Cynosure Inc
- Assets
- $5.0m
- Revenue
- $1.1m
- Investments
- $0.0
- Employees
- 0
- Location
- Burlington, VT
- Founding
- 02/1957
- Data as of
- 06/2022
- EIN
- 03-6005859
Organization Overview
Cynosure Inc is located in Burlington, VT. The organization was established in 1957. 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. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Cynosure Inc 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 06/2022, Cynosure Inc generated $1.1m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 8.0% each year. All expenses for the organization totaled $821.0k during the year ending 06/2022. While expenses have increased by 1.8% per year over the past 7 years. They've been increasing with an increasing level of total revenue. 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
TO UNIFY AND COORDINATE PUBLIC AND PRIVATE EFFORTS DIRECTED TOWARD THE ATTRACTION, ENCOURAGEMENT, FINANCING AND DEVELOPMENT OF PRIVATE INDUSTRY AND COMMERCE WITHIN THE GREATER BURLINGTON AREA AND OTHER MUNICIPALITIES OF CHITTENDEN COUNTY FOR THE PURPOSE OF PROMOTING, INCREASING AND STABILIZING OPPORTUNITIES FOR GAINFUL EMPLOYMENT, IMPROVEMENT OF ECONOMIC CONDITIONS AND GENERAL WELFARE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
FINANCING OF INDUSTRIAL DEVELOPMENT LOANS AND RECEIVABLES TO VARIOUS QUALIFIED BUSINESSES THROUGHOUT THE GREATER BURLINGTON, VT AREA.
LEASING OF AFFORDABLE INDUSTRIAL DEVELOPMENT PROPERTY TO PROMOTE BUSINESS IN THE AREA.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Ernest A Pomerleau Treasurer | OfficerTrustee | 2 | $0 |
David Bradbury Chairperson | OfficerTrustee | 2 | $0 |
Frank Cioffi President, S | OfficerTrustee | 20 | $0 |
Dan Smith Vice Chairma | OfficerTrustee | 2 | $0 |
Brad Aldrich Director | Trustee | 2 | $0 |
Ethan Bechtel Director | Trustee | 2 | $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 | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $987,208 |
| Investment income | $68,344 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $69,173 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,124,725 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $568,500 |
| 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 | $7,673 |
| Fees for services: Accounting | $14,400 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $12,197 |
| Fees for services: Other | $0 |
| Advertising and promotion | $11,599 |
| Office expenses | $1,162 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $19,791 |
| Interest | $3,604 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $101,113 |
| Insurance | $0 |
| All other expenses | $160 |
| Total functional expenses | $821,023 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $274,699 |
| Savings and temporary cash investments | $485,152 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $28,125 |
| 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 | $10,728 |
| Net Land, buildings, and equipment | $2,231,502 |
| Investments—publicly traded securities | $1,955,946 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $18,163 |
| Other assets | $0 |
| Total assets | $5,004,315 |
| Accounts payable and accrued expenses | $31,393 |
| 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 | $80,198 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $24,635 |
| Total liabilities | $136,226 |
| Net assets without donor restrictions | $4,868,089 |
| 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 | $5,004,315 |
Grants Awarded
Over the last fiscal year, Cynosure Inc has awarded $519,200 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
Burlington, VT PURPOSE: GENERAL SUPPORT | $506,000 |
GREEN RIBBONS FOR THE F-35 PURPOSE: GENERAL SUPPORT | $13,200 |
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 |