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Addison County Economic Development Corporation FY2020 filing

Not tax-deductible

Middlebury, VT501(c)(6)Since 1991Mutual / membership EIN 03-0331665Revenue $300K in FY2020

On file with the IRSaddisoncountyedc.org1590 Route 7 S Ste 8, 05753-8432 · Middlebury, VTTax-exempt since Aug 1994

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To create an entrepreneurial and innovative environment, nurturing business to launch, grow, and thrive.

501(c)(6) business league; gifts are not tax-deductible as charitable contributions.
86¢ of each $1 spent went to programs.
$92K paid to officers and key staff.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX · Pay: Part VII

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FY2020 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
501(c)(6)
not on the IRS revocation list
Looks good: listed by the IRS and not on the revocation list.
IRS BMF · Auto-Revocation List
Tax-deductible gifts
No
Donations are not tax-deductible
Worth a look: the IRS does not list gifts to it as deductible.
IRS Pub. 78 · IRS BMF
Latest return
FY2025
latest Form 990
Looks good: the latest return is for FY2025, 1 tax year back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
1 of 6
filings with a surplus
Average deficit $37K a year · 12% of revenue · last 6 filings
Concern: a surplus in 1 of the last 6 filings.
Pt I · Ln 19 · 6 filings
Spent on programs
86%
of spending
Looks good: 86% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Pay to officers and key staff
$92K
to officers and key staff · 23% of spending
Worth a look: pay to officers and key staff is 23% of spending; over 20%.
Pt VII · Sec A
Cash reserves
13 mo
of spending, in cash
Looks good: 12.8 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
1
named funder · $16K
Fine: 1 funder names it on their filings; under 3.
Funders’ Sch. I, 990-PF
Liabilities
$723K
65% of total assets
Fine: liabilities are 65% of assets; 50% to 65%.
Pt X · Ln 26
Independent board members
14
of 14 voting members
Looks good: 14 of 14 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$300K
Spent
$395K
To programs
86%
Net assets
$389K
By yearFY2020–FY2025
Revenue
$300K
FY2020
Tap a bar for its year
Revenue by fiscal year
FY2020$300K
FY2021$363K
FY2022$330K
FY2023$235K
FY2024$315K
FY2025$317K
Expenses
$395K
FY2020
Tap a bar for its year
Expenses by fiscal year
FY2020$395K
FY2021$303K
FY2022$340K
FY2023$326K
FY2024$342K
FY2025$375K
Net assets
$389K
FY2020
Tap a bar for its year
Net assets by fiscal year
FY2020$389K
FY2021$449K
FY2022$439K
FY2023$347K
FY2024$320K
FY2025$262K

From the FY2020 Form 990 (year ending June 2020) · see the original

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You’re viewing the FY2020 filing — not the latest on file. See the latest (FY2025) →

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2025. IRS ruling in Aug 1994.

IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Where the money goes

86 cents of each dollar spent went to programs.

Program services 86% · $340K Management & general 14% · $55K

Form 990 Part IX, line 25, columns B–D. Every line is in By the numbers.

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Who runs it and what they're paid

17 people listed on the 990; $92K paid to officers and key staff.

Part VII, Section A · reportable compensation · most recent filed roster (FY2019); the FY2020 filing did not itemize Part VII
$92,207Pt VII · Sec A
Sarah Morris
President
$0Pt VII · Sec A
John Kiernan
Vice Preside
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
David Austin
Board Member
$0Pt VII · Sec A
Valerie Capels
Board Member
$0Pt VII · Sec A
Caroline Carpenter
Board Member
$0Pt VII · Sec A

Compensation history total reportable pay by year · 1 named individual · Part VII

NameFY2025FY2024FY2023FY2022FY2021FY2020
Frederick Kenney II$103,264$99,896$104,444$99,254$93,840$92,207

Total reportable compensation (Form 990 Part VII column D / Schedule J column E) by filing year, matched by name within this organization. The Schedule J base / bonus / deferred breakdown is not parsed into this dataset.

See Addison County Economic Development Corporation executive salaries →

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Questions the 990 asks

The form asks each of these directly. These are the filed answers.

  • Family or business ties among officersPt VI · Ln 2No
  • Top official's pay set by an independent reviewPt VI · Ln 15aYes

Programs and updates

Nurtures businesses to launch, grow, and thrive in an innovative environment.

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Provided by the organization

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2 programs · $340K · in their own filed words · FY2019
01

Community Services

Acedc provides direct services to businesses including advice, assistance, referrals, site selection and project management, and business expansion services, services to the general business community such as business workshops and training, networking, and advocating on behalf of businesses regionally, and on the state and federal…

$200Kprogram expense
02

Lending Services

Lending services include project finance planning and direct lending to businesses through an acedc revolving loan fund and a usda-financed intermediary relending program.

$140Kprogram expense

Funders

Who pays for it.

From grant filings on record. Receipts are incomplete: individual donors are never listed.

Grants

Schedule I · funders on record
Grants received · FY2020
Brattleboro Development Credit CorporationFY2020$16K
Total grants receivedfrom 1 funder$16K

By the numbers

The FY2020 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$300K
Ln 12
Gifts and grantsLn 1h$212K
Fees for servicesLn 2g$87K
Investment incomeLn 3$807
Money outPt IX
$395K
Ln 25
Programscol B$340K
Managementcol C$55K
Owns and owesPt X
$389K
net assets · Ln 32
Cash and savingsLn 1–2$420K
Total assetsLn 16$1.1M
LiabilitiesLn 26$723K
PeoplePt VI, VII
17
listed · VII A
PaidVII A1
Voting boardVI 1a14
IndependentVI 1b14
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$212K
Government grantsLn 1e$184K
Fees for servicesLn 2g$87K
Investment incomeLn 3$807
Other incomeLn 4–11$50
Total revenueLn 12$300K
Assets in detailPt X, end of year
CashLn 1$73K
SavingsLn 2$347K
Cash and savings togetherLn 1–2$420K
Land, buildings, equipmentLn 10c$4K
Total assetsLn 16$1.1M
LiabilitiesLn 26$723K
Net assetsLn 32$389K
OperationsPt I, VI
EmployeesI 56
VolunteersI 617
Fiscal year endsHeaderJune
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13Yes
Records policyVI 14Yes
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY20End FY20
Cash and savingsLn 1–2$487K$420K
Land, buildings, equipmentLn 10c$7K$4K
Total assetsLn 16$1.2M$1.1M
LiabilitiesLn 26$764K$723K
Net assetsLn 32$484K$389K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Pay of current officers, directors and key staffLn 5$112K$79K$34K
Other salaries and wagesLn 7$86K$86K
Pension plan contributionsLn 8$3K$3K
Other employee benefitsLn 9$119$119
Payroll taxesLn 10$14K$12K$2K
Legal feesLn 11b$5K$5K
Accounting feesLn 11c$14K$14K
Other fees for servicesLn 11g$2K$2K$410
Advertising and promotionLn 12$1K$1K$122
Office expensesLn 13$8K$7K$1K
Information technologyLn 14$3K$3K$512
OccupancyLn 16$18K$16K$3K
TravelLn 17$2K$2K
Conferences, conventions and meetingsLn 19$5K$5K
InterestLn 20$7K$7K
Depreciation, depletion and amortizationLn 22$3K$3K
InsuranceLn 23$3K$2K$380
Other expenses (24a–d)Ln 24$108K$108K
Total functional expensesLn 25$395K$340K$55K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 Latest $317K$375K−$58K$262K 990 PDF
FY2024 $315K$342K−$27K$320K 990 PDF
FY2023 $235K$326K−$91K$347K 990 PDF
FY2022 $330K$340K−$10K$439K 990 PDF
FY2021 $363K$303K$59K$449K 990 PDF
FY2020 Viewing $300K$395K−$94K$389K 990 PDF

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Schedules filed Part IV

III · Programs R · Related orgs G · Fundraising L · Interested persons I · Grants A · Public support O · Explanations
See the full FY2020 990 (6 parts)
Part I · Summary $300,224 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $183,074$212,420
I-9 Program service revenuePrior year $94,051$86,947
I-10 Investment incomePrior year $814$807
I-11 Other revenuePrior year $49$50
I-12 Total revenuePrior year $277,988$300,224
I-13 Grants and similar amounts paid$0
I-14 Benefits paid to members$0
I-15 Salaries and benefitsPrior year $206,095$215,674
I-16a Professional fundraising fees$0
I-17 Other expensesPrior year $154,895$178,957
I-18 Total expensesPrior year $360,990$394,631
I-19 Revenue less expensesPrior year −$83,002−$94,407
Part VI · Governance 14 of 14 board members independent, no flags
VI-1a Voting members of the governing body14
VI-1b Independent voting members14
VI-2 Family or business relationship among officers or directorsNo
VI-12a Written conflict of interest policyYes
VI-13 Written whistleblower policyYes
VI-14 Document retention and destruction policyYes
VI-15a Process for setting top official's payYes
Part VIII · Statement of revenue $300,224 across 7 lines filed
VIII-1b Membership dues$28,355
VIII-1e Government grants$184,065
VIII-1h Total contributions, gifts and grants$212,420
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $86,947$86,947
VIII-3 Investment incomeRelated to mission $807$807
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Related to mission $50$50
VIII-12 Total revenueRelated to mission $87,804$300,224
Part IX · Statement of functional expenses $394,631 across 18 lines filed
IX-5 Pay of current officers, directors and key staffPrograms $78,568 · Management $33,672$112,240
IX-7 Other salaries and wagesPrograms $86,268$86,268
IX-8 Pension plan contributionsPrograms $2,641$2,641
IX-9 Other employee benefitsPrograms $119$119
IX-10 Payroll taxesPrograms $12,245 · Management $2,161$14,406
IX-11b Legal feesPrograms $4,977$4,977
IX-11c Accounting feesManagement $13,500$13,500
IX-11g Other fees for servicesPrograms $1,590 · Management $410$2,000
IX-12 Advertising and promotionPrograms $1,089 · Management $122$1,211
IX-13 Office expensesPrograms $6,525 · Management $1,284$7,809
IX-14 Information technologyPrograms $2,901 · Management $512$3,413
IX-16 OccupancyPrograms $15,576 · Management $2,749$18,325
IX-17 TravelPrograms $1,973$1,973
IX-19 Conferences, conventions and meetingsPrograms $4,759$4,759
IX-20 InterestPrograms $7,470$7,470
IX-22 Depreciation, depletion and amortizationPrograms $3,140$3,140
IX-23 InsurancePrograms $2,155 · Management $380$2,535
IX-24 Other expenses (24a–d)Programs $107,845$107,845
IX-25 Total functional expensesPrograms $339,841 · Management $54,790 · Fundraising $0$394,631
Part X · Balance sheet $1,112,494 assets, 13 lines filed
Asset lines not itemized here account for $669,756; see the IRS return.
X-1 Cash, non-interest-bearingStart of year $53,670$72,603
X-2 Savings and temporary cash investmentsStart of year $433,446$347,255
X-4 Accounts receivableStart of year $12,673$18,243
X-9 Prepaid expenses and deferred charges$540
X-10c Land, buildings and equipment, netStart of year $7,237$4,097
X-16 Total assetsStart of year $1,247,519$1,112,494
X-17 Accounts payable and accrued expensesStart of year $18,919$30,598
X-19 Deferred revenueStart of year $5,982$15,000
X-26 Total liabilitiesStart of year $763,787$723,169
X-27 Net assets without donor restrictionsStart of year $234,878$207,695
X-28 Net assets with donor restrictionsStart of year $248,854$181,630
X-32 Total net assets or fund balancesStart of year $483,732$389,325
X-33 Total liabilities and net assetsStart of year $1,247,519$1,112,494
Part XI · Reconciliation of net assets $389,325 net assets at year end
XI-1 Total revenue$300,224
XI-2 Total expenses$394,631
XI-3 Revenue less expenses−$94,407
XI-4 Net assets at start of year$483,732
XI-10 Net assets at end of year$389,325

Form 990 e-file (XML) FY2020 from the IRS · Classification, formation year and address from the IRS Business Master File

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