Northeast Kingdom Development Corporation
- Assets
- $1.2m
- Revenue
- $303.7k
- Investments
- $0.0
- Employees
- 0
- Location
- Saint Johnsbury, VT
- Founding
- 01/2001
- Data as of
- 03/2023
- EIN
- 03-0330497
Organization Overview
Northeast Kingdom Development Corporation is located in Saint Johnsbury, VT. The organization was established in 2001. According to its NTEE Classification (J22) the organization is classified as: Job Training, under the broad grouping of Employment and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Northeast Kingdom Development Corporation 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, Northeast Kingdom Development Corporation generated $303.7k in total revenue. All expenses for the organization totaled $386.6k during the year ending 03/2023.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
FOSTERING, ENCOURAGING AND ASSISTING THE PHYSICAL LOCATION OF BUSINESS ENTERPRISES WITHIN THE STATES OF VERMONT AND NEW HAMPSHIRE AND HAVING ITS PRINCIPAL PURPOSE BE INDUSTRIAL AND ECONOMIC DEVELOPMENT
Describe the Organization's Program Activity:
Part 3 - Line 4a
YELLOW BARN YELLOW BARN IS A UNIQUE PUBLIC-PRIVATE ENDEAVOR TO OFFER BEST-IN-CLASS PRODUCTION AND ADMINISTRATIVE SPACE TO NEW AND EXPANDING BUSINESSES AT HIGHLY COMPETITIVE RATES. THE TOWN OF HARDWICK OWNS THE YELLOW BARN. THE NORTHEAST KINGDOM DEVELOPMENT CORPORATION, A NON-PROFIT ECONOMIC DEVELOPMENT ENTITY, WILL ACT AS FISCAL AGENT FOR THE FACILITY. THE CENTER FOR AN AGRICULTURAL ECONOMY WILL PROVIDE MANAGERIAL OVERSIGHT TO THE ACCELERATOR SPACES AVAILABLE TO NEW AND EXPANDING FARM- AND FOOD-RELATED BUSINESSES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Aminta Conant President | Trustee | 10 | $0 |
Richard Isabelle Vice President | Trustee | 10 | $0 |
Kimberly Butler Secretary | Trustee | 5 | $0 |
Tom Robinson Treasurer / Director | Trustee | 5 | $0 |
Eric Remick Director | Trustee | 5 | $0 |
David Snedeker Director | Trustee | 5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $253,475 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $253,475 |
| Total Program Service Revenue | $50,157 |
| Investment income | $25 |
| 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 | $303,657 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $1,353 |
| Fees for services: Accounting | $1,220 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $313,617 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $16,210 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $36,941 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $8,775 |
| All other expenses | $0 |
| Total functional expenses | $386,641 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $15,782 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $182,164 |
| 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 | $0 |
| Net Land, buildings, and equipment | $1,015,230 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $1,213,176 |
| Accounts payable and accrued expenses | $116,803 |
| 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 | $708,539 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $825,342 |
| Net assets without donor restrictions | $387,834 |
| 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 | $1,213,176 |