Lamoille Economic Development Corporation Inc
- Assets
- $876.5k
- Revenue
- $206.6k
- Investments
- $0.0
- Employees
- 2
- Location
- Morrisville, VT
- Founding
- 04/1969
- Data as of
- 06/2022
- EIN
- 03-0221525
Organization Overview
Lamoille Economic Development Corporation Inc is located in Morrisville, VT. The organization was established in 1969. 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 06/2022, Lamoille Economic Development Corporation Inc employed 2 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Lamoille Economic Development Corporation Inc is a 501(c)(4) and as such, is described as a "Civic League, Social Welfare Organization, and Local Association of Employees" by the IRS.
For the year ending 06/2022, Lamoille Economic Development Corporation Inc generated $206.6k in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 2.2% each year. All expenses for the organization totaled $130.0k during the year ending 06/2022. 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
LEDC'S MISSION IS TO STRENGTHEN LAMOILLE COUNTY'S ECONOMY THROUGH THE CREATION AND EXPANSION OF JOBS AND BUSINESSES WITH A FOCUS ON AGRICULTURAL, TOURISM AND WEB-BASED BUSINESSES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
LEDC STRENGTHENS THE ECONOMY THROUGH CREATION AND EXPANSION OF JOBS AND BUSINESSES IN LAMOILLE COUNTY THROUGH FINANCING, PROMOTION, AND OTHER SUPPORT SERVICES TO ASSIST IN THE GROWTH AND DEVELOPMENT OF BUSINESSES. THROUGH ITS MEMBERSHIPS, LEDC'S SERVICES ARE AVAILABLE TO ALL BUSINESSES IN ALL COMMERCIAL SECTORS WHETHER THEY ARE EXISTING BUSINESSES LOOKING TO EXPAND, START-UPS, OR BUSINESSES SEEKING TO RELOCATE TO LAMOILLE COUNTY.DURING 2022, LEDC ACQUIRED THE BUSINESS ACTIVITIES OF THE LAMOILLE CHAMBER OF COMMERCE AND BEGAN OFFERING MEMBERSHIPS THAT COLLECTIVELY OFFER THE BENEFITS OF BOTH ORGANIZATIONS, WHICH ARE NOW OPERATED JOINTLY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
John Mandeville Exec. Director (to 6/2021) | 40 | $49,221 | |
Patrick Ripley Exec. Director (4/2021 To Present) | OfficerTrustee | 40 | $45,000 |
Greg Tatro President | OfficerTrustee | 1 | $0 |
Tina Norton Treasurer | OfficerTrustee | 1 | $0 |
Mark Vandenberg Vice President | OfficerTrustee | 1 | $0 |
Steve Clokey Director | OfficerTrustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $149,065 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $149,065 |
| Total Program Service Revenue | $56,044 |
| Investment income | $1,515 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $206,624 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $7,000 |
| 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. | $68,823 |
| Compensation of current officers, directors, key employees. | $17,206 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $4,784 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $15,403 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $12,000 |
| Advertising and promotion | $1,887 |
| Office expenses | $6,126 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $2,160 |
| Travel | $497 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $2,796 |
| All other expenses | $6,396 |
| Total functional expenses | $129,976 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $30,408 |
| Savings and temporary cash investments | $354,111 |
| Pledges and grants receivable | $18,107 |
| Accounts receivable, net | $118,508 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $49,856 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $1,400 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $279,126 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $25,000 |
| Total assets | $876,516 |
| Accounts payable and accrued expenses | $9,398 |
| 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 | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $100,433 |
| Total liabilities | $109,831 |
| Net assets without donor restrictions | $653,601 |
| Net assets with donor restrictions | $113,084 |
| 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 | $876,516 |
Grants Awarded
Over the last fiscal year, Lamoille Economic Development Corporation Inc has awarded $60,000 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
LAMOILLE COUNTY PLANNING COMMISSION PURPOSE: ECONOMIC DEVELOPMENT FOR LAMOILLE COUNTY | $30,000 |
TOWN OF HYDE PARK PURPOSE: VERMONT BETTER CONNECTIONS GRANT PROGRAM | $30,000 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Lamoille Economic Development Corporation Inc has recieved totaling $31,500.
| Awarding Organization | Amount |
|---|---|
Brattleboro Development Credit Corporation Brattleboro, VT PURPOSE: GRANT ASSISTANCE | $31,500 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Sports Fans Coalition Ny Inc Ronkonkoma, NY | $633,460 | $8,459,536 |
Greater Boston Convention And Tourist Bureau Inc Boston, MA | $3,175,283 | $8,778,402 |
Granite State Economic Development Corp Portsmouth, NH | $20,832,618 | $9,324,758 |
Structured Employment Economic Development Corporation New York, NY | $3,440,081 | $6,983,803 |
Nybdc Local Development Corporation Albany, NY | $39,799,179 | $11,401,541 |
Venture For America Inc New York, NY | $3,605,973 | $6,866,605 |
Trufund Financial Services Inc New York, NY | $14,181,328 | $2,317,905 |
Griffiss Local Development Corporation Rome, NY | $28,823,478 | $3,861,279 |
Metrotech Area District Management Association Inc Brooklyn, NY | $3,270,355 | $4,991,826 |
Kiryas Joel Municipal Local Development Corporation Monroe, NY | $2,561,042 | $4,665,324 |
Greater New Bedford Workforce Investment Board Inc New Bedford, MA | $1,194,439 | $3,887,016 |
West Harlem Development Corporation New York, NY | $61,321,755 | $1,156,663 |