Liabilities / Assets
96th percentile
Higher debt load relative to assets than 96% of similar nonprofits.
Brattleboro Development Credit Corp Real Estate Holdings II Inc
990 • Fiscal year 2019 • EIN 81-3578784
Siviq Scores
Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.
0.94x
Liabilities / Revenue
99th percentile
Higher debt load relative to revenue than 99% of similar nonprofits.
Net Margin
95th percentile
Higher net margin than 95% of similar nonprofits.
Top Officer Pay
13th percentile
Higher top officer pay than 13% of similar nonprofits.
Top officer pay equals 16.2% of source-year revenue.
Asset Growth
15th percentile
Faster asset growth than 15% of similar nonprofits.
Revenue Growth
34th percentile
Faster revenue growth than 34% of similar nonprofits.
Balance Sheet
Assets
Down$22,754,994
Down $1,085,751 (-4.6%) from 2018
Net Assets
Up$1,318,664
Up $348,586 (+36%) from 2018
Liabilities
Down$21,436,330
Down $1,434,337 (-6.3%) from 2018
Revenue And Expenses
Revenue
Down$786,062
Down $3,206 (-0.4%) from 2018
Expenses
Up$437,476
Up $357,719 (+449%) from 2018
Net Income
Down$348,586
Down $360,925 (-51%) from 2018
Historical Trend
Jump To
Filing Snapshot
- Filing Period
- Jul 1, 2018 to Jun 30, 2019
- Signed
- Jan 28, 2020
- Return Version
- 2018v3.1
- Gross Receipts
- $786,062
Mission and Program Overview
Mission
Brattleboro development credit corporation real estate holdings ii, inc. Is a public benefit corporation organized and operated exclusively as a chamber of commerce within the meaning of section 501(c)(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.
To foster, encourage, and assist the physical location of business enterprises within vermont.
Balance Sheet Detail
| Line | Beginning | End | Change |
|---|---|---|---|
| Assets | |||
| Land, Buildings, and Equipment, Net | $185,430 | $20,682,509 | ▲ $20,497,079 |
| Cash and Non-Interest-Bearing Accounts | $5,540,847 | $769,314 | ▼ $4,771,533 |
| Total Assets | $23,840,745 | $22,754,994 | ▼ $1,085,751 |
| Other Assets Total | $18,114,468 | $1,303,171 | ▼ $16,811,297 |
| Liabilities | |||
| Mortgage Notes Payable Secured by Investment Property | $21,430,446 | $21,434,378 | ▲ $3,932 |
| Accounts Payable and Accrued Expenses | $1,440,221 | $1,952 | ▼ $1,438,269 |
| Total Liabilities | $22,870,667 | $21,436,330 | ▼ $1,434,337 |
| Net Assets / Fund Balance | |||
| Unrestricted Net Assets | $970,078 | $1,318,664 | ▲ $348,586 |
| Total Net Assets Fund Balance | $970,078 | $1,318,664 | ▲ $348,586 |
| Total Liabilities and Net Assets / Fund Balance | $23,840,745 | $22,754,994 | ▼ $1,085,751 |
Asset Categories
| Asset | Book Value | Depreciation | Basis |
|---|---|---|---|
| Buildings | $14,225,941 | $59,522 | $14,285,463 |
| Equipment | $6,271,138 | $62,035 | $6,333,173 |
| Land | $185,430 | - | $185,430 |
| Other Assets Org | $1,303,171 | - | - |
Compensation and Service Providers
Employees
| Name | Title | Other | Total |
|---|---|---|---|
| Adam Grinold | President | $127,320 | $127,320 |
Board Members and Trustees
| Name | Title |
|---|---|
| Robert Stevens | Secretary |
| Dart Everett | Treasurer |
Highest Paid Contractors
| Contractor | Services | Location | Compensation |
|---|---|---|---|
| Bread Loaf Corporation | Project General Contractor | 1293 ROUTE 7 SOUTH, Middlebury, VT 05753 | $1,783,682 |
Revenue and Support
Revenue Composition
- Contributions and Grants
- $0
- Program Service Revenue
- $782,558
- Investment Income
- $3,504
- Other Revenue
- $0
- Change in Net Assets
- $348,586
Expenses and Functional Allocation
Major Expense Lines
| Line Item | Amount |
|---|---|
| Other Expenses | $437,476 |
| 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 |
|---|---|---|---|---|
| Interest | - | - | - | $219,249 |
| Depreciation Depletion | - | - | - | $121,558 |
| Fees for Services Management | - | - | - | $95,453 |
| Other Expenses | - | - | - | $1,216 |
| Total Functional Expenses | $0 | $0 | $0 | $437,476 |
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 3
“Chroma technology corp. 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 appopriate 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
- 81-3578784
- 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
- 2016
- 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 oversight or selection process during the year.”
Raw XML Appendix352 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 ONE BUILDING AND AN ADJACENT PARCEL OF LAND IN ROCKINGHAM, VERMONT AS WELL AS ACQUIRE CERTAIN MANUFACTURING EQUIPMENT. THE CORPORATION LEASES THE FACILITY AND EQUIPMENT TO CHROMA TECHNOLOGY CORP.,(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/ElectionOfBoardMembersInd | 0 | 1 |
| IRS990/EmployeeCnt | 0 | 0 |
| IRS990/ExpenseAmt | 0 | 436260 |
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| IRS990/ForeignFinancialAccountInd | 0 | 0 |
| IRS990/ForeignOfficeInd | 0 | 0 |
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| IRS990/Form990PartVIISectionAGrp/AverageHoursPerWeekRltdOrgRt | 1 | 5.00 |
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| IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt | 2 | 0 |
| IRS990/Form990PartVIISectionAGrp/PersonNm | 0 | ADAM GRINOLD |
| IRS990/Form990PartVIISectionAGrp/PersonNm | 1 | ROBERT STEVENS |
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| IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt | 0 | 0 |
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| IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt | 2 | 0 |
| IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt | 0 | 122769 |
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| IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt | 2 | 0 |
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| IRS990/Form990PartVIISectionAGrp/TitleTxt | 1 | SECRETARY |
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| IRS990/Form990ProvidedToGvrnBodyInd | 0 | 1 |
| IRS990/FormationYr | 0 | 2016 |
| IRS990/FormerOfcrEmployeesListedInd | 0 | 0 |
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| IRS990/FSAuditedInd | 0 | 1 |
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| IRS990/MissionDesc | 0 | BRATTLEBORO DEVELOPMENT CREDIT CORPORATION REAL ESTATE HOLDINGS II, 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/ExplanationTxt | 0 | CHROMA TECHNOLOGY CORP. 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 | 1 | SOLE MEMBER OF THE CORPORATION SHALL BE BRATTLEBORO DEVELOPMENT CREDIT CORPORATION, A VERMONT PUBLIC BENEFIT NONPROFIT, TAX-EXEMPT CORPORATION. |
| 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 | 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 APPOPRIATE ADDITIONAL DISCLOSURES AND CORRECTIONS WERE MADE. |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 4 | 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. |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 5 | GOVERNING DOCUMENTS AND POLICIES ARE AVAILABLE FOR PUBLIC INSPECTION AT THE ORGANIZATION'S OFFICE DURING REGULAR BUSINESS HOURS, UPON REQUEST. |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 6 | THE ORGANIZATION DID NOT CHANGE ITS OVERSIGHT OR SELECTION PROCESS DURING THE YEAR. |
| IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc | 0 | FORM 990, PART VI, SECTION A, LINE 3 |
| IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc | 1 | FORM 990, PART VI, SECTION A, LINE 6 |
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| IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc | 3 | FORM 990, PART VI, SECTION B, LINE 11B |
| IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc | 4 | FORM 990, PART VI, SECTION B, LINE 12C |
| IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc | 5 | FORM 990, PART VI, SECTION C, LINE 19 |
| IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc | 6 | FORM 990, PART XII, LINE 2C |
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| IRS990ScheduleR/SupplementalInformationDetail/ExplanationTxt | 0 | BRATTLEBORO 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 OF ITS RESIDENTS. BRATTLEBORO DEVELOPMENT CREDIT CORPORATION REAL ESTATE HOLDINGS, INC. PRIMARY ACTIVITY: TO FOSTER, ENCOURAGE, AND ASSIST THE 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 VERTMONT BY DEVELOPING THE REGION. DIRECT CONTROLLING ENTITY: BRATTLEBORO DEVELOPMENT CREDIT CORPORATION. |
| IRS990ScheduleR/SupplementalInformationDetail/FormAndLineReferenceDesc | 0 | PART II, IDENTIFICATION OF RELATED TAX-EXEMPT ORGANIZATIONS: |
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| ReturnHeader/BuildTS | 0 | 2020-09-23 17:36:50Z |
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| ReturnHeader/BusinessOfficerGrp/PersonTitleTxt | 0 | PRESIDENT |
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| ReturnHeader/Filer/USAddress/CityNm | 0 | BRATTLEBORO |
| ReturnHeader/Filer/USAddress/StateAbbreviationCd | 0 | VT |
| ReturnHeader/Filer/USAddress/ZIPCd | 0 | 05301 |
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| ReturnHeader/FilingSecurityInformation/IPAddress/IPv4AddressTxt | 0 | 50.203.169.2 |
| ReturnHeader/FilingSecurityInformation/IPDt | 0 | 2020-01-28 |
| ReturnHeader/FilingSecurityInformation/IPTimezoneCd | 0 | ES |
| ReturnHeader/FilingSecurityInformation/IPTm | 0 | 15:13:22 |
| ReturnHeader/PreparerFirmGrp/PreparerFirmEIN | 0 | 020354851 |
| ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt | 0 | MELANSON HEATH AND COMPANY PC |
| ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt | 0 | 102 PERIMETER ROAD |
| ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm | 0 | NASHUA |
| ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd | 0 | NH |
| ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd | 0 | 030631301 |
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| ReturnHeader/PreparerPersonGrp/PreparationDt | 0 | 2020-01-28 |
| ReturnHeader/PreparerPersonGrp/PreparerPersonNm | 0 | SHERYL L STEPHENS BURKE |
| ReturnHeader/ReturnTs | 0 | 2020-01-28T14:44:40-06:00 |
| ReturnHeader/ReturnTypeCd | 0 | 990 |
| ReturnHeader/TaxPeriodBeginDt | 0 | 2018-07-01 |
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| ReturnHeader/TaxYr | 0 | 2018 |
Document Assets
No mirrored PDF or thumbnail assets are attached yet.
Filings
Displayed year
2019 • Form 990Detailed filing. Detailed filing data is available for this year.
- Assets
- $22,754,994
- Liabilities
- $21,436,330
- Net assets
- $1,318,664
- Revenue
- $786,062
- Expenses
- $437,476
- Net income
- $348,586