Norton Sound Economic Development Corporation

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 12/2021, Norton Sound Economic Development Corporation employed 262 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 12/2021, Norton Sound Economic Development Corporation generated $59.4m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 13.5% each year . All expenses for the organization totaled $46.6m during the year ending 12/2021. While expenses have increased by 9.7% 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.

Since 2014, Norton Sound Economic Development Corporation has awarded 393 individual grants totaling $56,573,488. 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.

Mission & Program ActivityExcerpts From the 990 Filing

TAX YEAR

2021

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.


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.


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.


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Board, Officers & Key Employees

Name (title)Compensation
Janis Ivanoff
President & CEO
$306,610
Simon Kinneen
VP & Acq. Mgr.
$242,349
Tyler Rhodes
COO
$206,381
Richard Walicki
Treasurer & CFO
$172,465
Wes Jones
Quota Analyst
$128,088
Kathy Wheelehan
Corp. Secretary
$127,382

Outside Vendors & Contractors

Vendor Name (Service)Compensation
Unisea Inc
Crab Processing
$1,050,143
Pavlof Fisheries Llc
Salmon Processing
$770,000
View All Vendors

Financial Statements

Statement of Revenue
Federated campaigns$0
Membership dues$0
Fundraising events$0
Related organizations$0
Government grants $10,111
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$10,111
Total Program Service Revenue$47,390,191
Investment income -$391,370
Tax Exempt Bond Proceeds $0
Royalties $0
Net Rental Income $0
Net Gain/Loss on Asset Sales $11,797,684
Net Income from Fundraising Events $0
Net Income from Gaming Activities $0
Net Income from Sales of Inventory $44,714
Miscellaneous Revenue$0
Total Revenue $59,416,266

Grants Awarded

Over the last fiscal year, Norton Sound Economic Development Corporation has awarded $6,971,240 in support to 43 organizations.

Grant RecipientAmount

NATIVE VILLAGE OF DIOMEDE

PURPOSE: Discretionary Grants

$988,461

CITY OF NOME

PURPOSE: Comm Ben Share/Discretionary Grants

$504,954

CITY OF SHAKTOOLIK

PURPOSE: Comm Ben Share/Discretionary Grants

$474,451

CITY OF SAVOONGA

PURPOSE: Comm Ben Share/Discretionary Grants

$446,027

CITY OF ELIM

PURPOSE: Comm Ben Share/Discretionary Grants

$320,000

BERING STRAIT SCHOOL DISTRICT

PURPOSE: Discretionary Grants

$319,017
View Grant Profile

Endowment Analysis

Beg. Balance$25,556,298
Earnings$4,465,806
Admin Expense$53,475
Ending Balance$29,968,629

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