Scarborough Economic Development Corp
- Assets
- $55.6k
- Revenue
- $261.8k
- Investments
- $0.0
- Employees
- 2
- Location
- Scarborough, ME
- Founding
- 10/1988
- Data as of
- 06/2022
- EIN
- 01-0409428
Organization Overview
Scarborough Economic Development Corp is located in Scarborough, ME. The organization was established in 1988. According to its NTEE Classification (S31) the organization is classified as: Urban & Community Economic Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 06/2022, Scarborough Economic Development Corp employed 2 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Scarborough Economic Development Corp is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 06/2022, Scarborough Economic Development Corp generated $261.8k in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 1.7% each year. All expenses for the organization totaled $259.8k during the year ending 06/2022. While expenses have increased by 1.5% per year over the past 7 years. They've been increasing with an increasing level of total revenue. 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
THE MISSION OF SEDCO IS TO SUPPORT ECONOMIC AND BUSINESS DEVELOPMENT TO IMPROVE THE QUALITY OF LIFE IN SCARBOROUGH, MAINE, BY EXPANDING THE TOWNS TAX AND EMPLOYMENT BASE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SEDCO ENCOURAGES AND ASSISTS THE PHYSICAL LOCATION OF BUSINESSES WITHIN THE TOWN OF SCARBOROUGH, MAINE. IN 2021/2022, 98 LOCAL AND POTENTIAL LOCAL BUSINESSES WERE PROVIDED WITH DIRECT ASSISTANCE BY THE TOWN AND APPROXIMATELY 850 OTHERS WERE PROVIDED WITH VARIOUS ASSISTANCE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Karen Martin President | Officer | 40 | $113,088 |
Andrea Killiard Chairperson | OfficerTrustee | 2 | $0 |
James Hartley Treasurer | OfficerTrustee | 2 | $0 |
Jonathan Crasnick Vice Chair | OfficerTrustee | 2 | $0 |
Rick Shinay Secretary/clerk | OfficerTrustee | 2 | $0 |
David Martin Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $253,703 |
| All other contributions, gifts, grants, and similar amounts not included above | $8,087 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $261,790 |
| Total Program Service Revenue | $0 |
| Investment income | $4 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $261,794 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| 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. | $106,660 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $49,322 |
| Pension plan accruals and contributions | $16,127 |
| Other employee benefits | $24,672 |
| Payroll taxes | $12,477 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $1,925 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $4,801 |
| Information technology | $4,746 |
| Royalties | $0 |
| Occupancy | $7,800 |
| Travel | $800 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $9,622 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,371 |
| Insurance | $3,168 |
| All other expenses | $0 |
| Total functional expenses | $259,795 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $33,985 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $17,738 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $3,918 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $55,641 |
| Accounts payable and accrued expenses | $8,620 |
| Grants payable | $0 |
| 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 | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $8,620 |
| Net assets without donor restrictions | $47,021 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $55,641 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Scarborough Economic Development Corp has recieved totaling $250.
| Awarding Organization | Amount |
|---|---|
Saco & Biddeford Savings Charitable Foundation Saco, ME PURPOSE: GENERAL OPERATING SUPPORT | $250 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Monadnock Economic Development Corporation Keene, NH | $44,564,780 | $2,525,403 |
Sunrise County Economic Council Machias, ME | $3,070,902 | $3,332,067 |
Mount Desert 365 Northeast Harbor, ME | $10,254,728 | $159,519 |
Scarborough Economic Development Corp Scarborough, ME | $55,641 | $261,794 |
Piscataquis County Economic Development Council Dover Foxcroft, ME | $741,779 | $245,939 |
New Hampshire Alliance Of Regional Development Corporations Inc Conway, NH | $15,527 | $192,249 |
Friends Of Congress Square Park Portland, ME | $324,204 | $332,794 |
Alpha Loft Manchester, NH | $17,481 | $56,639 |
Colebrook Downtown Development Associatioon Inc Colebrook, NH | $0 | -$123,112 |
Keene Downtown Housing Corporation Keene, NH | $654,446 | $3,885 |
Newmarket Community Development Corp Newmarket, NH | $852,183 | $49,933 |
Greater Keene Chamber Of Commerce Foundation Keene, NH | $72,794 | $63,500 |