Civic Intelligence

Valdez Fisheries Development Association Inc

990 • Fiscal year 2024 • EIN 92-0074473

Jun 01, 2023 to May 31, 2024 • Filed on Feb 15, 2025

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

64th percentile

0.31x

Higher debt load relative to assets than 64% of similar nonprofits.

2024 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2024

Liabilities / Revenue

79th percentile

0.88x

Higher debt load relative to revenue than 79% of similar nonprofits.

2024 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2024

Net Margin

82nd percentile

31%

Higher net margin than 82% of similar nonprofits.

2024 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2024

Top Officer Pay

37th percentile

$148,711

Higher top officer pay than 37% of similar nonprofits.

Top officer pay equals 2.3% of source-year revenue.

2024 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2024

Asset Growth

67th percentile

11%

Faster asset growth than 67% of similar nonprofits.

2024 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2023 to 2024

Revenue Growth

64th percentile

16%

Faster revenue growth than 64% of similar nonprofits.

2024 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2023 to 2024

Balance Sheet
Liabilities / Assets64th percentile

Assets

Up

$18,922,559

Up $1,832,289 (+11%) from 2023

Net Assets

Up

$13,109,112

Up $1,871,187 (+17%) from 2023

Liabilities

Down

$5,813,447

Down $38,898 (-0.7%) from 2023

Revenue And Expenses
Liabilities / Revenue79th percentileNet Margin82nd percentile

Revenue

Up

$6,589,187

Up $888,975 (+16%) from 2023

Expenses

Up

$4,528,977

Up $36,395 (+0.8%) from 2023

Net Income

Up

$2,060,210

Up $852,580 (+71%) from 2023

Historical Trend

Balance Sheet Trend

Asset Growth67th 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

2024

Assets$18,922,559
Liabilities$5,813,447
Net Assets$13,109,112
Open 2024 Filing

Operations Trend

Revenue Growth64th 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

2024

Revenue$6,589,187
Expenses$4,528,977
Net Income$2,060,210
Open 2024 Filing
Jump To
Filing Snapshot
Filing Period
Jun 1, 2023 to May 31, 2024
Signed
Feb 15, 2025
Return Version
2023v6.0
Gross Receipts
$7,669,780
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$9,858,318$11,596,641▲ $1,738,323
Investments in Publicly Traded Securities$4,327,645$5,238,228▲ $910,583
Savings and Temporary Cash Investments$1,817,615$1,021,402▼ $796,213
Inventories for Sale or Use$70,693$69,276▼ $1,417
Prepaid Expenses and Deferred Charges$18,516$19,665▲ $1,149
Cash and Non-Interest-Bearing Accounts-$0-
Accounts Receivable-$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$17,090,270$18,922,559▲ $1,832,289
Other Assets Total$997,483$977,347▼ $20,136
Liabilities
Mortgage Notes Payable Secured by Investment Property$5,486,491$5,474,628▼ $11,863
Accounts Payable and Accrued Expenses$365,854$338,819▼ $27,035
Total Liabilities$5,852,345$5,813,447▼ $38,898
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$10,690,511$12,561,698▲ $1,871,187
Net Assets With Donor Restrictions$547,414$547,414→ $0
Total Net Assets Fund Balance$11,237,925$13,109,112▲ $1,871,187
Total Liabilities and Net Assets / Fund Balance$17,090,270$18,922,559▲ $1,832,289

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$9,381,498$7,769,380$17,150,878
Equipment$2,032,932$2,374,704$4,407,636
Land$182,211-$182,211
Other Assets Org$977,347--

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2023$547,414---$547,414
2022$547,414---$547,414
2021$547,414---$547,414
2020$547,414---$547,414
2019$547,414---$547,414
Compensation and Service Providers
Top Officer Pay37th percentile

Employees

NameTitleFull / Part TimeBaseTotal
Mike WellsExecutive DirectorFT$148,711$148,711
Rob UngerHatchery ManagerFT$109,969$109,969
Laura TherriaultAccountantFT$107,989$107,989
Rosalyn EspirituAccountantFT$46,342$46,342

Board Members and Trustees

NameTitle
Thane MillerPresident
Edward DayVice President
Alan SorumDirector
Bernard CulbertsonDirector
George LevasseurDirector
Raymond SuttonSecretary
Colleen StephensTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$5,658,508
Investment Income
$910,395
Other Revenue
$20,284
Change in Net Assets
$2,060,210

Audited Revenue Reconciliation

Revenue per Audited Statements
$6,586,447
Revenue Not Reported on Financial Statements
$2,740
Revenue Not Reported on Form 990
$-189,023
Total Revenue per Audited Statements
$6,397,424
Total Revenue per Form 990
$6,589,187
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$2,349,122
Salaries, Compensation, and Employee Benefits$2,179,855
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$1,054,275$344,974-$1,399,249
Depreciation Depletion$425,526$4,298-$429,824
Current Officers, Directors, Trustees, and Key Employees$187,142$54,860-$242,002
Other Employee Benefits$212,705$22,839-$235,544
Payroll Taxes$179,055$44,751-$223,806
Fees for Services Other$158,051$56,567-$214,618
Insurance-$197,732-$197,732
Interest$195,459--$195,459
Occupancy$174,874$8,208-$183,082
All Other Expenses$122,829$18,771-$141,600
Other Expenses$118,252$6,591-$124,843
Travel$76,905$12,959-$89,864
Pension Plan Contributions$52,516$26,738-$79,254
Fees for Services Accounting-$23,625-$23,625
Fees for Services Legal-$15,558-$15,558
Office Expenses$6,156$6,058-$12,214
Fees for Services Lobbying-$8,956-$8,956
Advertising-$6,005-$6,005
Fees for Service Investment Mgmnt Fees-$2,740-$2,740
Total Functional Expenses$3,661,741$867,236$0$4,528,977

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$4,528,977
Expenses per Audited Statements$4,526,237
Total Expenses per Audited Statements$4,526,237
Expenses Not Reported on Financial Statements$2,740
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

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
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
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section A, Line 2

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

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

“The form 990 is reviewed by the Treasurer and either signed by her 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, Section B, Line 12C

“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, Section B, Line 15A

“VFDA compares the salaries and wages of its employees to those of other industry organizations of similar nature regularly. In addition VFDA consults with the Foraker Group to assess compensation of its emplyees from time to time.”

Form 990, Part VI, Section B, Line 15B

“VFDA compares the salaries and wages of its employees to those of other industry organizations of similar nature regularly. In addition VFDA consults with the Foraker Group to assess compensation of its emplyees from time to time.”

Form 990, Part VI, Section C, Line 19

“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
2025-02-15
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Thane Miller
Formed
1980
Legal Domicile
Ak
Voting Board Members
7
Independent Board Members
7
Employees
50
Volunteers
7

Preparer

Firm
Altman Rogers & Co
Address
3000 C ST STE 201, ANCHORAGE, AK 99503
Preparer
Sterling Gillon 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, 2024 and 2023 there are no accrued interests or penalties.”

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IRS990/Form990PartVIISectionAGrp/TitleTxt0Executive Dir.
IRS990/Form990PartVIISectionAGrp/TitleTxt1Hatchery Manager
IRS990/Form990PartVIISectionAGrp/TitleTxt2Accountant
IRS990/Form990PartVIISectionAGrp/TitleTxt3Accountant
IRS990/Form990PartVIISectionAGrp/TitleTxt4President
IRS990/Form990PartVIISectionAGrp/TitleTxt5Vice President
IRS990/Form990PartVIISectionAGrp/TitleTxt6Treasurer
IRS990/Form990PartVIISectionAGrp/TitleTxt7Secretary
IRS990/Form990PartVIISectionAGrp/TitleTxt8Director
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IRS990/OtherExpensesGrp/ManagementAndGeneralAmt16591
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IRS990/OtherExpensesGrp/TotalAmt2140601
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IRS990/ProgSrvcAccomActy2Grp/RevenueAmt0452499
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Filings

Displayed year

2024 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$18,922,559
Liabilities
$5,813,447
Net assets
$13,109,112
Revenue
$6,589,187
Expenses
$4,528,977
Net income
$2,060,210
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$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
2021XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$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