2025-10-31T10:16:04-05:00 2025-06-30 030225774 GALLAGHER FLYNN & COMPANY LLP 725 COMMUNITY DRIVE SUITE 401 SOUTH BURLINGTON VT 05403 990 2024-07-01 030221525 LAMOILLE ECONOMIC DEVELOPMENT CORP LAMO 8028885640 PO BOX 455 MORRISVILLE VT 05661 PATRICK RIPLEY EXECUTIVE DIRECTOR/SECRETARY 8028885640 2025-10-30 1 0 AMY L WOOD P02457252 8028631331 2025-10-28 2024 2025-03-06 01:10:19Z PATRICK RIPLEY PO BOX 455 MORRISVILLE VT 05661 310522 0 X WWW.LAMOILLEECONOMY.ORG X 1968 VT STRENGTHEN LAMOILLE COUNTY'S ECONOMY AND INVEST IN ITS COMMUNITIES. 9 9 1 0 0 0 142067 146520 85055 55911 22035 23295 0 0 249157 225726 32800 3300 0 0 100139 103679 0 0 0 70772 47803 203711 154782 45446 70944 935686 1042850 107890 13155 827796 1029695 LEDC'S MISSION IS TO STRENGTHEN LAMOILLE COUNTY'S ECONOMY THROUGH FACILITATING THE CREATION AND EXPANSION OF JOBS AND BUSINESSES AND INVESTING IN THE PROSPERITY OF LAMOILLE COUNTY'S COMMUNITIES. 0 0 55911 LEDC OPERATES JOINTLY WITH THE LAMOILLE CHAMBER OF COMMERCE TO STRENGTHEN THE ECONOMY IN LAMOILLE COUNTY THROUGH FINANCING, JOB CREATION, CONSULTING, BUSINESS RECRUITMENT AND RETENTION, ECONOMIC DEVELOPMENT, MARKETING, LEGISLATIVE ADVOCACY, AND OTHER SUPPORT SERVICES AVAILABLE TO ALL BUSINESSES IN ALL COMMERCIAL SECTORS. 0 1 0 1 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 1 1 0 0 0 0 0 0 0 0 X 9 9 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 X BONNIE PARKER 8022498642 PO BOX 168 GRANITEVILLE VT 05654 JOSEPH WOODIN DIRECTOR 1.00 X 0 0 0 TINA NORTON TREASURER 1.00 X X 0 0 0 GREG TATRO PRESIDENT THROUGH OCTOBER 2024 1.00 X X 0 0 0 MARK VANDENBERG VICE PRESIDENT THROUGH OCTOBER 2024 1.00 X X 0 0 0 JEREMY ELLIOTT DIRECTOR 1.00 X 0 0 0 ERIK REMMERS DIRECTOR 1.00 X 0 0 0 PATRICK RIPLEY EXECUTIVE DIRECTOR 40.00 X X 87500 0 7500 JILL JARET-ROSSI DIRECTOR 1.00 X 0 0 0 DODY DAY PRESIDENT FROM OCTOBER 2024 1.00 X X 0 0 0 CONRAD HARRIS DIRECTOR 1.00 X 0 0 0 GEOFF LINDEMER DIRECTOR 1.00 X 0 0 0 RON CARTER DIRECTOR 1.00 X 0 0 0 87500 0 7500 0 0 0 0 0 X 146520 146520 MEMBER DUES 900099 45025 45025 COMMISSIONS 900099 8495 8495 SERVICE/ADMIN FEES 900099 1386 1386 LOAN INTEREST INCOME 900099 1005 1005 55911 20493 20493 87598 84796 2802 2802 2802 225726 55911 0 23295 X 3300 96635 7044 16371 6660 637 7908 2160 1016 2541 ANNUAL MEETING 5059 5451 154782 38203 48804 512206 576420 22180 15148 363097 402478 935686 1042850 9513 13155 98377 0 107890 13155 X 827796 1029695 827796 1029695 935686 1042850 70944 33777 97178 0 X X 1 X 0 0 0 RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 1 1 0 0 X PART X, LINE 2: LEDC IS A NOT-FOR-PROFIT ORGANIZATION AS DESCRIBED IN SECTION 501(C)(6) OF THE INTERNAL REVENUE CODE AND IS EXEMPT FROM FEDERAL INCOME TAXES ON RELATED INCOME. EACH YEAR, MANAGEMENT CONSIDERS WHETHER ANY MATERIAL TAX POSITION LEDC HAS TAKEN IS MORE LIKELY THAN NOT TO BE SUSTAINED UPON EXAMINATION BY THE APPLICABLE TAXING AUTHORITY. MANAGEMENT BELIEVES THAT ANY POSITIONS LEDC HAS TAKEN ARE SUPPORTED BY SUBSTANTIAL AUTHORITY AND, THEREFORE, DO NOT NEED TO BE MEASURED OR DISCLOSED IN THE FINANCIAL STATEMENTS. LEDC IS SUBJECT TO INCOME TAX EXAMINATIONS BY TAX AUTHORITIES FOR THREE YEARS FOLLOWING THE DATE OF FILING. FORM 990, PART VI, SECTION B, LINE 11B THE 990 TAX RETURN IS REVIEWED BY THE EXECUTIVE DIRECTOR AND THE BOARD OF DIRECTORS BEFORE FILING. FORM 990, PART VI, SECTION B, LINE 12C DURING BOARD MEETINGS, AT WHICH FINANCIAL AND OTHER TRANSACTIONS OF CONSEQUENCE ARE DISCUSSED AND/OR VOTED ON, THE QUESTION IS ASKED IF ANY BOARD MEMBER OR EXECUTIVE DIRECTOR HAVE ANY CONFLICT OF INTEREST WITH THE CURRENT TRANSACTIONS AND MATTERS BEING DISCUSSED. FORM 990, PART VI, SECTION B, LINE 15 THE COMPENSATION OF THE EXECUTIVE DIRECTOR IS REVIEWED AND APPROVED BY THE BOARD OF DIRECTORS OR COMPENSATION COMMITTEE OF THE ORGANIZATION. THE COMPENSATION OF THE EXECUTIVE DIRECTOR IS REVIEWED AND APPROVED USING DATA AS TO COMPARABLE COMPENSATION FOR SIMILARLY QUALIFIED PERSONS IN FUNCTIONALLY COMPARABLE POSITIONS AT OTHER ECONOMIC DEVELOPMENT CORPORATIONS IN VERMONT. FORM 990, PART VI, SECTION C, LINE 19 GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS ARE AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, PART VIII, PART 1F THE STATE OF VERMONT GRANT IS AN ANNUAL GRANT AWARDED TO LEDC FOR A TERM THAT IS INTENDED TO PROVIDE FUNDING FOR LEDC'S FISCAL YEAR, FROM JULY THROUGH THE FOLLOWING JUNE. THE GRANT REQUIRES LEDC TO CONDUCT CERTAIN ACTIVITIES RELATED TO ITS MISSION, WHICH ARE GENERALLY PERFORMED EVENLY OVER EACH GRANT TERM. THIS GRANT COMPRISES LEDC'S LARGEST CONTRIBUTOR, AS DISCLOSED IN SCHEDULE B. THE AMOUNT RECOGNIZED AS GRANT REVENUE IN A GIVEN YEAR FLUCTUATES BASED ON THE DATE ON WHICH THE GRANT IS APPROVED BY THE GRANTOR, WHICH TYPICALLY OCCURS IN JUNE OR JULY. FORM 990, PART XI, LINE 8 PRIOR PERIOD ADJUSTMENT: DURING 2006, LEDC WAS AWARDED A $97,178 GRANT FROM THE UNITED STATES DEPARTMENT OF AGRICULTURE (USDA) TO ESTABLISH A REVOLVING LOAN FUND TO MAKE LOANS TO QUALIFYING BUSINESSES. UNDER THE GRANT AGREEMENT, THE USDA RETAINS THE RIGHT TO RECAPTURE FUNDS IF LEDC DOES NOT COMPLY WITH THE TERMS OF THE AGREEMENT. CONSEQUENTLY, LEDC PREVIOUSLY RECOGNIZED THE GRANT FUNDS AS A LIABILITY. HOWEVER, UPON FURTHER INVESTIGATION IN 2025, MANAGEMENT DETERMINED THAT THE CONDITIONS OF THE GRANT HAD BEEN MET IN A PRIOR YEAR AND THAT THE LIKELIHOOD OF REPAYMENT WAS REMOTE. ACCORDINGLY, LEDC RESTATED ITS NET ASSET BALANCE AS OF JUNE 30, 2024 TO DERECOGNIZE THE LIABILITY. THE NET EFFECT OF THE PRIOR-PERIOD ADJUSTMENT WAS TO INCREASE NET ASSETS BY $97,178 AS OF JUNE 30, 2024. FORM 990, PART XII, LINE 2C THERE HAS BEEN NO CHANGE IN THE SELECTION OR OVERSIGHT PROCESS FROM THE PRIOR YEAR.