2024-02-13T11:33:18-06:00 2023-06-30 111986323 MARCUM LLP 555 LONG WHARF DRIVE NEW HAVEN CT 06511 990 2022-07-01 036010485 BRATTLEBORO DEVELOPMENT CREDIT CORP BRAT 8022577731 76 COTTON MILL ROAD BRATTLEBORO VT 05301 DEBORAH BOYLE TREASURER 8022577731 2024-02-07 1 DEBORAH BOYLE 999009999 1 MARY ANTONETTI P00431862 2037819600 2024-02-07 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z DEBORAH BOYLE 76 COTTON MILL ROAD BRATTLEBORO VT 05301 5445267 0 X WWW.BRATTLEBORODEVELOPMENT.COM X 1954 VT THE BRATTLEBORO DEVELOPMENT CREDIT CORPORATION (BDCC), IS A PRIVATE, NONPROFIT (SEE SCH. O)ECONOMIC DEVELOPMENT ORGANIZATION THAT SERVES AS A CATALYST FOR INDUSTRIAL AND COMMERCIAL GROWTH THROUGHOUT SOUTHEASTERN VERMONT, INCLUDING WINDHAM COUNTY AND THE TOWNS OF READSBORO, SEARSBURG, WESTON, AND WINHALL. THE PRIMARY OBJECTIVE OF THE BDCC IS TO INVEST IN THE DRIVERS OF THE REGIONAL ECONOMY SO THAT PEOPLE, BUSINESSES, AND COMMUNITIES IN SOUTHERN VERMONT CAN THRIVE. OUR VISION STATEMENT READS: PEOPLE WHO LOVE SOUTHERN VERMONT HAVE OPPORTUNITIES TO THRIVE HERE. 13 13 22 13 0 0 1956598 1741775 3156602 3274137 1399472 416800 0 12555 6512672 5445267 184697 428241 0 0 1364510 1240390 0 0 0 2996137 3069754 4545344 4738385 1967328 706882 36714715 29036082 24684386 16298871 12030329 12737211 X THE BRATTLEBORO DEVELOPMENT CREDIT CORPORATION (BDCC), IS A PRIVATE, NONPROFIT ECONOMIC DEVELOPMENT ORGANIZATION THAT SERVES AS A CATALYST FOR INDUSTRIAL AND COMMERCIAL GROWTH THROUGHOUT SOUTHEASTERN VERMONT, INCLUDING WINDHAM COUNTY AND THE TOWNS OF READSBORO, (SEE SCH. O)SEARSBURG, WESTON, AND WINHALL. THE PRIMARY OBJECTIVE OF THE BDCC IS TO INVEST IN THE DRIVERS OF THE REGIONAL ECONOMY SO THAT PEOPLE, BUSINESSES, AND COMMUNITIES IN SOUTHERN VERMONT CAN THRIVE. OUR VISION STATEMENT READS: PEOPLE WHO LOVE SOUTHERN VERMONT HAVE OPPORTUNITIES TO THRIVE HERE. 0 0 REAL ESTATE: OPERATION OF INDUSTRIAL BUILDINGS AND SEVERAL LOTS IN THE EXIT ONE INDUSTRIAL PARK, HOUSING IN EXCESS OF 50 BUSINESSES, EMPLOYING IN EXCESS OF 350 PEOPLE. THE ORGANIZATION PREVIOUSLY ACQUIRED OLDER, UNOCCUPIED INDUSTRIAL BUILDINGS VACATED BY MAJOR EMPLOYERS AND CONVERTED THE BUILDINGS TO FACILITIES TARGETED TO STARTUP BUSINESSES, AND TO SUPPORT REGIONAL EMPLOYERS AS THEY LOOK TO GROW AND EXPAND. THE ORGANIZATION PROVIDES ADMINISTRATIVE AND MANAGEMENT SUPPORT TO THESE BUSINESSES, AND TO THE SOUTHERN VERMONT REGION. DEVELOPMENT PROJECTS: BDCC HAS ENTERED INTO AGREEMENTS, IN SUPPORT OF AFFILIATED ENTITIES; BRATTLEBORO DEVELOPMENT CREDIT CORPORATION REAL ESTATE HOLDINGS, INC. AND BRATTLEBORO DEVELOPMENT CREDIT CORPORATION REAL ESTATE HOLDINGS II, INC., ON BEHALF OF SPECIFIC EXPANSION PROJECTS FOR THE BENEFIT OF REGIONAL EMPLOYERS PROVIDING OPPORTUNITIES FOR GROWTH AND JOB CREATION. ADMINISTERING BDCC'S STRATEGIC PROJECTS / PROGRAMS, FUNDED FROM INTERNAL SOURCES, FEDERAL, STATE, AND PRIVATE FOUNDATION GRANTS, INCLUDING WORKFORCE INTIATIVES, BUSINESS SUPPORT & LENDING, COMMUNITY DEVELOPMENT INITIATIVES, AND WINDHAM COUNTY ECONOMIC DEVELOPMENT PROGRAM. 0 1 0 0 0 0 0 0 0 1 0 0 0 1 1 0 1 0 0 0 0 0 0 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 1 91 0 1 22 1 0 0 0 0 0 0 0 0 X 13 13 1 0 0 0 1 0 1 1 1 0 0 1 1 1 1 0 1 1 1 0 X THE ORGANIZATION 8022577731 76 COTTON MILL ROAD BRATTLEBORO VT 05301 CRAIG MISKOVICH CHAIR 1.00 2.00 X X 0 0 0 TAMMY RICHARDS VICE CHAIR 1.00 X X 0 0 0 DEBORAH BOYLE TREASURER 1.00 X X 0 0 0 JOHN MEYER ASST. TREASURER 1.00 X X 0 0 0 ROBERT STEVENS TRUSTEE 1.00 X 0 0 0 DAN NORMANDEAU TRUSTEE 1.00 X 0 0 0 MARK RICHARDS TRUSTEE 1.00 X 0 0 0 KEVIN MEYER TRUSTEE 1.00 X 0 0 0 PETER CARVELL TRUSTEE 1.00 1.00 X 0 0 0 TRACEY JOHN TRUSTEE 1.00 X 0 0 0 ELIZABETH BRIDGEWATER TRUSTEE 1.00 X 0 0 0 STEPHAN MORSE TRUSTEE 1.00 X 0 0 0 PHIL STECKLER TRUSTEE 1.00 X 0 0 0 ADAM GRINOLD EXECUTIVE DIRECTOR 40.00 3.00 X 148513 0 4455 BOBBI KILBURN DIRECTOR OF FINANCE 40.00 3.00 X 115680 0 9600 264193 0 14055 2 0 1 0 PHILLIPS DUNN SHRIVER & CARROLL PC 147 WESTERN AVENUE BRATTLEBORO VT 05301 LEGAL SERVICES 147968 1 1736775 5000 1741775 LEASE REVENUE 531190 3200664 3200664 OTHER PROGRAMS 900099 73473 73473 3274137 416800 416800 ENERGY CREDITS 900099 9510 9510 OTHER INCOME 900099 3045 3045 12555 5445267 3274137 0 429355 393712 34529 291919 763256 18962 65977 100276 1045 10048 396391 9020 500531 21970 1213285 37016 333840 424203 122405 4738385 2004746 516126 6009720 8573800 118601 445727 76817 203165 23881145 14728788 0 11575 10208216 5651315 4598686 4556901 25000 0 36714715 29036082 136916 233302 119620 148913 24350647 15814236 77203 102420 24684386 16298871 X 12030329 12737211 12030329 12737211 36714715 29036082 706882 0 X X 0 1 X 1 1 1 RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 639686 639686 9497174 5579959 3917215 71356 71356 0 4556901 TENANT SECURITY DEPOSITS 102420 102420 X PART X, LINE 2: THE FOLLOWING IS AN EXCERPT FROM NOTE 2 OF THE FINANCIAL STATEMENTS: BDCC, BDCC HOLDINGS, AND BDCC HOLDINGS II HAVE BEEN RECOGNIZED BY THE INTERNAL REVENUE SERVICE (IRS) AS EXEMPT FROM FEDERAL INCOME TAXES UNDER IRC SECTION 501(A) AS ORGANIZATIONS DESCRIBED IN IRC SECTION 501(C)(6). SEVEDS HAS BEEN RECOGNIZED BY THE INTERNAL REVENUE SERVICE (IRS) AS EXEMPT FROM FEDERAL INCOME TAXES UNDER INTERNAL REVENUE CODE (IRC) SECTION 501(A) AS AN ORGANIZATION DESCRIBED IN IRC SECTION 501(C)(3), QUALIFIES FOR CHARITABLE CONTRIBUTION DEDUCTIONS, AND HAS BEEN DETERMINED NOT TO BE A PRIVATE FOUNDATION. A RETURN OF ORGANIZATION EXEMPT FROM INCOME TAX (FORM 990) IS REQUIRED TO BE FILED ANNUALLY BY EACH ENTITY WITH THE IRS. IN ADDITION, NET INCOME THAT IS DERIVED FROM BUSINESS ACTIVITIES THAT ARE UNRELATED TO EACH ENTITY'S EXEMPT PURPOSE IS SUBJECT TO INCOME TAX. BDCC ACCOUNTS FOR UNCERTAIN TAX PROVISIONS UNDER FASB ASC 740, INCOME TAXES, WHICH PROVIDES A FRAMEWORK FOR HOW ENTITIES SHOULD RECOGNIZE, MEASURE, PRESENT, AND DISCLOSE UNCERTAIN TAX POSITIONS IN THEIR FINANCIAL STATEMENTS. BDCC MAY RECOGNIZE THE TAX BENEFIT FROM AN UNCERTAIN TAX POSITION ONLY IF IT IS MORE LIKELY THAN NOT THAT THE TAX POSITION WILL BE SUSTAINED ON EXAMINATION BY THE TAXING AUTHORITIES, BASED ON THE TECHNICAL MERITS OF THE POSITION. MANAGEMENT HAS REVIEWED BDCC'S REPORTING AND BELIEVES THEY HAVE NOT TAKEN TAX POSITIONS THAT ARE MORE LIKELY THAN NOT TO BE DETERMINED TO BE INCORRECT BY THE IRS AND, THEREFORE, NO ADJUSTMENTS OR DISCLOSURES ARE REQUIRED. BDCC IS SUBJECT TO ROUTINE AUDITS BY TAXING JURISDICTIONS; HOWEVER, THERE ARE CURRENTLY NO AUDITS FOR ANY TAX PERIODS PENDING OR IN PROGRESS. 1 TOWN OF READSBORO 301 PHELPS LANE READSBORO VT 05350 036000642 FOR PROFIT 5700 0 COMMUNITY FACILITIES CASP PO BOX 1355 BRATTLEBORO VT 05302 813418323 501C3 32000 0 NEW AMERICAN / REFUGEE SUPPORT SEVEDS 76 COTTON MILL HILL BRATTLEBORO VT 05301 462760132 501C3 50000 0 REGIONAL DEVELOPMENT 44 DEGREES NORTH 241 ELMWOOD AVE 1 BURLINGTON VT 05401 815034321 FOR PROFIT 13875 0 TECHNICAL ASSISTANCE JENNA RICE MARKETING LLC 29 HEWETT ROAD WINDSOR VT 05089 029800383 FOR PROFIT 13626 0 TECHNICAL ASSISTANCE LOCAL BREW DIGITAL LTD 41 FERRIS STREET ST ALBANS VT 05478 820595062 FOR PROFIT 5150 0 TECHNICAL ASSISTANCE LIVELLARA INTERNATIONAL LLC 1270 FOSTER HILL RD EAST CALAIS VT 05650 271954054 FOR PROFIT 8400 0 TECHNICAL ASSISTANCE ACCOUNT MOBILITY LLC 256 JERICHO ROAD ESSEX JUNCTION VT 05452 475529492 FOR PROFIT 6255 0 TECHNICAL ASSISTANCE ISORA LITHGOW CREATIONS LLC 264 QUARRY HILL RD 408 SOUTH BURLINGTON VT 05403 844142377 FOR PROFIT 11098 0 TECHNICAL ASSISTANCE RURAL TECHS LLC 85 RIVERVIEW COURT GEORGIA VT 05478 204910751 FOR PROFIT 20375 0 TECHNICAL ASSISTANCE WILDAIR DESIGN 165 WATERMAN RD EAST DUMMERSTON VT 05346 030607331 FOR PROFIT 11255 0 TECHNICAL ASSISTANCE FLEK INC 370 RAILROAD STREET SUITE 4 ST JOHNSBURY VT 05819 030354660 FOR PROFIT 10000 0 TECHNICAL ASSISTANCE STORYWORKZ INC 73 MAIN STREET SUITE 402 MONTPELIER VT 05601 030332789 FOR PROFIT 10460 0 TECHNICAL ASSISTANCE PELTZ CREATIVE LLC PO BOX 179 WOODBURY VT 05681 463034558 FOR PROFIT 8900 0 TECHNICAL ASSISTANCE ETERNITY MARKETING LLC 182 MAIN STREET STUDIO 3 BURLINGTON VT 05401 300525895 FOR PROFIT 7500 0 TECHNICAL ASSISTANCETECHNICAL ASSISTANCE 2 13 GRANT ASSISTANCE 9 34529 PART I, LINE 2: BRATTLEBORO DEVELOPMENT CREDIT CORP ("BDCC") MONITORS ALL GRANTS GIVEN OUT BY THE ORGANIZATION. IN THE SITUATION WHERE THE RECIPIENT IS A SUB-GRANTEE, THERE IS A SUBGRANT AGREEMENT MOU WITH SPECIFIC PERFORMANCE REQUIREMENTS. THE SUBGRANTEE NEEDS TO SUBMIT SUPPORT TO PROVE THEY ARE IN COMPLIANCE WITH THE AGREEMENT. OTHER GRANTS ARE PROVIDED ON A COST REIMBURSEMENT BASIS. THE GRANTEE ORGANIZATION PROIVIDES THE BDCC WITH A SCOPE OF WORK AND PROVIDES INVOICES TO SUPPORT THE EXPENDITURES. X X 0 0 0 ADAM GRINOLD EXECUTIVE DIRECTOR 148513 0 0 0 0 0 4455 0 0 0 152968 0 0 0 FORM 990, PART VI, SECTION A, LINE 2 TRUSTEES MARK RICHARDS AND TAMMY RICHARDS ARE RELATED. TRUSTEE TAMMY RICHARDS IS THE SPOUSE OF SEVEDS TRUSTEE (RELATED ENTITY) DREW RICHARDS. FORM 990, PART VI, SECTION A, LINE 6 THE ORGANIZATION IS A MEMBERSHIP ORGANIZATION. IT HAS IN EXCESS OF 90 MEMBERS CONSISTING OF REPRESENTATIVES OF TOWNS THROUGHOUT WINDHAM COUNTY, VERMONT, AND REPRESENTING BUSINESS, COMMUNITY, EDUCATION, AND GOVERNMENT INTERESTS. THE MAJOR ACTIVITY OF MEMBERS IS ELECTION OF TRUSTEES. MEMBERS MEET APPROXIMATELY ONE TIME PER YEAR. FORM 990, PART VI, SECTION A, LINE 7B MEMBER APPROVAL IS REQUIRED FOR REMOVAL OF TRUSTEES. FORM 990, PART VI, SECTION B, LINE 11B A DRAFT OF FORM 990 WITH ALL ATTACHMENTS WAS DISTRIBUTED TO THE TRUSTEES IN ADVANCE OF A MEETING TO DISCUSS THE FILINGS. TRUSTEES INPUT WAS SOUGHT AND APPROPRIATE ADDITIONAL DISCLOSURES AND CORRECTIONS WERE MADE. FORM 990, PART VI, SECTION B, LINE 12C ON AN ANNUAL BASIS, THE CONFLICT OF INTEREST / RELATED PARTY TRANSACTION POLICY IS REVIEWED AND EDITED FOR COMPLIANCE, AS NECESSARY. ANY /ALL EDITS ARE CONFIRMED WITH GENERAL COUNSEL, AND THEN THE POLICY IS REVIEWED AND APPROVED BY THE BOARD OF TRUSTEES, INCLUDING THE COMPLETION OF THE QUESTIONNAIRE THAT IS COMPLETED BY STAFF AND THE BOARD OF DIRECTORS/TRUSTEES. THESE QUESTIONNAIRES ARE COMPLETED AT LEAST ANNUALLY, OR AS NEEDED, AND ARE EXECUTED IN PARALLEL WITH THE START OF EACH FISCAL YEAR. FORM 990, PART VI, SECTION B, LINE 15 THE TRUSTEES APPOINT A COMPENSATION COMMITTEE TO REVIEW THE EXECUTIVE DIRECTOR'S PERFORMANCE COMPARED TO AN ANNUAL PLAN. THE COMMITTEE BRINGS ITS RECOMMENDATIONS TO THE TRUSTEES FOR APPROVAL. KEY EMPLOYEES ARE REVIEWED IN A SIMILAR MANNER BY THE EXECUTIVE DIRECTOR. TRUSTEES MONITOR COMPENSATION FOR ALL KEY EMPLOYEES BUT GIVE AUTHORITY TO THE EXECUTIVE DIRECTOR TO DETERMINE COMPENSATION. COMPENSATION IS COMPARED TO OTHER SIMILAR LOCAL DEVELOPMENT CORPORATIONS. FORM 990, PART VI, SECTION C, LINE 19 GOVERNING DOCUMENTS AND POLICIES ARE AVAILABLE FOR PUBLIC INSPECTION AT THE ORGANIZATION'S OFFICE DURING REGULAR BUSINESS HOURS, UPON REQUEST. SOUTHEASTERN VERMONT ECONOMIC DEVELOPMENT STRATEGIES INC 76 COTTON MILL HILL BRATTLEBORO VT 05301 462760132 ECONOMIC DEVELOPMENT VT 501(C)(3) LINE 7 0 BRATTLEBORO DEVELOPMENT CREDIT CORP REAL ESTATE HOLDINGS INC 76 COTTON MILL HILL BRATTLEBORO VT 05301 810687884 ECONOMIC DEVELOPMENT VT 501(C)(6) BRATTLEBORO DEVELOPMENT CREDIT CORPORATION 1 BRATTLEBORO DEVELOPMENT CREDIT CORP REAL ESTATE HOLDINGS IIINC 76 COTTON MILL HILL BRATTLEBORO VT 05301 813578784 ECONOMIC DEVELOPMENT VT 501(C)(6) BRATTLEBORO DEVELOPMENT CREDIT CORPORATION 1 0 1 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 0 0 SOUTHEASTERN VERMONT ECONOMIC DEVELOPMENT STRATEGIES INC B 50000 ACTUAL COST SOUTHEASTERN VERMONT ECONOMIC DEVELOPMENT STRATEGIES INC Q 146083 ACTUAL COST PART II, IDENTIFICATION OF RELATED TAX EXEMPT ORGANIZATIONS BRATTLEBORO DEVELOPMENT CREDIT CORPORATION REAL ESTATE HOLDINGS INC. PRIMARY ACTIVITY: TO FOSTER, ENCOURAGE, AND ASSIST THE PHYSICAL LOCATION OF BUSINESS ENTERPRISES WITHIN VERMONT. DIRECT CONTROLLING ENTITY: BRATTLEBORO DEVELOPMENT CREDIT CORPORATION BRATTLEBORO DEVELOPMENT CREDIT CORPORATION REAL ESTATE HOLDINGS II, INC. PRIMARY ACTIVITY: TO FOSTER, ENCOURAGE, AND ASSIST THE PHYSICAL LOCATION OF BUSINESS ENTERPRISES WITHIN VERMONT. DIRECT CONTROLLING ENTITY: BRATTLEBORO DEVELOPMENT CREDIT CORPORATION SOUTHEASTERN VERMONT ECONOMIC DEVELOPMENT STRATEGIES, INC. PRIMARY ACTIVITY: TO REVERSE ECONOMIC DECLINE OF SOUTHERN VERMONT BY DEVELOPING THE REGION. DIRECT CONTROLLING ENTITY: BRATTLEBORO DEVELOPMENT CREDIT CORPORATION.