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Cynosure INC

Not tax-deductible

Burlington, VT501(c)(6)EIN 03-6005859Revenue $1.2M in FY2025

On file with the IRSgbicvt.orgPo Box 786, 05402-0786 · Burlington, VTTax-exempt since Feb 1957

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To unify and coordinate public and private efforts directed toward the attraction, encouragement, financing and development of private industry and commerce within the greater burlington area and other municipalities of chittenden county for the purpose of promoting, increasing and stabilizing opportunities for gainful employment, improvement of economic conditions and general welfare.

Run by 8 volunteers.
Mission: Form 990 Part I, line 1 · People: Part I, lines 5–6

Before you give

FY2025 · 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
5 of 5
filings with a surplus
Average surplus $216K a year · 19% of revenue · last 5 filings
Looks good: a surplus in 5 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Spent on programs
0%
of spending
Concern: 0% of spending went to programs; under 50%.
Pt IX · Ln 25 · col B
Cash reserves
8 mo
of spending, in cash
Looks good: 8.2 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$117K
2% of total assets
Looks good: liabilities are 2% of assets; 50% or less.
Pt X · Ln 26
Independent board members
10
of 11 voting members
Looks good: 10 of 11 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$1.2M
+1% vs prior year
Spent
$1.2M
To programs
0%
Net assets
$5.9M
By yearFY2021–FY2025
Revenue
$1.2M
FY2025▲ +1%
Tap a bar for its year
Revenue by fiscal year
FY2021$1.1M
FY2022$1.1M
FY2023$1.1M
FY2024$1.2M
FY2025$1.2M
Expenses
$1.2M
FY2025▲ +21%
Tap a bar for its year
Expenses by fiscal year
FY2021$764K
FY2022$821K
FY2023$924K
FY2024$968K
FY2025$1.2M
Net assets
$5.9M
FY2025▲ +3%
Tap a bar for its year
Net assets by fiscal year
FY2021$5.0M
FY2022$4.9M
FY2023$5.2M
FY2024$5.7M
FY2025$5.9M

From the FY2025 Form 990 (year ending June 2025) · figures checked against the IRS filing · see the original

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Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2025. IRS ruling in Feb 1957.

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

Who runs it and what they're paid

12 people listed on the 990.

Part VII, Section A · reportable compensation · most recent filed roster (FY2024); the FY2025 filing did not itemize Part VII
Frank Cioffi
President, S
$0Pt VII · Sec A
Pam Mackenzie
Chairperson
$0Pt VII · Sec A
Tim Shea
Vice Chairpe
$0Pt VII · Sec A
$0Pt VII · Sec A
Dan Smith
Director
$0Pt VII · Sec A
Brad Aldrich
Director
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
See Cynosure INC 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

Unifies public and private efforts to attract, finance, and develop industry for job growth and economic welfare.

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Provided by the organization

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2 programs · in their own filed words · FY2024
01

Financing of industrial development loans and receivables to various qualified businesses throughout the greater burlington, VT area.

Pt IX · col B
02

Leasing of affordable industrial development property to promote business in the area.

Pt IX · col B

Funders

Who pays for it.

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

Grants

Schedule I · this organization's grantmaking
Grants paid · 7 grants · $3.0M · 2020–2024
Greater Burlington Indus CorpVT · FY2024$608,033
Greater Burlington Indus CorpVT · FY2023$619,000
Riverflow Community INCVT · FY2023$10,000
Vermont Community FoundationVT · FY2023$10,000
Greater Burlington Indus CorpVT · FY2022$597,000
Greater Burlington Indus CorpVT · FY2021$568,500
Greater Burlington Indus CorpVT · FY2020$551,000

By the numbers

The FY2025 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$1.2M
Ln 12
Fees for servicesLn 2g$1.1M
Investment incomeLn 3$140K
Money outPt IX
$1.2M
Ln 25
Owns and owesPt X
$5.9M
net assets · Ln 32
Cash and savingsLn 1–2$802K
Total assetsLn 16$6.0M
LiabilitiesLn 26$117K
PeoplePt VI, VII
12
listed · VII A
PaidVII A0
Voting boardVI 1a11
IndependentVI 1b10
2In more detail
Revenue in detailPt VIII
Fees for servicesLn 2g$1.1M
Investment incomeLn 3$140K
Gains on assetsLn 7$16K
Total revenueLn 12$1.2M
Assets in detailPt X, end of year
CashLn 1$50K
SavingsLn 2$752K
Cash and savings togetherLn 1–2$802K
InvestmentsLn 11–13$2.8M
Land, buildings, equipmentLn 10c$2.3M
Other assetsLn 15$19K
Total assetsLn 16$6.0M
LiabilitiesLn 26$117K
Net assetsLn 32$5.9M
OperationsPt I, VI
EmployeesI 50
VolunteersI 68
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 FY25End FY25
Cash and savingsLn 1–2$635K$802K
InvestmentsLn 11–13$2.5M$2.8M
Land, buildings, equipmentLn 10c$2.4M$2.3M
Total assetsLn 16$5.8M$6.0M
LiabilitiesLn 26$76K$117K
Net assetsLn 32$5.7M$5.9M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic organizationsLn 1$608K
Legal feesLn 11b$122K
Accounting feesLn 11c$12K
Investment management feesLn 11f$14K
Other fees for servicesLn 11g$18K
Advertising and promotionLn 12$33K
Office expensesLn 13$3K
TravelLn 17$30K
Depreciation, depletion and amortizationLn 22$95K
Other expenses (24a–d)Ln 24$240K
All other expensesLn 24e$330
Total functional expensesLn 25$1.2M$0$0$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 Latest Viewing $1.2M$1.2M$46K$5.9M 990 PDF
FY2024 $1.2M$968K$236K$5.7M 990 PDF
FY2023 $1.1M$924K$171K$5.2M 990 PDF
FY2022 $1.1M$821K$304K$4.9M 990 PDF
FY2021 $1.1M$764K$325K$5.0M 990 PDF

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Schedules filed Part IV

III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash
See the full FY2025 990 (6 parts)
Part I · Summary $1,220,550 revenue, 12 lines filed
I-8 Contributions and grants$0
I-9 Program service revenuePrior year $1,058,758$1,080,328
I-10 Investment incomePrior year $144,555$140,222
I-11 Other revenue$0
I-12 Total revenuePrior year $1,203,313$1,220,550
I-13 Grants and similar amounts paidPrior year $644,000$608,033
I-14 Benefits paid to members$0
I-15 Salaries and benefits$0
I-16a Professional fundraising fees$0
I-17 Other expensesPrior year $323,706$566,795
I-18 Total expensesPrior year $967,706$1,174,828
I-19 Revenue less expensesPrior year $235,607$45,722
Part VI · Governance 10 of 11 board members independent, no flags
VI-1a Voting members of the governing body11
VI-1b Independent voting members10
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 $1,220,550 across 4 lines filed
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $1,080,328$1,080,328
VIII-3 Investment incomeExcluded from tax $124,343$124,343
VIII-7 Net gain or loss on sales of assetsExcluded from tax $15,879$15,879
VIII-12 Total revenueRelated to mission $1,080,328 · Excluded from tax $140,222$1,220,550
Part IX · Statement of functional expenses $1,174,828 across 11 lines filed
IX-1 Grants to domestic organizations$608,033
IX-11b Legal fees$122,198
IX-11c Accounting fees$11,800
IX-11f Investment management fees$13,712
IX-11g Other fees for services$17,732
IX-12 Advertising and promotion$32,766
IX-13 Office expenses$2,873
IX-17 Travel$29,748
IX-22 Depreciation, depletion and amortization$95,281
IX-24 Other expenses (24a–d)$240,355
IX-24e All other expenses$330
IX-25 Total functional expensesPrograms $0 · Management $0 · Fundraising $0$1,174,828
Part X · Balance sheet $6,022,409 assets, 15 lines filed
X-1 Cash, non-interest-bearingStart of year $51,577$49,748
X-2 Savings and temporary cash investmentsStart of year $583,722$752,202
X-4 Accounts receivableStart of year $196,274$122,869
X-9 Prepaid expenses and deferred chargesStart of year $15,161$17,157
X-10c Land, buildings and equipment, netStart of year $2,368,819$2,284,593
X-11 Publicly traded securitiesStart of year $2,547,925$2,776,585
X-15 Other assetsStart of year $31,679$19,255
X-16 Total assetsStart of year $5,801,212$6,022,409
X-17 Accounts payable and accrued expensesStart of year $20,170$47,384
X-19 Deferred revenue$26,160
X-25 Other liabilitiesStart of year $56,314$43,890
X-26 Total liabilitiesStart of year $76,484$117,434
X-27 Net assets without donor restrictionsStart of year $5,724,728$5,904,975
X-32 Total net assets or fund balancesStart of year $5,724,728$5,904,975
X-33 Total liabilities and net assetsStart of year $5,801,212$6,022,409
Part XI · Reconciliation of net assets $5,904,975 net assets at year end
XI-1 Total revenue$1,220,550
XI-2 Total expenses$1,174,828
XI-3 Revenue less expenses$45,722
XI-4 Net assets at start of year$5,724,728
XI-5 Net unrealized gains (losses) on investments$134,525
XI-10 Net assets at end of year$5,904,975

Form 990 e-file (XML) FY2025 from the IRS · Classification, formation year and address from the IRS Business Master File

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