Bangor Target Area Development Corporation
- Assets
- $1.8m
- Revenue
- $271.8k
- Investments
- $0.0
- Employees
- 1
- Location
- Bangor, ME
- Founding
- 05/1974
- Data as of
- 12/2021
- EIN
- 23-7307277
Organization Overview
Bangor Target Area Development Corporation is located in Bangor, ME. The organization was established in 1974. According to its NTEE Classification (S20) the organization is classified as: Community & Neighborhood 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. Bangor Target Area Development Corporation is a 501(c)(4) and as such, is described as a "Civic League, Social Welfare Organization, and Local Association of Employees" by the IRS.
For the year ending 12/2021, Bangor Target Area Development Corporation generated $271.8k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (27.3%) each year. All expenses for the organization totaled $354.7k during the year ending 12/2021. As we would expect to see with falling revenues, expenses have declined by (24.9%) per year over the past 7 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
PROMOTING INDUSTRY IN BANGOR
Describe the Organization's Program Activity:
Part 3 - Line 4a
RENTAL OF FACILITIES FOR INCUBATION OF INFORMATION TECHNOLOGY AND RESEARCH BUSINESSES.
Get More from Intellispect for FreeCreate a free account to get more data, nonprofit salaries, advanced search and more.
PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
John Reed Treasurer | OfficerTrustee | 2 | $0 |
Steve Bolduc Vice President | OfficerTrustee | 1 | $0 |
David Milan President | OfficerTrustee | 2 | $0 |
Jeff Spaulding Corporate Clerk | Officer | 2 | $0 |
Mitch Stone Director | Trustee | 1 | $0 |
Jake Ward Director | 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 | $261,625 |
| Investment income | $4,341 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $5,860 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $271,826 |
| 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 | $39,056 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $3,335 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $3,675 |
| Fees for services: Accounting | $2,040 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $2,141 |
| Fees for services: Other | $28,618 |
| Advertising and promotion | $977 |
| 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 | $13,579 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $93,267 |
| Insurance | $12,499 |
| All other expenses | $24,040 |
| Total functional expenses | $354,707 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $43,284 |
| Savings and temporary cash investments | $7,186 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $8,290 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $1 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $5,709 |
| Net Land, buildings, and equipment | $1,433,035 |
| Investments—publicly traded securities | $271,535 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $4,909 |
| Other assets | $0 |
| Total assets | $1,773,949 |
| Accounts payable and accrued expenses | $16,643 |
| Grants payable | $0 |
| Deferred revenue | $12,090 |
| 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 | $271,336 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $300,069 |
| Net assets without donor restrictions | $1,473,880 |
| 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 | $1,773,949 |
Grants Awarded
Over the last fiscal year, Bangor Target Area Development Corporation has awarded $23,419 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
Orono, ME PURPOSE: DONATION OF COST TO OBTAIN 501(C)3 STATUS | $18,419 |
SCRATCHPAD ACCELERATOR LLC PURPOSE: SPONSORSHIP | $5,000 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Bangor Target Area Development Corporation has recieved totaling $64,312.
| Awarding Organization | Amount |
|---|---|
Maine Technology Institute Brunswick, ME PURPOSE: Infrastructure Improvements to UpStart Center for Entrepreneurship | $64,312 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Community Crossroads Inc Atkinson, NH | $8,920,461 | $38,376,189 |
York County Shelter Programs Inc Alfred, ME | $7,515,033 | $5,469,246 |
Our Katahdin Millinocket, ME | $1,421,809 | $1,815,951 |
Portland Housing Development Corporation Portland, ME | $5,328,711 | $2,757,076 |
Northern Aroostook Alternatives Inc Van Buren, ME | $1,275,126 | $1,273,850 |
Downtown Improvement District Inc Portland, ME | $317,810 | $1,068,998 |
Capital Regional Development Council Concord, NH | $14,984,194 | $977,983 |
Harbor House Community Service Center Southwest Harbor, ME | $2,151,335 | $1,095,406 |
Granite State Organizing Project Manchester, NH | $626,444 | $1,199,163 |
Southern Maine Finance Agency Biddeford, ME | $7,727,125 | $658,421 |
Belknap County Economic Development Council Inc Laconia, NH | $5,665,349 | $1,533,067 |
Kennebunkport Heritage Housing Trust 2 Kennebunkport, ME | $281,718 | $538,218 |