GMDC assets, revenue down but investments up slightly

  • Mon Dec 12th, 2011 9:00am
  • News

The Greater Massett Development Corporation’s assets were down in 2010 compared to 2009, from $6.3 to $5.8 million, mostly due to writing down the value of buildings and equipment. Revenue during 2010 was down significantly, from $719,000 to $419,000, due to fluctuations in stock value. GMDC owned $4,379,569 worth of marketable securities, and valued its buildings and equipment at $1,380,195 as of Dec. 31, 2010. It also has a $3,000,000 greenfield fund, which is set aside to return the former CFS Masset site to a ‘greenfield’ state. “The corporation’s current position improved modestly due to an improvement in the value of the investment portfolio at year end. The fair market value of the investments increased from $4,238,467 to $4,379,569 at Dec. 31, 2010,” according toe GMDC’s accountant, Carlyle Shepherd & Co. The accountant also notes that GMDC operated in the black, with $132,521 more income than it spent. “..therefore, revenues were sufficient to meet the expense of operations,” the accountant said.