Civic Intelligence

Addison County Economic Development Corporation

990 • Fiscal year 2021 • EIN 03-0331665

Jul 01, 2020 to Jun 30, 2021 • Filed on Jan 24, 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

0.61x

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

2021 filings • 501(c)6 • $1M-$5M nonprofits • Source year 2021

Liabilities / Revenue

97th percentile

1.93x

Higher debt load relative to revenue than 97% of similar nonprofits.

2021 filings • 501(c)6 • $1M-$5M nonprofits • Source year 2021

Net Margin

64th percentile

16%

Higher net margin than 64% of similar nonprofits.

2021 filings • 501(c)6 • $1M-$5M nonprofits • Source year 2021

Top Officer Pay

39th percentile

$106,579

Higher top officer pay than 39% of similar nonprofits.

Top officer pay equals 29.4% of source-year revenue.

2021 filings • 501(c)6 • $1M-$5M nonprofits • Source year 2021

Asset Growth

27th percentile

3.4%

Faster asset growth than 27% of similar nonprofits.

2021 filings • 501(c)6 • $1M-$5M nonprofits • Annualized from 2020 to 2021

Revenue Growth

67th percentile

21%

Faster revenue growth than 67% of similar nonprofits.

2021 filings • 501(c)6 • $1M-$5M nonprofits • Annualized from 2020 to 2021

Balance Sheet
Liabilities / Assets91st percentile

Assets

Up

$1,150,154

Up $37,660 (+3.4%) from 2020

Net Assets

Up

$448,816

Up $59,491 (+15%) from 2020

Liabilities

Down

$701,338

Down $21,831 (-3.0%) from 2020

Revenue And Expenses
Liabilities / Revenue97th percentileNet Margin64th percentile

Revenue

Up

$362,506

Up $62,282 (+21%) from 2020

Expenses

Down

$303,015

Down $91,616 (-23%) from 2020

Net Income

Up

$59,491

Up $153,898 (+163%) from 2020

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

2021

Assets$1,150,154
Liabilities$701,338
Net Assets$448,816
Open 2021 Filing

Operations Trend

Revenue Growth67th 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

2021

Revenue$362,506
Expenses$303,015
Net Income$59,491
Open 2021 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2020 to Jun 30, 2021
Signed
Jan 24, 2022
Return Version
2020v4.0
Gross Receipts
$362,506
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$669,756$575,226▼ $94,530
Savings and Temporary Cash Investments$347,255$433,299▲ $86,044
Cash and Non-Interest-Bearing Accounts$72,603$130,378▲ $57,775
Accounts Receivable$18,243$7,428▼ $10,815
Prepaid Expenses and Deferred Charges$540$2,867▲ $2,327
Land, Buildings, and Equipment, Net$4,097$956▼ $3,141
Total Assets$1,112,494$1,150,154▲ $37,660
Liabilities
Mortgage Notes Payable Secured by Investment Property$677,571$675,723▼ $1,848
Accounts Payable and Accrued Expenses$30,598$19,302▼ $11,296
Deferred Revenue$15,000$6,313▼ $8,687
Total Liabilities$723,169$701,338▼ $21,831
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$207,695$288,934▲ $81,239
Net Assets With Donor Restrictions$181,630$159,882▼ $21,748
Total Net Assets Fund Balance$389,325$448,816▲ $59,491
Total Liabilities and Net Assets / Fund Balance$1,112,494$1,150,154▲ $37,660

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$956$14,159$15,115
Compensation and Service Providers
Top Officer Pay39th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Frederick Kenney IiExecutive DiFT$93,840$12,739$106,579

Board Members and Trustees

NameTitle
Sarah MorrisPresident
Bill TownsendBoard Member
Chris WilsonBoard Member
Dave CastleBoard Member
David EstesBoard Member
Jason LarocqueBoard Member
Jeff OlsonBoard Member
John Kiernan Until May 2021Board Member
John RobertsBoard Member
Marie JewettBoard Member
Renny PerryBoard Member
Robert FeuerteinBoard Member
Ron HallmanBoard Member
Stephanie Pope Until Dec 2020Board Member
Valerie CapelsBoard Member
Caroline CarpenterSecretary
Matthew CurranTreasurer
Susan McclureVice Preside
Revenue and Support

Revenue Composition

Contributions and Grants
$284,765
Program Service Revenue
$63,725
Investment Income
$397
Other Revenue
$13,619
All Other Contributions
$3,680
Change in Net Assets
$59,491

Audited Revenue Reconciliation

Revenue per Audited Statements
$362,506
Total Revenue per Audited Statements
$362,506
Total Revenue per Form 990
$362,506
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$227,617
Other Expenses$75,398
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$74,605$31,974-$106,579
Other Salaries and Wages$30,439$71,028-$101,467
Occupancy$11,843$5,076-$16,919
Payroll Taxes$7,925$7,925-$15,850
Fees for Services Accounting-$13,900-$13,900
Office Expenses$8,810$2,720-$11,530
Information Technology$7,897$1,394-$9,291
Conferences and Meetings$6,259$429-$6,688
Interest$4,311--$4,311
Depreciation Depletion-$3,141-$3,141
Pension Plan Contributions$2,038$873-$2,911
Insurance$2,342$413-$2,755
Fees for Services Other$2,131--$2,131
Fees for Services Legal$1,165--$1,165
Other Employee Benefits$567$243-$810
Advertising$788--$788
Travel$137--$137
Other Expenses$-2,417$-260-$-2,417
Total Functional Expenses$162,740$140,275$0$303,015

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$303,015
Total Expenses per Audited Statements$303,015
Total Expenses per Form 990$303,015
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

“Agendas are distributed prior to the board and loan committee meetings. Board members are required to notify the executive director of any actual or potential conflict. The executive director then notifies the board chair. Depending on the conflict, the board member may disclose the conflict and participate in debate and vote or, the member does not receive the materials related to the conflicted item, recuses themselves from the debate (leaves the room) 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
2022-01-24
Discuss with paid preparer
Yes

Organization Details

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

Preparer

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

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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IRS990/Form990PartVIISectionAGrp/TitleTxt0EXECUTIVE DI
IRS990/Form990PartVIISectionAGrp/TitleTxt1PRESIDENT
IRS990/Form990PartVIISectionAGrp/TitleTxt2VICE PRESIDE
IRS990/Form990PartVIISectionAGrp/TitleTxt3SECRETARY
IRS990/Form990PartVIISectionAGrp/TitleTxt4TREASURER
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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0ACEDC BELIEVES IT HAS ADEQUATE SUPPORT FOR ANY TAX POSITIONS TAKEN AND, AS A RESULT, HAS NOT RECORDED ANY LIABILITY FOR UNCERTAIN TAX POSITIONS.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE D, PAGE 3, PART X
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THE DRAFT AUDIT, INCLUDING THE DRAFT 990 IS REVIEWED BY THE EXECUTIVE COMMITTEE PRIOR TO SIGNING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1AGENDAS ARE DISTRIBUTED PRIOR TO THE BOARD AND LOAN COMMITTEE MEETINGS. BOARD MEMBERS ARE REQUIRED TO NOTIFY THE EXECUTIVE DIRECTOR OF ANY ACTUAL OR POTENTIAL CONFLICT. THE EXECUTIVE DIRECTOR THEN NOTIFIES THE BOARD CHAIR. DEPENDING ON THE CONFLICT, THE BOARD MEMBER MAY DISCLOSE THE CONFLICT AND PARTICIPATE IN DEBATE AND VOTE OR, THE MEMBER DOES NOT RECEIVE THE MATERIALS RELATED TO THE CONFLICTED ITEM, RECUSES THEMSELVES FROM THE DEBATE (LEAVES THE ROOM) AND ABSTAINS FROM VOTING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THE 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.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3GOVERNING DOCUMENTS ARE PROVIDED UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PAGE 6, PART VI, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PAGE 6, PART VI, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PAGE 6, PART VI, LINE 15A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PAGE 6, PART VI, LINE 19
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Document Assets

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Filings

Displayed year

2021 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$1,150,154
Liabilities
$701,338
Net assets
$448,816
Revenue
$362,506
Expenses
$303,015
Net income
$59,491
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
2021Detailed filing. Detailed filing data is available for this year.$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