Franklin County Industrial Develop… - Form 990 Financial Data

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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

1979

Legal Domicile

Principal Officer

Timothy Smith

Phone

8025242194

Tax Period

2024-07-01 to 2025-06-30

Franklin County Industrial Development Corporation, founded in 1979, is a small nonprofit that reported $849K in total revenue in fiscal year 2024. Revenue fell 44% from the prior year — a significant decline worth monitoring. Net assets of $4.7M represent 67 months of operating reserves.

Mission

To promote development and growth of private industry in the greater St. Albans area and Franklin County as a whole

Program Service Accomplishments

Program 1

Expenses: $422,521 Revenue: $442,083

To provide rental space to businesses in order to further encourage the development of industry in Franklin County.

Program 2

Expenses: $98,526 Revenue: $20,395

To provide loans to area businesses and municipalities for acquisition and expansion purposes to provide revolving loans for the creation of employment opportunities and/or the maintenance of...

To provide loans to area businesses and municipalities for acquisition and expansion purposes to provide revolving loans for the creation of employment opportunities and/or the maintenance of existing jobs, particularly for the benefit of low income persons, displaced farm families and farm families needing to supplement their income. These funds are to be used for the purchase or expansion of land, buildings, machinery or equipment, start-up costs, feasibility studies or other working capital.

Program 3

Expenses: $4,030

To provide loans to area businesses and municipalities for acquisition and expansion purposes.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

Financial Overview (2024)

Revenue Breakdown

Contributions & Grants $245,218

Program Service Revenue $517,757

Investment Income $30,716

Other Revenue $55,580

TOTAL REVENUE $849,271

Expense Breakdown

Grants Paid $0

Salaries & Benefits $235,031

Fundraising Expenses $0

Program Expenses $525,152

Other Expenses $605,612

TOTAL EXPENSES $840,643

Year-over-Year Comparison

	2024	2023	Change
Revenue	$849,271	$1,506,186	-0.4%
Expenses	$840,643	$1,442,290	-0.4%
Net Income	$8,628	$63,896	-0.9%

Key Indicators

✗ Grants to Organizations ✗ Grants to Individuals ✗ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✓ Schedule B Required

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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

Employees

Volunteers

N/A

Governance Policies

✗ Conflict of Interest Policy

✗ Whistleblower Policy

✗ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School

✗ Operated a Hospital

✗ Provided First Class Travel

✗ Reported Conflict of Interest

✗ Reported Asset Diversion

✗ Excess Benefit Transaction

✗ Made Political Expenditures

✗ Engaged in Lobbying

✗ Operated Donor Advised Fund

✗ Maintained Art Collections

✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers

Total Directors

$168,764

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
Timothy Smith	Executive Director	040.00	Director	$100,258	$13,981	$114,239
Amy Kimball	Secretary	040.00	Director	$41,867	$12,658	$54,525
Mark Lareau	Chair	001.00	Officer Director	$0	$0	$0
Kevin Manahan	Vice Chair	001.00	Officer Director	$0	$0	$0
Leon Berthiaume	Treasurer	001.00	Officer Director	$0	$0	$0
Maureen Brown	Director	001.00	Director	$0	$0	$0
Patrick Calecas	Director	001.00	Director	$0	$0	$0
Kathy Lavoie	Director	001.00	Director	$0	$0	$0
Michael O'Brien	Director	001.00	Director	$0	$0	$0
Dean Pelkey	Director	001.00	Director	$0	$0	$0
Rebecca Stebbins	Director	001.00	Director	$0	$0	$0
Carl Rosenquist	Director	001.00	Director	$0	$0	$0
Coleen Condon	Director	001.00	Director	$0	$0	$0
Elizabeth Gamache	Director	001.00	Director	$0	$0	$0
Jess Graff	Director	001.00	Director	$0	$0	$0
Andrew Crossman	Director	001.00	Director	$0	$0	$0
Evan Branon	Director	001.00	Officer Director	$0	$0	$0
Lisa Durocher	Director	001.00	Director	$0	$0	$0
Leilani King	Director	001.00	Officer Director	$0	$0	$0
John Hango	Director	001.00	Director	$0	$0	$0

Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year	Revenue	Expenses	Assets	Net Income
2025	$849,271	$840,643	$9,944,243	$8,628
2024	$1,506,186	$1,442,290	$10,104,244	$63,896
2023	$783,033	$2,165,766	$17,606,975	$-1,382,733
2022	$2,481,929	$2,361,646	$21,946,994	$120,283
2021	$2,387,417	$2,195,850	$19,059,031	$191,567
2020	$2,373,044	$2,289,910	$19,814,641	$83,134
2019	$2,617,873	$2,313,254	$19,292,056	$304,619

Franklin County Industrial Development Corporation