NORTON SOUND ECONOMIC DEVELOPMENT CORPORATION Charity Report

Public IRS 990 nonprofit record

NORTON SOUND ECONOMIC DEVELOPMENT CORPORATION

EIN 86-0710582 · Employment, Job-Related (J)

What they do

to Develop and Sustain New and Ongoing Economic Activity In The Norton Sound Region. The Companys 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.

Before you give

Should I give to this charity?

Easy charity check

Look at where the money went

Of every $100 spent, about $66.80 was reported for mission work. Use the spending picture below and ask what results that work produced.

Plain answer: A tax form cannot prove that a charity is doing good. It can show how the charity says it spent its money—and point out questions you should ask.

Basic facts we verified

IRS warning checkNo IRS revocation warning appears in this data.

Money report from 2024The charity has a recent tax report to read.

They explain their jobThe charity tells us what it is trying to do.

They name their leaders27 people are listed in the latest report.

You can reach themThey list contact information, so you can ask questions.

Money made simple

85.40%of revenue went to mission work66.8% of expenses · Program services

$127.91spent for every $100 of revenueSpending was higher than revenue this year.

42.51%of revenue went to management and office costs33.2% of expenses

$11.40in assets for every $1 spent this yearSome assets cannot be spent right away.

0.0%of its money came from giftsOther money may come from services or investments.

Ask these three easy questions

Who did you help? Ask for a recent story or report that shows real results.
What will my money do? Ask exactly what your gift will pay for.
Is this really the charity? Give only through its official website or confirmed phone number.

Worth asking: Expenses exceeded revenue by $7,666,416 this year. Ask whether that was planned or caused by a one-time event.

Pay context: The highest compensation shown in this filing is $473,086 for JANIS IVANOFF (PRESIDENT & CEO). Compare pay with organizations of similar size and complexity.

Bottom line: Do not decide from a name, mission statement, or tax status alone. Look at where the money went, then ask what changed, who was helped, and what your gift will do. YouCanGiveBack does not endorse or grade organizations.

Money

Financial picture

Tax year 2024

A plain-language look at the latest Form 990 figures available. These numbers help you ask better questions; they do not, by themselves, rate whether a charity is good or bad.

$100revenue

How each $100 of revenue was used

The large number compares each expense with revenue. The smaller number shows its share of total expenses.

Total reported revenue$27,468,923

Mission workProgram services$23,457,58485.40% of revenue66.8% of expenses

ManagementOffice and general costs$11,677,75542.51% of revenue33.2% of expenses

FundraisingAsking for donations0.00% of revenue0.0% of expenses

Total expenses$35,135,339127.91% of revenue

Expenses were greater than revenue, so the colored ring fills the available $100 and the total above 100% is shown below.

Has the pattern changed?

Colored bars = expense mix: how each year’s expenses were divided. Total expenses vs. revenue shows whether the charity spent less or more than it received. The current filing is first.

YearExpense mixDetails

2024CurrentExpense mix: 66.8% mission · 33.2% management · 0.0% fundraisingTotal expenses: 127.91% of revenue

2023Expense mix: 74.1% mission · 25.9% management · 0.0% fundraisingTotal expenses: 243.20% of revenue

2022Expense mix: 84.0% mission · 16.0% management · 0.0% fundraisingTotal expenses: 182.96% of revenue

2021Expense mix: 87.8% mission · 12.2% management · 0.0% fundraisingTotal expenses: 78.36% of revenue

2020Expense mix: 88.5% mission · 11.5% management · 0.0% fundraisingTotal expenses: 103.83% of revenue

2019Expense mix: 89.1% mission · 10.9% management · 0.0% fundraisingTotal expenses: 102.94% of revenue

2018Expense mix: 88.2% mission · 11.8% management · 0.0% fundraisingTotal expenses: 100.37% of revenue

2017Expense mix: 67.0% mission · 33.0% management · 0.0% fundraisingTotal expenses: 94.51% of revenue

Money in and money out

Revenue$27,468,923

Expenses$35,135,339

Annual shortfall $7,666,416 Expenses were higher than revenue for this filing year.

Reported spending amounts

Mission work means the Form 990 category called program services. These are reported accounting categories—not an independent measurement of results.

Mission work (program services)$23,457,584 · 66.8% of expenses

Management and office costs$11,677,755 · 33.2% of expenses

See all reported dollar amounts

Revenue$27,468,923

Expenses$35,135,339

Assets$400,589,554

Income$106,744,890

Contributions$10,826

Mission work (program services)$23,457,584

Grants given$66,349,849

Average grant$152,528

Management and general$11,677,755

Stocks and bonds$113,437,202

Accounting fees$68,758

Investing fees$215,653

People

Leadership and board

Tax year 2024

Names, titles, time, and compensation below are reported by the organization on its Form 990.

People reported as paid

Person and titleCompensation

JANIS IVANOFFPRESIDENT & CEO · 40 hrs/week $473,086Base $393,137 · Other $79,949

SIMON KINNEENVICE PRESIDENT · 40 hrs/week $363,256Base $288,401 · Other $74,855

TYLER RHODESCOO · 40 hrs/week $341,714Base $268,638 · Other $73,076

MATT COATESTREAS AND CFO · 40 hrs/week $297,525Base $228,097 · Other $69,428

WES JONESQUOTA MANAGER · 40 hrs/week $253,891Base $188,066 · Other $65,825

PAUL IVANOFFCOMMUNITY BENEFITS · 40 hrs/week $232,896Base $168,799 · Other $64,097

JUSTIN NOFFSKERNSSP DIR · 40 hrs/week $226,970Base $181,895 · Other $45,075

JOSH OSBORNENSSP PLANT MANAGER · 40 hrs/week $217,794Base $173,477 · Other $44,317

KATHY WHEELEHANCORP. SECRETARY · 40 hrs/week $213,997Base $181,434 · Other $32,563

LESLIE LADEGARDHR DIRECTOR · 40 hrs/week $206,604Base $163,211 · Other $43,393

FRANK KATCHATAGCHAIRMAN · 8 hrs/week $61,998

MILTON CHEEMUKDIRECTOR · 8 hrs/week $60,727

Compensation alone does not tell whether pay is reasonable. Consider the charity’s size, work, location, and results.

See everyone listed on the board or leadership roster (27)

JANIS IVANOFFPRESIDENT & CEO

SIMON KINNEENVICE PRESIDENT

TYLER RHODESCOO

MATT COATESTREAS AND CFO

WES JONESQUOTA MANAGER

PAUL IVANOFFCOMMUNITY BENEFITS

JUSTIN NOFFSKERNSSP DIR

JOSH OSBORNENSSP PLANT MANAGER

KATHY WHEELEHANCORP. SECRETARY

LESLIE LADEGARDHR DIRECTOR

FRANK KATCHATAGCHAIRMAN

MILTON CHEEMUKDIRECTOR

JAMES SHERMANDIRECTOR

DEAN PETERSONDIRECTOR

HARVEY SOOKIAYAKDIRECTOR

DANIEL HARRELSONDIRECTOR

ANNA OXEREOKDIRECTOR

SHIRLEY ANTOGHAMEDIRECTOR

FRIEDA SOUTHALLDIRECTOR

PRESTON ROOKOKDIRECTOR

MORRIS NASHOANAKDIRECTOR

JOSEPH GARNIEDIRECTOR

MELVIN OTTONDIRECTOR

ARTHUR AMAKTOOLIKDIRECTOR

SAMANTHA OZENNADIRECTOR

FRANCES OZENNADIRECTOR

RONALD DANIELSDIRECTOR

About this charity

Recognized since: January 1993
Location: 2701 GAMBELL STREET SUITE 400, ANCHORAGE, AK 99503-2834
County: Anchorage Municipality
In care of: Janis Ivanoff
Primary officer: Janis Ivanoff, President & CEO

How to reach them

WebsiteVisit the charity’s website Phone(907) 274-2248

Filing and classification

Latest tax year: 2024
Tax period began: January 1, 2024
Return type: 990
Tax preparer: ALTMAN ROGERS & CO
NTEE classification: Employment, Job-Related (J)
IRS tax category: Employment
Grant-giving organization: Yes