Nonprofit · EIN 86-0710582
NORTON SOUND ECONOMIC DEVELOPMENT CORPORATION
Tax-exempt · ANCHORAGE, AK 99503
Financials
| Year ended | Form | Revenue | Expenses | Net income | Total assets | Liabilities | Net assets |
|---|---|---|---|---|---|---|---|
| December 31, 2024 | 990 | $27,468,923 | $35,135,339 | -$7,666,416 | $400,589,554 | $66,172,495 | $334,417,059 |
| December 31, 2023 | 990 | $16,364,233 | $39,798,531 | -$23,434,298 | $391,353,465 | $71,227,747 | $320,125,718 |
Financial details: 990 for the year ended December 31, 2024
Revenue
- Contributions, gifts and grants
- $0
- Program service revenue
- $21,836,453
- Investment income
- $1,335,555
- Net gain from sales of assets
- $6,400,013
- Net income from sales of inventory
- $501,462
- Other revenue
- $4,296,915
Expenses
- Grants and similar amounts paid
- $8,685,378
- Compensation of officers, directors and key employees
- $2,122,744
- Other salaries and wages
- $6,203,160
- Salaries, compensation and benefits (total)
- $10,999,181
- Professional fundraising fees
- $0
- Legal fees
- $143,593
- Accounting fees
- $68,758
- Occupancy
- $1,134,677
- Travel
- $623,242
- Depreciation
- $2,266,106
- Program services (functional)
- $23,457,584
- Management and general (functional)
- $11,677,755
Balance sheet and other
- Total assets, start of year
- $391,353,465
- Total assets, end of year
- $400,589,554
- Total liabilities, end of year
- $66,172,495
- Net assets, end of year
- $334,417,059
- Land, buildings and equipment
- $13,432,203
- Publicly traded securities
- $113,437,202
- Net assets without donor restrictions
- $334,417,059
- Gross unrelated business income
- -$427,326
- Gross receipts
- $106,744,890
- Employees
- 277
- Year formed
- 1993
- State of legal domicile
- AK
From the e-filed returns the IRS publishes as XML (latest three processing years; amended returns replace the original). PDF copies at the IRS.
Officers, directors and key employees
As listed on the 990 for the year ended December 31, 2024, highest compensation first.
| Name | Title | Hours / week | Compensation | Other / benefits |
|---|---|---|---|---|
| Janis Ivanoff | President & CEO Officer | 40 | $393,137 | $79,949 |
| Simon Kinneen | Vice President Officer | 40 | $288,401 | $74,855 |
| Tyler Rhodes | COO Officer | 40 | $268,638 | $73,076 |
| Matt Coates | Treas and CFO Officer | 40 | $228,097 | $69,428 |
| Wes Jones | Quota Manager | 40 | $188,066 | $65,825 |
| PAul Ivanoff | Community Benefits | 40 | $168,799 | $64,097 |
| Justin Noffsker | NSSP Dir | 40 | $181,895 | $45,075 |
| Josh Osborne | NSSP Plant Manager | 40 | $173,477 | $44,317 |
| Kathy Wheelehan | Corp. Secretary Officer | 40 | $181,434 | $32,563 |
| Leslie Ladegard | HR Director | 40 | $163,211 | $43,393 |
| Frank Katchatag | Chairman Trustee or director, Officer | 8 | $61,998 | $0 |
| Milton Cheemuk | Director Trustee or director | 8 | $60,727 | $0 |
| James Sherman | Director Trustee or director | 8 | $60,280 | $0 |
| Dean Peterson | Director Trustee or director | 8 | $55,797 | $0 |
| Harvey Sookiayak | Director Trustee or director | 8 | $54,924 | $0 |
12 more people on this return
| Name | Title | Hours / week | Compensation |
|---|---|---|---|
| Daniel Harrelson | Director Trustee or director | 8 | $54,855 |
| Anna Oxereok | Director Trustee or director | 8 | $50,929 |
| Shirley Antoghame | Director Trustee or director | 8 | $50,117 |
| Frieda Southall | Director Trustee or director | 8 | $49,116 |
| Preston Rookok | Director Trustee or director | 8 | $49,098 |
| Morris Nashoanak | Director Trustee or director | 8 | $48,547 |
| Joseph Garnie | Director Trustee or director | 8 | $46,836 |
| Melvin Otton | Director Trustee or director | 8 | $44,356 |
| Arthur Amaktoolik | Director Trustee or director | 8 | $39,404 |
| Samantha Ozenna | Director Trustee or director | 8 | $18,335 |
| Frances Ozenna | Director Trustee or director | 8 | $11,415 |
| Ronald Daniels | Director Trustee or director | 8 | $6,304 |
990 for the year ended December 31, 2023: 26 people
| Name | Title | Hours / week | Compensation | Other / benefits |
|---|---|---|---|---|
| Janis Ivanoff | President & CEO Officer | 40 | $334,315 | $66,094 |
| Simon Kinneen | Vice President Officer | 40 | $267,677 | $61,182 |
| Tyler Rhodes | COO Officer | 40 | $253,196 | $60,008 |
| Matt Coates | Treas and CFO Officer | 40 | $213,782 | $57,602 |
| Justin Noffsker | Operations Manager | 40 | $174,330 | $35,848 |
| Wes Jones | Quota Manager | 40 | $150,950 | $55,196 |
| Josh Osborne | NSSP Plant Manager | 40 | $169,733 | $35,762 |
| Paul Ivanoff | Community Director | 40 | $135,541 | $54,275 |
| Kathy Wheelehan | Corp. Secretary Officer | 40 | $158,700 | $24,579 |
| Renae Ivanoff | NSFR&D Dir | 40 | $131,054 | $21,911 |
| Frank Katchatag | Chairman Trustee or director, Officer | 8 | $58,366 | $0 |
| James Sherman | Director Trustee or director | 8 | $56,722 | $0 |
| Milton Cheemuk | Director Trustee or director | 8 | $54,976 | $0 |
| Anna Oxereok | Director Trustee or director | 8 | $50,537 | $0 |
| Harvey Sookiayak | Director Trustee or director | 8 | $50,434 | $0 |
| Daniel Harrelson | Director Trustee or director | 8 | $50,419 | $0 |
| Morris Nashoanak | Director Trustee or director | 8 | $49,924 | $0 |
| Arthur Amaktoolik | Director Trustee or director | 8 | $49,509 | $0 |
| Preston Rookok | Director Trustee or director | 8 | $49,221 | $0 |
| Melvin Otton | Director Trustee or director | 8 | $47,494 | $0 |
| Dean Peterson | Director Trustee or director | 8 | $47,406 | $0 |
| Joseph Garnie | Director Trustee or director | 8 | $45,506 | $0 |
| Sara Seetot | Director Trustee or director | 8 | $40,001 | $0 |
| Frances Ozenna | Director Trustee or director | 8 | $34,579 | $0 |
| Shirley Antoghame | Director Trustee or director | 8 | $30,464 | $0 |
| Frieda Southall | Director Trustee or director | 8 | $13,155 | $0 |
Address and contacts
- Address (IRS master file)
- 2701 GAMBELL STREET SUITE 400, ANCHORAGE, AK 99503-2834
- Principal officer (990 for 2024)
- Janis Ivanoff, 2701 Gambell Street 400, Anchorage, AK 99503
- Signed the 990
- Janis Ivanoff, President & CEO
- Phone
- (907) 274-2248
- Website
- www.nsedc.com
- Return prepared by
- ALTMAN ROGERS & CO
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.
Program accomplishments
- 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 $9,755,077 · grants $7,500 · revenue $4,112,222
- 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.Expenses $8,233,870 · grants $7,404,176
- Quota Management & Bering Sea Investments: Manages CDQ Allocations and IFQ holdingsas well as investments in Bering Sea operations.Expenses $2,119,459 · revenue $17,175,690
- 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.Expenses $2,048,230 · grants $8,493
- 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.Expenses $1,300,948 · grants $1,265,209
What it must file and when
IRS records say it files Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N. Its accounting year ends in December, so each return is due on the 15th day of the 5th month after that.
| Tax year | Year ended | Due | IRS public records |
|---|---|---|---|
| 2025 | December 31, 2025 | May 15, 2026 | Not on file |
| 2024 | December 31, 2024 | May 15, 2025 | 990 on file |
| 2023 | December 31, 2023 | May 15, 2024 | 990 on file |
IRS record
- EIN
- 86-0710582
- Tax-exempt status
- 501(c)(4): Social welfare organization
- Donations deductible
- No
- Exempt since
- 1993
- Accounting year ends
- December
- Files
- Form 990 or 990-EZ
- Assets (IRS master file)
- $400,589,554
- Income (IRS master file)
- $106,744,890
Filing history
| Form | Year ended | Revenue | Expenses | Assets | Return |
|---|---|---|---|---|---|
| 990 | December 2024 | $27,468,923 | $35,135,339 | $400,589,554 | XML |
| 990 | December 2023 | $16,364,233 | $39,798,531 | $391,353,465 | XML |
| 990 | December 2022 | $27,485,239 | $50,285,679 | $379,957,471 | IRS |
| 990 | December 2021 | – | – | – | IRS |
| 990 | December 2020 | – | – | – | IRS |
| 990 | December 2018 | – | – | – | IRS |
990-N: the IRS bulk file holds only the latest e-Postcard per organization; earlier years come from archived copies of that file since 2020 and can have gaps (the IRS e-Postcard search lists every one). 990, 990-EZ, 990-PF, 990-T: every e-filed return in the IRS e-file index since 2019; XML for the latest three processing years, amounts from the IRS Statistics of Income extracts before that. PDF copies and determination letters at the IRS (search EIN 86-0710582).
Questions about NORTON SOUND ECONOMIC DEVELOPMENT CORPORATION
- What is the EIN of NORTON SOUND ECONOMIC DEVELOPMENT CORPORATION?
- The employer identification number (EIN) of NORTON SOUND ECONOMIC DEVELOPMENT CORPORATION is 86-0710582.
- Is NORTON SOUND ECONOMIC DEVELOPMENT CORPORATION tax-exempt?
- Yes. The IRS lists it as tax-exempt under section 501(c)(4) since 1993.
- Are donations to NORTON SOUND ECONOMIC DEVELOPMENT CORPORATION tax-deductible?
- No. The IRS master file says contributions to it are not deductible.
- Which annual return does NORTON SOUND ECONOMIC DEVELOPMENT CORPORATION file?
- Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N.
- When is the next return of NORTON SOUND ECONOMIC DEVELOPMENT CORPORATION due?
- The return for tax year 2025 (the year ending December 31, 2025) is due May 15, 2026. Form 8868 extends it by six months; the 990-N cannot be extended.
- When did NORTON SOUND ECONOMIC DEVELOPMENT CORPORATION last file with the IRS?
- The latest return in the IRS public files is the 990 for the year ended December 2024.
- Who is the principal officer of NORTON SOUND ECONOMIC DEVELOPMENT CORPORATION?
- The 990 for the year ended December 31, 2024 names Janis Ivanoff.
- Who are the officers and directors of NORTON SOUND ECONOMIC DEVELOPMENT CORPORATION?
- The 990 for the year ended December 31, 2024 lists 27 people; 27 received compensation from the organization, the highest $393,137 (Janis Ivanoff, President & CEO).
- How much revenue does NORTON SOUND ECONOMIC DEVELOPMENT CORPORATION have?
- On its 990 for the year ended December 31, 2024 it reported revenue of $27,468,923, expenses of $35,135,339 and total assets of $400,589,554 at year end.
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