2025-11-04T18:45:46-08:00 2024-12-31 920143182 ALTMAN ROGERS & CO 3000 C ST STE 201 ANCHORAGE AK 99503 990 2024-01-01 860710582 Norton Sound Economic Development Corporation NORT 9072742248 2701 Gambell Street 400 Anchorage AK 99503 Janis Ivanoff President & CEO 2025-11-04 true true Sterling Gillon CPA P02428406 9072742992 2024 2025-03-06 01:10:19Z Janis Ivanoff 2701 Gambell Street 400 Anchorage AK 99503 106744890 false X www.nsedc.com X 1993 AK To develop and sustain new and ongoing economic activity in the Norton Sound Region. 15 0 277 -427326 4741 0 31903102 21836453 -6016665 1335555 -9526945 4296915 16364233 27468923 9120700 8685378 0 10135962 10999181 0 0 20541869 15450780 39798531 35135339 -23434298 -7666416 391353465 400589554 71227747 66172495 320125718 334417059 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 9755077 7500 4112222 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. 8233870 7404176 Community Benefit Program: Provides loans and grants through the Large Infrastructure Program, Bulk Fuel and Energy Subsidy Program, Community Energy Fund and various other community outreach programs. 2119459 17175690 Quota Management & Bering Sea Investments: Manages CDQ Allocations and IFQ holdingsas well as investments in Bering Sea operations. 2048230 8493 Fisheries Development: Supports, research, rehabilitation, fertilization and enumeration projects for salmon and non-salmon species throughout the Norton Sound region. Supporting marine debris clean-up projects in member communities. 1300948 1265209 Training and Scholarships: Supports secondary education students through a scholarship program. Provides training for residents to gain employment in Alaska fisheries and provides funding for regional training opportunities. 3349178 1273702 23457584 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 203 0 true 277 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 393137 0 79949 Simon Kinneen Vice President 40.00 1.00 X 288401 0 74855 Tyler Rhodes COO 40.00 1.00 X 268638 0 73076 Matt Coates Treas and CFO 40.00 1.00 X 228097 0 69428 Wes Jones Quota Manager 40.00 1.00 188066 0 65825 PAul Ivanoff Community Benefits 40.00 1.00 168799 0 64097 Justin Noffsker NSSP Dir 40.00 1.00 181895 0 45075 Josh Osborne NSSP Plant Manager 40.00 1.00 173477 0 44317 Kathy Wheelehan Corp. Secretary 40.00 0.00 X 181434 0 32563 Leslie Ladegard HR Director 40.00 1.00 163211 0 43393 Frank Katchatag Chairman 8.00 1.00 X X 61998 0 0 Milton Cheemuk Director 8.00 1.00 X 60727 0 0 James Sherman Director 8.00 1.00 X 60280 0 0 Dean Peterson Director 8.00 1.00 X 55797 0 0 Harvey Sookiayak Director 8.00 1.00 X 54924 0 0 Daniel Harrelson Director 8.00 1.00 X 54855 0 0 Anna Oxereok Director 8.00 1.00 X 50929 0 0 Shirley Antoghame Director 8.00 1.00 X 50117 0 0 Frieda Southall Director 8.00 1.00 X 49116 0 0 Preston Rookok Director 8.00 1.00 X 49098 0 0 Morris Nashoanak Director 8.00 1.00 X 48547 0 0 Joseph Garnie Director 8.00 1.00 X 46836 0 0 Melvin Otton Director 8.00 1.00 X 44356 0 0 Arthur Amaktoolik Director 8.00 1.00 X 39404 0 0 Samantha Ozenna Director 8.00 1.00 X 18335 0 0 Frances Ozenna Director 8.00 1.00 X 11415 0 0 Ronald Daniels Director 8.00 1.00 X 6304 0 0 2998193 592578 19 false true false Aleutian #1 LLC 1801 Fairview Ave E Seattle WA 98102 Crab Vessel 8112421 Patricia Lee LLC 1801 Fairview Ave E Seattle WA 98102 Crab Vessel 1678166 Unisea PO Box 97019 Redmond WA 98073 Crab Processing 813963 Refrigeration Unlimited 917 Valley Ave NW Puyallup WA 98371 Refrigeration Maintenance 514842 Bay Welding 3301 East End Road Homer AK 99603 Vessel Repairs 483730 22 0 Harvesting Revenue 110000 21836453 21836453 21836453 -5064458 -8143431 -427326 3506299 0 0 0 69287633 500 62883954 4166 6403679 -3666 6400013 6400013 0 0 16889309 16387847 501462 501462 Administrative & Mgmt Fee 110000 374000 374000 Loan Fees & Int. 110000 22410 22410 Other 110000 3399043 3399043 3795453 27468923 17989937 -427326 9906312 6341819 6341819 2343559 2343559 0 0 2122744 2122744 0 6203160 5311637 891523 523377 321591 201786 1503239 835724 667515 646661 484832 161829 0 143593 19075 124518 68758 68758 0 0 215653 215653 1188907 956451 232456 58619 2343 56276 87961 48546 39415 0 0 1134677 770327 364350 623242 482522 140720 0 0 3464178 3464178 0 2266106 1803255 462851 939882 89043 850839 Repairs & Maintenance 1307303 1289724 17579 Other 731391 91707 639684 Fees and Licenses 707664 614116 93548 Supplies 613053 305643 307410 1899793 1345670 554123 35135339 23457584 11677755 0 1285709 35105 9305547 2758194 0 9335126 11398557 0 0 5302263 6890401 1360053 1493019 490531 414161 39539194 26106991 14431197 13432203 99635582 113437202 0 0 0 250207457 250730712 391353465 400589554 14765313 14451337 35161 54314545 49876363 2147889 1809634 71227747 66172495 X 320125718 334417059 320125718 334417059 391353465 400589554 X -7666416 4354845 17602912 X false true X true false 29555798 3530298 61019 33025077 25487011 4122424 53637 29555798 29968629 250000 -4676581 55037 25487011 25556298 4465806 53475 29968629 22684054 2916382 44138 25556298 1.00000 false false false 407088 407088 15467889 15467889 816126 816126 11412492 11412492 11435599 26106991 -14671392 13432203 CIP/WIP 1950828 Due from intercompany 26316 Fishing Rights 19524978 Interest Receivable 146439 Investment in BSAI Ventures 19534498 Investment in Glacier Fish Company LLC 107349205 Investment in KDS, Inc. 28037341 Investment in Siu Alaska Corp 72580910 Investment in Unaatuq, LLC 453174 Operating lease right-of-use assets 1127023 250730712 Current Lease Liability 272790 Fisheries Tax 109245 Long Term Lease Liability 856772 Payroll Liabilities 570827 1809634 X 65598874 4354845 9838680 14193525 51405349 215653 -24152079 -23936426 27468923 51307533 16387847 16387847 34919686 215653 215653 35135339 Part V, Line 4: Intended uses of the endowment fund. The Companys Board of Directors has designated $579,573 and $1,577,686 in cash and cash equivalents and $32,445,504 and $27,978,112 of long-term investments at December 31, 2024 and 2023, 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, 2024 and 2023. 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 Equity in Earnings of Limited Liability $9838680 Part XII, Line 2d: Other expenses and losses per audited F/S Fishing & Processing exp on Part VIII $16387847 true Bering Sea VFW Post 9569 PO Box 1776 Nome AK 99762 926002957 10000 0 Discretionary Grants Bering Sea Womens Group PO Box 1596 Nome AK 99762 920068974 20000 0 Discretionary Grants Bering Strait School District PO Box 225 Unalakleet AK 99684 920058118 307751 0 Discretionary Grants Boy & Girls Clubs of SC AK 2300 W 36th Ave Anchorage AK 99517 920036082 12080 0 Discretionary Grants City of Brevig Mission PO Box 85021 Brevig Mission AK 99785 920084368 155000 0 Comm Ben Share/Discretionary Grants City of Diomede PO Box 7039 Little Diomede AK 99762 920066244 150000 0 Comm Ben Share/Discretionary Grants City of Elim PO Box 39009 Elim AK 99739 920058095 353718 0 Comm Ben Share/Discretionary Grants City of Gambell PO Box 189 Gambell AK 99742 920059105 231699 0 Comm Ben Share/Discretionary Grants City of Golovin PO Box 62059 Golovin AK 99762 920055818 356480 0 Comm Ben Share/Discretionary Grants City of Koyuk PO Box 53029 Koyuk AK 99753 920082645 164762 0 Comm Ben Share/Discretionary Grants City of Nome PO Box 281 Nome AK 99762 920019767 161731 0 Comm Ben Share/Discretionary Grants City of Savoonga PO Box 40 Savoonga AK 99769 920047577 154000 0 Comm Ben Share/Discretionary Grants City of Shaktoolik PO Box 10 Shaktoolik AK 99771 920071623 184912 0 Comm Ben Share/Discretionary Grants City of St Michael PO Box 70 St Michael AK 99659 920044250 346812 0 Comm Ben Share/Discretionary Grants City of Stebbins PO Box 22 Stebbins AK 99671 920055113 454500 0 Comm Ben Share/Discretionary Grants City of Teller PO Box 548 Teller AK 99778 920038016 513066 0 Comm Ben Share/Discretionary Grants City of Unalakleet PO Box 28 Unalakleet AK 99684 926011026 264926 0 Comm Ben Share/Discretionary Grants City of Wales PO Box 489 Wales AK 99783 920055294 173974 0 Comm Ben Share/Discretionary Grants City of White Mountain PO Box 130 White Mountain AK 99784 920077464 209621 0 Comm Ben Share/Discretionary Grants Elim Covenant Church PO Box 39110 Elim AK 99739 920005540 9999 0 Discretionary Grants Kawerak Inc PO Box 948 Nome AK 99762 920047009 77489 0 Discretionary Grants Marys Igloo Trad Council PO Box 546 Teller AK 99778 920082479 8250 0 Discretionary Grants Native Village of Brevig Miss PO Box 85039 Brevig Mission AK 99785 920067117 63237 0 Discretionary Grants Native Village of Elim PO Box 70 Elim AK 99739 920055379 14095 0 Discretionary Grants Native Village of Gambell PO Box 90 Gambell AK 99742 920047419 311632 0 Discretionary Grants Native Village of Koyuk PO Box 53030 Koyuk AK 99753 920061645 317265 0 Discretionary Grants Native Village of Savoonga PO Box 120 Savoonga AK 99769 920047476 669585 0 Discretionary Grants Native Village of Shaktoolik PO Box 100 Shaktoolik AK 99771 920010257 11500 0 Discretionary Grants Native Village of St Michael PO Box 59050 St Michael AK 99659 920064733 24861 0 Discretionary Grants Native Village of Unalakleet PO Box 270 Unalakleet AK 99684 920039457 6000 0 Discretionary Grants Native Village of Wales PO Box 549 Wales AK 99783 920070094 69387 0 Discretionary Grants Nome Community Center PO Box 988 Nome AK 99762 920039475 13000 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 256140 0 Discretionary Grants Nome Public Schools PO Box 131 Nome AK 99762 926000108 67455 0 Discretionary Grants Northern Bering Sea Regional 431 West 7th Ave Anchorage AK 99501 461474776 8468 0 Discretionary Grants Norton Sound Health Corp PO Box 966 Nome AK 99762 920041488 20000 0 Discretionary Grants Nudlaghi Leadership Institute PO Box 91474 Anchorage AK 99509 921903855 3 17500 0 Discretionary Grants PAWS of Nome PO Box 833 Nome AK 99762 465017308 8394 0 Discretionary Grants Project Hope For Our Future PO Box 15 Savoonga AK 99769 853414186 5236 0 Discretionary Grants Savoonga Prebyterian Church 616 W 10th Ave Anchorage AK 99501 926011503 5909 0 Discretionary Grants SeaShare 600 Erickson Ave NE Ste 310 Bainbridge Isl WA 98110 911641242 8979 0 Discretionary Grants Stebbins Community Assoc PO Box 71002 Stebbins AK 99671 920063408 37288 0 Discretionary Grants Teller Traditional Council PO Box 567 Teller AK 99778 920095060 13000 0 Discretionary Grants Tundra Health Initiative PO Box 1049 Nome AK 99762 861879079 7119 0 Discretionary Grants Wales Native Corporation PO Box 529 Wales AK 99783 920045198 9999 0 Discretionary Grants 39 7 Energy Subsidy 2380 1368500 Scholarships 307 881275 Donations 261 93784 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 Janis Ivanoff President & CEO 343137 50000 31050 48899 473086 Josh Osborne NSSP Plant Manager 153477 20000 15613 28704 217794 Justin Noffsker NSSP Dir 161895 20000 16371 28704 226970 Kathy Wheelehan Corp. Secretary 161434 20000 16329 16234 213997 Leslie Ladegard HR Director 130711 32500 14689 28704 206604 Matt Coates Treas and CFO 208097 20000 20529 48899 297525 PAul Ivanoff Community Benefits 148799 20000 15198 48899 232896 Simon Kinneen Vice President 268401 20000 25956 48899 363256 Tyler Rhodes COO 248638 20000 24177 48899 341714 Wes Jones Quota Manager 168066 20000 16926 48899 253891 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 = $9838680 Form 990, Part XI, Line 9 Loss Book BSAI = $1187229 Form 990, Part XI, Line 9 Loss Book GFC K-1 = $6517689 Form 990, Part XI, Line 9 Loss Book Unaatuq K-1 = $59314 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 4216865 332491850 false -401793 false 0.72000 SIKU Holding LLC 2701 Gambell St Suite 400 Anchorage AK 99503 371732494 Holding Company AK Siu Alaska Corp 948748 9780542 false false 0.50000 Aleutian #1 LLC 2701 Gambell St Suite 400 Anchorage AK 99503 203124237 Fishing AK Siku Holdings LLC 1438316 4586875 false false 0.50000 Patricia Lee LLC 2701 Gambell St Suite 400 Anchorage AK 99503 462857849 Fishing AK Siku Holdings LLC 274164 5223675 false false 0.50000 BSAI Ventures LLC 2701 Gambell St Suite 400 Anchorage AK 99503 874038690 Holding Company AK NSEDC -608767 32763733 false -25533 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 49876363 Amount Loaned KDS Inc o 59952 Agreement Alloc KDS Inc q 13160 Agreement Alloc KDS Inc r 3456954 Lease Agreement KDS Inc s 7000000 Cash Value Glacier Fish Company a 1420131 Alotted fees Glacier Fish Company s 778847 Op agreement Aleutian #1 LLC a 2575637 Alotted fees Aleutian #1 LLC r 8112421 Dock price Patricia Lee LLC a 3162778 Alotted fees Patricia Lee LLC r 1678166 Dock price Siu Alaska Corporation n 39744 Contract amount Siu Alaska Corporation o 265979 Contract amount Siu Alaska Corporation s 2500000 Amount received