Greater Burlington Indus Corp
- Assets
- $6.6m
- Revenue
- $912.7k
- Investments
- $0.0
- Employees
- 10
- Location
- Burlington, VT
- Founding
- 02/1956
- Data as of
- 06/2024
- EIN
- 03-0188746
Organization Overview
Greater Burlington Indus Corp is located in Burlington, VT. The organization was established in 1956. According to its NTEE Classification (S30) the organization is classified as: Economic Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 06/2024, Greater Burlington Indus Corp employed 10 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Greater Burlington Indus Corp is a 501(c)(6) and as such, is described as a "Business League, Chambers of Commerce, or Real Estate Board" by the IRS.
For the year ending 06/2024, Greater Burlington Indus Corp generated $912.7k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 9 years, the organization has seen revenues fall by an average of (3.0%) each year. All expenses for the organization totaled $943.5k during the year ending 06/2024. 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
2024
Describe the Organization's Mission:
Part 3 - Line 1
TO ATTRACT, RETAIN, AND EXPAND ENVIRONMENTALLY SENSITIVE HIGH-PAYING JOBS IN THE CHAMPLAIN VALLEY; AND TO INITIATE AND SUPPORT ADVOCACY, EDUCATION, AND COLLABORATIVE PROGRAMS IN PROMOTING OUR VISION.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE CORPORATION'S PURPOSE IS PROMOTING INDUSTRIAL DEVELOPMENT, CREATING QUALITY JOBS AND ASSISTING IN WORKFORCE DEVELOPMENT IN THE CHITTENDEN COUNTY, VERMONT AREA.
THE CORPORATION PROVIDES ADMINISTRATIVE SUPPORT FOR AN AFFILIATED NON- PROFIT ORGANIZATION. CYNOSURE,INC. SERVES AS THE FINANCIAL ARM OF THE GREATER BURLINGTON INDUSTRIAL CORPORATION AS IT ASSISTS BUSINESSES IN OBTAINING REAL ESTATE FINANCING AND CONTRACTS TO BUILD, AND ALSO LEASES PLANT SPACE IN THE GREATER BURLINGTON, VERMONT AREA.
OTHER FUNCTIONS OF THE CORPORATION INCLUDE ADMINISTRATION OF AGENCY ARRANGEMENTS AND OTHER INDIRECT MANAGEMENT SERVICES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Frank Cioffi President/se | OfficerTrustee | 20 | $205,795 |
Tim Shea Chairman | OfficerTrustee | 2 | $0 |
Pam Mackenzie Vice Chairma | OfficerTrustee | 2 | $0 |
Ernest A Pomerleau Treasurer | OfficerTrustee | 2 | $0 |
Ted Adler Director | Trustee | 2 | $0 |
Brad Aldrich Director | Trustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $66,273 |
| Fundraising events | $0 |
| Related organizations | $619,000 |
| Government grants | $134,675 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,200 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $821,148 |
| Total Program Service Revenue | $0 |
| Investment income | $72,781 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $18,990 |
| Net Gain/Loss on Asset Sales | -$205 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $912,714 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $25,000 |
| 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. | $302,899 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $265,197 |
| Pension plan accruals and contributions | $18,100 |
| Other employee benefits | $3,021 |
| Payroll taxes | $35,146 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $1,999 |
| Fees for services: Accounting | $14,300 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $8,722 |
| Fees for services: Other | $0 |
| Advertising and promotion | $14,592 |
| Office expenses | $14,915 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $6,482 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $55,120 |
| Interest | $139 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $13,653 |
| Insurance | $8,318 |
| All other expenses | $12,313 |
| Total functional expenses | $943,469 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $235,126 |
| Savings and temporary cash investments | $324,875 |
| Pledges and grants receivable | $35,125 |
| Accounts receivable, net | $23,724 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $17,584 |
| Net Land, buildings, and equipment | $2,600,853 |
| Investments—publicly traded securities | $1,790,663 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $6,354 |
| Other assets | $1,574,945 |
| Total assets | $6,609,249 |
| Accounts payable and accrued expenses | $80,230 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| 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 | $1,116,503 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $1,574,945 |
| Total liabilities | $2,771,678 |
| Net assets without donor restrictions | $3,837,571 |
| 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 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $6,609,249 |
Grants Awarded
Over the last fiscal year, Greater Burlington Indus Corp has awarded $20,000 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
CAPSTONE COMMUNITY ACTION PURPOSE: FLOOD RELIEF | $10,000 |
RIVERFLOW COMMUNITY PURPOSE: GENERAL OPERATIONS | $10,000 |