Brunswick Development Corporation
- Assets
- $1.0m
- Revenue
- $14.0k
- Investments
- $0.0
- Employees
- 0
- Location
- Brunswick, ME
- Founding
- 06/2017
- Data as of
- 06/2017
- EIN
- 01-0498822
Organization Overview
Brunswick Development Corporation is located in Brunswick, ME. The organization was established in 2017. According to its NTEE Classification (S30) the organization is classified as: Economic Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Brunswick Development Corporation is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2017
Describe the Organization's Mission:
Part 3 - Line 1
BRUNSWICK DEVELOPMENT CORPORATION (BDC) PROVIDES LOW-COST FINANCIAL ASSISTANCE AND OTHER AID DESIGNED TO IMPROVE ECONOMIC CONDITIONS IN THE COMMUNITY OF BRUNSWICK, MAINE. BDC PROVIDES FUNDS AND WORKING CAPITAL (IN THE FORMS OF LOANS AND GRANTS) TO LOCAL BUSINESS CORPORATIONS AND INDIVIDUAL PROPRIETORS WHO MAY NOT BE ABLE TO OBTAIN FUNDS FROM CONVENTIONAL COMMERCIAL SOURCES BECAUSE OF POOR FINANCIAL RISK. REPAID LOAN FUNDS, AND ANY SMALL INTEREST THEREON, IS USED TO MAKE NEW LOANS AND TO PROVIDE FUNDING TO THE TOWN OF BRUNSWICK TO IMPROVE DETERIORATED AREAS AND TO BEAUTIFY THE COMMUNITY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
BDC USES GRANTS AND LOANS TO FOSTER, ENCOURGAE, ASSIST, SUPPORT, AND PROMOTE ECONOMIC DEVELOPMENT, THROUGH THE ESTABLISHMENT, SETTLEMENT, OR RESETTLEMENT OF THE TOWN OF BRUNSWICK, MAINE, FOR INDUSTRIAL, MANUFACTURING, FISHING, AGRICULTURAL, RECREATIONAL, OR OTHER BUSINESS ENTERPRISES AND TO COMBAT COMMUNITY DETERIORATION THROUGH ECONOMIC DEVELOPMENT.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Larissa Darcy President | OfficerTrustee | 1 | $0 |
William Morrell Vice President/secretary | OfficerTrustee | 1 | $0 |
Vincent Dicara Treasurer | OfficerTrustee | 1 | $0 |
Nathaniel Henshaw Board Member | Trustee | 1 | $0 |
Daniel Harris Board Member | Trustee | 1 | $0 |
Kathy Wilson Board Member | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $13,392 |
| Investment income | $640 |
| 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 | $14,032 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $2,799 |
| Fees for services: Accounting | $6,200 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $30,000 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $1,168 |
| All other expenses | $0 |
| Total functional expenses | $41,998 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $50,187 |
| Savings and temporary cash investments | $480,128 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $2,066 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $372,964 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $97,460 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $1,002,805 |
| Accounts payable and accrued expenses | $0 |
| 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 | $0 |
| Unrestricted restricted net Assets | $1,002,805 |
| Temporarily restricted net Assets | $0 |
| Permanently restricted net Assets or current funds | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Total net assets or fund balances | $1,002,805 |
Grants Recieved
Over the last fiscal year, we have identified 2 grants that Brunswick Development Corporation has recieved totaling $50,000.
| Awarding Organization | Amount |
|---|---|
Bowdoin College Brunswick, ME PURPOSE: CONTRIBUTION CONTRIBUTION | $25,000 |
Bowdoin College Brunswick, ME PURPOSE: CONTRIBUTION CONTRIBUTION | $25,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Granite State Economic Development Corp Portsmouth, NH | $20,832,618 | $9,324,758 |
Maine Development Foundation Hallowell, ME | $970,799 | $2,681,444 |
Maine Tourism Association Hallowell, ME | $2,552,212 | $2,806,092 |
Maine Manufacturing Extension Partnership Augusta, ME | $1,279,245 | $1,939,009 |
Rockingham Economic Development Corporation Raymond, NH | $17,369,754 | $4,323,565 |
Kennebec Valley Council Of Governments Fairfield, ME | $3,745,709 | $1,561,553 |
Main Street Skowhegan Skowhegan, ME | $357,285 | $771,437 |
Convention Visitors Bureau Of Greater Portland Portland, ME | $563,151 | $741,115 |
Walpole Foundation Walpole, NH | $9,906,634 | $599,898 |
New Hampshire Lodging And Resturant Association Concord, NH | $788,383 | $690,976 |
Central Maine Growth Council Waterville, ME | $350,733 | $607,931 |
Grafton County Economic Development Council Plymouth, NH | $4,974,864 | $573,300 |