Liabilities / Assets
96th percentile
Higher debt load relative to assets than 96% of similar nonprofits.
Brattleboro Development Credit Corporation Real Estate Holdings Inc
990 • Fiscal year 2017 • EIN 81-0687884
Siviq Scores
Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.
0.97x
Liabilities / Revenue
99th percentile
Higher debt load relative to revenue than 99% of similar nonprofits.
Net Margin
96th percentile
Higher net margin than 96% of similar nonprofits.
Top Officer Pay
11th percentile
Higher top officer pay than 11% of similar nonprofits.
Top officer pay equals 17.0% of source-year revenue.
Asset Growth
86th percentile
Faster asset growth than 86% of similar nonprofits.
Revenue Growth
94th percentile
Faster revenue growth than 94% of similar nonprofits.
Balance Sheet
Assets
Up$17,899,382
Up $3,100,729 (+21%) from 2016
Net Assets
Up$569,135
Up $326,101 (+134%) from 2016
Liabilities
Up$17,330,247
Up $2,774,628 (+19%) from 2016
Revenue And Expenses
Revenue
Up$555,299
Up $234,561 (+73%) from 2016
Expenses
Up$229,198
Up $151,494 (+195%) from 2016
Net Income
Up$326,101
Up $83,067 (+34%) from 2016
Historical Trend
Jump To
Filing Snapshot
- Filing Period
- Jul 1, 2016 to Jun 30, 2017
- Signed
- Oct 27, 2017
- Return Version
- 2016v3.0
- Gross Receipts
- $555,299
Mission and Program Overview
Mission
Brattleboro development credit corporation real estate holdings, inc.is a public benefit corporation organized and operated exclusively as a chamber of commerce within the meaning of section 501 (6) of the internal revenue code of 1986 as amended, (see sch o) and for specifically stated purposes. Without in any way limited to the foregoing general purposes, the specific purpose of the corporation is to foster, encourage, and assist both the physical location of business enterprises within the state of vermont and the industrial and economic development of windsor and windham counties.
TO FOSTER, ENCOURAGE & ASSIST THE PHYSICAL LOCATION OF BUSINESS ENTERPRISES WITHin Vermont.
Balance Sheet Detail
| Line | Beginning | End | Change |
|---|---|---|---|
| Assets | |||
| Land, Buildings, and Equipment, Net | $3,129,901 | $3,795,273 | ▲ $665,372 |
| Cash and Non-Interest-Bearing Accounts | $6,129,687 | $1,426,279 | ▼ $4,703,408 |
| Accounts Receivable | $14,963 | $17,416 | ▲ $2,453 |
| Total Assets | $14,798,653 | $17,899,382 | ▲ $3,100,729 |
| Other Assets Total | $5,524,102 | $12,660,414 | ▲ $7,136,312 |
| Liabilities | |||
| Mortgage Notes Payable Secured by Investment Property | $13,805,602 | $16,958,446 | ▲ $3,152,844 |
| Accounts Payable and Accrued Expenses | $750,017 | $371,801 | ▼ $378,216 |
| Total Liabilities | $14,555,619 | $17,330,247 | ▲ $2,774,628 |
| Net Assets / Fund Balance | |||
| Unrestricted Net Assets | $243,034 | $569,135 | ▲ $326,101 |
| Total Net Assets Fund Balance | $243,034 | $569,135 | ▲ $326,101 |
| Total Liabilities and Net Assets / Fund Balance | $14,798,653 | $17,899,382 | ▲ $3,100,729 |
Asset Categories
| Asset | Book Value | Depreciation | Basis |
|---|---|---|---|
| Buildings | $3,208,423 | $111,104 | $3,319,527 |
| Land | $586,850 | - | $586,850 |
| Other Assets Org | $12,000,923 | - | - |
Compensation and Service Providers
Employees
| Name | Title | Other | Total |
|---|---|---|---|
| Adam Grinold | President | $94,533 | $94,533 |
Board Members and Trustees
| Name | Title |
|---|---|
| Craig Miskovich | Secretary |
| Dart Everett | Treasurer |
Revenue and Support
Revenue Composition
- Contributions and Grants
- $0
- Program Service Revenue
- $554,852
- Investment Income
- $447
- Other Revenue
- $0
- Change in Net Assets
- $326,101
Audited Revenue Reconciliation
- Revenue per Audited Statements
- $555,299
- Revenue Not Reported on Financial Statements
- $0
- Revenue Not Reported on Form 990
- $0
- Total Revenue per Audited Statements
- $555,299
- Total Revenue per Form 990
- $555,299
Expenses and Functional Allocation
Major Expense Lines
| Line Item | Amount |
|---|---|
| Other Expenses | $229,198 |
| Grants and Similar Amounts Paid | $0 |
| Professional Fundraising Fees | $0 |
| Salaries, Compensation, and Employee Benefits | $0 |
| Total Fundraising Expense | $0 |
Functional Expense Allocation
| Line Item | Program | Management | Fundraising | Total |
|---|---|---|---|---|
| Depreciation Depletion | $97,602 | - | - | $97,602 |
| Fees for Services Management | $70,379 | - | - | $70,379 |
| Interest | $47,997 | - | - | $47,997 |
| Fees for Services Accounting | - | $12,500 | - | $12,500 |
| Insurance | $720 | - | - | $720 |
| Total Functional Expenses | $216,698 | $12,500 | $0 | $229,198 |
Audited Expense Reconciliation
| Line Item | Amount |
|---|---|
| Expenses per Audited Statements | $229,198 |
| Total Expenses per Audited Statements | $229,198 |
| Total Expenses per Form 990 | $229,198 |
| Expenses Not Reported on Financial Statements | $0 |
| Expenses Not Reported on Form 990 | $0 |
Fundraising, Events, and Gaming
- Fundraising activities
- No
- Gaming activities
- No
- Professional fundraiser used
- No
Fundraising and Gaming Totals
| Line Item | Amount |
|---|---|
| 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
- Backup withholding compliance
- Yes
- 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
- No
- 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
- Yes
Governance Explanations
Form 990, Part VI, Section A, line 2
“Adam Grinold, President / Director, is also the Executive Director of Brattleboro Development Credit Corporation. Craig Miskovich, Secretary / Director, is also the President / Chairman of the Board of Brattleboro Development Credit Corporation.”
Form 990, Part VI, Section A, line 3
“Exit One Industrial Park Expansion Project Scope of Work: (1) coordinate, audit and control financial projections; (2) review and approve financial materials and final financing packages, (3) work with professional service provider to prepare tax credit application; grant management administration and oversight; (4) perform functions relevant to legal requirements of project in coordination with development consultant, attonerys, and others; and (5) execute design and construction functions on behalf of the project.”
Form 990, Part VI, Section A, line 6
“Sole member of the Corporation shall be Brattleboro Development Credit Corporation, a Vermont public benefit nonprofit, tax-exempt corporation.”
Form 990, Part VI, Section A, line 7A
“Sole member of the Corporation shall be Brattleboro Development Credit Corporation, a Vermont public benefit nonprofit, tax-exempt corporation.”
Form 990, Part VI, Section B, line 11B
“BDCC, on behalf of BDCC RE Holdings, Inc., : (1) executes the engagement letter with the party preparing the 990, (2) coordinates the transfer of required information, (3) confers with the service provider on all questions / concerns, and (4) provides internal review of the draft 990, which includes review by the project's investors; Vermont Rural Ventures and Massachusettes Housing Investment Corporation. Additionally a draft of the 990 is provided to BDCCs audit firm, Melanson Heath. Upon receipt of a final draft, the 990 is shared with the respective Board members allowing for a question and answer period before the 990 is finalized, signed and submitted. The BDCC Director of Finance and Grant Management is the primary contact for this process.”
Form 990, Part VI, Section B, line 12C
“On an annual basis, the Conflict of Interest / Related Party Transaction Policy is reviewed, and edited for compliance as necessary. Any / all edits are confirmed with General Counsel, and then the policy is reviewed and approved by the Board of Trustees, including the completion of the questionnaire which is completed by BDCC staff, BDCC Board of Trustees, SeVEDS Board of Trustees, BDCC RE Holdings, Inc. and Board of Trustees. These questionnaires are completed at least annually, or as needed, and are executed in parAllel with the start of each fiscal year, or in July/annually.”
Form 990, Part VI, Section C, line 19
“The organization's governing documents and policies are available for public inspection at the organization's office during regular business hours upon request.”
Filing and Contact Details
Filer
- Filer Name
- Brattleboro Development Credit
- EIN
- 81-0687884
- Phone
- 8022577731
- Address
- 76 Cotton Mill Hill, Brattleboro, VT 05301
Signing Officer
- Name
- Adam Grinold
- Title
- President
- Phone
- 8022577731
- Signed
- 2017-10-27
- Discuss with paid preparer
- Yes
Organization Details
- Principal Officer
- Adam Grinold
- Formed
- 2015
- Legal Domicile
- Vt
- Voting Board Members
- 3
- Independent Board Members
- 1
- Employees
- 0
- Volunteers
- 3
Preparer
- Firm
- Cohnreznick Llp
- Address
- 500 EAST PRATT STREET 4TH FLOOR, BALTIMORE, MD 21202
- Preparer
- Philip H Cornblatt
- Phone
- 4107834900
Supplemental Narrative
Additional Explanations
Form 990 Part XII Line 2C
“The organization did not change it's oversight or selection process during the year.”
Financial Statement Notes
Part X, Line 2:
“The Corporation is exempt from income taxes under Section 501(c)(6) of the IRC, except for income taxes on "unrelated business income," as defined in the IRC. Management believes that all material activities of the Corporation is within the tax-exempt guidelines of the IRC. Due to its tax-exempt status, the Corporation is not subject to income taxes. The Corporation is required to file and does file tax returns with the Internal Revenue Service ("IRS") and other taxing authorities. Accordingly, these financial statements do not reflect a provision for income taxes and the Corporation has no other tax positions which must be considered for disclosure. Income tax returns filed by the Corporation are subject to examination by the IRS for a period of three years. The first year the Corporation was required to file tax returns with the IRS was the 2015 tax year.”
Raw XML Appendix351 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/Desc | 0 | The Corporation was formed to purchase and improve a manufacturing facility consisting of two buildings and an adjacent parcel of land in Brattleboro, Vermont as well as acquire certain manufacturing equipment. The Corporation leases the facility and equipment to G.S. Precision, Inc., (the "Tenant") a regional manufacturing company. These activities will foster, encourage, and assist the Tenant to continue to expand its operations. |
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| IRS990/MissionDesc | 0 | Brattleboro Development Credit Corporation Real Estate Holdings, Inc. is a public benefit corporation organized and operated exclusively as a chamber of commerce within the meaning of Section 501 (6) of the Internal Revenue Code of 1986 as amended, and for specifically stated purposes. Without in any way limited the foregoing general purposes, the specific purpose of the Corporation is to foster, encourage, and assist both the physical location of business enterprises within the State of Vermont and the industrial and economic development of Windsor and Windham counties. |
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| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 0 | Adam Grinold, President / Director, is also the Executive Director of Brattleboro Development Credit Corporation. Craig Miskovich, Secretary / Director, is also the President / Chairman of the Board of Brattleboro Development Credit Corporation. |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 1 | Exit One Industrial Park Expansion Project Scope of Work: (1) coordinate, audit and control financial projections; (2) review and approve financial materials and final financing packages, (3) work with professional service provider to prepare tax credit application; grant management administration and oversight; (4) perform functions relevant to legal requirements of project in coordination with development consultant, attonerys, and others; and (5) execute design and construction functions on behalf of the project. |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 2 | Sole member of the Corporation shall be Brattleboro Development Credit Corporation, a Vermont public benefit nonprofit, tax-exempt corporation. |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 3 | Sole member of the Corporation shall be Brattleboro Development Credit Corporation, a Vermont public benefit nonprofit, tax-exempt corporation. |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 4 | BDCC, on behalf of BDCC RE Holdings, Inc., : (1) executes the engagement letter with the party preparing the 990, (2) coordinates the transfer of required information, (3) confers with the service provider on all questions / concerns, and (4) provides internal review of the draft 990, which includes review by the project's investors; Vermont Rural Ventures and Massachusettes Housing Investment Corporation. Additionally a draft of the 990 is provided to BDCCs audit firm, Melanson Heath. Upon receipt of a final draft, the 990 is shared with the respective Board members allowing for a question and answer period before the 990 is finalized, signed and submitted. The BDCC Director of Finance and Grant Management is the primary contact for this process. |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 5 | On an annual basis, the Conflict of Interest / Related Party Transaction Policy is reviewed, and edited for compliance as necessary. Any / all edits are confirmed with General Counsel, and then the policy is reviewed and approved by the Board of Trustees, including the completion of the questionnaire which is completed by BDCC staff, BDCC Board of Trustees, SeVEDS Board of Trustees, BDCC RE Holdings, Inc. and Board of Trustees. These questionnaires are completed at least annually, or as needed, and are executed in parAllel with the start of each fiscal year, or in July/annually. |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 6 | THE ORGANIZATION'S GOVERNING DOCUMENTS AND POLICIES ARE AVAILABLE FOR PUBLIC INSPECTION AT THE ORGANIZATION'S OFFICE DURING REGULAR BUSINESS HOURS UPON REQUEST. |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 7 | The organization did not change it's oversight or selection process during the year. |
| IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc | 0 | Form 990, Part VI, Section A, line 2 |
| IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc | 1 | Form 990, Part VI, Section A, line 3 |
| IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc | 2 | Form 990, Part VI, Section A, line 6 |
| IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc | 3 | Form 990, Part VI, Section A, line 7a |
| IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc | 4 | Form 990, Part VI, Section B, line 11b |
| IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc | 5 | Form 990, Part VI, Section B, line 12c |
| IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc | 6 | Form 990, Part VI, Section C, line 19 |
| IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc | 7 | FORM 990 PART XII LINE 2C |
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| IRS990/TotalAssetsEOYAmt | 0 | 17899382 |
| IRS990/TotalAssetsGrp/BOYAmt | 0 | 14798653 |
| IRS990/TotalAssetsGrp/EOYAmt | 0 | 17899382 |
| IRS990/TotalCompGreaterThan150KInd | 0 | 0 |
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| IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt | 0 | 569135 |
| IRS990/TotalOtherCompensationAmt | 0 | 0 |
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| IRS990/UnrestrictedNetAssetsGrp/EOYAmt | 0 | 569135 |
| IRS990/UponRequestInd | 0 | X |
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| IRS990/USAddress/CityNm | 0 | Brattleboro |
| IRS990/USAddress/StateAbbreviationCd | 0 | VT |
| IRS990/USAddress/ZIPCd | 0 | 05301 |
| IRS990/VotingMembersGoverningBodyCnt | 0 | 3 |
| IRS990/VotingMembersIndependentCnt | 0 | 1 |
| IRS990/WebsiteAddressTxt | 0 | N/A |
| IRS990/WhistleblowerPolicyInd | 0 | 0 |
| ReturnHeader/BuildTS | 0 | 2017-02-10 21:41:12Z |
| ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd | 0 | 1 |
| ReturnHeader/BusinessOfficerGrp/PersonNm | 0 | ADAM GRINOLD |
| ReturnHeader/BusinessOfficerGrp/PersonTitleTxt | 0 | PRESIDENT |
| ReturnHeader/BusinessOfficerGrp/PhoneNum | 0 | 8022577731 |
| ReturnHeader/BusinessOfficerGrp/SignatureDt | 0 | 2017-10-27 |
| ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt | 0 | Brattleboro Development Credit |
| ReturnHeader/Filer/BusinessName/BusinessNameLine2Txt | 0 | Corporation Real Estate Holdings Inc |
| ReturnHeader/Filer/BusinessNameControlTxt | 0 | BRAT |
| ReturnHeader/Filer/EIN | 0 | 810687884 |
| ReturnHeader/Filer/PhoneNum | 0 | 8022577731 |
| ReturnHeader/Filer/USAddress/AddressLine1Txt | 0 | 76 Cotton Mill Hill |
| ReturnHeader/Filer/USAddress/CityNm | 0 | Brattleboro |
| ReturnHeader/Filer/USAddress/StateAbbreviationCd | 0 | VT |
| ReturnHeader/Filer/USAddress/ZIPCd | 0 | 05301 |
| ReturnHeader/FilingSecurityInformation/AtSubmissionCreationDeviceId | 0 | DA39A3EE5E6B4B0D3255BFEF95601890AFD80709 |
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| ReturnHeader/FilingSecurityInformation/FilingLicenseTypeCd | 0 | P |
| ReturnHeader/FilingSecurityInformation/IPAddress/IPv4AddressTxt | 0 | 209.3.217.20 |
| ReturnHeader/FilingSecurityInformation/IPDt | 0 | 2017-11-29 |
| ReturnHeader/FilingSecurityInformation/IPTimezoneCd | 0 | ES |
| ReturnHeader/FilingSecurityInformation/IPTm | 0 | 12:56:34 |
| ReturnHeader/PreparerFirmGrp/PreparerFirmEIN | 0 | 221478099 |
| ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt | 0 | COHNREZNICK LLP |
| ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt | 0 | 500 EAST PRATT STREET 4TH FLOOR |
| ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm | 0 | BALTIMORE |
| ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd | 0 | MD |
| ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd | 0 | 21202 |
| ReturnHeader/PreparerPersonGrp/PhoneNum | 0 | 4107834900 |
| ReturnHeader/PreparerPersonGrp/PreparerPersonNm | 0 | PHILIP H CORNBLATT |
| ReturnHeader/ReturnTs | 0 | 2017-12-12T11:40:06-06:00 |
| ReturnHeader/ReturnTypeCd | 0 | 990 |
| ReturnHeader/TaxPeriodBeginDt | 0 | 2016-07-01 |
| ReturnHeader/TaxPeriodEndDt | 0 | 2017-06-30 |
| ReturnHeader/TaxYr | 0 | 2016 |
Document Assets
No mirrored PDF or thumbnail assets are attached yet.
Filings
Displayed year
2017 • Form 990Detailed filing. Detailed filing data is available for this year.
- Assets
- $17,899,382
- Liabilities
- $17,330,247
- Net assets
- $569,135
- Revenue
- $555,299
- Expenses
- $229,198
- Net income
- $326,101