Civic Intelligence

Advance Transit Inc.

990 • Fiscal year 2022 • EIN 22-2558708

Jul 01, 2021 to Jun 30, 2022 • Filed on Aug 25, 2022

Organization Profilewww.advancetransit.com
PO Box 1027Wilder, VT 05088

(802) 295-1824

Siviq Scores

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

Liabilities / Assets

18th percentile

0.01x

Higher debt load relative to assets than 18% of similar nonprofits.

2022 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2022

Liabilities / Revenue

14th percentile

0.03x

Higher debt load relative to revenue than 14% of similar nonprofits.

2022 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2022

Net Margin

74th percentile

23%

Higher net margin than 74% of similar nonprofits.

2022 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2022

Top Officer Pay

33rd percentile

$131,326

Higher top officer pay than 33% of similar nonprofits.

Top officer pay equals 1.7% of source-year revenue.

2022 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2022

Asset Growth

64th percentile

6.2%

Faster asset growth than 64% of similar nonprofits.

2022 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2021 to 2022

Revenue Growth

59th percentile

9.2%

Faster revenue growth than 59% of similar nonprofits.

2022 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2021 to 2022

Balance Sheet
Liabilities / Assets18th percentile

Assets

Up

$17,081,099

Up $991,973 (+6.2%) from 2021

Net Assets

Up

$16,826,436

Up $1,782,578 (+12%) from 2021

Liabilities

Down

$254,663

Down $790,605 (-76%) from 2021

Revenue And Expenses
Liabilities / Revenue14th percentileNet Margin74th percentile

Revenue

Up

$7,862,543

Up $665,581 (+9.2%) from 2021

Expenses

Down

$6,079,965

Down $276,181 (-4.3%) from 2021

Net Income

Up

$1,782,578

Up $941,762 (+112%) from 2021

Historical Trend

Balance Sheet Trend

Asset Growth64th percentile

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

$20M$15M$10M$5.0M$0Assets 2011: $9,980,845Liabilities 2011: $481,808Net Assets 2011: $9,499,0372011Assets 2012: $9,530,011Liabilities 2012: $352,973Net Assets 2012: $9,177,0382012Assets 2013: $9,631,550Liabilities 2013: $263,996Net Assets 2013: $9,367,5542013Assets 2014: $9,245,594Liabilities 2014: $283,571Net Assets 2014: $8,962,0232014Assets 2015: $8,789,091Liabilities 2015: $213,986Net Assets 2015: $8,575,1052015Assets 2016: $8,743,469Liabilities 2016: $281,486Net Assets 2016: $8,461,9832016Assets 2017: $9,368,585Liabilities 2017: $262,019Net Assets 2017: $9,106,5662017Assets 2018: $11,204,637Liabilities 2018: $263,147Net Assets 2018: $10,941,4902018Assets 2019: $14,117,959Liabilities 2019: $227,882Net Assets 2019: $13,890,0772019Assets 2020: $15,221,271Liabilities 2020: $1,018,229Net Assets 2020: $14,203,0422020Assets 2021: $16,089,126Liabilities 2021: $1,045,268Net Assets 2021: $15,043,8582021Assets 2022: $17,081,099Liabilities 2022: $254,663Net Assets 2022: $16,826,4362022Assets 2023: $18,671,790Liabilities 2023: $358,128Net Assets 2023: $18,313,6622023Assets 2024: $19,421,563Liabilities 2024: $358,586Net Assets 2024: $19,062,9772024

Highlighted filing

2022

Assets$17,081,099
Liabilities$254,663
Net Assets$16,826,436
Open 2022 Filing

Operations Trend

Revenue Growth59th percentile

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$10M$5.0M$0-$5.0MExpenses 2011: $4,365,9222011Expenses 2012: $4,549,6632012Expenses 2013: $4,619,6092013Revenue 2014: $4,316,993Expenses 2014: $4,722,524Net Income 2014: -$405,5312014Revenue 2015: $4,387,516Expenses 2015: $5,012,553Net Income 2015: -$625,0372015Revenue 2016: $4,691,926Expenses 2016: $4,805,048Net Income 2016: -$113,1222016Revenue 2017: $5,485,230Expenses 2017: $4,840,648Net Income 2017: $644,5822017Revenue 2018: $6,699,371Expenses 2018: $4,864,447Net Income 2018: $1,834,9242018Revenue 2019: $8,396,717Expenses 2019: $5,448,130Net Income 2019: $2,948,5872019Revenue 2020: $6,435,643Expenses 2020: $6,122,678Net Income 2020: $312,9652020Revenue 2021: $7,196,962Expenses 2021: $6,356,146Net Income 2021: $840,8162021Revenue 2022: $7,862,543Expenses 2022: $6,079,965Net Income 2022: $1,782,5782022Revenue 2023: $8,660,374Expenses 2023: $7,173,802Net Income 2023: $1,486,5722023Revenue 2024: $9,004,490Expenses 2024: $8,257,263Net Income 2024: $747,2272024

Highlighted filing

2022

Revenue$7,862,543
Expenses$6,079,965
Net Income$1,782,578
Open 2022 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2021 to Jun 30, 2022
Signed
Aug 25, 2022
Return Version
2021v4.1
Gross Receipts
$7,884,243
Mission and Program Overview

Mission

To assure the continued

To assure the continued livability and accessibility of Upper Valley communities by providing safe, effective and friendly public transportation services.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$10,956,634$10,341,035▼ $615,599
Savings and Temporary Cash Investments$2,697,986$2,882,648▲ $184,662
Pledges and Grants Receivable$926,066$1,691,364▲ $765,298
Cash and Non-Interest-Bearing Accounts$753,241$1,082,731▲ $329,490
Accounts Receivable$494,183$802,599▲ $308,416
Inventories for Sale or Use$178,505$183,307▲ $4,802
Prepaid Expenses and Deferred Charges$82,511$69,700▼ $12,811
Total Assets$16,089,126$17,081,099▲ $991,973
Other Assets Total-$27,715-
Liabilities
Mortgage Notes Payable Secured by Investment Property$673,300--
Accounts Payable and Accrued Expenses$371,225$254,663▼ $116,562
Deferred Revenue$743--
Total Liabilities$1,045,268$254,663▼ $790,605
Net Assets / Fund Balance
Net Assets With Donor Restrictions$11,840,374$11,986,963▲ $146,589
Net Assets Without Donor Restrictions$3,203,484$4,839,473▲ $1,635,989
Total Net Assets Fund Balance$15,043,858$16,826,436▲ $1,782,578
Total Liabilities and Net Assets / Fund Balance$16,089,126$17,081,099▲ $991,973

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$7,164,841$5,424,760$12,589,601
Buildings$2,912,836$1,463,620$4,376,456
Land$263,358-$263,358
Other Land Buildings$0$47,804$47,804
Compensation and Service Providers
Top Officer Pay33rd percentile

Employees

NameTitleFull / Part TimeBaseTotal
Van ChesnutExecutive DirectorFT$131,326$131,326

Board Members and Trustees

NameTitle
Matt OsbornPresident
Nathan MillerVice President
Bethany FleishmanBoard Member
David StewartBoard Member
Demo SofronasBoard Member
Devin WilkieBoard Member
James TaylorBoard Member
Joe MajorBoard Member
Kathie NoletBoard Member
Mark BeliveauBoard Member
Patrick O'NeillBoard Member
Robert HousemanBoard Member
Reecca OwensSecretary
Robert StarkeyTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$7,836,383
Program Service Revenue
$0
Investment Income
$16,382
Other Revenue
$9,778
All Other Contributions
$3,010,864
Change in Net Assets
$1,782,578

Audited Revenue Reconciliation

Revenue per Audited Statements
$7,862,543
Total Revenue per Audited Statements
$7,862,543
Total Revenue per Form 990
$7,862,543
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$3,602,141
Other Expenses$2,433,786
Total Fundraising Expense$71,844
Professional Fundraising Fees$44,038
Grants and Similar Amounts Paid$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$2,469,508$279,544$0$2,749,052
Depreciation Depletion$1,058,080$84,360$0$1,142,440
Other Employee Benefits$562,102$80,929$0$643,031
Insurance$277,106$10,688$0$287,794
Other Expenses$0$265,064$0$265,064
Payroll Taxes$177,020$33,038$0$210,058
Office Expenses$43,142$62,362$27,806$133,310
Occupancy$132,878$0$0$132,878
Fees for Services Professional Fundraising--$44,038$44,038
All Other Expenses$23,537$1,278$0$24,815
Interest$0$8,873$0$8,873
Travel$1,767$215$0$1,982
Total Functional Expenses$5,178,666$829,455$71,844$6,079,965

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$6,079,965
Total Expenses per Audited Statements$6,079,965
Total Expenses per Form 990$6,079,965
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
Yes

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$44,038
Political and Lobbying Activity
Political campaign activity
No
Lobbying 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
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
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No
Filing and Contact Details

Filer

Filer Name
Advance Transit Inc
EIN
22-2558708
Phone
8022951824
Address
PO Box 1027, Wilder, VT 05088

Signing Officer

Name
Adams Carroll
Title
Executive Director
Phone
8022951824
Signed
2022-08-25
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Van Chesnut
Formed
1984
Legal Domicile
Vt
Voting Board Members
14
Independent Board Members
14
Employees
43
Volunteers
0

Preparer

Firm
Veroff & Austin PLLC
Address
174 Court St, Laconia, NH 03246
Preparer
Steven M Veroff CPA
Phone
6035278721
Supplemental Narrative

Additional Explanations

Pt VI, Line 11B

“The 990 is reviewed by the Director of Finance and Administration, the Executive Director and the full Board of Directors prior to submission of the return.”

Pt VI, Line 12C

“If a conflict of interest is identified, the voting member(s) with the conflict abstains from casting a vote.”

Pt VI, Line 15A

“The personnel committee makes a recommendation based on prevailing compensation rates for ATI's geographic area.”

Pt VI, Line 15B

“The personnel committee makes a recommendation based on prevailing compensation rates for ATI's geographic area.”

Pt VI, Line 19

“The organization makes the governing documents, conflict of interest policy and financial statements available to the public upon request.”

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IRS990/OtherEmployeeBenefitsGrp/TotalAmt0643031
IRS990/OtherExpensesGrp/Desc0Fuel
IRS990/OtherExpensesGrp/Desc1Vehicle Repair & Maintenance
IRS990/OtherExpensesGrp/Desc2Parts Inventory Expense
IRS990/OtherExpensesGrp/Desc3Consulting
IRS990/OtherExpensesGrp/FundraisingAmt00
IRS990/OtherExpensesGrp/FundraisingAmt10
IRS990/OtherExpensesGrp/FundraisingAmt20
IRS990/OtherExpensesGrp/FundraisingAmt30
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IRS990/OtherExpensesGrp/TotalAmt26113
IRS990/OtherExpensesGrp/TotalAmt3265064
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IRS990/OtherRevenueMiscGrp/Desc0Advertising signage on transit buses
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IRS990/OtherRevenueMiscGrp/UnrelatedBusinessRevenueAmt09778
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IRS990/OtherSalariesAndWagesGrp/FundraisingAmt00
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IRS990/OtherSalariesAndWagesGrp/TotalAmt02749052
IRS990/PartialLiquidationInd0false
IRS990/PayPremiumsPrsnlBnftCntrctInd0false
IRS990/PayrollTaxesGrp/FundraisingAmt00
IRS990/PayrollTaxesGrp/ManagementAndGeneralAmt033038
IRS990/PayrollTaxesGrp/ProgramServicesAmt0177020
IRS990/PayrollTaxesGrp/TotalAmt0210058
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IRS990/PoliticalCampaignActyInd0false
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IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt069700
IRS990/PrincipalOfficerNm0Van Chesnut
IRS990/ProfessionalFundraisingInd0true
IRS990/ProhibitedTaxShelterTransInd0false
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IRS990/PYExcessBenefitTransInd0false
IRS990/PYInvestmentIncomeAmt015043
IRS990/PYOtherExpensesAmt02300454
IRS990/PYRevenuesLessExpensesAmt0840816
IRS990/PYSalariesCompEmpBnftPaidAmt04005747
IRS990/PYTotalExpensesAmt06356146
IRS990/PYTotalProfFndrsngExpnsAmt049945
IRS990/PYTotalRevenueAmt07196962
IRS990/QuidProQuoContributionsInd0false
IRS990/RcvFndsToPayPrsnlBnftCntrctInd0false
IRS990/ReconcilationRevenueExpnssAmt01782578
IRS990/RegularMonitoringEnfrcInd0true
IRS990/RelatedEntityInd0false
IRS990/RelatedOrganizationCtrlEntInd0false
IRS990/ReportInvestmentsOtherSecInd0false
IRS990/ReportLandBuildingEquipmentInd0true
IRS990/ReportOtherAssetsInd0false
IRS990/ReportOtherLiabilitiesInd0false
IRS990/ReportProgramRelatedInvstInd0false
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IRS990/SavingsAndTempCashInvstGrp/BOYAmt02697986
IRS990/SavingsAndTempCashInvstGrp/EOYAmt02882648
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IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus2YearsAmt06408911
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus3YearsAmt08351398
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus4YearsAmt06671155
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IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus3YearsAmt06246
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus4YearsAmt02900
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IRS990/ScheduleBRequiredInd0true
IRS990ScheduleD/BuildingsGrp/BookValueAmt02912836
IRS990ScheduleD/BuildingsGrp/DepreciationAmt01463620
IRS990ScheduleD/BuildingsGrp/OtherCostOrOtherBasisAmt04376456
IRS990ScheduleD/EquipmentGrp/BookValueAmt07164841
IRS990ScheduleD/EquipmentGrp/DepreciationAmt05424760
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IRS990ScheduleD/OtherLandBuildingsGrp/OtherCostOrOtherBasisAmt047804
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Document Assets

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Filings

Displayed year

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

Open filing
Assets
$17,081,099
Liabilities
$254,663
Net assets
$16,826,436
Revenue
$7,862,543
Expenses
$6,079,965
Net income
$1,782,578
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$19.4$0.36$19.1$9.00$8.26$0.75
2023Detailed filing. Detailed filing data is available for this year.$18.7$0.36$18.3$8.66$7.17$1.49
2022Detailed filing. Detailed filing data is available for this year.$17.1$0.25$16.8$7.86$6.08$1.78
2021Detailed filing. Detailed filing data is available for this year.$16.1$1.05$15.0$7.20$6.36$0.84
2020Summary only. Only limited summary data is available for this year.$15.2$1.02$14.2$6.44$6.12$0.31
2019Summary only. Only limited summary data is available for this year.$14.1$0.23$13.9$8.40$5.45$2.95
2018Detailed filing. Detailed filing data is available for this year.$11.2$0.26$10.9$6.70$4.86$1.83
2017Detailed filing. Detailed filing data is available for this year.$9.37$0.26$9.11$5.49$4.84$0.64
2016Detailed filing. Detailed filing data is available for this year.$8.74$0.28$8.46$4.69$4.81$0.11
2015Detailed filing. Detailed filing data is available for this year.$8.79$0.21$8.58$4.39$5.01$0.63
2014Detailed filing. Detailed filing data is available for this year.$9.25$0.28$8.96$4.32$4.72$0.41
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$9.63$0.26$9.37$4.62
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$9.53$0.35$9.18$4.55
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$9.98$0.48$9.50$4.37