Fairbanks Economic Development Corporation Inc
- Assets
- $416.0k
- Revenue
- $457.0k
- Investments
- $0.0
- Employees
- 6
- Location
- Fairbanks, AK
- Founding
- 05/1974
- Data as of
- 12/2022
- EIN
- 92-0036148
Organization Overview
Fairbanks Economic Development Corporation Inc is located in Fairbanks, AK. The organization was established in 1974. 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, Fairbanks Economic Development Corporation Inc employed 6 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Fairbanks Economic Development Corporation Inc is a 501(c)(6) and as such, is described as a "Business League, Chambers of Commerce, or Real Estate Board" by the IRS.
For the year ending 12/2022, Fairbanks Economic Development Corporation Inc generated $457.0k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 8 years, the organization has seen revenues fall by an average of (3.5%) each year. All expenses for the organization totaled $499.2k during the year ending 12/2022. As we would expect to see with falling revenues, expenses have declined by (1.2%) per year over the past 8 years. 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
ECONOMIC DEVELOPMENT
Describe the Organization's Program Activity:
Part 3 - Line 4a
ENERGY: THE ORGANIZATION IS WORKING TO ADDRESS THE HIGH COST OF ENERGY IN OUR COMMUNITY. THE FAIRBANKS NORTH STAR BOROUGH SPENDS APPROXIMATELY $618 MILLION ANNUALLY ON ENERGY COSTS, OVER 2/3 OF THAT COST IS SPACE HEATING (HOMES AND BUSINESSES). FEDC IS WORKING TO PROMOTE PROJECTS THAT WILL SATISFY RESIDENTIAL, COMMERCIAL, INDUSTRIAL AND MILITARY FUEL NEEDS AND LOWER THE COST OF ENERGY FOR THE COMMUNITY.
MILITARY: THE DEFENSE INDUSTRY CONTRIBUTES 30% OF 53,000 JOBS AND 38% OF OUR $2.7 BILLION DOLLAR PAYROLL. THESE JOB AND DOLLARS ARE COMPENSATION FOR SOLDIERS AND CIVILIANS ON BASE (SALARIES, WAGES, ALLOWANCES, AND BENEFITS) AS WELL AS LOCAL CONTRACTS AND SUPPLIERS, AND OTHER LOCAL EXPENDITURES. THE DEFENSE INDUSTRY IS THE NUMBER ONE DRIVER OF JOBS AND PAYROLL CONTRIBUTOR IN THE INTERIOR. THE ORGANIZATION'S WORK WITH FEDERAL, STATE AND LOCAL LEADERS; WITH MILITARY INSTALLATION COMMANDERS, AREA COMMANDERS AND PENTAGON COMMANDERS SERVES AS A FOCAL POINT FOR FAIRBANKS' INTERIOR ALASKA. THE ORGANIZATION WORKS TO FACILITATE MILITARY ECONOMIC DEVELOPMENT INITIATIVES THAT WOULD HELP MAINTAIN AND ENHANCE THE MILITARY INDUSTRY IN ALASKA.
TECHNOLOGY LED DEVELOPMENT: THE FOCUS OF THIS PROGRAM IS TO BUILD A BUSINESS SUPPORTIVE COMMUNITY AND PROCESS THAT SUPPORTS ENTREPRENEURS WITH AN ARRAY OF RESOURCES AND SERVICES IN ORDER TO INCREASE THE SUCCESS OF START-UP COMPANIES. THE FEDC PROJECTS WITHIN THIS "SERVICE" AREA ALL SERVE TO DIVERSITY THE FAIRBANKS ECONOMY BY INCREASING SUPPORT FOR ENTREPRENEURS AND INNOVATORS IN THE FNSB. THE PROJECTS ARE ALSO AIMED AT ATTRACTING INVESTMENT IN THE FNSB.
OTHER PROGRAMS INCLUDE GROW FAIRBANKS, COLD WEATHER TESTING, RURAL OUTREACH, COMMUNITY ECONOMIC MODELING, AND FORESTRY & MINING.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jomo Stewart Current President/ceo | Officer | 40 | $127,988 |
James Dodson Former Executive Director | Officer | 40 | $10,308 |
Bert Bell Board Chair | OfficerTrustee | 2 | $0 |
Amy Cook Secretary | OfficerTrustee | 2 | $0 |
Geri Simon Vice-Chair | OfficerTrustee | 2 | $0 |
Jeff Putnam Treasurer | OfficerTrustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $393,350 |
| All other contributions, gifts, grants, and similar amounts not included above | $57,000 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $450,350 |
| Total Program Service Revenue | $6,500 |
| Investment income | $135 |
| 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 | $456,985 |
| 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. | $141,225 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $149,481 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $34,996 |
| Payroll taxes | $25,904 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $12,800 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $24,126 |
| Advertising and promotion | $0 |
| Office expenses | $10,309 |
| Information technology | $15,356 |
| Royalties | $0 |
| Occupancy | $40,200 |
| Travel | $3,448 |
| 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 | $2,987 |
| Insurance | $2,997 |
| All other expenses | $2,043 |
| Total functional expenses | $499,232 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $100,392 |
| Savings and temporary cash investments | $150,828 |
| Pledges and grants receivable | $121,250 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $5,843 |
| Net Land, buildings, and equipment | $8,030 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $29,654 |
| Total assets | $415,997 |
| Accounts payable and accrued expenses | $35,691 |
| 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 | $29,654 |
| Total liabilities | $65,345 |
| Net assets without donor restrictions | $350,652 |
| 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 | $415,997 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Norton Sound Economic Development Corporation Anchorage, AK | $393,228,467 | $59,416,266 |
Bristol Bay Economic Development Corporation Dillingham, AK | $306,219,768 | $32,445,568 |
Juneau Economic Development Council Juneau, AK | $7,391,243 | $19,704,575 |
Alaska Cabaret Hotel Restaurant & Retailers Association Anchorage, AK | $1,951,463 | $11,915,981 |
Spokane Area Workforce Development Council Spokane, WA | $1,735,015 | $9,993,306 |
South Central Workforce Development Council Union Gap, WA | $4,276,195 | $7,715,275 |
Visit Spokane Spokane, WA | $4,256,594 | $5,130,887 |
Spruce Root Inc Juneau, AK | $2,965,503 | $3,464,933 |
Angels For Angels Seattle, WA | $2,495,465 | $5,448,539 |
Koyuk Native Store Koyuk, AK | $1,287,215 | $2,898,870 |
Greater Seattle Partners Seattle, WA | $2,408,899 | $964,300 |
The Alliance For Pioneer Square Seattle, WA | $803,516 | $2,179,538 |