Skip to content
Nonprofiteer
← SOUTHERN WINDSOR COUNTY INCUBATOR INC

Form 990 for tax year 2024

Filed by SOUTHERN WINDSOR COUNTY INCUBATOR INC.

Totals

Total revenue
$971,151
Total expenses
$771,144
Contributions and grants received
$960,408
Grants paid
$0
Program service revenue
$10,674
Investment income
$69
Other revenue
$0
Total assets, end of year
$531,527
Total liabilities, end of year
$37,575
Net assets or fund balances, end of year
$493,952
Program services expenses (Part IX)
$283,587
Management and general expenses
$487,557
Fundraising expenses
$0
Program service expenses (Part III)
$283,587

Program services were 36.8% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 1e · Government grants (contributions)

    $339,480

  • 1f · All other contributions, gifts and grants

    $620,928

  • 2a · Program service revenue: WORKSPACE FEES

    total $10,674 · related or exempt $10,674

  • 3 · Investment income

    total $69 · excluded $69

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $150,004 · management and general $150,004

  • 7 · Other salaries and wages

    total $239,160 · management and general $239,160

  • 8 · Pension plan contributions

    total $18,123 · management and general $18,123

  • 9 · Other employee benefits

    total $5,498 · management and general $5,498

  • 10 · Payroll taxes

    total $33,764 · management and general $33,764

  • 11b · Fees: legal

    total $79 · program services $79

  • 11c · Fees: accounting

    total $7,245 · program services $7,245

  • 11g · Fees: other

    total $54,519 · program services $54,519

  • 12 · Advertising and promotion

    total $709 · program services $709

  • 13 · Office expenses

    total $322 · program services $322

  • 14 · Information technology

    total $6,998 · program services $6,998

  • 16 · Occupancy

    total $40,000 · management and general $40,000

  • 17 · Travel

    total $27,569 · program services $27,569

  • 22 · Depreciation, depletion and amortization

    total $11,094 · program services $10,956 · management and general $138

  • 23 · Insurance

    total $9,446 · program services $9,446

  • 24a · Other expenses: SUPPLIES

    total $74,799 · program services $74,799

  • 24b · Other expenses: PROGRAM EXPENSES

    total $72,293 · program services $72,293

  • 24c · Other expenses: CUSTODIAL

    total $14,400 · program services $14,400

  • 24d · Other expenses: MISCELLANEOUS

    total $2,516 · program services $1,646 · management and general $870

  • 24e · All other expenses

    total $2,606 · program services $2,606

Balance sheet

Part X, book values.

  • 2 · Savings and temporary cash investments

    beginning of year $288,383 · end of year $475,900

  • 10a · Land, buildings and equipment: cost or other basis

    $83,092

  • 10b · Land, buildings and equipment: accumulated depreciation

    $28,341

  • 10c · Land, buildings and equipment, net

    beginning of year $42,440 · end of year $54,751

  • 15 · Other assets

    beginning of year $876 · end of year $876

  • 17 · Accounts payable and accrued expenses

    beginning of year $12,754 · end of year $12,575

  • 24 · Unsecured notes and loans payable

    beginning of year $25,000 · end of year $25,000

  • 27 · Net assets without donor restrictions

    beginning of year $293,945 · end of year $493,952

Mission and programs · 2024

Mission

SOUTHERN WINDSOR COUNTY INCUBATOR DBA BLACK RIVER INNOVATION CAMPUSACTIVATES THRIVING COMMUNITIES THROUGH STEAM EDUCATION, STARTUPINCUBATION AND ACCELERATION, AND COLLABORATIVE INITIATIVES.

  • ACTUATOR ENTREPRENEURSHIP PROGRAM - IN 2024, WE HOSTED THREE COHORTS OF COMPANIES IN THE IDEATION AND VALIDATION STAGES OF GROWTH. THESE 24 COMPANIES REPRESENTED FOUNDERS FROM COMMUNITIES THROUGHOUT VERMONT AND INCLUDED STARTUPS FROM BOSTON AND NEW YORK CITY THAT WERE CONSIDERING RELOCATION TO VERMONT. IN 2024, BRIC STARTED CONVERSATIONS WITH THREE COMPANIES AS THEY WORKED TO RELOCATE TO SPRINGFIELD, VT TO GROW THEIR COMPANIES.

    Expenses $75,505 · Revenue $10,674

  • STEAM EDUCATION PROGRAMS - IN 2024, BRIC HIRED ITS FIRST FULL TIME DIRECTOR OF STEAM PROGRAMS, WHO WAS INTEGRAL IN LAUNCHING FIVE WEEKS OF STEAM SUMMER CAMPS AND MULTIPLE LEGO ROBOTICS CLUBS. THE ORGANIZATION ALSO BEGAN A COMPUTER SCIENCE EDUCATION PILOT THAT LEVERAGES VIDEO GAME DEVELOPMENT AND DESIGN THINKING TO ENGAGE STUDENTS IN STEAM ACTIVITIES. AS THE ORGANIZATION MOVES INTO 2025, IT IS EXPANDING PROGRAMS TO INCLUDE 10 SUMMER CAMPS,DRONE AND VIRTUAL REALITY EDUCATION, AND EMERGING TECHNOLOGY PROFESSIONAL DEVELOPMENT FOR EDUCATORS AND COMPANIES.

    Expenses $37,842

  • TECH-BASED ECONOMIC DEVELOPMENT - IN 2024, BRIC JOINED A STATEWIDE CONSORTIUM OF INNOVATION HUBS AND COWORKING SPACES LED BY THE UNIVERSITY OF VERMONT LEAHY INSTITUTE FOR RURAL PARTNERSHIPS. THE ORGANIZATION ALSO BEGAN A $7 MILLION RENOVATION PROJECT AT ITS PARK STREET SCHOOL HEADQUARTERS. DESIGNED TO BE THE FIRST PHASE OF THE TBED INNOVATION HUB, THIS WORK WILL PROVIDE CRITICAL INFRASTRUCTURE FOR FUTURE TBED ACTIVITIES.

    Expenses $170,240

As filed on the 2024 return.

Listed in Part VII

  • Peter Andrews

    CHAIR

    Total calculated
    $0
    Hours/week
    1

  • Bob Flint

    VICE-CHAIR

    Total calculated
    $0
    Hours/week
    1

  • Josh Dufresne

    SECRETARY/TREASURER

    Total calculated
    $0
    Hours/week
    0.5

  • Heather Frahm

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.25

  • Matt Dunne

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.25

  • Patrick Bradley

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.25

  • Mark Curran

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.25

  • Lorie Loeb

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.25

  • Lyza Gardner

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.25

  • Sam Coleman

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.25

  • Colin Polidor

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.25

  • Vincent Fusca

    EXECUTIVE DIRECTOR

    Total calculated
    $170,707
    From this org
    $150,004
    From related orgs
    $0
    Other
    $20,703
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $150,004
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $20,703
    Filer's total
    $170,707

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

  • 3 · Approval by the board or compensation committee

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

The filer's explanations (Part III)

PART I, LINE 3
THE COMPENSATION OF THE EXECUTIVE DIRECTOR IS REVIEWED AND APPROVED ON AN ANNUAL BASIS BY THE BOARD OF DIRECTORS

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

No itemized grants to organizations on this return.

Provenance

Return type
form_990
Tax year
2024
Filed
27 October 2025
IRS schema version
2024v5.2
Source object
202523099349300137

Check it against the return as filed: the GivingTuesday Data Lake hosts a public copy of the original XML.

The source document this was parsed from is served over the API, which is where bulk and document access live.