Civic Intelligence

Addison County Economic Development Corporation

990 • Fiscal year 2022 • EIN 03-0331665

Jul 01, 2021 to Jun 30, 2022 • Filed on Dec 07, 2022

Organization ProfileWWW.ADDISONCOUNTYEDC.ORG
1590 Route 7 South 8Middlebury, VT 05753

(802) 388-7953

Siviq Scores

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

Liabilities / Assets

91st percentile

0.63x

Higher debt load relative to assets than 91% of similar nonprofits.

2022 filings • 501(c)6 • $1M-$5M nonprofits • Source year 2022

Liabilities / Revenue

98th percentile

2.30x

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

2022 filings • 501(c)6 • $1M-$5M nonprofits • Source year 2022

Net Margin

25th percentile

-3.1%

Higher net margin than 25% of similar nonprofits.

2022 filings • 501(c)6 • $1M-$5M nonprofits • Source year 2022

Top Officer Pay

41st percentile

$112,448

Higher top officer pay than 41% of similar nonprofits.

Top officer pay equals 34.1% of source-year revenue.

2022 filings • 501(c)6 • $1M-$5M nonprofits • Source year 2022

Asset Growth

56th percentile

4.1%

Faster asset growth than 56% of similar nonprofits.

2022 filings • 501(c)6 • $1M-$5M nonprofits • Annualized from 2021 to 2022

Revenue Growth

17th percentile

-9.0%

Faster revenue growth than 17% of similar nonprofits.

2022 filings • 501(c)6 • $1M-$5M nonprofits • Annualized from 2021 to 2022

Balance Sheet
Liabilities / Assets91st percentile

Assets

Up

$1,197,128

Up $46,974 (+4.1%) from 2021

Net Assets

Down

$438,693

Down $10,123 (-2.3%) from 2021

Liabilities

Up

$758,435

Up $57,097 (+8.1%) from 2021

Revenue And Expenses
Liabilities / Revenue98th percentileNet Margin25th percentile

Revenue

Down

$329,758

Down $32,748 (-9.0%) from 2021

Expenses

Up

$339,881

Up $36,866 (+12%) from 2021

Net Income

Down

-$10,123

Down $69,614 (-117%) from 2021

Historical Trend

Balance Sheet Trend

Asset Growth56th 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

2022

Assets$1,197,128
Liabilities$758,435
Net Assets$438,693
Open 2022 Filing

Operations Trend

Revenue Growth17th 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

2022

Revenue$329,758
Expenses$339,881
Net Income-$10,123
Open 2022 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2021 to Jun 30, 2022
Signed
Dec 7, 2022
Return Version
2021v4.0
Gross Receipts
$329,758
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 businesses to launch, grow, and thrive.

Balance Sheet Detail
LineBeginningEndChange
Assets
Other Notes and Loans Receivable, Net$575,226$613,577▲ $38,351
Savings and Temporary Cash Investments$433,299$429,678▼ $3,621
Cash and Non-Interest-Bearing Accounts$130,378$123,546▼ $6,832
Accounts Receivable$7,428$26,508▲ $19,080
Prepaid Expenses and Deferred Charges$2,867$3,370▲ $503
Land, Buildings, and Equipment, Net$956$449▼ $507
Total Assets$1,150,154$1,197,128▲ $46,974
Liabilities
Mortgage Notes Payable Secured by Investment Property$675,723$714,801▲ $39,078
Accounts Payable and Accrued Expenses$19,302$22,215▲ $2,913
Deferred Revenue$6,313$21,419▲ $15,106
Total Liabilities$701,338$758,435▲ $57,097
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$288,934$321,880▲ $32,946
Net Assets With Donor Restrictions$159,882$116,813▼ $43,069
Total Net Assets Fund Balance$448,816$438,693▼ $10,123
Total Liabilities and Net Assets / Fund Balance$1,150,154$1,197,128▲ $46,974

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$449$14,666$15,115
Compensation and Service Providers
Top Officer Pay41st percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Frederick Kenney IiExecutive DiFT$99,254$13,194$112,448

Board Members and Trustees

NameTitle
Susan McclurePresident
Bill TownsendBoard Member
Caroline CarpenterBoard Member
Christopher LapierreBoard Member
Darcy TarteBoard Member
Dave CastleBoard Member
David Estes Term Ended 2021Board Member
Gina LarrowBoard Member
Jason RobartBoard Member
Jeff Olson Term Ended 2021Board Member
John KiernanBoard Member
John Roberts Resigned Dec 2021Board Member
Joseph AndrianoBoard Member
Lianne LussierBoard Member
Marie Jewett Term Ended 2021Board Member
Mark FosterBoard Member
Renny PerryBoard Member
Robert Feuerstein Term Ended 2021Board Member
Ron HallmanBoard Member
Sarah Morris Term Ended 2021Board Member
Thomas ThompsonBoard Member
Valerie CapelsBoard Member
Jason LarocqueSecretary
Matthew CurranTreasurer
Chris WilsonVice Preside
Revenue and Support

Revenue Composition

Contributions and Grants
$288,236
Program Service Revenue
$38,461
Investment Income
$343
Other Revenue
$2,718
Change in Net Assets
$-10,123

Audited Revenue Reconciliation

Revenue per Audited Statements
$329,758
Total Revenue per Audited Statements
$329,758
Total Revenue per Form 990
$329,758
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$205,814
Other Expenses$134,067
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$77,504$33,216-$110,720
Other Salaries and Wages$49,370$30,926-$80,296
Fees for Services Accounting-$22,800-$22,800
Fees for Services Other$22,603--$22,603
Occupancy$14,314$4,771-$19,085
Office Expenses$10,866$5,074-$15,940
Payroll Taxes$7,573$3,873-$11,446
Interest$7,470--$7,470
Fees for Services Legal$2,965--$2,965
Advertising$1,599$1,066-$2,665
Insurance$1,778$486-$2,264
Pension Plan Contributions$1,310$840-$2,150
Other Employee Benefits$412$790-$1,202
Travel$874--$874
Depreciation Depletion-$507-$507
Conferences and Meetings$245--$245
Other Expenses$217$-1,183-$-1,183
Total Functional Expenses$236,157$103,724$0$339,881

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$339,881
Total Expenses per Audited Statements$339,881
Total Expenses per Form 990$339,881
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
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
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, Page 6, Part VI, Line 11B

“The draft audit, including the draft 990 is reviewed by the executive committee prior to signing.”

Form 990, Page 6, Part VI, Line 12C

“Board members disclose any conflicts or potential conflicts prior to board meetings. If conflict exists, board member does not receive information on the conflicting entity, does not participate in debate and abstains from voting.”

Form 990, Page 6, Part VI, Line 15A

“The executive committee/hiring committee determines compensation upon hiring. Pay change and benefit changes are approved as part of the annual budget approval in july, subject to positive performance evaluation by the executive committee in october.”

Form 990, Page 6, Part VI, Line 19

“Governing documents are provided upon request.”

Filing and Contact Details

Filer

Filer Name
Addison County Economic Development
EIN
03-0331665
Phone
8023887953
Address
1590 ROUTE 7 SOUTH 8, MIDDLEBURY, VT 05753

Signing Officer

Name
Frederick Kenney Ii
Title
Executive Director
Phone
8023887953
Signed
2022-12-07
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Frederick Kenney Ii
Formed
1991
Legal Domicile
Vt
Voting Board Members
19
Independent Board Members
19
Employees
6
Volunteers
25

Preparer

Firm
Jmm & Associates Pc
Address
336 WATER TOWER CIR STE 801, COLCHESTER, VT 05446
Preparer
Randall L Sargent CPA
Phone
8026555665
Supplemental Narrative

Additional Explanations

Form 990, Page 2, Part III, Line 3

“Stopped offering contracted financial services to businesses.”

Financial Statement Notes

Schedule D, Page 3, Part X

“Acedc believes it has adequate support for any tax positions taken and, as a result, has not recorded any liability for uncertain tax positions.”

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Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

2022 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$1,197,128
Liabilities
$758,435
Net assets
$438,693
Revenue
$329,758
Expenses
$339,881
Net income
-$10,123
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
2022Detailed filing. Detailed filing data is available for this year.$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