Bristol Bay Economic Development Corp

What it reported doing in 2023

Regional fishing development - see schedule obbedc offers vessel upgrade grants to resident commercial fishers to help upgrade and modernize the fleet with technical innovations, efficient engines, outboards, or simply the repairs necessary to keep vessels out on the fishing grounds. A new change was made to the program in 2023; previous participants in the vessel upgrade grant program may qualify for the program again, provided their application meets the eligibility criteria. Drift operations can qualify for up to $35,000 and set net operations for up to $17,500 to help optimize their fishing operations. In 2023, bbedc spent $1,008,252 to help fifty-six resident fishers from fifteen bristol bay communities upgrade their equipment.in-season emergency provisionthe in-season emergency provision provides emergency support for resident fishers needing to get back on the water if they experience a catastrophic engine or drive train failure during the season. Qualifying resident drift operations can access up to $35,000, and qualifying resident set net operations can access up to $17,500. Applicants who have received a vessel upgrade grant in the previous three years may not be eligible as these programs share the same pool of funding. In 2023, bbedc spent $64,284 through this provision to help five resident fishers continue their season after breaking down.rsw purchase programmany processors offer a substantial bonus for chilling, and delivering high quality chilled fish has become the industry standard in bristol bay. Refrigerated sea water (rsw) systems can provide an efficient alternative to icing while also saving on fuel expenses and reduced fishing time from travelling to get ice. Rsw systems cool sea water in the vessel's fish holds to chill the catch, keeping harvested salmon fresh. Bbedc's rsw purchase program offers grants of up to $22,000 to assist qualified bristol bay watershed resident fishers with the cost of purchasing an rsw system. To ensure efficient operation of an rsw unit, vessels must be prepared with insulated fish holds, adequate hydraulics, and proper plumbing before being approved for an rsw grant. Applications for the rsw purchase program are accepted year-round, and grant funds can be used in conjunction with bbedc's vessel upgrade grant to further reduce the fisher's cost of preparing their vessel for an rsw system. In 2023, bbedc distributed $44,000 across two rsw purchase program grants.rsw support programmany processors in bristol bay require their fleet to chill their harvest to ensure a consistently high-quality product. Refrigerated sea water (rsw) systems are invaluable to many fishers as they allow operators to focus on fishing without the need for pausing to chase ice, however these systems often require certified rsw technicians to assist with start-up and repairs. Bbedc offers qualifying resident fishers an annual grant of up to $1,000 to help alleviate the cost for technical assistance on pre-season start-ups, maintenance, and winterization of their rsw units. In 2023, nineteen resident fishers across seven communities received $14,223 in grant awards. Bristol bay ice, llc (bbice)bbedc's ice barge the bristol maid serviced the nushagak fleet near clarks point and sold 408,302 lbs. Of ice to fishers, a 37% decrease in sales from 2022. This decrease could be because there were significantly less boats registered in the district in 2023, and many captains ended their season early after processors announced a reduced price paid to fishers for their salmon. With the bristol lady out of commission this season, bbedc contracted with northline seafoods to ensure the fleet had access to ice on the eastside of bristol bay via the sm-3. Northline's sm-3 provided slurry ice in the naknek district, rather than the traditional flake ice. Overall, ice distribution efforts in the bay went smoothly in 2023, and bbedc looks forward to continuing its chilling operations and partnerships in the years to come.

Financial Efficiency

• Mission deployment rate: 100%; rating input score 100
• Program expense ratio: 83.3%; rating input score 83
• Fundraising efficiency: Limited

Transparency & Controls

• Consistency checks: 93.3%; rating input score 93; 14th percentile among comparable filings
• Pay-setting controls: 4 of 6 controls in place; rating input score 67
  • Compensation committee: Missing
  • Independent consultant: Missing
  • Other Form 990s reviewed: Pass
  • Written employment contract: Pass
  • Compensation survey or study: Pass
  • Board or committee approval: Pass
• Foreign activity oversight: Limited
• Grant itemization coverage: 100%; rating input score 100; 72nd percentile among comparable filings
• Major donor itemization: Limited
• Related-party transparency: Yes; rating input score 100

Accountability

• Independent voting board: 55%; rating input score 55; 9th percentile among comparable filings
• Governance controls: 6 of 9 controls in place; rating input score 67
  • Conflict-of-interest policy: Pass
  • Whistleblower policy: Fail
  • Document-retention policy: Fail
  • CEO compensation review process: Pass
  • Other executive compensation review process: Pass
  • Form 990 shared with the board: Fail
  • Board meeting minutes documented: Pass
  • Audit committee oversight: Pass
  • Independent financial-statement audit: Pass

Sustainability

• Operating margin: -8.1%; rating input score 14; 14th percentile among comparable filings
• Total-asset coverage ratio: 18.24; rating input score 96; 96th percentile among comparable filings
• Liabilities to assets ratio: 0.01; rating input score 94; 94th percentile among comparable filings
• Officer compensation ratio: 5.8%; rating input score 42; 42nd percentile among comparable filings

Growth

• Program expense growth: 4% per year; rating input score 100; 37th percentile among comparable filings
• Revenue growth: 3.9% per year; rating input score 100; 36th percentile among comparable filings
• Asset growth: 5.4% per year; rating input score 100; 39th percentile among comparable filings