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Nonprofiteer
← NORTON SOUND ECONOMIC DEVELOPMENT CORPORATION

Form 990 for tax year 2022

Filed by NORTON SOUND ECONOMIC DEVELOPMENT CORPORATION.

Totals

Total revenue
$27,485,239
Total expenses
$50,285,679
Contributions and grants received
$11,397
Grants paid
$10,322,065
Program service revenue
$36,387,029
Investment income
-$9,236,817
Other revenue
$323,630
Total assets, end of year
$379,957,471
Total liabilities, end of year
$68,806,504
Net assets or fund balances, end of year
$311,150,967
Program services expenses (Part IX)
$42,227,554
Management and general expenses
$8,058,125
Fundraising expenses
$0
Program service expenses (Part III)
$42,227,554

Program services were 84.0% 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)

    $11,397

  • 2a · Program service revenue: Harvesting Revenue

    total $36,387,029 · related or exempt $36,387,029

  • 3 · Investment income

    total -$8,295,664 · related or exempt -$10,542,268 · unrelated business -$736,280 · excluded $2,982,884

  • 4 · Income from investment of tax-exempt bond proceeds

    total $0

  • 5 · Royalties

    total $0

  • 6d · Net rental income or loss

    total $0

  • 7a · Gross sales of assets other than inventory

    securities $35,491,878

  • 7b · Less cost or other basis and sales expenses

    securities $36,401,546 · other assets $31,485

  • 7c · Gain or loss

    securities -$909,668 · other assets -$31,485

  • 7d · Net gain or loss

    total -$941,153 · excluded -$941,153

  • 8c · Net income from fundraising events

    total $0

  • 9c · Net income from gaming

    total $0

  • 10a · Gross sales of inventory

    $2,520,442

  • 10b · Cost of goods sold

    $2,804,595

  • 10c · Net income from sales of inventory

    total -$284,153 · related or exempt -$284,153

  • 11a · Other revenue: Administrative & Mgmt Fee

    total $479,383 · related or exempt $479,383

  • 11b · Other revenue: Other

    total $95,849 · related or exempt $95,849

  • 11c · Other revenue: Loan Fees & Int.

    total $32,551 · related or exempt $32,551

  • 11e · Other revenue, total

    $607,783

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $7,848,576 · program services $7,848,576

  • 2 · Grants to domestic individuals

    total $2,473,489 · program services $2,473,489

  • 3 · Grants to foreign organizations and individuals

    total $0

  • 4 · Benefits paid to or for members

    total $0

  • 5 · Compensation of officers, directors and key employees

    total $2,042,343 · program services $1,288,582 · management and general $753,761

  • 6 · Compensation of disqualified persons

    total $0

  • 7 · Other salaries and wages

    total $5,319,846 · program services $3,836,136 · management and general $1,483,710

  • 8 · Pension plan contributions

    total $326,252 · program services $210,206 · management and general $116,046

  • 9 · Other employee benefits

    total $1,162,305 · program services $645,211 · management and general $517,094

  • 10 · Payroll taxes

    total $650,769 · program services $509,681 · management and general $141,088

  • 11a · Fees: management

    total $0

  • 11b · Fees: legal

    total $75,400 · program services $175 · management and general $75,225

  • 11c · Fees: accounting

    total $64,527 · management and general $64,527

  • 11d · Fees: lobbying

    total $20,000 · management and general $20,000

  • 11e · Fees: professional fundraising services

    total $0

  • 11f · Fees: investment management

    total $192,916 · management and general $192,916

  • 11g · Fees: other

    total $13,952,234 · program services $13,804,898 · management and general $147,336

  • 12 · Advertising and promotion

    total $29,731 · program services $3,873 · management and general $25,858

  • 13 · Office expenses

    total $74,560 · program services $36,137 · management and general $38,423

  • 14 · Information technology

    total $0

  • 15 · Royalties

    total $0

  • 16 · Occupancy

    total $1,045,644 · program services $703,049 · management and general $342,595

  • 17 · Travel

    total $374,384 · program services $307,909 · management and general $66,475

  • 18 · Travel or entertainment for public officials

    total $0

  • 19 · Conferences, conventions and meetings

    total $0

  • 20 · Interest

    total $2,216,857 · management and general $2,216,857

  • 21 · Payments to affiliates

    total $0

  • 22 · Depreciation, depletion and amortization

    total $2,396,688 · program services $2,005,400 · management and general $391,288

  • 23 · Insurance

    total $803,790 · program services $117,000 · management and general $686,790

  • 24a · Other expenses: Lease fees - KDS WAG

    total $5,548,115 · program services $5,548,115

  • 24b · Other expenses: Supplies

    total $670,571 · program services $498,455 · management and general $172,116

  • 24c · Other expenses: Repairs & Maintenance

    total $604,259 · program services $593,482 · management and general $10,777

  • 24d · Other expenses: Postage and Shipping

    total $582,018 · program services $562,126 · management and general $19,892

  • 24e · All other expenses

    total $1,810,405 · program services $1,235,054 · management and general $575,351

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $8,915,553 · end of year $2,659,158

  • 2 · Savings and temporary cash investments

    beginning of year $2,379,456 · end of year $5,156,665

  • 3 · Pledges and grants receivable

    end of year $0

  • 4 · Accounts receivable

    beginning of year $10,846,756 · end of year $8,791,624

  • 5 · Loans and receivables from officers and key people

    end of year $0

  • 6 · Loans and receivables from disqualified persons

    end of year $0

  • 7 · Other notes and loans receivable

    beginning of year $5,188,423 · end of year $5,943,673

  • 8 · Inventories for sale or use

    beginning of year $4,119,351 · end of year $6,192,369

  • 9 · Prepaid expenses and deferred charges

    beginning of year $588,382 · end of year $477,564

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

    $37,793,726

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

    $21,737,986

  • 10c · Land, buildings and equipment, net

    beginning of year $17,263,377 · end of year $16,055,740

  • 11 · Investments: publicly traded securities

    beginning of year $107,780,715 · end of year $88,624,359

  • 12 · Investments: other securities

    end of year $0

  • 13 · Investments: program-related

    end of year $0

  • 14 · Intangible assets

    end of year $0

  • 15 · Other assets

    beginning of year $236,146,454 · end of year $246,056,319

  • 17 · Accounts payable and accrued expenses

    beginning of year $14,888,434 · end of year $8,605,940

  • 19 · Deferred revenue

    beginning of year $19,908 · end of year $35,161

  • 23 · Secured mortgages and notes payable

    beginning of year $59,690,908 · end of year $57,252,726

  • 25 · Other liabilities

    beginning of year $2,184,817 · end of year $2,912,677

  • 27 · Net assets without donor restrictions

    beginning of year $316,444,400 · end of year $311,150,967

Mission and programs · 2022

Mission

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.

Activities or mission (Part I)

To develop and sustain new and ongoing economic activity in the Norton Sound Region.

  • CDQ Harvest Management: Manages CDQ allocations and IFQ holdings.

    Expenses $19,060,721 · Revenue $33,866,587

  • 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.

    Expenses $10,390,402 · Grants $3,568 · Revenue $2,520,442

  • 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.

    Expenses $9,785,421 · Grants $9,204,600

As filed on the 2022 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Janis Ivanoff

    President & CEO

    Total calculated
    $358,791
    From this org
    $294,238
    From related orgs
    $0
    Other
    $64,553
    Hours/week
    40 + 1 related

    Schedule J breakdown matched by us

    Base
    $274,238
    Bonus
    $20,000
    Other
    not reported
    Deferred
    $23,200
    Nontaxable benefits
    $41,353
    Filer's total
    $358,791

  • Simon Kinneen

    Vice President

    Total calculated
    $281,755
    From this org
    $220,434
    From related orgs
    $0
    Other
    $61,321
    Hours/week
    40 + 1 related

    Schedule J breakdown matched by us

    Base
    $220,434
    Bonus
    not reported
    Other
    not reported
    Deferred
    $19,968
    Nontaxable benefits
    $41,353
    Filer's total
    $281,755

  • Tyler Rhodes

    COO

    Total calculated
    $264,806
    From this org
    $206,601
    From related orgs
    $0
    Other
    $58,205
    Hours/week
    40 + 1 related

    Schedule J breakdown matched by us

    Base
    $206,601
    Bonus
    not reported
    Other
    not reported
    Deferred
    $16,852
    Nontaxable benefits
    $41,353
    Filer's total
    $264,806

  • Matt Coates

    Treas and CFO

    Total calculated
    $222,234
    From this org
    $170,191
    From related orgs
    $0
    Other
    $52,043
    Hours/week
    40 + 1 related

    Schedule J breakdown matched by us

    Base
    $170,191
    Bonus
    not reported
    Other
    not reported
    Deferred
    $10,690
    Nontaxable benefits
    $41,353
    Filer's total
    $222,234

  • Wes Jones

    Quota Analyst

    Total calculated
    $165,619
    From this org
    $142,342
    From related orgs
    $0
    Other
    $23,277
    Hours/week
    40 + 1 related

    Schedule J breakdown matched by us

    Base
    $142,342
    Bonus
    not reported
    Other
    not reported
    Deferred
    $10,340
    Nontaxable benefits
    $12,937
    Filer's total
    $165,619

  • Paul Ivanoff

    Community Director

    Total calculated
    $165,030
    From this org
    $126,386
    From related orgs
    $0
    Other
    $38,644
    Hours/week
    40 + 1 related

    Schedule J breakdown matched by us

    Base
    $126,386
    Bonus
    not reported
    Other
    not reported
    Deferred
    $9,122
    Nontaxable benefits
    $29,522
    Filer's total
    $165,030

  • Josh Osborne

    NSSP Plant Manager

    Total calculated
    $164,391
    From this org
    $130,148
    From related orgs
    $0
    Other
    $34,243
    Hours/week
    40 + 1 related

    Schedule J breakdown matched by us

    Base
    $130,148
    Bonus
    not reported
    Other
    not reported
    Deferred
    $9,548
    Nontaxable benefits
    $24,695
    Filer's total
    $164,391

  • Justin Noffsker

    NSSP Director

    Total calculated
    $162,181
    From this org
    $128,535
    From related orgs
    $0
    Other
    $33,646
    Hours/week
    40 + 1 related

    Schedule J breakdown matched by us

    Base
    $128,535
    Bonus
    not reported
    Other
    not reported
    Deferred
    $8,951
    Nontaxable benefits
    $24,695
    Filer's total
    $162,181

  • Kathy Wheelehan

    Corp. Secretary

    Total calculated
    $160,996
    From this org
    $137,964
    From related orgs
    $0
    Other
    $23,032
    Hours/week
    40 + 1 related

    Schedule J breakdown matched by us

    Base
    $117,964
    Bonus
    $20,000
    Other
    not reported
    Deferred
    $10,095
    Nontaxable benefits
    $12,937
    Filer's total
    $160,996

  • Frank Doty

    NSSP Plant Manager

    Total calculated
    $145,431
    From this org
    $123,826
    From related orgs
    $0
    Other
    $21,605
    Hours/week
    40 + 1 related

  • Frank Katchatag

    Chairman

    Total calculated
    $62,005
    From this org
    $62,005
    From related orgs
    $0
    Other
    $0
    Hours/week
    8 + 1 related

  • Milton Cheemuk

    Director

    Total calculated
    $57,607
    From this org
    $57,607
    From related orgs
    $0
    Other
    $0
    Hours/week
    8 + 1 related

  • Dan Harrelson

    Director

    Total calculated
    $56,222
    From this org
    $56,222
    From related orgs
    $0
    Other
    $0
    Hours/week
    8 + 1 related

  • Harvey Sookiayak

    Director

    Total calculated
    $53,852
    From this org
    $53,852
    From related orgs
    $0
    Other
    $0
    Hours/week
    8 + 1 related

  • Oscar Takak

    Director

    Total calculated
    $50,943
    From this org
    $50,943
    From related orgs
    $0
    Other
    $0
    Hours/week
    8 + 1 related

  • Sara Seetot

    Director

    Total calculated
    $50,061
    From this org
    $50,061
    From related orgs
    $0
    Other
    $0
    Hours/week
    8 + 1 related

  • Morris Nashoanak

    Director

    Total calculated
    $49,035
    From this org
    $49,035
    From related orgs
    $0
    Other
    $0
    Hours/week
    8 + 1 related

  • Joel James

    Director

    Total calculated
    $48,604
    From this org
    $48,604
    From related orgs
    $0
    Other
    $0
    Hours/week
    8 + 1 related

  • James Sherman

    Director

    Total calculated
    $47,427
    From this org
    $47,427
    From related orgs
    $0
    Other
    $0
    Hours/week
    8 + 1 related

  • Dean Peterson

    Director

    Total calculated
    $45,429
    From this org
    $45,429
    From related orgs
    $0
    Other
    $0
    Hours/week
    8 + 1 related

  • Truman Kava

    Director

    Total calculated
    $45,397
    From this org
    $45,397
    From related orgs
    $0
    Other
    $0
    Hours/week
    8 + 1 related

  • Melvin Otton

    Director

    Total calculated
    $44,869
    From this org
    $44,869
    From related orgs
    $0
    Other
    $0
    Hours/week
    8 + 1 related

  • Joe Garnie

    Director

    Total calculated
    $42,012
    From this org
    $42,012
    From related orgs
    $0
    Other
    $0
    Hours/week
    8 + 1 related

  • Frances Ozenna

    Director

    Total calculated
    $38,229
    From this org
    $38,229
    From related orgs
    $0
    Other
    $0
    Hours/week
    8 + 1 related

  • Frank Oxereok

    Director

    Total calculated
    $21,633
    From this org
    $21,633
    From related orgs
    $0
    Other
    $0
    Hours/week
    8 + 1 related

  • Anna Oxereok

    Director

    Total calculated
    $17,092
    From this org
    $17,092
    From related orgs
    $0
    Other
    $0
    Hours/week
    8 + 1 related

  • Arthur Amaktoolik

    Director

    Total calculated
    $12,376
    From this org
    $12,376
    From related orgs
    $0
    Other
    $0
    Hours/week
    8 + 1 related

  • Preston Rookok

    Director

    Total calculated
    $10,968
    From this org
    $10,968
    From related orgs
    $0
    Other
    $0
    Hours/week
    8 + 1 related

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 · Compensation committee
  • 3 · Written employment contract
  • 3 · Compensation survey or study
  • 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

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

  • City of Nome

    $899,968

    Comm Ben Share/Discretionary Grants

  • City of St Michael

    $873,511

    Comm Ben Share/Discretionary Grants

  • City of Stebbins

    $621,565

    Comm Ben Share/Discretionary Grants

  • City of Unalakleet

    $553,906

    Comm Ben Share/Discretionary Grants

  • City of Gambell

    $399,705

    Comm Ben Share/Discretionary Grants

  • Bering Strait School District

    $368,808

    Discretionary Grants

  • City of Shaktoolik

    $322,455

    Comm Ben Share/Discretionary Grants

  • City of Savoonga

    $311,384

    Comm Ben Share/Discretionary Grants

  • City of Teller

    $263,983

    Comm Ben Share/Discretionary Grants

  • City of Koyuk

    $262,744

    Comm Ben Share/Discretionary Grants

The 10 largest by cash amount. The API serves every itemized grant.

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

  • KDS Inc

    501(c)(2) · Fisheries · AK · controlled entity

    Directly controlled by NSEDC

  • Norton Sound Fund

    501(c)(3) · Promote fisheries · AK · controlled entity

    Directly controlled by NSEDC

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Related partnerships

Part III: related organizations taxable as a partnership, with the filer's share.

  • Glacier Fish Company

    Fishing · WA · 72% owned · share of income $12,942,818 · share of assets $345,122,157

    Directly controlled by NSEDC

  • SIKU Holding LLC

    Holding Company · AK · 50% owned · share of income $1,096,773 · share of assets $6,118,181

    Directly controlled by Siu Alaska Corp

  • Aleutian #1 LLC

    Fishing · AK · 50% owned · share of income $659,282 · share of assets $3,576,483

    Directly controlled by Siku Holdings LLC

  • Patricia Lee LLC

    Fishing · AK · 50% owned · share of income $479,720 · share of assets $9,081,752

    Directly controlled by Siku Holdings LLC

  • BSAI Ventures LLC

    Holding Company · AK · 50% owned · share of income $891,115 · share of assets $33,465,999

    Directly controlled by NSEDC

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

  • Siu Alaska Corporation

    C-Corp · Fishing · AK · 100% owned · controlled entity

    Directly controlled by NSEDC

Provenance

Return type
form_990
Tax year
2022
Filed
26 October 2023
IRS schema version
2022v5.0
Source object
202343009349301399

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