Northern Community Investment Corp
- Assets
- $16.4m
- Revenue
- $1.9m
- Investments
- $0.0
- Employees
- 8
- Location
- St Johnsbury, VT
- Founding
- 10/1975
- Data as of
- 03/2023
- EIN
- 02-0318035
Organization Overview
Northern Community Investment Corp is located in St Johnsbury, VT. The organization was established in 1975. According to its NTEE Classification (S31) the organization is classified as: Urban & Community Economic Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 03/2023, Northern Community Investment Corp employed 8 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Northern Community Investment Corp is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 03/2023, Northern Community Investment Corp generated $1.9m in total revenue. The organization has seen a slow decline revenue. Over the past 8 years, revenues have fallen by an average of (2.4%) each year. All expenses for the organization totaled $1.8m during the year ending 03/2023. As we would expect to see with falling revenues, expenses have declined by (6.0%) per year over the past 8 years. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
ECONOMIC DEVELOPMENT THROUGH GRANT WRITING, GRANT MANAGEMENT, PROJECT MANAGEMENT, TECHNICAL BUSINESS ASSISTANCE, COMMERCIAL LOANS, AND EQUIPMENT LEASING
Describe the Organization's Program Activity:
Part 3 - Line 4a
BUSINESS LENDING: NCIC PROVIDES COMMERCIAL LOANS TO BUSINESSES THAT TYPICALLY SUPPLEMENT TRADITIONAL BANK FINANCING. DIRECT FINANCING IS AVAILABLE TO BUSINESSES UNABLE TO ACCESS CREDIT ELSEWHERE. NCIC ALSO OFFERS SBA GURANTEES, EQUIPMENT LEASES AND LINES OF CREDIT.
MUNICIPAL AND NONPROFIT ASSISTANCE: NCIC PROVIDES GRANT WRITING SERVICES TO ACCESS FUNDS FOR COMMUNITY AND ECONOMIC DEVELOPMENT. NCIC STAFF ASSIST WITH GRANT AND PROJECT MANAGEMENT TO ENSURE THE GRANT TERMS AND CONDITIONS ARE MET.
BUSINESS ASSISTANCE: NCIC PROVIDES GRANT FUNDS TO HELP SMALL BUSINESSES AND NONPROFITS ACCESS A LARGE ASSORTMENT OF PROFESSIONAL TECHNICAL SERVICES TO HELP THEIR BUSINESSES SUCCEED AND GROW.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Kenneth Cargill Chairman | OfficerTrustee | 2 | $0 |
John Cummings Director | Trustee | 2 | $0 |
Gregory Eastman Director | Trustee | 2 | $0 |
Dennis Hiller Director | Trustee | 2 | $0 |
Nathan Houghton Director | Trustee | 2 | $0 |
Andrea Simpson Director | Trustee | 2 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Northern Forest Center Consulting Services | 3/30/16 | $126,329 |
Secured Network Services It Services/wireless Linc Project | 3/30/16 | $224,154 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $999,008 |
| All other contributions, gifts, grants, and similar amounts not included above | $149,887 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,148,895 |
| Total Program Service Revenue | $711,755 |
| Investment income | $74,210 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $12,000 |
| Net Gain/Loss on Asset Sales | -$4,876 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,941,984 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $384,886 |
| Compensation of current officers, directors, key employees. | $128,542 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $88,953 |
| Pension plan accruals and contributions | $10,147 |
| Other employee benefits | $64,338 |
| Payroll taxes | $42,121 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $10,719 |
| Fees for services: Accounting | $52,674 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $61,186 |
| Advertising and promotion | $0 |
| Office expenses | $41,825 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $60,855 |
| Travel | $5,777 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $50 |
| Interest | $81,909 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $95,500 |
| Insurance | $34,930 |
| All other expenses | $8,754 |
| Total functional expenses | $1,792,000 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $100 |
| Savings and temporary cash investments | $1,539,463 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $278,142 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $8,684,317 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $48,426 |
| Net Land, buildings, and equipment | $793,404 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $5,076,315 |
| Total assets | $16,420,167 |
| Accounts payable and accrued expenses | $151,226 |
| Grants payable | $0 |
| Deferred revenue | $16,158 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $5,688,545 |
| Unsecured mortgages and notes payable | $349,787 |
| Other liabilities | $203,560 |
| Total liabilities | $6,409,276 |
| Net assets without donor restrictions | $4,755,587 |
| Net assets with donor restrictions | $5,255,304 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $16,420,167 |