Northern Community Investment Corp
- Assets
- $17.8m
- Revenue
- $1.5m
- Investments
- $0.0
- Employees
- 11
- Location
- St Johnsbury, VT
- Founding
- 10/1975
- Data as of
- 03/2020
- 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 03/2021, Northern Community Investment Corp employed 11 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 03/2020, Northern Community Investment Corp generated $1.5m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 6 years, the organization has seen revenues fall by an average of (7.1%) each year. All expenses for the organization totaled $1.6m during the year ending 03/2020. As we would expect to see with falling revenues, expenses have declined by (9.2%) per year over the past 6 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
2020
Describe the Organization's Mission:
Part 3 - Line 1
FINANCIAL ASSITANCE THROUGH INVESTMENTS, GRANTS, LOANS, LOAN GUARANTEES, AND LEASING OF EQUIPMENT WHICH RECIPIENTS COULD NOT FINANCE ELSEWHERE
Describe the Organization's Program Activity:
Part 3 - Line 4a
LENDING: NCIC PROVIDES COMMERCIAL LOANS TO BUSINESSES SO AS TO STRENGTHEN BUSINESSES, COMMUNITIES AND EMPLOYMENT OPPORTUNITIES. NCIC PROVIDED 7 LOANS TO BUSINESSES DURING FISCAL YEAR 2021. FROM THIS, 100+ JOBS WERE CREATED AND PRESERVED.
ECONOMIC DEVELOPMENT: NCIC PERFORMS PROJECTS THAT INCLUDE COMMUNITY AND INDUSTRIAL DEVELOPMENT ALONG WITH BUSINESS SERVICES TO STRENGTHEN BUSINESSES, COMMUNITIES AND EMPLOYMENT OPPORTUNITIES. NCIC HAS ASSISTED MORE THAN 61 BUSINESSES AND COMMUNITIES TO SUPPORT MORE THAN 223 JOBS WITHIN THE BUSINESSES AND INDUSTRIAL PARKS ASSISTED.
PROPERTIES: NCIC PROVIDES REAL ESTATE AND PROPERTIES TO STRENGTHEN BUSINESSES, COMMUNITIES AND EMPLOYMENT OPPORTUNITIES. THESE INCLUDE: FACILITIES IN LITTLETON NH (THROUGH SUBSIDIARY, LITTLETON AREA LEARNING CENTER), ST JOHNSBURY, VT, REGIONAL MARKETING KIOSKS AND TELECOMMUNICATIONS INFRASTRUCTURE. THESE PROPERTIES DIRECTLY EMPLOY MORE THAN 117 INDIVIDUALS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jon Freeman President | Officer | 40 | $111,644 |
Michael Welch Vice President | Officer | 40 | $83,871 |
John Schiffman Secretary/treasurer | OfficerTrustee | 2 | $920 |
John Mcclaughry Director | Trustee | 2 | $920 |
Andrew Peloquin Vice Chairman | OfficerTrustee | 2 | $906 |
Nathan Houghton Chairman | Trustee | 2 | $763 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Secured Network Services It Services/wireless Linc Project | 3/30/16 | $224,154 |
Northern Forest Center Consulting Services | 3/30/16 | $126,329 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $588,320 |
| Investment income | $108,315 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | -$5,067 |
| Net Gain/Loss on Asset Sales | -$3,285 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,513,182 |
| Statement of Expenses | |
|---|---|
| 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. | $245,118 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $484,781 |
| Pension plan accruals and contributions | $25,869 |
| Other employee benefits | $70,733 |
| Payroll taxes | $38,961 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $1,982 |
| Fees for services: Accounting | $53,500 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $25,685 |
| Advertising and promotion | $0 |
| Office expenses | $52,048 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $64,726 |
| Travel | $22,227 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $108,097 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $31,000 |
| Insurance | $33,621 |
| All other expenses | $0 |
| Total functional expenses | $1,647,586 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $100 |
| Savings and temporary cash investments | $1,973,921 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $343,588 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $8,499,394 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $54,511 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $403,424 |
| Intangible assets | $0 |
| Other assets | $5,322,882 |
| Total assets | $17,776,781 |
| Accounts payable and accrued expenses | $214,657 |
| Grants payable | $0 |
| Deferred revenue | $451,274 |
| 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 | $7,366,750 |
| Unsecured mortgages and notes payable | $550,000 |
| Other liabilities | $0 |
| Total liabilities | $8,582,681 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Total liabilities and net assets/fund balances | $9,194,100 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Northern Community Investment Corp has recieved totaling $6,000.
| Awarding Organization | Amount |
|---|---|
Vermont Community Foundation Middlebury, VT PURPOSE: GENERAL PURPOSE | $6,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Homestart Inc Boston, MA | $5,713,584 | $14,864,192 |
Massachusetts Manufacturing Extension Partnership Inc Auburn, MA | $5,456,400 | $10,807,956 |
Greater Jamaica Development Corp Jamaica, NY | $43,416,674 | $8,397,998 |
South Bronx Overall Economic Development Corporation Bronx, NY | $11,273,834 | $9,485,057 |
Dorchester Bay Economic Development Corporation Dorchester, MA | $50,118,730 | $16,286,134 |
National Basketball Association Foundation New York, NY | $26,984,536 | $31,000,000 |
Rdc Commercial Center Inc Brooklyn, NY | $15,313,985 | $4,091,889 |
Grow America Fund Inc Brooklyn, NY | $143,748,091 | $12,181,976 |
Upper Manhattan Empowerment Zone Development Corporation New York, NY | $90,632,786 | $3,433,188 |
Hester Street Collaborative Inc New York, NY | $3,142,438 | $5,168,829 |
Economic Development Growth Enterprises Corporation Rome, NY | $36,316,583 | $3,664,365 |
Gmdc Two Inc Brooklyn, NY | $16,510,385 | $3,368,424 |