$12,670--$12,670
Payroll Taxes$11,968--$11,968
Occupancy$11,959--$11,959
Conferences and Meetings$9,528--$9,528
Interest$7,977--$7,977
Pension Plan Contributions$4,360--$4,360
Office Expenses$2,809--$2,809
Travel$2,772--$2,772
Insurance$2,770--$2,770
Depreciation Depletion$2,386--$2,386
Advertising$1,433--$1,433
Other Expenses$789--$789
All Other Expenses$330--$330
Total Functional Expenses$240,539$0$0$240,539

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$240,539
Total Expenses per Audited Statements$240,539
Total Expenses per Form 990$240,539
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
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$43,534
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 executive committee 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
Frederick Kenney Ii
Title
Executive Director
Signed
2018-12-12
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, 2018, 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 2015.”

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IRS990/Form990PartVIISectionAGrp/PersonNm22FREDERICK KENNEY II
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IRS990/Form990PartVIISectionAGrp/TitleTxt4Director
IRS990/Form990PartVIISectionAGrp/TitleTxt5President
IRS990/Form990PartVIISectionAGrp/TitleTxt6Director
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IRS990/Form990PartVIISectionAGrp/TitleTxt10Director
IRS990/Form990PartVIISectionAGrp/TitleTxt11Director
IRS990/Form990PartVIISectionAGrp/TitleTxt12Director
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IRS990/Form990PartVIISectionAGrp/TitleTxt17Director
IRS990/Form990PartVIISectionAGrp/TitleTxt18Director
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IRS990/Form990PartVIISectionAGrp/TitleTxt20Director
IRS990/Form990PartVIISectionAGrp/TitleTxt21Executive Dir.
IRS990/Form990PartVIISectionAGrp/TitleTxt22Executive Dir.
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Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

2018 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$1,373,726
Liabilities
$806,993
Net assets
$566,733
Revenue
$231,337
Expenses
$240,539
Net income
-$9,202
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
2018Detailed filing. Detailed filing data is available for this year.$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
Peer Organizations

Similar nonprofits based on the same Siviq industry and scale cohort. 2018 filings • 501(c)6 • $1M-$5M nonprofits