Somerset Economic Development Corporation
- Assets
- $3.2m
- Revenue
- $551.5k
- Investments
- $0.0
- Employees
- 2
- Location
- Skowhegan, ME
- Founding
- 10/2000
- Data as of
- 12/2023
- EIN
- 01-0535534
Organization Overview
Somerset Economic Development Corporation is located in Skowhegan, ME. The organization was established in 2000. According to its NTEE Classification (W20) the organization is classified as: Government & Public Administration, under the broad grouping of Public & Societal Benefit and related organizations. As of 12/2023, Somerset Economic Development Corporation employed 2 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Somerset Economic 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.
For the year ending 12/2023, Somerset Economic Development Corporation generated $551.5k in total revenue. This organization has experienced exceptional growth, as over the past 9 years, it has increased revenue by an average of 21.3% each year . All expenses for the organization totaled $556.9k during the year ending 12/2023. While expenses have increased by 21.8% per year over the past 9 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
TO ASSIST COUNTY BUSINESSES AND LOCAL GOVERNMENTS IN ACCESSING ECONOMIC ASSISTANCE, GRANTS AND LOANS FOR JOB GROWTH AND RETENTION. PROMOTE ECNOMIC DEVELOPMENT TO 400 +/- CLIENTS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO ASSIST COUNTY BUSINESSES AND LOCAL GOVERNMENTS IN ACCESSING ECONOMIC ASSISTANCE, GRANTS AND LOANS FOR JOB GROWTH AND RETENTION. PROMOTE ECONOMIC DEVELOPMENT TO 400 +/- CLIENTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Vicki Alward Treasurer | OfficerTrustee | 0.25 | $0 |
Tim Curtis Director | Trustee | 0.25 | $0 |
Destiny Demo President | OfficerTrustee | 0.25 | $0 |
Michelle Flewelling Director | Trustee | 0.25 | $0 |
Jeff Hewett Director | Trustee | 0.25 | $0 |
Sam Hight Director | Trustee | 0.25 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $113,290 |
| All other contributions, gifts, grants, and similar amounts not included above | $373,425 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $486,715 |
| Total Program Service Revenue | $1,120 |
| Investment income | $62,029 |
| 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 | $551,464 |
| 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. | $90,800 |
| Compensation of current officers, directors, key employees. | $65,800 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $11,469 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $7,908 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $250 |
| Fees for services: Accounting | $1,200 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $73,784 |
| Advertising and promotion | $26,021 |
| Office expenses | $60,031 |
| Information technology | $4,168 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $4,113 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $3,000 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $197,968 |
| Insurance | $3,678 |
| All other expenses | $1,429 |
| Total functional expenses | $556,851 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,294,627 |
| Savings and temporary cash investments | $32,909 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $1,393,121 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $513,485 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $3,234,142 |
| Accounts payable and accrued expenses | $210 |
| Grants payable | $4,200 |
| 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 | $1,605,000 |
| Other liabilities | $1,000 |
| Total liabilities | $1,610,410 |
| Net assets without donor restrictions | $1,623,732 |
| 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 | $3,234,142 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Androscoggin Valley Council Of Governments Auburn, ME | $11,198,114 | $5,547,766 |
Somerset Economic Development Corporation Skowhegan, ME | $3,234,142 | $551,464 |
Unity Barn Raisers Unity, ME | $482,318 | $0 |
Mcce Action Portland, ME | $3,121 | $0 |
83rd Infantry Division Association Alton, NH | $15,350 | $0 |