Civic Intelligence

Brattleboro Development Credit Corporation Real Estate Holdings Inc

990 • Fiscal year 2019 • EIN 81-0687884

Jul 01, 2018 to Jun 30, 2019 • Filed on Jan 28, 2020

76 Cotton Mill HillBrattleboro, VT 05301

(802) 257-7731

Siviq Scores

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

Liabilities / Assets

96th percentile

0.95x

Higher debt load relative to assets than 96% of similar nonprofits.

2019 filings • 501(c)6 • $10M-$25M nonprofits • Source year 2019

Liabilities / Revenue

99th percentile

30.61x

Higher debt load relative to revenue than 99% of similar nonprofits.

2019 filings • 501(c)6 • $10M-$25M nonprofits • Source year 2019

Net Margin

59th percentile

7.0%

Higher net margin than 59% of similar nonprofits.

2019 filings • 501(c)6 • $10M-$25M nonprofits • Source year 2019

Top Officer Pay

13th percentile

$127,320

Higher top officer pay than 13% of similar nonprofits.

Top officer pay equals 23.0% of source-year revenue.

2019 filings • 501(c)6 • $10M-$25M nonprofits • Source year 2019

Asset Growth

25th percentile

0.2%

Faster asset growth than 25% of similar nonprofits.

2019 filings • 501(c)6 • $10M-$25M nonprofits • Annualized from 2018 to 2019

Revenue Growth

37th percentile

0.0%

Faster revenue growth than 37% of similar nonprofits.

2019 filings • 501(c)6 • $10M-$25M nonprofits • Annualized from 2018 to 2019

Assets

Up

$17,840,812

Up $44,397 (+0.2%) from 2018

Net Assets

Up

$873,502

Up $38,715 (+4.6%) from 2018

Liabilities

Up

$16,967,310

Up $5,682 (+0.0%) from 2018

Revenue

Up

$554,277

Up $99 (+0.0%) from 2018

Expenses

Up

$515,562

Up $227,036 (+79%) from 2018

Net Income

Down

$38,715

Down $226,937 (-85%) from 2018

Historical Trend

Balance Sheet Trend

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

$20M$15M$10M$5.0M$0Assets 2016: $14,798,653Liabilities 2016: $14,555,619Net Assets 2016: $243,0342016Assets 2017: $17,899,382Liabilities 2017: $17,330,247Net Assets 2017: $569,1352017Assets 2018: $17,796,415Liabilities 2018: $16,961,628Net Assets 2018: $834,7872018Assets 2019: $17,840,812Liabilities 2019: $16,967,310Net Assets 2019: $873,5022019Assets 2020: $17,563,089Liabilities 2020: $16,978,222Net Assets 2020: $584,8672020Assets 2021: $17,264,156Liabilities 2021: $16,971,174Net Assets 2021: $292,9822021Assets 2022: $16,974,658Liabilities 2022: $16,974,356Net Assets 2022: $3022022Assets 2023: $190,780Liabilities 2023: $1,127Net Assets 2023: $189,6532023Assets 2024: $146,968Liabilities 2024: $8,606Net Assets 2024: $138,3622024

Highlighted filing

2019

Assets$17,840,812
Liabilities$16,967,310
Net Assets$873,502

Operations Trend

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

$1.0M$500K$0-$500KRevenue 2016: $320,738Expenses 2016: $77,704Net Income 2016: $243,0342016Revenue 2017: $555,299Expenses 2017: $229,198Net Income 2017: $326,1012017Revenue 2018: $554,178Expenses 2018: $288,526Net Income 2018: $265,6522018Revenue 2019: $554,277Expenses 2019: $515,562Net Income 2019: $38,7152019Revenue 2020: $554,436Expenses 2020: $843,071Net Income 2020: -$288,6352020Revenue 2021: $553,071Expenses 2021: $844,956Net Income 2021: -$291,8852021Revenue 2022: $552,941Expenses 2022: $845,621Net Income 2022: -$292,6802022Revenue 2023: $664,916Expenses 2023: $475,565Net Income 2023: $189,3512023Revenue 2024: $990Expenses 2024: $52,281Net Income 2024: -$51,2912024

Highlighted filing

2019

Revenue$554,277
Expenses$515,562
Net Income$38,715
Jump To
Filing Snapshot
Filing Period
Jul 1, 2018 to Jun 30, 2019
Signed
Jan 28, 2020
Return Version
2018v3.1
Gross Receipts
$554,277
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
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$3,686,947$16,033,618▲ $12,346,671
Cash and Non-Interest-Bearing Accounts$378,570$316,120▼ $62,450
Accounts Receivable$17,809$11,917▼ $5,892
Total Assets$17,796,415$17,840,812▲ $44,397
Other Assets Total$13,713,089$1,479,157▼ $12,233,932
Liabilities
Mortgage Notes Payable Secured by Investment Property$16,961,628$16,964,810▲ $3,182
Accounts Payable and Accrued Expenses-$2,500-
Total Liabilities$16,961,628$16,967,310▲ $5,682
Net Assets / Fund Balance
Unrestricted Net Assets$834,787$873,502▲ $38,715
Total Net Assets Fund Balance$834,787$873,502▲ $38,715
Total Liabilities and Net Assets / Fund Balance$17,796,415$17,840,812▲ $44,397

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$15,446,768$516,524$15,963,292
Land$586,850-$586,850
Other Assets Org$1,479,157--
Compensation and Service Providers

Employees

NameTitleOtherTotal
Adam GrinoldPresident$127,320$127,320

Board Members and Trustees

NameTitle
Robert StevensSecretary
Dart EverettTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$552,837
Investment Income
$1,440
Other Revenue
$0
Change in Net Assets
$38,715
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$515,562
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Depreciation Depletion---$297,094
Interest---$121,446
Fees for Services Management---$70,379
Fees for Services Legal---$16,736
Insurance---$6,462
Fees for Services Other---$2,500
Other Expenses---$945
Total Functional Expenses$0$0$0$515,562
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
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 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

A draft of form 990 with all attachments was distributed to the trustees in advance of a meeting to discuss the filings. Trustees input was sought and appropriate additional disclosures and corrections were made.

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 staff and the 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.

Form 990, Part VI, Section C, Line 19

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
2020-01-28
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
Melanson Heath and Company Pc
Address
102 PERIMETER ROAD, NASHUA, NH 03063-1301
Preparer
Sheryl L Stephens Burke
Phone
6038821111
Supplemental Narrative

Additional Explanations

Form 990, Part XII, Line 2C

The organization did not change its oversignt or selection process during the year.

Raw XML Appendix346 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/MissionDesc0BRATTLEBORO 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 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.
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0EXIT 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/ExplanationTxt1SOLE MEMBER OF THE CORPORATION SHALL BE BRATTLEBORO DEVELOPMENT CREDIT CORPORATION, A VERMONT PUBLIC BENEFIT NONPROFIT, TAX-EXEMPT CORPORATION.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2SOLE MEMBER OF THE CORPORATION SHALL BE BRATTLEBORO DEVELOPMENT CREDIT CORPORATION, A VERMONT PUBLIC BENEFIT NONPROFIT, TAX-EXEMPT CORPORATION.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3A DRAFT OF FORM 990 WITH ALL ATTACHMENTS WAS DISTRIBUTED TO THE TRUSTEES IN ADVANCE OF A MEETING TO DISCUSS THE FILINGS. TRUSTEES INPUT WAS SOUGHT AND APPROPRIATE ADDITIONAL DISCLOSURES AND CORRECTIONS WERE MADE.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4ON 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 STAFF AND THE 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.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5GOVERNING DOCUMENTS AND POLICIES ARE AVAILABLE FOR PUBLIC INSPECTION AT THE ORGANIZATION'S OFFICE DURING REGULAR BUSINESS HOURS, UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt6THE ORGANIZATION DID NOT CHANGE ITS OVERSIGNT OR SELECTION PROCESS DURING THE YEAR.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PART VI, SECTION A, LINE 3
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IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PART VI, SECTION B, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PART VI, SECTION B, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5FORM 990, PART VI, SECTION C, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc6FORM 990, PART XII, LINE 2C
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IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DisregardedEntityName/BusinessNameLine1Txt1BDCC REAL ESTATE HOLDINGS II INC
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DisregardedEntityName/BusinessNameLine1Txt2SOUTHEASTERN VERMONT ECONOMIC DEVELOPMENT STRATEGIES INC
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IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PrimaryActivitiesTxt0ECONOMIC DEVELOPMENT
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PrimaryActivitiesTxt1ECONOMIC DEVELOPMENT
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PrimaryActivitiesTxt2ECONOMIC DEVELOPMENT
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IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/AddressLine1Txt176 COTTON MILL HILL
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/AddressLine1Txt276 COTTON MILL HILL
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IRS990ScheduleR/LoansOrGuaranteesToOtherOrgInd00
IRS990ScheduleR/PaidEmployeesSharingInd01
IRS990ScheduleR/PerformOfServicesByOtherOrgInd00
IRS990ScheduleR/PerformOfServicesForOthOrgInd00
IRS990ScheduleR/ReceiptOfIntAnntsRntsRyltsInd00
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IRS990ScheduleR/ReimbursementPaidToOtherOrgInd01
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IRS990ScheduleR/SupplementalInformationDetail/ExplanationTxt0BRATTLEBORO DEVELOPMENT CREDIT CORP. PRIMARY ACTIVITY: TO SERVE AS A CATALYST FOR INDUSTRIAL AND COMMERCIAL GROWTH IN WINDHAM COUNTY, VERMONT AND TO CREATE AND RETAIN A FLOURISHING BUSINESS COMMUNITY THAT SUPPORTS VIBRANT FISCAL ACTIVITY AND IMPROVES THE QUALITY OF LIFE OF ALL ITS RESIDENTS. BRATTLEBORO DEVELOPMENT CREDIT CORPORATION REAL ESTATE HOLDINGS II, INC. PRIMARY ACTIVITY: TO FOSTER, ENCOURAGE, AND ASSIST THEY PHYSICAL LOCATION OF BUSINESS ENTERPRISES WITHIN VERMONT. DIRECT CONTROLLING ENTITY: BRATTLEBORO DEVELOPMENT CREDIT CORPORATION SOUTHEASTERN VERMONT ECONOMIC DEVELOPMENT STRATEGIES, INC. PRIMARY ACTIVITY: TO REVERSE ECONOMIC DECLINE OF SOUTHERN VERMONT BY DEVLOPING THE REGION. DIRECT CONTROLLING ENTITY: BRATTLEBORO DEVELOPMENT CREDIT CORPORATION.
IRS990ScheduleR/SupplementalInformationDetail/FormAndLineReferenceDesc0PART II, IDENTIFICATION OF RELATED TAX-EXEMPT ORGANIZATIONS
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IRS990ScheduleR/TransferToOtherOrgInd00
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IRS990/SignificantChangeInd00
IRS990/SignificantNewProgramSrvcInd00
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IRS990/TaxablePartyNotificationInd00
IRS990/TaxExemptBondsInd00
IRS990/TempOrPermanentEndowmentsInd00
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IRS990/TotalProgramServiceExpensesAmt0514617
IRS990/TotalProgramServiceRevenueAmt0552837
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IRS990/TotalRevenueGrp/ExclusionAmt01440
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IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt017796415
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IRS990/TotReportableCompRltdOrgAmt0122769
IRS990/TypeOfOrganizationCorpInd0X
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IRS990/UnrestrictedNetAssetsGrp/BOYAmt0834787
IRS990/UnrestrictedNetAssetsGrp/EOYAmt0873502
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt076 COTTON MILL HILL
IRS990/USAddress/CityNm0BRATTLEBORO
IRS990/USAddress/StateAbbreviationCd0VT
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IRS990/VotingMembersGoverningBodyCnt03
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IRS990/WebsiteAddressTxt0WWW.BRATTLEBORODEVELOPMENT.COM
IRS990/WhistleblowerPolicyInd00
ReturnHeader/BuildTS02020-09-23 17:36:50Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd01
ReturnHeader/BusinessOfficerGrp/PersonNm0ADAM GRINOLD
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0PRESIDENT
ReturnHeader/BusinessOfficerGrp/PhoneNum08022577731
ReturnHeader/BusinessOfficerGrp/SignatureDt02020-01-28
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0BRATTLEBORO DEVELOPMENT CREDIT
ReturnHeader/Filer/BusinessName/BusinessNameLine2Txt0CORPORATION REAL ESTATE HOLDINGS INC
ReturnHeader/Filer/BusinessNameControlTxt0BRAT
ReturnHeader/Filer/EIN0810687884
ReturnHeader/Filer/PhoneNum08022577731
ReturnHeader/Filer/USAddress/AddressLine1Txt076 COTTON MILL HILL
ReturnHeader/Filer/USAddress/CityNm0BRATTLEBORO
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ReturnHeader/FilingSecurityInformation/AtSubmissionCreationDeviceId0F7412E236569C5E1347EAB96400EFD9BD916B891
ReturnHeader/FilingSecurityInformation/AtSubmissionFilingDeviceId0A37363E607F4314E9353587240CA7F5C878BED4D
ReturnHeader/FilingSecurityInformation/FilingLicenseTypeCd0P
ReturnHeader/FilingSecurityInformation/IPAddress/IPv4AddressTxt050.203.169.2
ReturnHeader/FilingSecurityInformation/IPDt02020-01-28
ReturnHeader/FilingSecurityInformation/IPTimezoneCd0ES
ReturnHeader/FilingSecurityInformation/IPTm015:10:25
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0020354851
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0MELANSON HEATH AND COMPANY PC
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt0102 PERIMETER ROAD
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0NASHUA
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0NH
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd0030631301
ReturnHeader/PreparerPersonGrp/PhoneNum06038821111
ReturnHeader/PreparerPersonGrp/PreparationDt02020-01-28
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0SHERYL L STEPHENS BURKE
ReturnHeader/ReturnTs02020-01-28T14:44:40-06:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02018-07-01
ReturnHeader/TaxPeriodEndDt02019-06-30
ReturnHeader/TaxYr02018

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