Franklin County Industrial
- Assets
- $21.9m
- Revenue
- $2.5m
- Investments
- $20.1k
- Employees
- 6
- Location
- St Albans, VT
- Founding
- 03/1972
- Data as of
- 06/2022
- EIN
- 51-0192568
Organization Overview
Franklin County Industrial is located in St Albans, VT. The organization was established in 1972. 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, Franklin County Industrial employed 6 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Franklin County Industrial 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, Franklin County Industrial generated $2.5m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 10.2% each year . All expenses for the organization totaled $2.4m during the year ending 06/2022. While expenses have increased by 11.7% 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 PROMOTE DEVELOPMENT AND GROWTH OF PRIVATE INDUSTRY IN THE GREATER ST. ALBANS AREA AND FRANKLIN COUNTY AS A WHOLE
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO PROVIDE RENTAL SPACE IN A MULTI-TENANT BUILDING TO BUSINESSES FOR THE PURPOSE OF PROMOTING ECONOMIC DEVELOPMENT IN FRANKLIN COUNTY
TO PROVIDE RENTAL SPACE TO BUSINESSES IN ORDER TO FURTHER ENCOURAGE THE DEVELOPMENT OF INDUSTRY IN FRANKLIN COUNTY
TO PROVIDE LOANS TO AREA BUSINESSES AND MUNICIPALITIES FOR ACQUISITION AND EXPANSION PURPOSESTO PROVIDE REVOLVING LOANS FOR THE CREATION OF EMPLOYMENT OPPORTUNITIES AND/OR THE MAINTENANCE OF EXISTING JOBS, PARTICULARLY FOR THE BENEFIT OF LOW INCOME PERSONS, DISPLACED FARM FAMILIES AND FARM FAMILIES NEEDING TO SUPPLEMENT THEIR INCOME. THESE FUNDS ARE TO BE USED FOR THE PURCHASE OR EXPANSION OF LAND, BUILDINGS, MACHINERY OR EQUIPMENT, START-UP COSTS, FEASIBILITY STUDIES OR OTHER WORKING CAPITAL.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Timothy Smith Executive Director | OfficerTrustee | 40 | $91,124 |
Amy Kimball Secretary | OfficerTrustee | 40 | $36,444 |
Mark Lareau Chair | OfficerTrustee | 1 | $0 |
Leon Berthiaume Treasurer | OfficerTrustee | 1 | $0 |
Kevin Manahan Vice Chair | OfficerTrustee | 1 | $0 |
Maureen Brown Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $257,180 |
| All other contributions, gifts, grants, and similar amounts not included above | $20,000 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $277,180 |
| Total Program Service Revenue | $2,127,446 |
| Investment income | $19,662 |
| 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 | $2,481,929 |
| 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. | $133,397 |
| Compensation of current officers, directors, key employees. | $133,397 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $52,403 |
| Pension plan accruals and contributions | $3,758 |
| Other employee benefits | $23,907 |
| Payroll taxes | $14,600 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $20,305 |
| Fees for services: Accounting | $21,467 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $4,412 |
| Fees for services: Other | $137,612 |
| Advertising and promotion | $2,138 |
| Office expenses | $7,979 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $248,625 |
| Travel | $7,070 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $423,577 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $238,540 |
| Insurance | $42,671 |
| All other expenses | $904,148 |
| Total functional expenses | $2,361,646 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $47,116 |
| Savings and temporary cash investments | $198,328 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $256,834 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $7,725,291 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $3,326 |
| Net Land, buildings, and equipment | $13,244,871 |
| Investments—publicly traded securities | $444,027 |
| Investments—other securities | $20,051 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $7,150 |
| Total assets | $21,946,994 |
| Accounts payable and accrued expenses | $40,184 |
| Grants payable | $0 |
| Deferred revenue | $233,543 |
| 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 | $15,592,311 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $61,297 |
| Total liabilities | $15,927,335 |
| Net assets without donor restrictions | $6,013,044 |
| Net assets with donor restrictions | $6,615 |
| 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 | $21,946,994 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Franklin County Industrial has recieved totaling $10,000.
| Awarding Organization | Amount |
|---|---|
Salvation Farms Inc Morrisville, VT PURPOSE: Supplemental Environmental Project | $10,000 |
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 |