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Nonprofiteer
← GRANITE STATE ECONOMIC DEVELOPMENT CORP

Form 990 for tax year 2023

Filed by GRANITE STATE ECONOMIC DEVELOPMENT CORP.

Totals

Total revenue
$10,340,764
Total expenses
$8,048,792
Contributions and grants received
$0
Grants paid
$396,061
Program service revenue
$8,541,027
Investment income
$1,799,737
Other revenue
$0
Total assets, end of year
$25,295,149
Total liabilities, end of year
$4,452,492
Net assets or fund balances, end of year
$20,842,657
Program services expenses (Part IX)
$7,082,937
Management and general expenses
$965,855
Fundraising expenses
$0
Program service expenses (Part III)
$7,082,937

Program services were 88.0% 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.

  • 2a · Program service revenue: LOAN PROCESS & SERVICE

    total $8,541,027 · related or exempt $8,541,027

  • 3 · Investment income

    total $1,784,866 · related or exempt $1,784,866

  • 7a · Gross sales of assets other than inventory

    securities $2,386,000

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

    securities $2,371,129

  • 7c · Gain or loss

    securities $14,871

  • 7d · Net gain or loss

    total $14,871 · related or exempt $14,871

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $396,061 · program services $396,061

  • 5 · Compensation of officers, directors and key employees

    total $3,859,252 · program services $3,366,651 · management and general $492,601

  • 7 · Other salaries and wages

    total $1,460,292 · program services $1,285,057 · management and general $175,235

  • 8 · Pension plan contributions

    total $238,118 · program services $209,544 · management and general $28,574

  • 9 · Other employee benefits

    total $313,173 · program services $275,592 · management and general $37,581

  • 10 · Payroll taxes

    total $290,700 · program services $255,816 · management and general $34,884

  • 11b · Fees: legal

    total $320,861 · program services $304,818 · management and general $16,043

  • 11c · Fees: accounting

    total $47,100 · management and general $47,100

  • 11g · Fees: other

    total $29,816 · program services $26,238 · management and general $3,578

  • 12 · Advertising and promotion

    total $157,621 · program services $157,621

  • 13 · Office expenses

    total $179,168 · program services $157,668 · management and general $21,500

  • 16 · Occupancy

    total $122,206 · program services $107,541 · management and general $14,665

  • 17 · Travel

    total $49,034 · program services $43,150 · management and general $5,884

  • 19 · Conferences, conventions and meetings

    total $5,345 · program services $5,345

  • 22 · Depreciation, depletion and amortization

    total $16,760 · program services $14,748 · management and general $2,012

  • 23 · Insurance

    total $43,829 · management and general $43,829

  • 24a · Other expenses: APPRAISALS & STUDIES

    total $53,023 · program services $53,023

  • 24b · Other expenses: NH BET TAX

    total $28,448 · management and general $28,448

  • 24c · Other expenses: MARKETING & PROMOTIONAL

    total $112,976 · program services $112,976

  • 24d · Other expenses: REPAIRS & MAINTENANCE

    total $114,828 · program services $109,087 · management and general $5,741

  • 24e · All other expenses

    total $210,181 · program services $202,001 · management and general $8,180

Balance sheet

Part X, book values.

  • 2 · Savings and temporary cash investments

    beginning of year $3,545,474 · end of year $3,817,841

  • 4 · Accounts receivable

    beginning of year $1,295,940 · end of year $1,433,331

  • 7 · Other notes and loans receivable

    beginning of year $1,830,306 · end of year $2,064,785

  • 9 · Prepaid expenses and deferred charges

    beginning of year $63,367 · end of year $52,791

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

    $647,899

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

    $484,791

  • 10c · Land, buildings and equipment, net

    beginning of year $179,867 · end of year $163,108

  • 11 · Investments: publicly traded securities

    beginning of year $15,532,720 · end of year $17,763,293

  • 17 · Accounts payable and accrued expenses

    beginning of year $1,582,070 · end of year $1,645,686

  • 19 · Deferred revenue

    beginning of year $136,085 · end of year $270,100

  • 25 · Other liabilities

    beginning of year $2,372,652 · end of year $2,536,706

  • 27 · Net assets without donor restrictions

    beginning of year $18,356,867 · end of year $20,842,657

Mission and programs · 2023

Mission

TO CREATE ECONOMIC DEVELOPMENT BY ASSISTING BUSINESSES TO ACQUIRE SBA 504 FINANCING TO EXPAND THEIR BUSINESSES BY ACQUIRING, RENOVATING OR CONSTRUCTING REAL ESTATE AND/OR ACQUIRING MACHINERY & EQUIPMENT. THE EXPANDED BUSINESSES LEAD TO THE CREATION AND/OR RETENTION OF JOBS.

  • TO CREATE ECONOMIC DEVELOPMENT BY ASSISTING BUSINESSES TO ACQUIRE SBA 504 FINANCING TO EXPAND THEIR BUSINESSES BY ACQUIRING, RENOVATING OR CONSTRUCTING REAL ESTATE AND/OR ACQUIRING MACHINERY & EQUIPMENT. THE EXPANDED BUSINESSES LEAD TO THE CREATION AND/OR RETENTION OF JOBS WITHIN THE STATES OF OPERATIONS, INCLUDING MAINE, NEW HAMPSHIRE, VERMONT AND MASSACHUSETTS.

    Expenses $7,082,937 · Grants $396,061

As filed on the 2023 return.

Listed in Part VII

  • STEVE ALDRICH

    PRESIDENT

    Total calculated
    $567,512
    From this org
    $422,250
    From related orgs
    $0
    Other
    $145,262
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $407,250
    Bonus
    $15,000
    Other
    not reported
    Deferred
    $111,000
    Nontaxable benefits
    $34,262
    Filer's total
    $567,512

  • FRED PALAZZOLO

    SENIOR VICE PRESIDENT

    Total calculated
    $525,670
    From this org
    $387,025
    From related orgs
    $0
    Other
    $138,645
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $377,025
    Bonus
    $10,000
    Other
    not reported
    Deferred
    $111,000
    Nontaxable benefits
    $27,645
    Filer's total
    $525,670

  • SEAN FITZGERALD

    VICE PRESIDENT

    Total calculated
    $398,100
    From this org
    $300,400
    From related orgs
    $0
    Other
    $97,700
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $200,400
    Bonus
    $100,000
    Other
    not reported
    Deferred
    $61,000
    Nontaxable benefits
    $36,700
    Filer's total
    $398,100

  • SCOTT GARDINER

    FORMER EMPLOYEE

    Total calculated
    $385,251
    From this org
    $359,132
    From related orgs
    $0
    Other
    $26,119
    Hours/week
    0

    Schedule J breakdown matched by us

    Base
    $359,132
    Bonus
    not reported
    Other
    not reported
    Deferred
    not reported
    Nontaxable benefits
    $26,119
    Filer's total
    $385,251

  • PAUL COLLINS

    VICE PRESIDENT

    Total calculated
    $341,475
    From this org
    $280,225
    From related orgs
    $0
    Other
    $61,250
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $189,225
    Bonus
    $91,000
    Other
    not reported
    Deferred
    $61,000
    Nontaxable benefits
    $250
    Filer's total
    $341,475

  • MATTHEW COLLINS

    VICE PRESIDENT

    Total calculated
    $286,180
    From this org
    $235,400
    From related orgs
    $0
    Other
    $50,780
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $185,400
    Bonus
    $50,000
    Other
    not reported
    Deferred
    $50,780
    Nontaxable benefits
    not reported
    Filer's total
    $286,180

  • PAM BAILEY

    VICE PRESIDENT

    Total calculated
    $286,030
    From this org
    $225,200
    From related orgs
    $0
    Other
    $60,830
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $225,200
    Bonus
    not reported
    Other
    not reported
    Deferred
    $44,030
    Nontaxable benefits
    $16,800
    Filer's total
    $286,030

  • BARBARA ARENA

    VICE PRESIDENT

    Total calculated
    $269,537
    From this org
    $208,100
    From related orgs
    $0
    Other
    $61,437
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $165,600
    Bonus
    $42,500
    Other
    not reported
    Deferred
    $43,450
    Nontaxable benefits
    $17,987
    Filer's total
    $269,537

  • ROBIN LAPOINTE

    VICE PRESIDENT

    Total calculated
    $263,710
    From this org
    $209,300
    From related orgs
    $0
    Other
    $54,410
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $206,800
    Bonus
    $2,500
    Other
    not reported
    Deferred
    $39,703
    Nontaxable benefits
    $14,707
    Filer's total
    $263,710

  • ETHAN SWAIN

    VICE PRESIDENT

    Total calculated
    $249,163
    From this org
    $190,200
    From related orgs
    $0
    Other
    $58,963
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $166,200
    Bonus
    $24,000
    Other
    not reported
    Deferred
    $41,600
    Nontaxable benefits
    $17,363
    Filer's total
    $249,163

  • CARISSA MURRAY

    VICE PRESIDENT

    Total calculated
    $232,884
    From this org
    $175,083
    From related orgs
    $0
    Other
    $57,801
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $175,083
    Bonus
    not reported
    Other
    not reported
    Deferred
    $34,067
    Nontaxable benefits
    $23,734
    Filer's total
    $232,884

  • TRACY GAYLORD

    VICE PRESIDENT

    Total calculated
    $231,100
    From this org
    $190,200
    From related orgs
    $0
    Other
    $40,900
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $166,200
    Bonus
    $24,000
    Other
    not reported
    Deferred
    $40,900
    Nontaxable benefits
    not reported
    Filer's total
    $231,100

  • LISA MOUSSEAU

    KEY EMPLOYEE

    Total calculated
    $214,603
    From this org
    $158,600
    From related orgs
    $0
    Other
    $56,003
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $158,600
    Bonus
    not reported
    Other
    not reported
    Deferred
    $31,300
    Nontaxable benefits
    $24,703
    Filer's total
    $214,603

  • ASHLEY MCCARTHY

    EMPLOYEE

    Total calculated
    $203,685
    From this org
    $147,508
    From related orgs
    $0
    Other
    $56,177
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $147,508
    Bonus
    not reported
    Other
    not reported
    Deferred
    $28,751
    Nontaxable benefits
    $27,426
    Filer's total
    $203,685

  • PIERRE DURAND

    EMPLOYEE

    Total calculated
    $175,938
    From this org
    $126,850
    From related orgs
    $0
    Other
    $49,088
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $125,350
    Bonus
    $1,500
    Other
    not reported
    Deferred
    $24,600
    Nontaxable benefits
    $24,488
    Filer's total
    $175,938

  • ALAN ABRAHAM

    FORMER EMPLOYEE

    Total calculated
    $165,000
    From this org
    $165,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    0

    Schedule J breakdown matched by us

    Base
    $165,000
    Bonus
    not reported
    Other
    not reported
    Deferred
    not reported
    Nontaxable benefits
    not reported
    Filer's total
    $165,000

  • CATHY PICARDO

    EMPLOYEE

    Total calculated
    $162,883
    From this org
    $122,800
    From related orgs
    $0
    Other
    $40,083
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $122,800
    Bonus
    not reported
    Other
    not reported
    Deferred
    $24,350
    Nontaxable benefits
    $15,733
    Filer's total
    $162,883

  • JACLYN ST ONGE

    EMPLOYEE

    Total calculated
    $152,249
    From this org
    $107,517
    From related orgs
    $0
    Other
    $44,732
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $107,517
    Bonus
    not reported
    Other
    not reported
    Deferred
    $20,883
    Nontaxable benefits
    $23,849
    Filer's total
    $152,249

  • BRANDT ABRAHAM

    EMPLOYEE

    Total calculated
    $131,329
    From this org
    $100,900
    From related orgs
    $0
    Other
    $30,429
    Hours/week
    40

  • DAVID GOMPERS

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1.5

  • PAUL BERGERON

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1.5

  • BIRGIT CHRISTIANSEN

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1.5

  • NANCY CARMER

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1.5

  • MARY DRISCOLL

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1.5

  • CAROLYN CLOUTIER

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1.5

  • JEFF ANGERS

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1.5

  • WILLIAM POWERS

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1.5

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

  • 1a · Discretionary spending account
  • 1b · Written policy on the line-1a expenses
  • 2 · Substantiation required before reimbursing expenses
  • 3 · Compensation committee
  • 3 · Independent compensation consultant
  • 3 · Form 990 of other organizations
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee
  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan

Answered no

  • 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

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

Provenance

Return type
form_990
Tax year
2023
Filed
16 December 2024
IRS schema version
2023v5.1
Source object
202443589349301154

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

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