Civic Intelligence

Valdez Fisheries Development Association Inc

990 • Fiscal year 2021 • EIN 92-0074473

Jun 01, 2020 to May 31, 2021 • Filed on Nov 20, 2021

Organization Profilewww.valdezfisheries.org

View Organization Page

PO Box 125Valdez, AK 99686

(907) 835-4874

Siviq Scores

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

Liabilities / Assets

74th percentile

0.47x

Higher debt load relative to assets than 74% of similar nonprofits.

2021 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2021

Liabilities / Revenue

84th percentile

1.35x

Higher debt load relative to revenue than 84% of similar nonprofits.

2021 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2021

Net Margin

69th percentile

24%

Higher net margin than 69% of similar nonprofits.

2021 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2021

Top Officer Pay

50th percentile

$170,808

Higher top officer pay than 50% of similar nonprofits.

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

2021 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2021

Asset Growth

36th percentile

4.9%

Faster asset growth than 36% of similar nonprofits.

2021 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2020 to 2021

Revenue Growth

41st percentile

6.7%

Faster revenue growth than 41% of similar nonprofits.

2021 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2020 to 2021

Balance Sheet
Liabilities / Assets74th percentile

Assets

Up

$17,611,531

Up $817,286 (+4.9%) from 2020

Net Assets

Up

$9,415,632

Up $2,153,124 (+30%) from 2020

Liabilities

Down

$8,195,899

Down $1,335,838 (-14%) from 2020

Revenue And Expenses
Liabilities / Revenue84th percentileNet Margin69th percentile

Revenue

Up

$6,053,293

Up $379,209 (+6.7%) from 2020

Expenses

Up

$4,594,216

Up $110,470 (+2.5%) from 2020

Net Income

Up

$1,459,077

Up $268,739 (+23%) from 2020

Historical Trend

Balance Sheet Trend

Asset Growth36th percentile

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

$20M$10M$0-$10MAssets 2011: $7,697,102Liabilities 2011: $10,254,841Net Assets 2011: -$2,557,7392011Assets 2012: $8,329,056Liabilities 2012: $10,151,171Net Assets 2012: -$1,822,1152012Assets 2013: $8,609,210Liabilities 2013: $9,894,812Net Assets 2013: -$1,285,6022013Assets 2014: $9,744,450Liabilities 2014: $9,566,183Net Assets 2014: $178,2672014Assets 2015: $11,749,370Liabilities 2015: $10,797,482Net Assets 2015: $951,8882015Assets 2016: $13,057,037Liabilities 2016: $10,965,103Net Assets 2016: $2,091,9342016Assets 2017: $14,761,842Liabilities 2017: $11,370,008Net Assets 2017: $3,391,8342017Assets 2018: $15,525,102Liabilities 2018: $11,029,012Net Assets 2018: $4,496,0902018Assets 2019: $16,228,402Liabilities 2019: $10,371,901Net Assets 2019: $5,856,5012019Assets 2020: $16,794,245Liabilities 2020: $9,531,737Net Assets 2020: $7,262,5082020Assets 2021: $17,611,531Liabilities 2021: $8,195,899Net Assets 2021: $9,415,6322021Assets 2022: $16,996,317Liabilities 2022: $6,785,998Net Assets 2022: $10,210,3192022Assets 2023: $17,090,270Liabilities 2023: $5,852,345Net Assets 2023: $11,237,9252023Assets 2024: $18,922,559Liabilities 2024: $5,813,447Net Assets 2024: $13,109,1122024

Highlighted filing

2021

Assets$17,611,531
Liabilities$8,195,899
Net Assets$9,415,632
Open 2021 Filing

Operations Trend

Revenue Growth41st percentile

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

$8.0M$6.0M$4.0M$2.0M$0Expenses 2011: $3,998,5342011Expenses 2012: $4,000,3022012Expenses 2013: $3,318,5962013Revenue 2014: $5,372,785Expenses 2014: $3,908,916Net Income 2014: $1,463,8692014Revenue 2015: $4,453,249Expenses 2015: $3,679,628Net Income 2015: $773,6212015Revenue 2016: $4,915,321Expenses 2016: $3,775,275Net Income 2016: $1,140,0462016Revenue 2017: $5,267,432Expenses 2017: $3,967,532Net Income 2017: $1,299,9002017Revenue 2018: $5,284,162Expenses 2018: $4,306,095Net Income 2018: $978,0672018Revenue 2019: $5,675,353Expenses 2019: $4,294,457Net Income 2019: $1,380,8962019Revenue 2020: $5,674,084Expenses 2020: $4,483,746Net Income 2020: $1,190,3382020Revenue 2021: $6,053,293Expenses 2021: $4,594,216Net Income 2021: $1,459,0772021Revenue 2022: $5,681,425Expenses 2022: $4,383,390Net Income 2022: $1,298,0352022Revenue 2023: $5,700,212Expenses 2023: $4,492,582Net Income 2023: $1,207,6302023Revenue 2024: $6,589,187Expenses 2024: $4,528,977Net Income 2024: $2,060,2102024

Highlighted filing

2021

Revenue$6,053,293
Expenses$4,594,216
Net Income$1,459,077
Open 2021 Filing
Jump To
Filing Snapshot
Filing Period
Jun 1, 2020 to May 31, 2021
Signed
Nov 20, 2021
Return Version
2020v4.0
Gross Receipts
$8,377,576
Mission and Program Overview

Mission

To raise and release salmon fry to guarantee the return of salmon to Port Valdez to support commercial and sport fishing under the control of the Alaska Department of Fish and Game and the PWS Management team.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$10,099,660$10,143,609▲ $43,949
Investments in Publicly Traded Securities$4,566,491$5,306,229▲ $739,738
Savings and Temporary Cash Investments$1,777,385$1,905,014▲ $127,629
Accounts Receivable$5,000$27,552▲ $22,552
Inventories for Sale or Use$26,795$26,758▼ $37
Prepaid Expenses and Deferred Charges$9,971$11,070▲ $1,099
Cash and Non-Interest-Bearing Accounts-$0-
Other Notes and Loans Receivable, Net-$0-
Pledges and Grants Receivable-$0-
Receivable From Disqualified Prsn-$0-
Receivables From Officers Etc-$0-
Investments Other Securities-$0-
Investments Program Related-$0-
Intangible Assets-$0-
Total Assets$16,794,245$17,611,531▲ $817,286
Other Assets Total$308,943$191,299▼ $117,644
Liabilities
Mortgage Notes Payable Secured by Investment Property$9,111,043$7,730,943▼ $1,380,100
Accounts Payable and Accrued Expenses$420,694$464,956▲ $44,262
Total Liabilities$9,531,737$8,195,899▼ $1,335,838
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$6,715,094$8,868,218▲ $2,153,124
Net Assets With Donor Restrictions$547,414$547,414→ $0
Total Net Assets Fund Balance$7,262,508$9,415,632▲ $2,153,124
Total Liabilities and Net Assets / Fund Balance$16,794,245$17,611,531▲ $817,286

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$8,128,677$7,378,907$15,507,584
Equipment$1,832,721$2,260,908$4,093,629
Land$182,211-$182,211
Compensation and Service Providers
Top Officer Pay50th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Mike WellsExecutive DirectorFT$161,140$9,668$170,808
Rob UngerHatchery ManagerFT$104,938$6,296$111,234
Laura TherriaultAccountantFT$101,647$6,099$107,746

Board Members and Trustees

NameTitle
Bernie CulbertsonPast President
Thane MillerPresident
Ed DayVice President
Alan SorumDirector
George LevasseurDirector
Ray SuttonSecretary
Colleen StephensTreasurer

Highest Paid Contractors

ContractorServicesLocationCompensation
Frawner CorpPiping Construction8123 Hartzell Rd, Anchorage, AK 99507$365,000
Revenue and Support

Revenue Composition

Contributions and Grants
$266,365
Program Service Revenue
$5,555,245
Investment Income
$217,268
Other Revenue
$14,415
All Other Contributions
$16,365
Change in Net Assets
$1,459,077

Audited Revenue Reconciliation

Revenue per Audited Statements
$6,053,293
Revenue Not Reported on Form 990
$662,059
Total Revenue per Audited Statements
$6,715,352
Total Revenue per Form 990
$6,053,293
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$2,332,116
Salaries, Compensation, and Employee Benefits$2,262,100
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$1,028,692$366,437-$1,395,129
Depreciation Depletion$509,453$4,128-$513,581
Other Employee Benefits$340,572$51,225-$391,797
Fees for Services Other$220,177$72,851-$293,028
Current Officers, Directors, Trustees, and Key Employees$190,996$63,200-$254,196
Interest$233,655--$233,655
Occupancy$172,260$7,626-$179,886
All Other Expenses$152,228$12,537-$164,765
Payroll Taxes$104,180$35,055-$139,235
Insurance-$136,449-$136,449
Other Expenses$92,976$25,690-$92,976
Pension Plan Contributions$55,348$26,395-$81,743
Travel$45,870$2,735-$48,605
Fees for Service Investment Mgmnt Fees-$31,988-$31,988
Advertising$300$28,153-$28,453
Fees for Services Accounting-$23,189-$23,189
Fees for Services Legal-$20,628-$20,628
Office Expenses$7,218$6,525-$13,743
Fees for Services Lobbying-$12,295-$12,295
Total Functional Expenses$3,656,765$937,451$0$4,594,216

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$4,594,216
Expenses per Audited Statements$4,562,228
Total Expenses per Audited Statements$4,562,228
Expenses Not Reported on Financial Statements$31,988
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
Yes
Subject to proxy tax
No
Insider Transactions and Loans

Interested-Person Transactions

Interested PartyRelationshipDescriptionShared RevenueAmount
-Director/OwnerEquipment repairNo$27,257

Loans and Receivables

Line ItemBeginningEndChange
Receivables from Disqualified Persons-$0-
Receivables from Officers, Directors, Trustees, and Key Employees-$0-
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 35% controlled entity
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
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Line 2: Description of Business or Family Relationship of Officers, Directors, Et

“Mike Wells, Executive Director, and Ray Sutton, Director, are first cousins.”

Form 990, Part VI, Line 11B: Form 990 Review Process

“The form 990 is reviewed by the Treasurer and either signed by him or the board president. The entire board is made aware that the 990 has been completed and filed and that a copy is available for review.”

Form 990, Part VI, Line 12C: Explanation of Monitoring and Enforcement of Conflicts

“Conflicts of interest are brought before the Board of Directors during board meetings. The matter is discussed and a solution is agreed upon.”

Form 990, Part VI, Line 15A: Compensation Review & Approval Process - CEO, Top Management

“The Foraker Group compares the salaries of Valdez Fisheries Development Association Employees to salaries from organizations of similar nature as needed.”

Form 990, Part VI, Line 15B: Compensation Review and Approval Process for Officers and Key Employees

“The Foraker Group compares the salaries of Valdez Fisheries Development Association Employees to salaries from organizations of similar nature as needed.”

Form 990, Part VI, Line 19: Other Organization Documents Publicly Available

“A notice is posted in the office entry and all documents are provided upon request and approval of the Board of Directors.”

Filing and Contact Details

Filer

Filer Name
Valdez Fisheries Development Association
EIN
92-0074473
Phone
9078354874
Address
PO Box 125, Valdez, AK 99686

Signing Officer

Name
Colleen Stephens
Title
Treasurer
Signed
2021-11-20
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Thane Miller
Formed
1982
Legal Domicile
Ak
Voting Board Members
7
Independent Board Members
7
Employees
58
Volunteers
7

Preparer

Firm
Altman Rogers & Co
Address
3000 C Street Suite 201, Anchorage, AK 99503
Preparer
Tom J Domagala CPA
Phone
9072742992
Supplemental Narrative

Financial Statement Notes

Part X : FIN48 Footnote

“The Corporation is exempt from federal income taxes under Section 501(c)(3) of the Internal Revenue Code. However, any income derived from unrelated business activities is subject to the requirements of filing Federal Income Tax Form 990-T and a tax liability may be determined on these activities. The Corporation classifies all interest and penalties related to tax contingencies as income tax expense. As of May 31, 2021 and 2020 there are no accrued interests or penalties.”

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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/TitleTxt0Executive Dir.
IRS990/Form990PartVIISectionAGrp/TitleTxt1Hatchery Manager
IRS990/Form990PartVIISectionAGrp/TitleTxt2Accountant
IRS990/Form990PartVIISectionAGrp/TitleTxt3Vice President
IRS990/Form990PartVIISectionAGrp/TitleTxt4Director
IRS990/Form990PartVIISectionAGrp/TitleTxt5Past President
IRS990/Form990PartVIISectionAGrp/TitleTxt6President
IRS990/Form990PartVIISectionAGrp/TitleTxt7Director
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IRS990/Form990PartVIISectionAGrp/TitleTxt9Treasurer
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IRS990/OtherEmployeeBenefitsGrp/TotalAmt0391797
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IRS990/OtherExpensesGrp/Desc1Equipment
IRS990/OtherExpensesGrp/Desc2Materials & Supplies
IRS990/OtherExpensesGrp/Desc3Postage and Shipping
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt010345
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt125690
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IRS990/OtherExpensesGrp/ProgramServicesAmt1123308
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IRS990/OtherExpensesGrp/ProgramServicesAmt392976
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IRS990/OtherExpensesGrp/TotalAmt1133653
IRS990/OtherExpensesGrp/TotalAmt2120114
IRS990/OtherExpensesGrp/TotalAmt392976
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IRS990/PensionPlanContributionsGrp/ManagementAndGeneralAmt026395
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IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt011070
IRS990/PrincipalOfficerNm0Thane Miller
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IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt1175100
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IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt1175100
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt212963
IRS990/ProgSrvcAccomActy2Grp/Desc0Fish Processing - Accounts for all activities at the processing plant. This was created to achieve full utilization of surplus hatchery resources, by processing and marketing smoked salmon products.
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IRS990/ProgSrvcAccomActy2Grp/RevenueAmt0796799
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IRS990/PYOtherRevenueAmt018363
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Document Assets

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Filings

Displayed year

2021 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$17,611,531
Liabilities
$8,195,899
Net assets
$9,415,632
Revenue
$6,053,293
Expenses
$4,594,216
Net income
$1,459,077
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$18.9$5.81$13.1$6.59$4.53$2.06
2023XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$17.1$5.85$11.2$5.70$4.49$1.21
2022XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$17.0$6.79$10.2$5.68$4.38$1.30
2021Detailed filing. Detailed filing data is available for this year.$17.6$8.20$9.42$6.05$4.59$1.46
2020Detailed filing. Detailed filing data is available for this year.$16.8$9.53$7.26$5.67$4.48$1.19
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$16.2$10.4$5.86$5.68$4.29$1.38
2018Detailed filing. Detailed filing data is available for this year.$15.5$11.0$4.50$5.28$4.31$0.98
2017Detailed filing. Detailed filing data is available for this year.$14.8$11.4$3.39$5.27$3.97$1.30
2016Detailed filing. Detailed filing data is available for this year.$13.1$11.0$2.09$4.92$3.78$1.14
2015Detailed filing. Detailed filing data is available for this year.$11.7$10.8$0.95$4.45$3.68$0.77
2014Detailed filing. Detailed filing data is available for this year.$9.74$9.57$0.18$5.37$3.91$1.46
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$8.61$9.89$1.29$3.32
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$8.33$10.2$1.82$4.00
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$7.70$10.3$2.56$4.00