Norton Sound Economic Development Corporation (EIN 860710582) - Form 990 Financial Analysis & Trantor Score

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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

1993

Legal Domicile

Principal Officer

Janis Ivanoff

Phone

9072742248

Tax Period

2023-01-01 to 2023-12-31

Norton Sound Economic Development Corporation, founded in 1993, is a mid-sized nonprofit that reported $16.4M in total revenue in fiscal year 2023. Revenue fell 40% from the prior year — a significant decline worth monitoring. Expenses of $39.8M exceeded revenue, resulting in a 143% operating deficit.

Mission

To develop and sustain new and ongoing economic activity in the Norton Sound Region.

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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 (2023)

Revenue Breakdown

Contributions & Grants $4,741

Program Service Revenue $31,903,102

Investment Income $-6,016,665

Other Revenue $-9,526,945

TOTAL REVENUE $16,364,233

Expense Breakdown

Grants Paid $9,120,700

Salaries & Benefits $10,135,962

Fundraising Expenses $0

Program Expenses $29,478,077

Other Expenses $20,541,869

TOTAL EXPENSES $39,798,531

Year-over-Year Comparison

	2023	2022	Change
Revenue	$16,364,233	$27,485,239	-0.4%
Expenses	$39,798,531	$50,285,679	-0.2%
Net Income	$-23,434,298	$-22,800,440	+0.0%

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

N/A

Employees

273

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

$1,555,501

Total Directors

$728,713

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
Janis Ivanoff	President & CEO	40.00	Officer	$334,315	$66,094	$400,409
Simon Kinneen	Vice President	40.00	Officer	$267,677	$61,182	$328,859
Tyler Rhodes	COO	40.00	Officer	$253,196	$60,008	$313,204
Matt Coates	Treas and CFO	40.00	Officer	$213,782	$57,602	$271,384
Justin Noffsker	Operations Manager	40.00		$174,330	$35,848	$210,178
Wes Jones	Quota Manager	40.00		$150,950	$55,196	$206,146
Josh Osborne	NSSP Plant Manager	40.00		$169,733	$35,762	$205,495
Paul Ivanoff	Community Director	40.00		$135,541	$54,275	$189,816
Kathy Wheelehan	Corp. Secretary	40.00	Officer	$158,700	$24,579	$183,279
Renae Ivanoff	NSFR&D Dir	40.00		$131,054	$21,911	$152,965
Frank Katchatag	Chairman	8.00	Officer Director	$58,366	$0	$58,366
James Sherman	Director	8.00	Director	$56,722	$0	$56,722
Milton Cheemuk	Director	8.00	Director	$54,976	$0	$54,976
Anna Oxereok	Director	8.00	Director	$50,537	$0	$50,537
Harvey Sookiayak	Director	8.00	Director	$50,434	$0	$50,434
Daniel Harrelson	Director	8.00	Director	$50,419	$0	$50,419
Morris Nashoanak	Director	8.00	Director	$49,924	$0	$49,924
Arthur Amaktoolik	Director	8.00	Director	$49,509	$0	$49,509
Preston Rookok	Director	8.00	Director	$49,221	$0	$49,221
Melvin Otton	Director	8.00	Director	$47,494	$0	$47,494
Dean Peterson	Director	8.00	Director	$47,406	$0	$47,406
Joseph Garnie	Director	8.00	Director	$45,506	$0	$45,506
Sara Seetot	Director	8.00	Director	$40,001	$0	$40,001
Frances Ozenna	Director	8.00	Director	$34,579	$0	$34,579
Shirley Antoghame	Director	8.00	Director	$30,464	$0	$30,464
Frieda Southall	Director	8.00	Director	$13,155	$0	$13,155

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
2024	No data	No data	No data	No data
2023	$16,364,233	$39,798,531	$391,353,465	$-23,434,298
2022	$27,485,239	$50,285,679	$379,957,471	$-22,800,440
2021	$59,416,266	$46,557,366	$393,228,467	$12,858,900
2020	$43,295,497	$44,951,992	$294,734,347	$-1,656,495
2019	$47,204,366	$48,594,293	$275,311,073	$-1,389,927
2018	$39,629,685	$39,776,310	$248,768,683	$-146,625

Norton Sound Economic Development Corporation