Civic Intelligence

Evernorth Inc

EIN 85-1409438 • 501(c)3 • Burlington, VT

Profile

Produce permanently affordable housing and enable investments in economic and community development to benefit residents through partnerships with communities and the private sector.

100 Bank Street 400Burlington, VT 05401

www.evernorthus.org

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

60th percentile

0.32x

Higher debt load relative to assets than 60% of similar nonprofits.

501(c)3 • $25M-$50M nonprofits • Source year 2024

Liabilities / Revenue

73rd percentile

0.73x

Higher debt load relative to revenue than 73% of similar nonprofits.

501(c)3 • $25M-$50M nonprofits • Source year 2024

Net Margin

60th percentile

8.4%

Higher net margin than 60% of similar nonprofits.

501(c)3 • $25M-$50M nonprofits • Source year 2024

Top Officer Pay

63rd percentile

$314,477

Higher top officer pay than 63% of similar nonprofits.

Top officer pay equals 2.8% of source-year revenue.

501(c)3 • $25M-$50M nonprofits • Source year 2024

Asset Growth

29th percentile

0.0%

Faster asset growth than 29% of similar nonprofits.

501(c)3 • $25M-$50M nonprofits • Annualized from 2022 to 2024

Revenue Growth

57th percentile

9.8%

Faster revenue growth than 57% of similar nonprofits.

501(c)3 • $25M-$50M nonprofits • Annualized from 2022 to 2024

Assets

Up

$25,994,507

Up $783,449 (+3.1%) from 2023

Liabilities

Down

$8,218,451

Down $298,688 (-3.5%) from 2023

Net Assets

Up

$17,776,056

Up $1,082,137 (+6.5%) from 2023

Revenue

Up

$11,186,036

Up $2,250,742 (+25%) from 2023

Expenses

Up

$10,242,507

Up $1,117,893 (+12%) from 2023

Net Income

Up

$943,529

Up $1,132,849 (+598%) from 2023

Trend Graphs

Balance Sheet Trend

Grouped bars show assets, liabilities, and net assets across loaded filings.

$30M$20M$10M$0Assets 2020: $380,716Liabilities 2020: $0Net Assets 2020: $380,7162020Assets 2021: $26,020,823Liabilities 2021: $9,319,095Net Assets 2021: $16,701,7282021Assets 2022: $25,975,172Liabilities 2022: $9,577,160Net Assets 2022: $16,398,0122022Assets 2023: $25,211,058Liabilities 2023: $8,517,139Net Assets 2023: $16,693,9192023Assets 2024: $25,994,507Liabilities 2024: $8,218,451Net Assets 2024: $17,776,0562024

Highlighted filing

2024

Assets$25,994,507
Liabilities$8,218,451
Net Assets$17,776,056

Operations Trend

Revenue, expenses, and net income by year, with the latest filing highlighted.

$15M$10M$5.0M$0-$5.0MRevenue 2020: $0Expenses 2020: $84Net Income 2020: -$842020Revenue 2021: $8,207,006Expenses 2021: $7,485,233Net Income 2021: $721,7732021Revenue 2022: $9,285,260Expenses 2022: $8,351,216Net Income 2022: $934,0442022Revenue 2023: $8,935,294Expenses 2023: $9,124,614Net Income 2023: -$189,3202023Revenue 2024: $11,186,036Expenses 2024: $10,242,507Net Income 2024: $943,5292024

Highlighted filing

2024

Revenue$11,186,036
Expenses$10,242,507
Net Income$943,529

Filings

Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jan 1, 2024 to Dec 31, 2024
Signed
Nov 5, 2025
Return Version
2024v5.2
Gross Receipts
$16,738,404
Mission and Program Overview

Mission

Produce permanently affordable housing and enable investments in economic and community development to benefit residents through partnerships with communities and the private sector.

Produce permanently affordable housing and enable investments in economic and community development

Balance Sheet Detail
LineBeginningEndChange
Assets
Accounts Receivable$12,673,950$14,552,982▲ $1,879,032
Investments in Publicly Traded Securities$4,650,746$4,792,638▲ $141,892
Cash and Non-Interest-Bearing Accounts$1,514,651$2,598,942▲ $1,084,291
Investments Program Related$1,268,372$1,505,787▲ $237,415
Other Notes and Loans Receivable, Net$3,170,184$879,671▼ $2,290,513
Savings and Temporary Cash Investments$562,982$570,236▲ $7,254
Land, Buildings, and Equipment, Net$480,572$456,175▼ $24,397
Prepaid Expenses and Deferred Charges$81,065$82,787▲ $1,722
Total Assets$25,211,058$25,994,507▲ $783,449
Other Assets Total$808,536$555,289▼ $253,247
Liabilities
Deferred Revenue$5,886,830$5,311,407▼ $575,423
Mortgage Notes Payable Secured by Investment Property$500,000$1,100,000▲ $600,000
Other Liabilities$1,348,374$1,018,698▼ $329,676
Accounts Payable and Accrued Expenses$781,935$788,346▲ $6,411
Total Liabilities$8,517,139$8,218,451▼ $298,688
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$16,467,913$17,529,371▲ $1,061,458
Net Assets With Donor Restrictions$226,006$246,685▲ $20,679
Total Net Assets Fund Balance$16,693,919$17,776,056▲ $1,082,137
Total Liabilities and Net Assets / Fund Balance$25,211,058$25,994,507▲ $783,449

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$132,018$697,160$829,178
Leasehold Improvements$324,157$193,562$517,719
Investment Program Related Org$1,505,787--
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Nancy OwensPresidentFT$243,896$70,581$314,477
Janet SpitlerTreasurer (end 12/31/24)FT$197,248$63,186$260,434
William Eric SchmittCOOFT$218,419$41,544$259,963
Cynthia LacasseExecutive VP & CPOFT$246,347$13,417$259,764
Kathy BeyerVP Real EstateFT$184,881$43,076$227,957
Elizabeth Wagner-boutinVP Community InvestmentsFT$177,242$47,174$224,416
Sherrin VailVP Asset Management & Portfolio InitiativesFT$183,790$34,119$217,909
Sherrin VailVP Asset Management & Portfolio Init-$167,311$50,598$217,909
Jennifer OgdenVP Hr & Org. DevelopmentFT$164,037$49,558$213,595
Paul OttosonDirector of Capital ManagementFT$125,860$37,232$163,092
Julia MorganDirector of Community Investment Risk ManagementFT$130,451$30,356$160,807
Julia MorganDirector of Community Investment Ris-$130,451$30,356$160,807
Michael SpragueDirector of Asset ManagementFT$114,066$44,952$159,018
Amy DohnerProject ManagementFT$126,242$21,484$147,726
David GravesControllerFT$122,731$14,477$137,208

Board Members and Trustees

NameTitle
Charlie BakerChair
Kara SweeneyVice Chair
Amy DemetrowitzDirector
Andrew WinterDirector
Anna Adachi-mejiaDirector
Chris MillerDirector
Dave BirkhahnDirector
John VogelDirector
Kelly LaflammeDirector
Michael ClarkeDirector
Mike AnthonyDirector
Walt GreinerDirector
Marc LandryDirector (end 8/31/24)
Karyn HaleAsst. Treasurer
Cullen RyanSecretary

Highest Paid Contractors

ContractorServicesLocationCompensation
Cohn Reznick LLPConsulting500 EAST PRATT STREET SUITE 400, Baltimore, MD 21202$234,575
100 Bank LLCReal Estate Rental100 BANK STREET SUITE 200, Burlington, VT 05401$179,782
Nolan Sheehan Patten LLPLegal Services84 STATE STREET SUITE 94C, Boston, MA 02109$147,599
Otis AtwellAccounting Services324 GANNETT DRIVE, South Portland, ME 04103$144,725
Revenue and Support

Revenue Composition

Contributions and Grants
$5,733
Program Service Revenue
$10,629,457
Investment Income
$539,582
Other Revenue
$11,264
All Other Contributions
$5,733
Change in Net Assets
$943,529

Audited Revenue Reconciliation

Revenue per Audited Statements
$11,186,036
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$138,608
Total Revenue per Audited Statements
$11,324,644
Total Revenue per Form 990
$11,186,036
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$7,599,532
Other Expenses$2,612,084
Grants and Similar Amounts Paid$30,891
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$3,926,666$341,449-$4,268,115
Current Officers, Directors, Trustees, and Key Employees$1,888,235$164,194-$2,052,429
Other Employee Benefits$607,531$52,829-$660,360
Payroll Taxes$385,577$33,528-$419,105
Fees for Services Other-$378,252-$378,252
Occupancy$339,539$29,525-$369,064
Conferences and Meetings$237,151$20,622-$257,773
Information Technology$208,521$18,132-$226,653
Fees for Services Accounting-$212,763-$212,763
Pension Plan Contributions$183,561$15,962-$199,523
All Other Expenses$150,980$13,129-$164,109
Travel$148,052$12,874-$160,926
Insurance$106,091--$106,091
Office Expenses$93,645$8,143-$101,788
Depreciation Depletion$73,312$6,375-$79,687
Fees for Services Legal-$74,542-$74,542
Other Expenses$68,264$5,936-$74,200
Grants to Domestic Orgs$30,891--$30,891
Interest$14,674$1,276-$15,950
Fees for Service Investment Mgmnt Fees-$15,689-$15,689
Total Functional Expenses$8,824,049$1,418,458$0$10,242,507

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$10,242,507
Total Expenses per Audited Statements$10,242,507
Total Expenses per Form 990$10,242,507
Expenses Not Reported on Financial Statements$0
Expenses Not Reported on Form 990$0
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Vermont Student Assistance CorporationWinooski, VT501(c)(3)Student Scholarships$12,000
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
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Lease Liability$509,990
Legal and Accounting Reserve$508,708
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
Yes
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, Part VI, Section A, Line 8B

No such other committees.

Form 990, Part VI, Section B, Line 11B

Senior management will review and present to the finance committee who will approve.

Form 990, Part VI, Section B, Line 12C

Each director, principal officer and member of a committee with governing board delegated powers shall annually sign a statement which affirms such person read, understands and has abided by the organization's written conflict of interest policy. The organization also conducts periodic reviews to ensure the organization is operating in a manner that does not jeopardize its tax-exempt status.

Form 990, Part VI, Section B, Line 15

The compensation arrangement of officers and key employees are reviewed and approved by the executive committee.

Form 990, Part VI, Section C, Line 19

Available in hard copy at the evernorth office.

Filing and Contact Details

Filer

Filer Name
Evernorth Inc
EIN
85-1409438
Phone
8028638424
Address
100 BANK STREET 400, BURLINGTON, VT 05401

Signing Officer

Name
Rich Grogan
Title
Treasurer
Phone
8028638424
Signed
2025-11-05
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Rich Grogan
Formed
2020
Legal Domicile
Me
Voting Board Members
14
Independent Board Members
14
Employees
56
Volunteers
0

Preparer

Firm
Mcsoley Mccoy & Co
Address
118 TILLEY DRIVE STE 202, SOUTH BURLINGTON, VT 05403
Preparer
Connie Fellion
Phone
8026581808
Supplemental Narrative

Financial Statement Notes

PART X, LINE 2:

Fasb asc 740, income taxes, requires entities to disclose in their financial statements the nature of any uncertainty in their tax positions. For tax-exempt entities, tax-exempt status itself is deemed to be an uncertainty, as events could potentially occur to jeopardize their tax-exempt status. Management believes we have no uncertain tax positions. We anticipate that we will not have a change in uncertain tax positions during the next twelve months that would have a material impact on our consolidated financial statements. If necessary, we would accrue interest and penalties on uncertain tax positions as a component of the provision for income taxes. We believe we are no longer subject to income tax examinations for years prior to 2021 for evernorth.

Raw XML AppendixShowing 400 of 4,487 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/PersonNm3CULLEN RYAN
IRS990/Form990PartVIISectionAGrp/PersonNm4JOHN VOGEL
IRS990/Form990PartVIISectionAGrp/PersonNm5AMY DEMETROWITZ
IRS990/Form990PartVIISectionAGrp/PersonNm6WALT GREINER
IRS990/Form990PartVIISectionAGrp/PersonNm7DAVE BIRKHAHN
IRS990/Form990PartVIISectionAGrp/PersonNm8MICHAEL CLARKE
IRS990/Form990PartVIISectionAGrp/PersonNm9ANDREW WINTER
IRS990/Form990PartVIISectionAGrp/PersonNm10CHRIS MILLER
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IRS990/Form990PartVIISectionAGrp/PersonNm12MIKE ANTHONY
IRS990/Form990PartVIISectionAGrp/PersonNm13ANNA ADACHI-MEJIA
IRS990/Form990PartVIISectionAGrp/PersonNm14MARC LANDRY
IRS990/Form990PartVIISectionAGrp/PersonNm15JANET SPITLER
IRS990/Form990PartVIISectionAGrp/PersonNm16NANCY OWENS
IRS990/Form990PartVIISectionAGrp/PersonNm17CYNTHIA LACASSE
IRS990/Form990PartVIISectionAGrp/PersonNm18WILLIAM ERIC SCHMITT
IRS990/Form990PartVIISectionAGrp/PersonNm19KATHY BEYER
IRS990/Form990PartVIISectionAGrp/PersonNm20ELIZABETH WAGNER-BOUTIN
IRS990/Form990PartVIISectionAGrp/PersonNm21SHERRIN VAIL
IRS990/Form990PartVIISectionAGrp/PersonNm22JENNIFER OGDEN
IRS990/Form990PartVIISectionAGrp/PersonNm23JULIA MORGAN
IRS990/Form990PartVIISectionAGrp/PersonNm24PAUL OTTOSON
IRS990/Form990PartVIISectionAGrp/PersonNm25AMY DOHNER
IRS990/Form990PartVIISectionAGrp/PersonNm26MICHAEL SPRAGUE
IRS990/Form990PartVIISectionAGrp/PersonNm27DAVID GRAVES
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IRS990/Form990PartVIISectionAGrp/TitleTxt0CHAIR
IRS990/Form990PartVIISectionAGrp/TitleTxt1VICE CHAIR
IRS990/Form990PartVIISectionAGrp/TitleTxt2ASST. TREASURER
IRS990/Form990PartVIISectionAGrp/TitleTxt3SECRETARY
IRS990/Form990PartVIISectionAGrp/TitleTxt4DIRECTOR
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 (END 8/31/24)
IRS990/Form990PartVIISectionAGrp/TitleTxt15TREASURER (END 12/31/24)
IRS990/Form990PartVIISectionAGrp/TitleTxt16PRESIDENT
IRS990/Form990PartVIISectionAGrp/TitleTxt17EXECUTIVE VP & CPO
IRS990/Form990PartVIISectionAGrp/TitleTxt18COO
IRS990/Form990PartVIISectionAGrp/TitleTxt19VP REAL ESTATE
IRS990/Form990PartVIISectionAGrp/TitleTxt20VP COMMUNITY INVESTMENTS
IRS990/Form990PartVIISectionAGrp/TitleTxt21VP ASSET MANAGEMENT & PORTFOLIO INITIATIVES
IRS990/Form990PartVIISectionAGrp/TitleTxt22VP HR & ORG. DEVELOPMENT
IRS990/Form990PartVIISectionAGrp/TitleTxt23DIRECTOR OF COMMUNITY INVESTMENT RISK MANAGEMENT
IRS990/Form990PartVIISectionAGrp/TitleTxt24DIRECTOR OF CAPITAL MANAGEMENT
IRS990/Form990PartVIISectionAGrp/TitleTxt25PROJECT MANAGEMENT
IRS990/Form990PartVIISectionAGrp/TitleTxt26DIRECTOR OF ASSET MANAGEMENT
IRS990/Form990PartVIISectionAGrp/TitleTxt27CONTROLLER
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IRS990/MissionDesc0PRODUCE PERMANENTLY AFFORDABLE HOUSING AND ENABLE INVESTMENTS IN ECONOMIC AND COMMUNITY DEVELOPMENT TO BENEFIT RESIDENTS THROUGH PARTNERSHIPS WITH COMMUNITIES AND THE PRIVATE SECTOR.
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IRS990/MoreThan5000KToOrgInd00
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