Overview
What is Bristol Bay Economic Development Corp?
The Bristol Bay Economic Development Corp (BBEDC) is a nonprofit organization based in Dillingham, Alaska, dedicated to promoting economic growth and opportunities for its member communities through sustainable use of Bering Sea resources. In 2020, they managed several development programs, including the Community Block Grant (CBG) which enabled their CDQ communities to fund projects that foster sustainable community and regional development. Despite requesting $8,430,000 and being awarded $5,850,000, the Infrastructure Grant Fund (IGF) did not award any grants to communities that year. Another program, the Arctic Tern, provided funding for communities to support employment and educational activities for resident youth under 17. However, the funding allocated decreased from $52,945 in 2019 to $23,490 in 2020. The Interest Rate Assistance Program granted $39,794 to 18 residents, a decrease from 21 residents and $45,163 in 2019. Additionally, the organization provided Grant Writing Assistance of $16,574 and Technical Assistance of $8,985 to communities in 2020. Amidst the COVID-19 pandemic, BBEDC also created a Commercial Fisheries Interests Fund to assist communities with a crab investment opportunity, awarding $1,999,430. The organization had a workforce of 35 employees in 2020.
Official website here: www.bbedc.com
What are the reviews and ratings of this charity?
The Bristol Bay Economic Development Corp (BBEDC) does not currently have a rating from Charity Navigator due to its status as a non-501(c)(3) organization. This absence of rating is not reflective of the organization's quality or effectiveness. Charity Navigator's methodology requires specific beacons, which BBEDC cannot be evaluated on due to its classification.
The nonprofit's financial data, including total revenue, expenses, and salaries of key persons, is not available on Charity Navigator. This limits the public's ability to assess the organization's financial health and accountability through this platform. The focus on organizations with 501(c)(3) status for ratings may also explain why BBEDC isn't rated, but it remains a recognized independent entity.
Despite the lack of a current Charity Navigator rating, it's important to note that historical ratings mainly reflected an older version of today’s Accountability and Finance score. However, as BBEDC is not reviewed on GreatNonprofits either, there is no user feedback available to complement this basic organizational data.
This AI summary has been generated from information found on Charity Navigator.
Is Bristol Bay Economic Development Corp legitimate?
Bristol Bay Economic Development Corp is a legitimate nonprofit organization registered as a 501(c)(4) entity. Bristol Bay Economic Development Corp submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $1,279,478
Professional Fundraising Fees: $0
Other Salaries and Wages: $682,036
For more financial information, click here
Official website here: www.bbedc.com
What is the mission statement of Bristol Bay Economic Development Corp?
The Bristol Bay Economic Development Corporation (BBEDC) is dedicated to fostering economic growth and opportunities for the residents of its member communities. This mission is pursued through the sustainable use of Bering Sea resources. In 2020, BBEDC's Community Block Grant (CBG) program funded projects that promoted community and regional development, with $8.43 million awarded to its CDQ communities. Additionally, a crab investment opportunity arose, and communities were allowed to request CBG funding in 2020 for this purpose, resulting in $1.92 million being granted. BBEDC's Infrastructure Grant Fund (IGF) program provides a source of funds for broad public infrastructure as well as business infrastructure development. Tribal and city governments are eligible to apply for up to $2 million. Unfortunately, no communities were awarded the grant in 2020. The Arctic Tern Program supports employment and educational activities for resident youth under the age of 17, and $23,490 was awarded in 2020. Moreover, the Interest Rate Assistance Program provided assistance to 18 residents with $39,794, and also offered grant writing assistance and technical assistance to communities.
Official website here: www.bbedc.com
Who is the CEO of Bristol Bay Economic Development Corp?
Michael Link is the Principal Officer of Bristol Bay Economic Development Corp. The CEO's salary of Bristol Bay Economic Development Corp is $268,844 and their total compensation is $310,693.
Official website here: www.bbedc.com
What is the revenue of Bristol Bay Economic Development Corp?
Bristol Bay Economic Development Corp's revenue in 2020 was $27,584,898.
Official website here: www.bbedc.com
Who are the executives of Bristol Bay Economic Development Corp and what are their salaries?
The average compensation at Bristol Bay Economic Development Corp during 2020 was $56,043. There are 35 employees at Bristol Bay Economic Development Corp.
Here are 25 key members and their salaries (Bristol Bay Economic Development Corp's CEO's salary is $268,844 and their total compensation is $310,693):
- Compensation: $57,250
- Related: $3,750
- Other: $0
- Compensation: $33,584
- Related: $916
- Other: $0
- Compensation: $25,083
- Related: $917
- Other: $0
- Compensation: $19,750
- Related: $2,250
- Other: $0
- Compensation: $20,000
- Related: $1,000
- Other: $0
- Compensation: $17,000
- Related: $1,000
- Other: $0
- Compensation: $10,250
- Related: $3,250
- Other: $0
- Compensation: $3,750
- Related: $2,250
- Other: $0
- Compensation: $5,500
- Related: $0
- Other: $0
- Compensation: $5,000
- Related: $0
- Other: $0
- Compensation: $5,000
- Related: $0
- Other: $0
- Compensation: $3,250
- Related: $1,750
- Other: $0
- Compensation: $2,500
- Related: $1,500
- Other: $0
- Compensation: $4,000
- Related: $0
- Other: $0
- Compensation: $3,000
- Related: $0
- Other: $0
- Compensation: $3,000
- Related: $0
- Other: $0
- Compensation: $2,500
- Related: $0
- Other: $0
- Compensation: $500
- Related: $0
- Other: $0
- Compensation: $268,844
- Related: $0
- Other: $41,849
- Compensation: $191,600
- Related: $0
- Other: $37,846
- Compensation: $130,207
- Related: $0
- Other: $50,142
- Compensation: $130,435
- Related: $0
- Other: $34,225
- Compensation: $109,212
- Related: $0
- Other: $37,937
- Compensation: $114,594
- Related: $0
- Other: $24,547
- Compensation: $113,669
- Related: $0
- Other: $19,635
Official website here: www.bbedc.com
Where can I find the form 990 for Bristol Bay Economic Development Corp?
Bristol Bay Economic Development Corp's most recent form 990 was submitted in 2020 and can be accessed here.
Official website here: www.bbedc.com
Learn more at the official website: www.bbedc.com
Mission Statement of Bristol Bay Economic Development Corp
The Bristol Bay Economic Development Corp (BBEDC) is a dedicated organization with a mission to foster economic growth and opportunities for the residents of its member communities. With a focus on sustainable use of the Bering Sea resources, BBEDC works tirelessly to promote development and improve living conditions.
In 2020, despite the challenges posed by the COVID-19 pandemic, BBEDC demonstrated its commitment to this cause. Through their Community Block Grant (CBG) program, they provided funding to their CDQ communities to support projects that promoted sustainable community and regional development. Though requests totaled $8,430,000, $11,912,430 was awarded between the CBG and other programs, enabling numerous initiatives to come to fruition.
Another significant development was the creation of a BSAI Commercial Fisheries Interests Fund, which provided communities with assistance for a crab investment opportunity. With a request of $1,999,430, this fund marked another step towards economic growth and opportunity for BBEDC members.
Beyond these programs, BBEDC also offers the Infrastructure Grant Fund (IGF) to provide a source of funds for public and business infrastructure development, with applications accepted from tribal and city governments up to $2,000,000. No communities were awarded the grant in 2020. Furthermore, the Arctic Tern Program offered funding for communities to support employment and educational activities for resident youth under the age of 17, awarding $23,490 in 2020. Lastly, the Interest Rate Assistance Program provided $39,794 in interest rate assistance to 18 residents. Grant writing assistance and technical assistance were also provided to communities for a total of $25,559.
By providing various funding opportunities and support services, the Bristol Bay Economic Development Corp plays a crucial role in promoting economic growth and opportunities for its member communities.
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Impact
October, 2024
Bristol Bay Economic Development Corporation (BBEDC) has a significant impact on the economic growth and opportunities for residents in its member communities, primarily through the sustainable use of Bering Sea resources. In response to the challenges posed by the COVID-19 pandemic, BBEDC adapted its programs to ensure continued support for community and business development.
One of the key initiatives is the Community Block Grant (CBG) program, which allocated $500,000 per community in 2020, with a total of $8,430,000 requested and awarded for various sustainable development projects. Additionally, a crab investment opportunity was created, leading to the approval of $1,921,000 in requested funding for 2021.
BBEDC also launched the BSAI Commercial Fisheries Interests Fund to assist communities with crab investments, awarding nearly $2 million in support. Although the Infrastructure Grant Fund (IGF) program did not see any awards in 2020, it continues to serve as a vital source for public and business infrastructure development, allowing tribal and city governments to apply for up to $2 million.
The Arctic Tern Program focuses on enhancing employment and educational opportunities for local youth, although funding decreased from the previous year. Furthermore, BBEDC provided significant support for residents through interest rate assistance, grant writing, and technical assistance, helping to bolster community resilience and capacity.
Overall, BBEDC plays a crucial role in fostering sustainable economic opportunities and community enhancement for the residents of Bristol Bay, demonstrating a commitment to both immediate needs and long-term development goals.
This information is meant to be a general summary of Bristol Bay Economic Development Corp. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2020.
- Investment Income: $3,415,464
- Program Service Revenue: $24,092,975
- Gross Receipts: $74,516,748
Assets and Liabilities:
- Total Assets: $361,710,560
- Total Liabilities: $18,551,121
- Net Assets: $343,159,439
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
CDQ ROYALTIES
Revenue
$14,811,728
EQUITY IN EARNING OF AFFILIATE
Revenue
$7,328,663
IFQ ROYALTIES
Revenue
$2,166,051
Organization Details
Founding Year
1992
Phone
(907) 842-4370Principal Officer
Michael Link
Main Address
PO BOX 1464, DILLINGHAM, AK, 99576
Website
www.bbedc.comNTEE Category
Code: S30 - Community improvement
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