Monadnock Economic Development Corporation
- Assets
- $42.9m
- Revenue
- $1.9m
- Investments
- $0.0
- Employees
- 0
- Location
- Keene, NH
- Founding
- 09/1986
- Data as of
- 06/2022
- EIN
- 02-0395538
Organization Overview
Monadnock Economic Development Corporation is located in Keene, NH. The organization was established in 1986. 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. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Monadnock 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 06/2022, Monadnock Economic Development Corporation generated $1.9m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 6 years, the organization has seen revenues fall by an average of (3.7%) each year. All expenses for the organization totaled $2.4m during the year ending 06/2022. As we would expect to see with falling revenues, expenses have declined by (13.2%) per year over the past 6 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
PROMOTION OF BUSINESS DEVELOPMENT AND RELOCATIONS TO THE MONADNOCK REGION OF NEW HAMPSHIRE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROMOTING OF BUSINESS DEVELOPMENT AND RELOCATIONS TO THE MONADNOCK REGION OF NEW HAMPSHIRE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
George Hansel President | OfficerTrustee | 2 | $0 |
Stephen Bragdon Treasurer | OfficerTrustee | 2 | $0 |
Paul Faber Trustee | Trustee | 1 | $0 |
Juliana Bergeron Trustee | Trustee | 1 | $0 |
Amanda Littleton Secretary | OfficerTrustee | 1 | $0 |
Rik Ekstrom Trustee | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Froling Energy Construction | 6/29/15 | $236,800 |
Osgood Construction Construction | 6/29/15 | $541,700 |
Nh Optical Systems Fiber Contract | 6/29/15 | $181,936 |
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 | $296,661 |
| Noncash contributions included in lines 1a–1f | $223,230 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $296,661 |
| Total Program Service Revenue | $1,772,065 |
| Investment income | $0 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$152,388 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,917,108 |
| 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 | $36,963 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $1,489 |
| Fees for services: Accounting | $55,355 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $91,995 |
| Advertising and promotion | $7,847 |
| Office expenses | $1,286 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $45,307 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $735,085 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,302,831 |
| Insurance | $13,239 |
| All other expenses | $4,987 |
| Total functional expenses | $2,408,740 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,700,189 |
| Savings and temporary cash investments | $0 |
| 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 | $9,858,397 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $5,947 |
| Net Land, buildings, and equipment | $29,561,550 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,761,032 |
| Total assets | $42,887,115 |
| Accounts payable and accrued expenses | $164,721 |
| Grants payable | $0 |
| Deferred revenue | $55,146 |
| 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 | $44,419,408 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $225,442 |
| Total liabilities | $44,864,717 |
| Net assets without donor restrictions | -$3,068,602 |
| Net assets with donor restrictions | $1,091,000 |
| 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 | $42,887,115 |