Civic Intelligence

Addison County Community Trust Inc

990 • Fiscal year 2023 • EIN 22-3032009

Jan 01, 2023 to Dec 31, 2023 • Filed on Nov 13, 2024

Organization ProfileWWW.ADDISONTRUST.ORG
272 Main StreetVergennes, VT 05491

(802) 877-2626

Siviq Scores

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

Liabilities / Assets

63rd percentile

0.31x

Higher debt load relative to assets than 63% of similar nonprofits.

2023 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2023

Liabilities / Revenue

76th percentile

0.76x

Higher debt load relative to revenue than 76% of similar nonprofits.

2023 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2023

Net Margin

91st percentile

54%

Higher net margin than 91% of similar nonprofits.

2023 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2023

Top Officer Pay

24th percentile

$107,007

Higher top officer pay than 24% of similar nonprofits.

Top officer pay equals 1.6% of source-year revenue.

2023 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2023

Asset Growth

85th percentile

31%

Faster asset growth than 85% of similar nonprofits.

2023 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2022 to 2023

Revenue Growth

94th percentile

112%

Faster revenue growth than 94% of similar nonprofits.

2023 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2022 to 2023

Balance Sheet
Liabilities / Assets63rd percentile

Assets

Up

$16,638,687

Up $3,973,568 (+31%) from 2022

Net Assets

Up

$11,420,341

Up $3,676,353 (+47%) from 2022

Liabilities

Up

$5,218,346

Up $297,215 (+6.0%) from 2022

Revenue And Expenses
Liabilities / Revenue76th percentileNet Margin91st percentile

Revenue

Up

$6,840,267

Up $3,619,137 (+112%) from 2022

Expenses

Up

$3,163,914

Up $291,599 (+10%) from 2022

Net Income

Up

$3,676,353

Up $3,327,538 (+954%) from 2022

Historical Trend

Balance Sheet Trend

Asset Growth85th percentile

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

$20M$15M$10M$5.0M$0Assets 2010: $9,352,553Liabilities 2010: $6,365,621Net Assets 2010: $2,986,9322010Assets 2011: $9,650,358Liabilities 2011: $6,821,379Net Assets 2011: $2,828,9792011Assets 2012: $9,826,919Liabilities 2012: $6,899,294Net Assets 2012: $2,927,6252012Assets 2013: $10,559,961Liabilities 2013: $7,291,410Net Assets 2013: $3,268,5512013Assets 2014: $10,369,159Liabilities 2014: $7,384,625Net Assets 2014: $2,984,5342014Assets 2015: $10,128,024Liabilities 2015: $7,048,876Net Assets 2015: $3,079,1482015Assets 2016: $10,228,328Liabilities 2016: $6,597,640Net Assets 2016: $3,630,6882016Assets 2017: $10,323,865Liabilities 2017: $6,381,846Net Assets 2017: $3,942,0192017Assets 2018: $10,220,166Liabilities 2018: $5,854,235Net Assets 2018: $4,365,9312018Assets 2019: $10,752,612Liabilities 2019: $5,636,572Net Assets 2019: $5,116,0402019Assets 2020: $11,822,229Liabilities 2020: $5,283,410Net Assets 2020: $6,538,8192020Assets 2021: $12,458,096Liabilities 2021: $5,062,909Net Assets 2021: $7,395,1872021Assets 2022: $12,665,119Liabilities 2022: $4,921,131Net Assets 2022: $7,743,9882022Assets 2023: $16,638,687Liabilities 2023: $5,218,346Net Assets 2023: $11,420,3412023Assets 2024: $17,190,549Liabilities 2024: $4,854,240Net Assets 2024: $12,336,3092024

Highlighted filing

2023

Assets$16,638,687
Liabilities$5,218,346
Net Assets$11,420,341
Open 2023 Filing

Operations Trend

Revenue Growth94th percentile

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

$8.0M$6.0M$4.0M$2.0M$0-$2.0MExpenses 2010: $1,561,4252010Expenses 2011: $1,758,3332011Revenue 2012: $2,092,862Expenses 2012: $1,994,216Net Income 2012: $98,6462012Revenue 2013: $2,739,929Expenses 2013: $2,399,003Net Income 2013: $340,9262013Revenue 2014: $2,487,846Expenses 2014: $2,771,863Net Income 2014: -$284,0172014Revenue 2015: $2,208,182Expenses 2015: $2,113,568Net Income 2015: $94,6142015Revenue 2016: $2,602,124Expenses 2016: $2,050,584Net Income 2016: $551,5402016Revenue 2017: $2,090,529Expenses 2017: $2,296,598Net Income 2017: -$206,0692017Revenue 2018: $2,537,309Expenses 2018: $2,113,397Net Income 2018: $423,9122018Revenue 2019: $3,395,563Expenses 2019: $2,645,454Net Income 2019: $750,1092019Revenue 2020: $3,865,074Expenses 2020: $2,442,295Net Income 2020: $1,422,7792020Revenue 2021: $3,367,951Expenses 2021: $2,511,583Net Income 2021: $856,3682021Revenue 2022: $3,221,130Expenses 2022: $2,872,315Net Income 2022: $348,8152022Revenue 2023: $6,840,267Expenses 2023: $3,163,914Net Income 2023: $3,676,3532023Revenue 2024: $4,752,796Expenses 2024: $3,836,828Net Income 2024: $915,9682024

Highlighted filing

2023

Revenue$6,840,267
Expenses$3,163,914
Net Income$3,676,353
Open 2023 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2023 to Dec 31, 2023
Signed
Nov 13, 2024
Return Version
2023v5.0
Gross Receipts
$6,875,510
Mission and Program Overview

Mission

Acct strives to enrich the lives of low and moderate income people of addison county by developing, managing and preserving quality, affordable housing and providing supports for families, seniors and individuals.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$8,385,115$11,516,031▲ $3,130,916
Cash and Non-Interest-Bearing Accounts$1,927,164$1,657,677▼ $269,487
Investments Program Related$1,049,560$1,145,254▲ $95,694
Savings and Temporary Cash Investments$294,094$734,451▲ $440,357
Pledges and Grants Receivable$92,140$475,337▲ $383,197
Other Notes and Loans Receivable, Net$482,043$460,238▼ $21,805
Accounts Receivable$348,864$268,550▼ $80,314
Investments in Publicly Traded Securities-$202,856-
Prepaid Expenses and Deferred Charges$67,345$66,271▼ $1,074
Inventories for Sale or Use$9,794$13,247▲ $3,453
Total Assets$12,665,119$16,638,687▲ $3,973,568
Other Assets Total$9,000$98,775▲ $89,775
Liabilities
Mortgage Notes Payable Secured by Investment Property$4,551,094$4,635,532▲ $84,438
Accounts Payable and Accrued Expenses$232,187$451,195▲ $219,008
Escrow Account Liability$86,178$81,745▼ $4,433
Deferred Revenue$51,672$49,874▼ $1,798
Total Liabilities$4,921,131$5,218,346▲ $297,215
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$7,195,658$7,656,563▲ $460,905
Net Assets With Donor Restrictions$548,330$3,763,778▲ $3,215,448
Total Net Assets Fund Balance$7,743,988$11,420,341▲ $3,676,353
Total Liabilities and Net Assets / Fund Balance$12,665,119$16,638,687▲ $3,973,568

Asset Categories

AssetBook ValueDepreciationBasis
Land$5,832,797-$5,832,797
Leasehold Improvements$1,694,824$2,550,411$4,245,235
Other Land Buildings$3,357,814-$3,357,814
Buildings$624,753$441,007$1,065,760
Equipment$5,843$52,252$58,095
Investment Program Related Org$1,145,254--
Compensation and Service Providers
Top Officer Pay24th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Elise ShanbackerExecutive DiFT$101,702$5,305$107,007

Board Members and Trustees

NameTitle
John BarstowPresident
Abi Sessions Left in 2023Director
Anna BurnsDirector
Barry Francis Left in 2023Director
Ingrid PixleyDirector
Jon CrystalDirector
Karen LuedersDirector
Louise SandbergDirector
Marie LennonDirector
Natasha SenDirector
Robert Coffey Left in 2023Director
Sarah StarDirector
Peggy NelsonSecretary
Jamie MckennaTreasurer
David HamiltonVice Preside
Revenue and Support

Revenue Composition

Contributions and Grants
$4,096,193
Program Service Revenue
$2,635,524
Investment Income
$64,891
Other Revenue
$43,659
All Other Contributions
$392,776
Change in Net Assets
$3,676,353

Audited Revenue Reconciliation

Revenue per Audited Statements
$6,840,267
Total Revenue per Audited Statements
$6,840,267
Total Revenue per Form 990
$6,840,267
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$1,572,208
Salaries, Compensation, and Employee Benefits$1,567,389
Total Fundraising Expense$41,533
Grants and Similar Amounts Paid$24,317
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$1,018,277$84,453$15,156$1,117,886
Occupancy$834,915$3,254$719$838,888
Depreciation Depletion$230,065$1,251$277$231,593
Other Employee Benefits$202,941$21,942$4,788$229,671
Office Expenses$127,056$12,603$2,789$142,448
Interest$109,405$1,341$297$111,043
Current Officers, Directors, Trustees, and Key Employees$58,854$36,382$11,771$107,007
Payroll Taxes$79,999$8,865$1,962$90,826
Fees for Services Other$71,391$7,911$1,751$81,053
Insurance$47,250$1,743$386$49,379
Conferences and Meetings$33,057$3,663$811$37,531
Fees for Services Legal-$29,558-$29,558
Grants to Domestic Individuals$24,317--$24,317
Pension Plan Contributions$20,484$1,336$179$21,999
Other Expenses$16,087$1,447$319$17,853
Fees for Services Accounting-$17,698-$17,698
Advertising$13,356$1,480$328$15,164
Total Functional Expenses$2,887,454$234,927$41,533$3,163,914

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$3,163,914
Total Expenses per Audited Statements$3,163,914
Total Expenses per Form 990$3,163,914
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
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
Yes
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Page 6, Part VI, Line 11B

“The 990 is reviewed by the finance director for accuracy and is then sent to the board finance committee who also reviews it and recommends its acceptance to the board.”

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

“Forms are collected and reviewed annually at the may meeting.”

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

“The executive committee of the board performs the executive director's annual employment review and then determines her salary and annual bonus.”

Form 990, Page 6, Part VI, Line 19

“Documents are available upon request. Financials are published in the annual report on acct's website.”

Filing and Contact Details

Filer

Filer Name
Addison County Community Trust
EIN
22-3032009
Phone
8028772626
Address
272 MAIN STREET, VERGENNES, VT 05491
Doing Business As
Addison Housing Works

Signing Officer

Name
Elise Shanbacker
Title
Executive Director
Phone
8028772626
Signed
2024-11-13
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Elise Shanbacker
Formed
1989
Legal Domicile
Vt
Voting Board Members
12
Independent Board Members
12
Employees
29
Volunteers
16

Preparer

Firm
Jmm & Associates Pc
Address
463 MOUNTAIN VIEW DR STE 403, COLCHESTER, VT 05446
Preparer
Randall L Sargent CPA
Phone
8026555665
Supplemental Narrative

Additional Explanations

Form 990, Part XI, Line 9

“Book / tax depreciation difference 300”

Financial Statement Notes

Schedule D, Page 2, Part IV, Line 2B

“Addison county community trust's escrow liability account reflects funds held temporarily for the payment of property tax and insurance and tenant security deposits. Addison county community trust is acting in the capacity of a third-party on behalf of their tenants.”

Schedule D, Page 3, Part X

“Acct believes that it has appropriate support for any tax positions taken and, as such, does not have any uncertain tax positions that are material to the financial statements.”

Schedule D, Page 4, Part XII, Line 4B

“Book / tax depreciation difference 300”

Raw XML AppendixShowing 400 of 798 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990/Form990PartVIISectionAGrp/TitleTxt1PRESIDENT
IRS990/Form990PartVIISectionAGrp/TitleTxt2VICE PRESIDE
IRS990/Form990PartVIISectionAGrp/TitleTxt3TREASURER
IRS990/Form990PartVIISectionAGrp/TitleTxt4SECRETARY
IRS990/Form990PartVIISectionAGrp/TitleTxt5DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt6DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt7DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt8DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt9DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt10DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt11DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt12DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt13DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt14DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt15DIRECTOR
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IRS990/MissionDesc0ACCT STRIVES TO ENRICH THE LIVES OF LOW AND MODERATE INCOME PEOPLE OF ADDISON COUNTY BY DEVELOPING, MANAGING AND PRESERVING QUALITY, AFFORDABLE HOUSING AND PROVIDING SUPPORTS FOR FAMILIES, SENIORS AND INDIVIDUALS.
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IRS990/OtherRevenueTotalAmt043659
IRS990/OtherSalariesAndWagesGrp/FundraisingAmt015156
IRS990/OtherSalariesAndWagesGrp/ManagementAndGeneralAmt084453
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IRS990/OthNotesLoansReceivableNetGrp/BOYAmt0482043
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IRS990/PayPremiumsPrsnlBnftCntrctInd0false
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IRS990/PayrollTaxesGrp/ProgramServicesAmt079999
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IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt066271
IRS990/PrincipalOfficerNm0ELISE SHANBACKER
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IRS990/ProgramServiceRevenueGrp/Desc1PARK MANAGEMENT FEES
IRS990/ProgramServiceRevenueGrp/Desc2APARTMENT MANAGEMENT SERVICES
IRS990/ProgramServiceRevenueGrp/Desc3DEVELOPMENT FEES
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IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt1546142
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt2409360
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IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt2409360
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt3120000
IRS990/ProgSrvcAccomActy2Grp/Desc0REHAB AND DEVELOPMENT: REHAB AND DEVELOPMENT OF NEW AFFORDABLE HOUSING UNITS TO ALLEVIATE THE COUNTY'S LESS-THAN-ONE-PERCENT VACANCY RATE, INCLUDING MULTIFAMILY APARTMENTS AND SINGLE-FAMILY HOMES.
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IRS990/ProgSrvcAccomActy2Grp/GrantAmt024317
IRS990/ProgSrvcAccomActy2Grp/RevenueAmt0120000
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Document Assets

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Filings

Displayed year

2023 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$16,638,687
Liabilities
$5,218,346
Net assets
$11,420,341
Revenue
$6,840,267
Expenses
$3,163,914
Net income
$3,676,353
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$17.2$4.85$12.3$4.75$3.84$0.92
2023Detailed filing. Detailed filing data is available for this year.$16.6$5.22$11.4$6.84$3.16$3.68
2022Facts available. Structured filing facts are available, but richer extracted sections are limited.$12.7$4.92$7.74$3.22$2.87$0.35
2021Detailed filing. Detailed filing data is available for this year.$12.5$5.06$7.40$3.37$2.51$0.86
2020Detailed filing. Detailed filing data is available for this year.$11.8$5.28$6.54$3.87$2.44$1.42
2019Detailed filing. Detailed filing data is available for this year.$10.8$5.64$5.12$3.40$2.65$0.75
2018Detailed filing. Detailed filing data is available for this year.$10.2$5.85$4.37$2.54$2.11$0.42
2017Detailed filing. Detailed filing data is available for this year.$10.3$6.38$3.94$2.09$2.30$0.21
2016Detailed filing. Detailed filing data is available for this year.$10.2$6.60$3.63$2.60$2.05$0.55
2015Detailed filing. Detailed filing data is available for this year.$10.1$7.05$3.08$2.21$2.11$0.09
2014Detailed filing. Detailed filing data is available for this year.$10.4$7.38$2.98$2.49$2.77$0.28
2013Detailed filing. Detailed filing data is available for this year.$10.6$7.29$3.27$2.74$2.40$0.34
2012Summary only. Only limited summary data is available for this year.$9.83$6.90$2.93$2.09$1.99$0.10
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$9.65$6.82$2.83$1.76
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$9.35$6.37$2.99$1.56