Economic Corporation Of Newport Inc
- Assets
- $2.4m
- Revenue
- $26.8k
- Investments
- $0.0
- Employees
- 0
- Location
- Newport, NH
- Founding
- 10/1995
- Data as of
- 06/2021
- EIN
- 22-3259325
Organization Overview
Economic Corporation Of Newport Inc is located in Newport, NH. The organization was established in 1995. 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. Economic Corporation Of Newport 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 06/2021, Economic Corporation Of Newport Inc generated $26.8k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 6 years, the organization has seen revenues fall by an average of (6.9%) each year. All expenses for the organization totaled $81.7k during the year ending 06/2021. 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
DEVELOP A PLAN FOR ECONOMIC DEVELOPMENT IN NEWPORT, NH, TO PROVIDE THE FOUNDATION FOR STRENGTHENING THE LOCAL ECONOMY AND TO PROMOTE A FAVORABLE CLIMATE FOR ECONOMIC GROWTH OVER AN EXTENDED PERIOD OF TIME, INCLUDING SUPPORTING JOB CREATION OPPORTUNITIES FOR LOW TO MODERATE INCOME PERSONSIN THE NEWPORT, NH AREA THORUGH THE RECRUITMENT OF NEW BUSINESSES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE ORGANIZATION SUPPORTS ECONOMIC DEVELOPMENT IN THE TOWN OF NEWPORT, NH, INCLUDING THE ARTS AND OTHER AREAS OF DEVELOPMENT.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Bruce Jasper President | OfficerTrustee | 1 | $0 |
Mark A Pitkin Vice President | OfficerTrustee | 1 | $0 |
Terry Dorr Treasurer | OfficerTrustee | 1 | $0 |
Richard Bates Secretary | OfficerTrustee | 1 | $0 |
Hunter Rieseberg Director | Trustee | 0 | $0 |
Donna Mahair Director | Trustee | 0 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $20,000 |
| All other contributions, gifts, grants, and similar amounts not included above | $3,880 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $23,880 |
| Total Program Service Revenue | $0 |
| Investment income | $2,966 |
| 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 | $26,846 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $33,880 |
| 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 | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $40,427 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| 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 | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $7,244 |
| All other expenses | $100 |
| Total functional expenses | $81,651 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $1,786,997 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $23,333 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $564,057 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $2,374,387 |
| Accounts payable and accrued expenses | $23,333 |
| 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 | $756,574 |
| Total liabilities | $779,907 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $1,594,480 |
| 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 | $2,374,387 |
Grants Awarded
Over the last fiscal year, Economic Corporation Of Newport Inc has awarded $33,880 in support to 3 organizations.
| Grant Recipient | Amount |
|---|---|
TOWN OF NEWPORT PURPOSE: ASSISTANCE | $30,000 |
PAUL SMITHS COLLEGE PURPOSE: TUITION ASSISTANCE | $2,600 |
HY-ON-A-HILL TROUT FARM PURPOSE: ASSISTANCE | $1,280 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
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 |
Greater New Bedford Workforce Investment Board Inc New Bedford, MA | $1,194,439 | $3,887,016 |
The Resource Inc For Community And Economic Development North Eastham, MA | $2,064,773 | $3,152,233 |
New England Council Inc Boston, MA | $13,389,867 | $3,995,081 |
Main South Community Development Corporation Worcester, MA | $15,010,122 | $3,407,145 |
Maine Development Foundation Hallowell, ME | $970,799 | $2,681,444 |
Center For Economic Democracy Boston, MA | $11,558,653 | $3,979,312 |
Maine Tourism Association Hallowell, ME | $2,552,212 | $2,806,092 |
Central Square Business Improvement District Inc Cambridge, MA | $657,722 | $2,519,554 |
Franklin County Industrial St Albans, VT | $21,946,994 | $2,481,929 |
Innovation Studio Inc Roxbury, MA | $968,961 | $2,069,490 |