Norton Sound Economic Development Corporation
- Assets
- $380.0m
- Revenue
- $27.5m
- Investments
- $0.0
- Employees
- 272
- Location
- Anchorage, AK
- Founding
- 09/1993
- Data as of
- 12/2022
- EIN
- 86-0710582
Organization Overview
Norton Sound Economic Development Corporation is located in Anchorage, AK. The organization was established in 1993. 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 12/2022, Norton Sound Economic Development Corporation employed 272 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Norton Sound Economic Development Corporation 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 12/2022, Norton Sound Economic Development Corporation generated $27.5m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 1.5% each year. All expenses for the organization totaled $50.3m during the year ending 12/2022. While expenses have increased by 9.5% per year over the past 8 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.
Since 2014, Norton Sound Economic Development Corporation has awarded 436 individual grants totaling $64,141,992. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO DEVELOP AND SUSTAIN NEW AND ONGOING ECONOMIC ACTIVITY IN THE NORTON SOUND REGION.
Describe the Organization's Program Activity:
Part 3 - Line 4a
CDQ HARVEST MANAGEMENT: MANAGES CDQ ALLOCATIONS AND IFQ HOLDINGS.
NSSP AND TENDERS: MANAGES TENDER VESSELS TO RECEIVE SALMON AND CRAB DELIVERIES FROM OUR LOCAL FISHERS. THESE VESSELS ALSO SHUTTLE SALMON, CRAB, BAIT AND GEAR BETWEEN OUR NOME AND UNALAKLEET PROCESSING FACILITIES AND OUR BUYING STATION OPERATIONS THROUGHOUT THE REGION.
COMMUNITY BENEFIT PROGRAM: PROVIDES LOANS AND GRANTS THROUGH THE LARGE INFRASTRUCTURE PROGRAM, BULK FUEL AND ENERGY SUBSIDY PROGRAM, SMALL BUSINESS INITIATIVE, COMMUNITY ENERGY FUND AND VARIOUS OTHER COMMUNITY OUTREACH PROGRAMS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Janis Ivanoff President & CEO | Officer | 40 | $294,238 |
Simon Kinneen Vice President | Officer | 40 | $220,434 |
Tyler Rhodes COO | Officer | 40 | $206,601 |
Matt Coates Treas And CFO | Officer | 40 | $170,191 |
Wes Jones Quota Analyst | 40 | $142,342 | |
Paul Ivanoff Community Director | 40 | $126,386 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Luke Smith Crab Fisherman | 12/30/22 | $433,560 |
Adem Boeckmann Crab Fisherman | 12/30/22 | $382,968 |
Trident Seafoods Tender/processing Vessel | 12/30/22 | $1,203,940 |
Unisea Inc Crab Processing | 12/30/22 | $652,678 |
Erla N Crab Vessel | 12/30/22 | $465,447 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $11,397 |
| 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 | $11,397 |
| Total Program Service Revenue | $36,387,029 |
| Investment income | -$8,295,664 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$941,153 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | -$284,153 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $27,485,239 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $7,848,576 |
| Grants and other assistance to domestic individuals. | $2,473,489 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $2,042,343 |
| Compensation of current officers, directors, key employees. | $753,761 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $5,319,846 |
| Pension plan accruals and contributions | $326,252 |
| Other employee benefits | $1,162,305 |
| Payroll taxes | $650,769 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $75,400 |
| Fees for services: Accounting | $64,527 |
| Fees for services: Lobbying | $20,000 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $192,916 |
| Fees for services: Other | $13,952,234 |
| Advertising and promotion | $29,731 |
| Office expenses | $74,560 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $1,045,644 |
| Travel | $374,384 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $2,216,857 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,396,688 |
| Insurance | $803,790 |
| All other expenses | $1,810,405 |
| Total functional expenses | $50,285,679 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,659,158 |
| Savings and temporary cash investments | $5,156,665 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $8,791,624 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $5,943,673 |
| Inventories for sale or use | $6,192,369 |
| Prepaid expenses and deferred charges | $477,564 |
| Net Land, buildings, and equipment | $16,055,740 |
| Investments—publicly traded securities | $88,624,359 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $246,056,319 |
| Total assets | $379,957,471 |
| Accounts payable and accrued expenses | $8,605,940 |
| Grants payable | $0 |
| Deferred revenue | $35,161 |
| 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 | $57,252,726 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $2,912,677 |
| Total liabilities | $68,806,504 |
| Net assets without donor restrictions | $311,150,967 |
| 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 | $379,957,471 |
Grants Awarded
Over the last fiscal year, Norton Sound Economic Development Corporation has awarded $7,568,504 in support to 43 organizations.
| Grant Recipient | Amount |
|---|---|
BERING STRAIT SCHOOL DISTRICT PURPOSE: Discretionary Grants | $368,808 |
CITY OF ELIM PURPOSE: Comm Ben Share/Discretionary Grants | $253,425 |
CITY OF GAMBELL PURPOSE: Comm Ben Share/Discretionary Grants | $399,705 |
CITY OF SAVOONGA PURPOSE: Comm Ben Share/Discretionary Grants | $311,384 |
CITY OF BREVIG MISSION PURPOSE: Comm Ben Share/Discretionary Grants | $251,600 |
CITY OF ST MICHAEL PURPOSE: Comm Ben Share/Discretionary Grants | $873,511 |