Advance Transit Inc
- Assets
- $18.7m
- Revenue
- $8.7m
- Investments
- $0.0
- Employees
- 71
- Location
- Wilder, VT
- Founding
- 02/1985
- Data as of
- 06/2023
- EIN
- 22-2558708
Organization Overview
Advance Transit Inc is located in Wilder, VT. The organization was established in 1985. According to its NTEE Classification (W40) the organization is classified as: Public Transportation Systems, under the broad grouping of Public & Societal Benefit and related organizations. As of 06/2023, Advance Transit Inc employed 71 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Advance Transit Inc 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 06/2023, Advance Transit Inc generated $8.7m in total revenue. This organization has experienced exceptional growth, as over the past 6 years, it has increased revenue by an average of 10.8% each year . All expenses for the organization totaled $7.2m during the year ending 06/2023. While expenses have increased by 6.9% per year over the past 6 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
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
TO ASSURE THE CONTINUED LIVABILITY AND ACCESSIBILITY OF UPPER VALLEY COMMUNITIES BY PROVIDING SAFE, EFFECTIVE AND FRIENDLY PUBLIC TRANSPORTATION SERVICES.
Describe the Organization's Program Activity:
PUBLIC TRANSPORTATION SERVICES FOR SEVERAL TOWNS IN THE UPPER VALLEY REGION OF NEW HAMPSHIRE AND VERMONT. PROVIDES TRANSPORTATION TO THE GENERAL PUBLIC, YOUTH, ELDERLY AND HANDICAPPED.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Matt Osborn President | OfficerTrustee | 5 | $0 |
Nathan Miller Vice President | OfficerTrustee | 5 | $0 |
Georgios Katsaros Treasurer | OfficerTrustee | 5 | $0 |
Rebecca Owens Secretary | OfficerTrustee | 2.5 | $0 |
Robert Houseman Board Member | Trustee | 2.5 | $0 |
Van Chesnut Executive Director | 0 | $143,479 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $7,256,367 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,350,128 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $8,606,495 |
| Total Program Service Revenue | $0 |
| Investment income | $6,706 |
| 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 | $8,660,374 |
| 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. | $211,416 |
| Compensation of current officers, directors, key employees. | $211,416 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $3,073,855 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $855,238 |
| Payroll taxes | $235,367 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $3,400 |
| Fees for services: Accounting | $58,311 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $85,138 |
| Advertising and promotion | $0 |
| Office expenses | $147,110 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $145,502 |
| Travel | $4,767 |
| 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 | $1,344,133 |
| Insurance | $275,325 |
| All other expenses | $33,712 |
| Total functional expenses | $7,173,802 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,515,950 |
| Savings and temporary cash investments | $1,490,650 |
| Pledges and grants receivable | $1,650,571 |
| Accounts receivable, net | $734,743 |
| 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 | $274,339 |
| Net Land, buildings, and equipment | $11,956,002 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $49,535 |
| Total assets | $18,671,790 |
| Accounts payable and accrued expenses | $318,105 |
| Grants payable | $2,003 |
| Deferred revenue | $38,020 |
| 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 | $0 |
| Total liabilities | $358,128 |
| Net assets without donor restrictions | $4,846,434 |
| Net assets with donor restrictions | $13,467,228 |
| 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 | $18,671,790 |