Rutland Economic Development Corporation
- Assets
- $2.2m
- Revenue
- $477.6k
- Investments
- $0.0
- Employees
- 4
- Location
- Rutland, VT
- Founding
- 06/1977
- Data as of
- 09/2020
- EIN
- 03-0264949
Organization Overview
Rutland Economic Development Corporation is located in Rutland, VT. The organization was established in 1977. According to its NTEE Classification (S31) the organization is classified as: Urban & Community Economic Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 09/2020, Rutland Economic Development Corporation employed 4 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations.
For the year ending 09/2020, Rutland Economic Development Corporation generated $477.6k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 5 years, the organization has seen revenues fall by an average of (3.1%) each year. All expenses for the organization totaled $457.3k during the year ending 09/2020. 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
2020
Describe the Organization's Mission:
Part 3 - Line 1
TO USE COLLABORATION, CREATIVITY AND INGENUITY TO RECRUIT TALENT AND BUSINESSES OF ALL KINDS, GROW AND RETAIN EMPLOYERS, AND PROMOTE A HEALTHY AND VIBRANT COMMERCIAL AND RESIDENTIAL REAL ESTATE MARKET.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO FACILITATE THE EXPANSION, RELOCATION AND RETENSION OF BUSINESS AND INDUSTRY IN THE AREA.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Tyler Richardson Executive Dir. | OfficerTrustee | 40 | $85,000 |
Karen Garrow Treasurer | OfficerTrustee | 1.25 | $0 |
John Casella II Vice President | OfficerTrustee | 1.25 | $0 |
John Russell III President | OfficerTrustee | 1.25 | $0 |
Nicole Kesselring Secretary | OfficerTrustee | 1.25 | $0 |
Dennis Carroll Director | Trustee | 0 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $109,684 |
| 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 | $109,684 |
| Total Program Service Revenue | $66,600 |
| Investment income | $30,472 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $246,191 |
| 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 | $477,645 |
| 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. | $85,000 |
| Compensation of current officers, directors, key employees. | $28,900 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $109,204 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $3,720 |
| Payroll taxes | $18,782 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $29,040 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $12,808 |
| Office expenses | $8,607 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $94,829 |
| Travel | $1,691 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $6,119 |
| Interest | $22,239 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $34,166 |
| Insurance | $8,914 |
| All other expenses | $0 |
| Total functional expenses | $457,341 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $381,519 |
| Savings and temporary cash investments | $592,178 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $17,467 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $438,822 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $1,420 |
| Net Land, buildings, and equipment | $716,861 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $10,820 |
| Total assets | $2,159,087 |
| Accounts payable and accrued expenses | $24,274 |
| Grants payable | $0 |
| Deferred revenue | $36,980 |
| 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 | $830,401 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $36,656 |
| Total liabilities | $928,311 |
| Net assets without donor restrictions | $935,388 |
| Net assets with donor restrictions | $295,388 |
| 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 | $2,159,087 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Grameen America Inc New York, NY | $146,277,303 | $43,999,887 |
South Bronx Overall Economic Development Corporation Bronx, NY | $11,675,328 | $10,866,144 |
Homestart Inc Boston, MA | $2,314,616 | $10,517,096 |
Greater Jamaica Development Corp Jamaica, NY | $46,023,620 | $8,564,212 |
43north Bpc Inc Buffalo, NY | $2,468,830 | $9,970,647 |
Massachusetts Manufacturing Extension Partnership Inc Auburn, MA | $3,010,814 | $7,906,194 |
Economic Development Growth Enterprises Corporation Rome, NY | $32,886,744 | $16,817,671 |
Upper Manhattan Empowerment Zone Development Corporation New York, NY | $83,528,434 | $6,857,023 |
Grow America Fund Inc New York, NY | $47,711,988 | $3,721,122 |
Dorchester Bay Economic Development Corporation Dorchester, MA | $43,110,084 | $12,026,671 |
Rdc Commercial Center Inc Brooklyn, NY | $15,666,858 | $3,976,093 |
Monadnock Economic Development Corporation Keene, NH | $46,243,648 | $1,834,195 |