2024-11-13T17:43:00-08:00 2023-12-31 920143182 ALTMAN ROGERS & CO 3000 C ST STE 201 ANCHORAGE AK 99503 990 2023-01-01 860710582 Norton Sound Economic Development Corporation NORT 9072742248 2701 Gambell Street 400 Anchorage AK 99503 Janis Ivanoff President & CEO 2024-11-13 true true Sterling Gillon CPA P02428406 9072742992 2023 2024-10-15 13:58:12Z Janis Ivanoff 2701 Gambell Street 400 Anchorage AK 99503 79209540 false X www.nsedc.com X 1993 AK To develop and sustain new and ongoing economic activity in the Norton Sound Region. 15 0 273 -1759729 11397 4741 36387029 31903102 -9236817 -6016665 323630 -9526945 27485239 16364233 10322065 9120700 0 9501515 10135962 0 0 30462099 20541869 50285679 39798531 -22800440 -23434298 379957471 391353465 68806504 71227747 311150967 320125718 X To develop and sustain new and ongoing economic activity in the Norton Sound region. The Company's mission outlines its intentions to provide a balance between local economic development oriented towards the residents in the region and active participation in the distant-water fisheries in the Bering Sea and Aleutian Islands. The Company implements programs to educate, train, and employ people of the region; build infrastructure to help support the new and existing fisheries; start new fisheries through locally initiated development efforts; support the local salmon, herring, crab, and halibut fishermen; restore salmon runs in the region for both commercial and subsistence users; provide loans for gear, vessels, and secure equity interests in companies and vessels. The Company has not entered into any significant long-term agreements or commitments other than its agreements with the harvesters of its CDQ allocations. false false 10177019 314218 4363174 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. 8550962 7733913 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. 7557280 27539928 CDQ Harvest Management: Manages CDQ allocations and IFQ holdings. 3192816 1072569 29478077 false false false false false false false false true true false false true true true false true false false false false false false false false false true true true false false false false false false false false false false false false false true true true false true 148 0 true 273 true false false false false false false false false X 15 0 false false false false false false false true true false false false true true true false true true true true true X Janis Ivanoff 9072742248 2701 Gambell Street Suite 400 Anchorage AK 99503 Janis Ivanoff President & CEO 40.00 1.00 X 334315 0 66094 Simon Kinneen Vice President 40.00 1.00 X 267677 0 61182 Tyler Rhodes COO 40.00 1.00 X 253196 0 60008 Matt Coates Treas and CFO 40.00 1.00 X 213782 0 57602 Justin Noffsker Operations Manager 40.00 1.00 174330 0 35848 Wes Jones Quota Manager 40.00 1.00 150950 0 55196 Josh Osborne NSSP Plant Manager 40.00 1.00 169733 0 35762 Paul Ivanoff Community Director 40.00 1.00 135541 0 54275 Kathy Wheelehan Corp. Secretary 40.00 1.00 X 158700 0 24579 Renae Ivanoff NSFR&D Dir 40.00 1.00 131054 0 21911 Frank Katchatag Chairman 8.00 1.00 X X 58366 0 0 James Sherman Director 8.00 1.00 X 56722 0 0 Milton Cheemuk Director 8.00 1.00 X 54976 0 0 Anna Oxereok Director 8.00 1.00 X 50537 0 0 Harvey Sookiayak Director 8.00 1.00 X 50434 0 0 Daniel Harrelson Director 8.00 1.00 X 50419 0 0 Morris Nashoanak Director 8.00 1.00 X 49924 0 0 Arthur Amaktoolik Director 8.00 1.00 X 49509 0 0 Preston Rookok Director 8.00 1.00 X 49221 0 0 Melvin Otton Director 8.00 1.00 X 47494 0 0 Dean Peterson Director 8.00 1.00 X 47406 0 0 Joseph Garnie Director 8.00 1.00 X 45506 0 0 Sara Seetot Director 8.00 1.00 X 40001 0 0 Frances Ozenna Director 8.00 1.00 X 34579 0 0 Shirley Antoghame Director 8.00 1.00 X 30464 0 0 Frieda Southall Director 8.00 1.00 X 13155 0 0 2717991 472457 19 false true false Aleutian #1 PO Box 31091 Seattle WA 98103 Crab Vessel 5828929 Patricia Lee PO Box 31091 Seattle WA 98103 Crab Vessel 1128815 Trident Seafoods 5303 Shilshole Ave NW Seattle WA 98107 Tender/Processing Vessel 841697 Unisea Inc PO Box 97019 Redmond WA 98073 Crab Processing 528310 Phillip Pryzmont PO Box 994 Nome AK 99762 Resident Fisherman 290504 18 4741 4741 Harvesting Revenue 110000 31903102 31903102 31903102 -7068119 -9526296 -1759729 4217906 0 0 0 49462073 10430 48355417 65632 1106656 -55202 1051454 1051454 0 0 4363174 14424258 -10061084 -10061084 Administrative & Mgmt Fee 110000 441442 441442 Other 110000 69263 69263 Loan Fees & Int. 110000 23434 23434 534139 16364233 12849861 -1759729 5269360 6760239 6760239 2360461 2360461 0 0 2225849 1609087 616762 0 5453187 3415367 2037820 420363 236753 183610 1413807 796271 617536 622756 471953 150803 0 34535 4998 29537 65694 65694 0 0 187633 187633 1654244 1535572 118672 54093 9836 44257 60588 24583 36005 0 0 1179844 841471 338373 514675 387334 127341 0 0 3731818 3731818 0 2342490 1962997 379493 899546 97803 801743 Lease fees - KDS WAG 6149405 6149405 Postage and Shipping 690767 667660 23107 Fees and Licenses 606577 512649 93928 Repairs & Maintenance 590805 571924 18881 1779155 1061714 717441 39798531 29478077 10320454 0 2659158 1285709 5156665 9305547 0 8791624 9335126 0 0 5943673 5302263 6192369 1360053 477564 490531 38424695 23993498 16055740 14431197 88624359 99635582 0 0 0 246056319 250207457 379957471 391353465 8605940 14765313 35161 57252726 54314545 2912677 2147889 68806504 71227747 X 311150967 320125718 311150967 320125718 379957471 391353465 X -23434298 9846330 22562719 X false true X true false 25487011 4122424 53637 29555798 29968629 250000 -4676581 55037 25487011 25556298 4465806 53475 29968629 22684054 2916382 44138 25556298 19085282 3640216 41444 22684054 1.00000 false false false 407088 407088 25037212 25037212 608913 608913 12371482 12371482 23993498 -23993498 14431197 Fishing Rights 19524978 Interest Receivable 67214 Investment in Glacier Fish Company LLC 106130590 Investment in BSAI Ventures 20143265 Investment in Siu Alaska Corp 69951651 Investment in Unaatuq, LLC 469523 Investment in KDS, Inc. 31657299 Operating lease right-of-use assets 1479715 CIP/WIP 766250 Due from intercompany 16972 250207457 Fisheries Tax 107259 Payroll Liabilities 556913 Current Lease Liability 354155 Long Term Lease Liability 1129562 2147889 X 63009907 9846330 12547675 22394005 40615902 187633 -24439302 -24251669 16364233 54035156 14424258 14424258 39610898 187633 187633 39798531 Part V, Line 4: Intended uses of the endowment fund. The Companys Board of Directors has designated $1,577,686 and $134,427 in cash and cash equivalents and $27,978,112 and $25,352,584 of long-term investments at December 31, 2023 and 2022, respectively for the Education Endowment Fund. The Company may contribute a portion of the CDQ proceeds to the Education Endowment Fund, which is intended to finance training and scholarships, in the future, if determined necessary. Part X : FIN48 Footnote The Company adopted the provisions of Topic 740 of the FASB Accounting Standards Codification relating to accounting for uncertainty in income taxes. As a result of the implementation of ASC 740, the Company made a comprehensive review of its portfolio of uncertain tax positions in accordance with recognition standards established by ASC 740. The Company is exempt from income taxes as a nonprofit corporation under Section 501(c)(4) of the Internal Revenue Code. The Companys policy is to recognize interest and penalties accrued on any unrecognized tax benefits as a component of income tax expense. There is no interest or penalties accrued at December 31, 2023 and 2022. At year end there are no uncertain tax positions. The prior three years of tax returns remain subject to examination by state and federal taxing agencies. Part XI, Line 2d: Other revenue amounts included in F/S but not included on form 990 Investment Expenses $0 Equity in Earnings of Limited Liability $12547675 Part XII, Line 2d: Other expenses and losses per audited F/S Fishing & Processing exp on Part VIII $14424258 true Bering Strait School District PO Box 225 Unalakleet AK 99684 920058118 469226 0 Discretionary Grants City of Brevig Mission PO Box 85021 Brevig Mission AK 99785 920084368 150000 0 Comm Ben Share/Discretionary Grants City of Elim PO Box 39009 Elim AK 99739 920058095 315959 0 Comm Ben Share/Discretionary Grants City of Gambell PO Box 189 Gambell AK 99742 920059105 770099 0 Comm Ben Share/Discretionary Grants City of Savoonga PO Box 40 Savoonga AK 99769 920047577 295354 0 Comm Ben Share/Discretionary Grants City of St Michael PO Box 70 St Michael AK 99659 920044250 153000 0 Comm Ben Share/Discretionary Grants City of Unalakleet PO Box 28 Unalakleet AK 99684 926011026 589726 0 Comm Ben Share/Discretionary Grants City of Nome PO Box 281 Nome AK 99762 920019767 262512 0 Comm Ben Share/Discretionary Grants City of Shaktoolik PO Box 10 Shaktoolik AK 99771 920071623 136337 0 Comm Ben Share/Discretionary Grants City of Wales PO Box 489 Wales AK 99783 920055294 159130 0 Comm Ben Share/Discretionary Grants City of Golovin PO Box 62059 Golovin AK 99762 920055818 154250 0 Comm Ben Share/Discretionary Grants Kawerak Inc PO Box 948 Nome AK 99762 920047009 63422 0 Discretionary Grants City of Stebbins PO Box 22 Stebbins AK 99671 920055113 154250 0 Comm Ben Share/Discretionary Grants Native Village of Diomede PO Box 7019 Diomede AK 99762 920066244 25451 0 Discretionary Grants Native Village of Elim PO Box 70 Elim AK 99739 920055379 6002 0 Discretionary Grants Native Village of Koyuk PO Box 53030 Koyuk AK 99753 920061645 251917 0 Discretionary Grants Native Village of Wales PO Box 549 Wales AK 99783 920070094 200903 0 Discretionary Grants City of Koyuk PO Box 53029 Koyuk AK 99753 920082645 173428 0 Comm Ben Share/Discretionary Grants City of Teller PO Box 548 Teller AK 99778 920038016 409594 0 Comm Ben Share/Discretionary Grants City of White Mountain PO Box 130 White Mountain AK 99784 920077464 166048 0 Comm Ben Share/Discretionary Grants Nome Public Schools PO Box 131 Nome AK 99762 926000108 28780 0 Discretionary Grants City of Diomede PO Box 7039 Little Diomede AK 99762 920066244 196433 0 Comm Ben Share/Discretionary Grants Chinik Eskimo Community PO Box 62002 Golovin AK 99762 920101046 60197 0 Community Benefit Share Native Village of St Michael PO Box 59050 St Michael AK 99659 920064733 12663 0 Discretionary Grants Teller Traditional Council PO Box 567 Teller AK 99778 920095060 11250 0 Discretionary Grants Native Village of Gambell PO Box 90 Gambell AK 99742 920047419 72279 0 Discretionary Grants Native Village of Brevig Miss PO Box 85039 Brevig Mission AK 99785 920067117 36273 0 Discretionary Grants Norton Sound Health Corp PO Box 966 Nome AK 99762 920041488 520000 0 Discretionary Grants Stebbins Community Assoc PO Box 71002 Stebbins AK 99671 920063408 77803 0 Discretionary Grants Native Village of Teller PO Box 567 Teller AK 99778 920095060 33260 0 Discretionary Grants Nome Emergency Shelter Team PO Box 1004 Nome AK 99762 273970829 30000 0 Discretionary Grants Nome Joint Utilities PO Box 70 Nome AK 99762 920019767 476095 0 Discretionary Grants Marys Igloo Trad Council PO Box 546 Teller AK 99778 920082479 44776 0 Discretionary Grants Native Village of Savoonga PO Box 120 Savoonga AK 99769 920047476 5940 0 Discretionary Grants Northern Bering Sea Regional 431 West 7th Ave Anchorage AK 99501 461474776 9162 0 Discretionary Grants Nome Kennel Club PO Box 1892 Nome AK 99762 920081837 8284 0 Discretionary Grants Nome Preschool Association PO Box 353 Nome AK 99762 920039573 12794 0 Discretionary Grants Bering Sea VFW Post 9569 PO Box 1776 Nome AK 99762 926002957 10000 0 Discretionary Grants Nome Winter Sports PO Box 1967 Nome AK 99762 271481071 16650 0 Discretionary Grants Bering Sea Womens Group PO Box 1596 Nome AK 99762 920068974 20000 0 Discretionary Grants Boy & Girls Clubs of SC AK 2300 W 36th Ave Anchorage AK 99517 920036082 5719 0 Discretionary Grants KNSA RadioUnalakleet Broadca PO Box 28 Unalakleet AK 99684 920017653 20621 0 Discretionary Grants Project Hope For Our Future PO Box 15 Savoonga AK 99769 853414186 17753 0 Discretionary Grants SOA Dep of Fish and Game PO Box 115526 Juneau AK 99811 926001185 93200 0 Discretionary Grants Elim Covenant Church PO Box 39110 Elim AK 99739 920005540 9999 0 Discretionary Grants SeaShare 600 Erickson Ave NE Ste 310 Bainbridge Isl WA 98110 911641242 8333 0 Discretionary Grants Tundra Health Initiative PO Box 1049 Nome AK 99762 861879079 5367 0 Discretionary Grants 41 6 Energy Subsidy 2432 1398400 Scholarships 199 857474 Donations 179 73265 Small Business Grants 1 31322 Grantmaker's Description of How Grants are Used Community Benefit Shares are approved by the board annually. All other grants go through our Community Benefits department. They receive grant requests and approve them based on our grant requirement guidelines.The scholarship recipient must be a resident of the Norton Sound Region for a minimum of a year before they can receive an NSEDC Scholarship. Once they have established residency they must complete an application before the deadlines of June 30 for the fall semesters and December 30 for the spring semesters. A complete application includes the following: - Completed application - Two letters of recommendation - Letter of acceptance - Personal statement - An official transcript - Current photoA student must be enrolled in a minimum of 12 credits for post secondary and a graduate student must be enrolled in a minimum of 9 credits each semester. In order to remain in good standing they must complete 12 or 9 credits respectively with at least a 2.0 GPA.Working students are those who are working in the Norton Sound Region. These students are funded based on the amount of credits they are taking. Because they are a working student, they do not need to take classes full-time and there is no deadline for those students. All of the guidelines except the deadline need to be met by the working students before they are funded. X false false false false false false false false false Justin Noffsker Operations Manager 149330 25000 9279 26569 210178 Josh Osborne NSSP Plant Manager 144733 25000 9193 26569 205495 Wes Jones Quota Manager 150950 9958 45238 206146 Paul Ivanoff Community Director 135541 9038 45237 189816 Renae Ivanoff NSFR&D Dir 131054 6897 15014 152965 Janis Ivanoff President & CEO 309315 25000 20857 45237 400409 Simon Kinneen Vice President 242677 25000 15945 45237 328859 Tyler Rhodes COO 228196 25000 14770 45238 313204 Matt Coates Treas and CFO 188782 25000 12364 45238 271384 Kathy Wheelehan Corp. Secretary 133700 25000 9565 15014 183279 Form 990, Part III, Line 4d OTHER PROGRAM SERVICES 4: 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. OTHER PROGRAM SERVICES 5: 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. Form 990, Part VI, Section B, Line 11b The CEO and CFO review the form 990 prior to filing. Form 990, Part VI, Section B, Line 12c All Board members review the Conflict of Interest Policy yearly, at the Annual Meeting, and are required to report any conflicts. All other officers and employees are required to report any conflicts, should they arise. Form 990, Part VI, Section B, Line 15a The organization uses compensation surveys or studies of the surrounding area in determining the amount of compensation which are then approved by the Board of Directors or compensation committee. Following that a written employment contract is used. Form 990, Part VI, Section B, Line 15b The organization uses compensation surveys or studies of the surrounding area in determining the amount of compensation which are then approved by the Board of Directors or compensation committee. Following that a written employment contract is used. Form 990, Part VI, Section C, Line 19 Governing documents are provided to the elected member representatives along with the conflict of interest policy. Annual reports are mailed to box holders in member communities along with posting it to the organizations website. Form 990, Part XI, Line 9 Equity in Earnings of Limited Liability Companies = $12547675 Form 990, Part XI, Line 9 Loss Book GFC K-1 = $9547087 Form 990, Part XI, Line 9 Loss Book Unaatuq K-1 = $55214 Form 990, Part XI, Line 9 Loss Book BSAI = $412743 KDS Inc 2701 Gambell Street Suite 400 Anchorage AK 99503 920143907 Fisheries AK 501(c)(2) NSEDC true Norton Sound Fund 2701 Gambell Street Suite 400 Anchorage AK 99503 920166389 Promote fisheries AK 501(c)(3) Private Foundation NSEDC true Glacier Fish Company 2001 West Garfield Street Seattle WA 98119 911875007 Fishing WA NSEDC 1599750 335854167 false -1796283 false 0.72000 SIKU Holding LLC 2701 Gambell St Suite 400 Anchorage AK 99503 371732494 Holding Company AK Siu Alaska Corp 246289 9489245 false false 0.50000 Aleutian #1 LLC 2701 Gambell St Suite 400 Anchorage AK 99503 203124237 Fishing AK Siku Holdings LLC 868477 3906444 false false 0.50000 Patricia Lee LLC 2701 Gambell St Suite 400 Anchorage AK 99503 462857849 Fishing AK Siku Holdings LLC -376577 6123239 false false 0.50000 BSAI Ventures LLC 2701 Gambell St Suite 400 Anchorage AK 99503 874038690 Holding Company AK NSEDC 1920536 34417991 false 36554 true 0.50000 Siu Alaska Corporation 2701 Gambell St Suite 400 Anchorage AK 99503 263921286 Fishing AK NSEDC C-Corp 1.00000 true true false false false true false false false false false false false false true true false true true true KDS Inc e 54314545 Amount Loaned KDS Inc o 57368 Agreement Alloc KDS Inc q 12593 Agreement Alloc Glacier Fish Company a 1211061 Alotted fees Glacier Fish Company s 3252312 Distributions Aleutian #1 LLC a 1741795 Alotted fees Aleutian #1 LLC r 5476438 Amount paid Patricia Lee LLC a 2429399 Alotted fees Patricia Lee LLC r 735013 Amount paid Siu Alaska Corporation n 54416 Contact Amount Siu Alaska Corporation o 332126 Contact Amount Siu Alaska Corporation s 5000000 Cash Value