Coastal Enterprises Inc
- Assets
- $105.7m
- Revenue
- $9.4m
- Investments
- $0.0
- Employees
- 68
- Location
- Brunswick, ME
- Founding
- 10/1978
- Data as of
- 09/2019
- EIN
- 01-0347504
Organization Overview
Coastal Enterprises Inc is located in Brunswick, ME. The organization was established in 1978. According to its NTEE Classification (L21) the organization is classified as: Low-Income & Subsidized Rental Housing, under the broad grouping of Housing & Shelter and related organizations. As of 09/2019, Coastal Enterprises Inc employed 68 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations.
For the year ending 09/2019, Coastal Enterprises Inc generated $9.4m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 5 years, the organization has seen revenues fall by an average of (3.1%) each year. All expenses for the organization totaled $11.3m during the year ending 09/2019. As we would expect to see with falling revenues, expenses have declined by (2.4%) per year over the past 5 years. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2019
Describe the Organization's Mission:
Part 3 - Line 1
GROW GOOD JOBS, ENVIRONMENTALLY SUSTAINABLE ENTERPRISES AND MORE BROADLY SHARED PROSPERITY
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO HELP CREATE OPPORTUNITIES FOR COMMUNITIES AND INDIVIDUALS, ESPECIALLY THOSE WITH LOW INCOMES, BY DEVELOPING AND ADMINISTERING PROGRAMS AND MOBILIZING FUNDS TO STIMULATE ECONOMIC ACTIVITY THROUGH INVESTMENT, TECHNICAL ASSISTANCE, RESEARCH AND EDUCATION PRIMARILY IN SMALL BUSINESSES, SOCIAL SERVICES, AFFORDABLE HOUSING AND COMMUNITY FACILITIES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Keith Bisson President | Officer | 39 | $180,720 |
Elisabeth Biemann CEO | Officer | 40 | $178,742 |
David Wedick CFO & Secretary | Officer | 39 | $169,269 |
Jesse Cole Svp, Information Technology | 40 | $130,593 | |
John Egan Chief Investment Officer | 40 | $113,054 | |
Elizabeth Rogers Svp, Communications Officer | 40 | $107,363 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Cohnreznik Llp Audit & Tax Services | 9/29/18 | $101,400 |
Macdonald Page & Co Llc Vmac050 Audit & Tax Services | 9/29/18 | $132,984 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $5,494,429 |
| Investment income | $247,758 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $19,110 |
| Net Gain/Loss on Asset Sales | $27,557 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $9,413,252 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $708,572 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $3,975,955 |
| Pension plan accruals and contributions | $161,622 |
| Other employee benefits | $900,367 |
| Payroll taxes | $0 |
| Fees for services: Management | $14,000 |
| Fees for services: Legal | $191,971 |
| Fees for services: Accounting | $145,505 |
| Fees for services: Lobbying | $8,316 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $16,775 |
| Fees for services: Other | $848,608 |
| Advertising and promotion | $62,460 |
| Office expenses | $158,311 |
| Information technology | $260,810 |
| Royalties | $0 |
| Occupancy | $380,131 |
| Travel | $139,267 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $65,067 |
| Interest | $2,053,201 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $354,474 |
| Insurance | $138,805 |
| All other expenses | $0 |
| Total functional expenses | $11,309,115 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,379,673 |
| Savings and temporary cash investments | $21,231,392 |
| Pledges and grants receivable | $414,780 |
| Accounts receivable, net | $17,027,847 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $44,504,023 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $198,464 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $12,456,478 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $105,726,277 |
| Accounts payable and accrued expenses | $897,387 |
| Grants payable | $86,333 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $238,682 |
| Secured mortgages and notes payable | $57,215,172 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $5,529,274 |
| Total liabilities | $63,966,848 |
| Net assets without donor restrictions | $35,019,636 |
| Net assets with donor restrictions | $6,739,793 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Total liabilities and net assets/fund balances | $41,759,429 |
Grants Recieved
Over the last fiscal year, we have identified 4 grants that Coastal Enterprises Inc has recieved totaling $255,000.
| Awarding Organization | Amount |
|---|---|
Bank Of America Charitable Foundation Inc Charlotte, NC PURPOSE: GENERAL SUPPORT | $100,000 |
Bank Of America Charitable Foundation Inc Charlotte, NC PURPOSE: GENERAL SUPPORT | $100,000 |
Saint Paul & Minnesota Foundation Saint Paul, MN PURPOSE: MULTIPLE PURPOSES | $35,000 |
Sam L Cohen Foundation Portland, ME PURPOSE: STARTSMART | $20,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Harbor Homes Inc Nashua, NH | $31,595,862 | $32,699,479 |
New Communities Inc Westbrook, ME | $19,495,535 | $21,194,578 |
Coastal Enterprises Inc Brunswick, ME | $105,726,277 | $9,413,252 |
Fit-Nhnh Inc Manchester, NH | $20,211,623 | $14,555,429 |
Avesta Housing Development Corporation Portland, ME | $56,826,112 | $8,741,762 |
Housing Benefits Manchester, NH | $20,714,993 | $2,978,794 |
Community Housing Of Maine Inc Portland, ME | $34,277,846 | $3,169,867 |
Village Square Housing Corporation Portland, ME | $3,747,395 | $2,703,745 |
Diocesan Bureau Of Housing Deering Pavilion Portland, ME | $10,288,358 | $2,370,569 |
United States Catholic Conference Portland, ME | $5,948,587 | $1,470,740 |
Rural Housing For The Elderly Manchester, NH | $2,991,518 | $1,105,911 |
Northern Lights Housing Corp Littleton, NH | $1,471,556 | $829,101 |