Civic Intelligence

Maine Development Foundation

990 • Fiscal year 2021 • EIN 01-0355563

Jan 01, 2021 to Dec 31, 2021 • Filed on Sep 30, 2022

Organization Profilewww.mdf.org

View Organization Page

2 Beech Street Suite 203Hallowell, ME 04347

(207) 622-6345

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

91st percentile

0.79x

Higher debt load relative to assets than 91% of similar nonprofits.

2021 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2021

Liabilities / Revenue

71st percentile

0.28x

Higher debt load relative to revenue than 71% of similar nonprofits.

2021 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2021

Net Margin

20th percentile

-3.7%

Higher net margin than 20% of similar nonprofits.

2021 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2021

Top Officer Pay

90th percentile

$195,804

Higher top officer pay than 90% of similar nonprofits.

Top officer pay equals 7.3% of source-year revenue.

2021 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2021

Asset Growth

2nd percentile

-38%

Faster asset growth than 2% of similar nonprofits.

2021 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2020 to 2021

Revenue Growth

43rd percentile

6.6%

Faster revenue growth than 43% of similar nonprofits.

2021 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2020 to 2021

Balance Sheet
Liabilities / Assets91st percentile

Assets

Down

$970,799

Down $597,566 (-38%) from 2020

Net Assets

Down

$208,071

Down $99,196 (-32%) from 2020

Liabilities

Down

$762,728

Down $498,370 (-40%) from 2020

Revenue And Expenses
Liabilities / Revenue71st percentileNet Margin20th percentile

Revenue

Up

$2,681,444

Up $165,120 (+6.6%) from 2020

Expenses

Up

$2,780,640

Up $179,989 (+6.9%) from 2020

Net Income

Down

-$99,196

Down $14,869 (-18%) from 2020

Historical Trend

Balance Sheet Trend

Asset Growth2nd percentile

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$2.0M$1.5M$1.0M$500K$0Assets 2011: $699,961Liabilities 2011: $368,590Net Assets 2011: $331,3712011Assets 2012: $976,668Liabilities 2012: $336,797Net Assets 2012: $639,8712012Assets 2013: $896,507Liabilities 2013: $355,290Net Assets 2013: $541,2172013Assets 2014: $685,013Liabilities 2014: $165,651Net Assets 2014: $519,3622014Assets 2015: $597,703Liabilities 2015: $186,195Net Assets 2015: $411,5082015Assets 2016: $486,928Liabilities 2016: $209,580Net Assets 2016: $277,3482016Assets 2017: $696,530Liabilities 2017: $182,124Net Assets 2017: $514,4062017Assets 2018: $788,412Liabilities 2018: $338,857Net Assets 2018: $449,5552018Assets 2019: $713,218Liabilities 2019: $321,624Net Assets 2019: $391,5942019Assets 2020: $1,568,365Liabilities 2020: $1,261,098Net Assets 2020: $307,2672020Assets 2021: $970,799Liabilities 2021: $762,728Net Assets 2021: $208,0712021Assets 2022: $1,919,051Liabilities 2022: $1,647,351Net Assets 2022: $271,7002022Assets 2023: $1,176,862Liabilities 2023: $1,106,012Net Assets 2023: $70,8502023Assets 2024: $969,500Liabilities 2024: $934,485Net Assets 2024: $35,0152024

Highlighted filing

2021

Assets$970,799
Liabilities$762,728
Net Assets$208,071
Open 2021 Filing

Operations Trend

Revenue Growth43rd percentile

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$4.0M$3.0M$2.0M$1.0M$0-$1.0MRevenue 2011: $1,473,122Expenses 2011: $1,488,806Net Income 2011: -$15,6842011Revenue 2012: $1,562,112Expenses 2012: $1,253,612Net Income 2012: $308,5002012Revenue 2013: $1,972,856Expenses 2013: $2,071,510Net Income 2013: -$98,6542013Revenue 2014: $2,021,324Expenses 2014: $2,043,179Net Income 2014: -$21,8552014Revenue 2015: $1,085,481Expenses 2015: $1,193,335Net Income 2015: -$107,8542015Revenue 2016: $1,217,801Expenses 2016: $1,351,961Net Income 2016: -$134,1602016Revenue 2017: $1,659,229Expenses 2017: $1,422,171Net Income 2017: $237,0582017Revenue 2018: $1,792,373Expenses 2018: $1,857,224Net Income 2018: -$64,8512018Revenue 2019: $1,791,473Expenses 2019: $1,849,434Net Income 2019: -$57,9612019Revenue 2020: $2,516,324Expenses 2020: $2,600,651Net Income 2020: -$84,3272020Revenue 2021: $2,681,444Expenses 2021: $2,780,640Net Income 2021: -$99,1962021Revenue 2022: $2,803,285Expenses 2022: $2,739,656Net Income 2022: $63,6292022Revenue 2023: $3,160,300Expenses 2023: $3,361,150Net Income 2023: -$200,8502023Revenue 2024: $2,966,802Expenses 2024: $3,002,637Net Income 2024: -$35,8352024

Highlighted filing

2021

Revenue$2,681,444
Expenses$2,780,640
Net Income-$99,196
Open 2021 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2021 to Dec 31, 2021
Signed
Sep 30, 2022
Return Version
2021v4.2
Gross Receipts
$2,681,444
Mission and Program Overview

Mission

The mission of the Maine Development Foundation is to foster sustainable, long-term economic growth for Maine. Its programs stimulate new ideas, help develop Maine's leaders, and provide common ground for solving problems and advancing important issues.

To promote economic growth in the State of Maine.

Balance Sheet Detail
LineBeginningEndChange
Assets
Accounts Receivable$559,331$723,392▲ $164,061
Savings and Temporary Cash Investments$912,373$153,457▼ $758,916
Cash and Non-Interest-Bearing Accounts$16,539$52,053▲ $35,514
Land, Buildings, and Equipment, Net$40,855$29,509▼ $11,346
Prepaid Expenses and Deferred Charges$36,862$9,983▼ $26,879
Total Assets$1,568,365$970,799▼ $597,566
Other Assets Total$2,405$2,405→ $0
Liabilities
Deferred Revenue$738,852$629,472▼ $109,380
Accounts Payable and Accrued Expenses$522,246$133,256▼ $388,990
Total Liabilities$1,261,098$762,728▼ $498,370
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$176,585$182,443▲ $5,858
Net Assets With Donor Restrictions$130,682$25,628▼ $105,054
Total Net Assets Fund Balance$307,267$208,071▼ $99,196
Total Liabilities and Net Assets / Fund Balance$1,568,365$970,799▼ $597,566

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$29,509$143,839$173,348
Compensation and Service Providers
Top Officer Pay90th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Yellow Light BreenPresident & CEOFT$166,058$29,746$195,804

Board Members and Trustees

NameTitle
Madeleleine BraunChair
Joy Barresi SaucierVice Chair
Amy LandryDirector
Carlos MelloDirector
Catherine Wygant FossettDirector
Dan BookhamDirector
Deborah JohnsonDirector
Eric SoelbergDirector
Hannah CarterDirector
Linda BallDirector
Lisa SockabasinDirector
Lori DwyerDirector
Meredith Strang BurgessDirector
Rick C LeonardDirector
Scott BlakeDirector
Thomas FrancoeurTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$1,944,270
Program Service Revenue
$736,490
Investment Income
$684
Other Revenue
$0
All Other Contributions
$303,884
Change in Net Assets
$-99,196

Audited Revenue Reconciliation

Revenue per Audited Statements
$2,681,444
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$95,000
Total Revenue per Audited Statements
$2,776,444
Total Revenue per Form 990
$2,681,444
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$1,479,970
Grants and Similar Amounts Paid$790,905
Other Expenses$509,765
Total Fundraising Expense$149,235
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$738,299$116,253$94,950$949,502
Grants to Domestic Orgs$790,905--$790,905
Other Employee Benefits$241,717$15,792$28,612$286,121
Fees for Services Other$260,485$16,731-$277,216
Current Officers, Directors, Trustees, and Key Employees$129,121$20,332$16,606$166,059
Conferences and Meetings$96,887$4,146-$101,033
Payroll Taxes$65,630$4,829$7,829$78,288
Occupancy-$30,381-$30,381
Travel$15,193$1,794-$16,987
Depreciation Depletion-$13,317-$13,317
Advertising$8,793--$8,793
Other Expenses$3,238$3,748$352$6,986
Office Expenses$3,533$2,767$353$6,653
All Other Expenses$3,568$1,980-$5,548
Insurance-$4,793$533$5,326
Total Functional Expenses$2,372,648$258,757$149,235$2,780,640

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$2,875,640
Expenses per Audited Statements$2,780,640
Total Expenses per Form 990$2,780,640
Expenses Not Reported on Form 990$95,000
Expenses Not Reported on Financial Statements$0
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Eastport Public Library AssociationEastport, ME-Peavey Memorial Library$122,928
Town of Madison MaineMadison, ME-Economic Development$114,374
Town of East Millinocket MaineEast Millinocket, ME-Economic Development$108,812
Town of Ashland MaineMadison, ME-Economic Development$71,113
Johnson Hall IncGardiner, ME-Redevelopment of Johnson Hall$68,653
Town of Lincoln MaineLincoln, ME-Economic Development$36,930
Center Theatre for Performing ArtsDoverFoxcroft, ME-Economic Development$12,500
Central Maine Community Betterment CollaborativeBethel, ME-Economic Development$9,000
Island Avenue LLCSkowhegan, ME-Bigelow Brewing Company$6,083
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
Yes
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section B, line 11B

“The President/CEO and Director of Finance and Administration are part of the 990 preparation process and they and the Executive Committee of the Board review in final form before filing with the IRS.”

Form 990, Part VI, Section B, line 12C

“All staff, directors and officers of the Maine Development Foundation are required to sign a disclosure annually after receiving a copy of the conflict of interest policy.”

Form 990, Part VI, Section B, line 15

“The President/CEO is reviewed by the Board of Directors Executive Committee, including the Chair, Vice Chair, and Treasurer. Key employees are reviewed by the President/CEO. Officers do not receive compensation.”

Form 990, Part VI, Section C, line 19

“The organization provides copies upon request.”

Filing and Contact Details

Filer

Filer Name
Maine Development Foundation
EIN
01-0355563
Phone
2076226345
Address
2 Beech Street Suite 203, Hallowell, ME 04347

Signing Officer

Name
Yellow Breen
Title
President & CEO
Phone
2076226345
Signed
2022-09-30
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Yellow Breen
Formed
1978
Legal Domicile
Me
Voting Board Members
17
Independent Board Members
16
Employees
22
Volunteers
150

Preparer

Firm
Purdy Powers & Company
Address
130 Middle Street, Portland, ME 04101
Preparer
Richard E Emerson Jr CPA
Phone
2077753496
Supplemental Narrative

Additional Explanations

Form 990, Part XII, Line 2C:

“This process has not changed from the prior year.”

Financial Statement Notes

Part X, Line 2:

“Management of the Organization believes it has no material uncertain tax positions and, accordingly it will not recognize any liability for unrecognized tax benefits.”

Raw XML AppendixShowing 400 of 628 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990/Form990PartVIISectionAGrp/TitleTxt11Chair
IRS990/Form990PartVIISectionAGrp/TitleTxt12Director
IRS990/Form990PartVIISectionAGrp/TitleTxt13Director
IRS990/Form990PartVIISectionAGrp/TitleTxt14Director
IRS990/Form990PartVIISectionAGrp/TitleTxt15Treasurer
IRS990/Form990PartVIISectionAGrp/TitleTxt16President & CEO
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IRS990/MissionDesc0The mission of the Maine Development Foundation is to foster sustainable, long-term economic growth for Maine. Its programs stimulate new ideas, help develop Maine's leaders, and provide common ground for solving problems and advancing important issues.
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IRS990/OtherExpensesGrp/Desc0Equipment rental and ma
IRS990/OtherExpensesGrp/Desc1Dues and subscriptions
IRS990/OtherExpensesGrp/Desc2Telephone
IRS990/OtherExpensesGrp/Desc3Miscellaneous
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IRS990/OtherExpensesGrp/ManagementAndGeneralAmt013342
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt1576
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt27976
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt33748
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IRS990/OtherExpensesGrp/ProgramServicesAmt23238
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IRS990/OtherExpensesGrp/TotalAmt211848
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IRS990/PayrollTaxesGrp/FundraisingAmt07829
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IRS990/ProgSrvcAccomActy2Grp/Desc0Leadership Maine is a powerful, nine-month, outward journey that takes a leader beyond their day-to-day experience and expands their capacity to shape our state's future. The Leadership Maine curriculum is designed for leaders from all sectors. Each Leadership Maine class is given real-life challenges to address. Participants work in teams to address the assigned issue, connect with key stakeholders, organizations and groups, and develop a solution-oriented path with the goal of improving the economy.
IRS990/ProgSrvcAccomActy2Grp/ExpenseAmt0188745
IRS990/ProgSrvcAccomActy2Grp/GrantAmt0490
IRS990/ProgSrvcAccomActy2Grp/RevenueAmt0133275
IRS990/ProgSrvcAccomActy3Grp/Desc0The Forest Economy Project was launched in summer 2016 to support industry, community, and research leaders to develop and implement recommendations to strengthen and diversify Maine's forest industry and rural economies, supported initially by a 3-year federal Economic Development Administration grant to assist with supporting, coordinating, and reporting on Maine's forest economy recovery and revitalization effort.
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IRS990/PYOtherRevenueAmt00
IRS990/PYProgramServiceRevenueAmt0690991
IRS990/PYRevenuesLessExpensesAmt0-84327
IRS990/PYSalariesCompEmpBnftPaidAmt01412086
IRS990/PYTotalExpensesAmt02600651
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Filings

Displayed year

2021 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$970,799
Liabilities
$762,728
Net assets
$208,071
Revenue
$2,681,444
Expenses
$2,780,640
Net income
-$99,196
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.97$0.93$0.04$2.97$3.00$0.04
2023Detailed filing. Detailed filing data is available for this year.$1.18$1.11$0.07$3.16$3.36$0.20
2022Detailed filing. Detailed filing data is available for this year.$1.92$1.65$0.27$2.80$2.74$0.06
2021Detailed filing. Detailed filing data is available for this year.$0.97$0.76$0.21$2.68$2.78$0.10
2020Detailed filing. Detailed filing data is available for this year.$1.57$1.26$0.31$2.52$2.60$0.08
2019Detailed filing. Detailed filing data is available for this year.$0.71$0.32$0.39$1.79$1.85$0.06
2018Detailed filing. Detailed filing data is available for this year.$0.79$0.34$0.45$1.79$1.86$0.06
2017Detailed filing. Detailed filing data is available for this year.$0.70$0.18$0.51$1.66$1.42$0.24
2016Detailed filing. Detailed filing data is available for this year.$0.49$0.21$0.28$1.22$1.35$0.13
2015Detailed filing. Detailed filing data is available for this year.$0.60$0.19$0.41$1.09$1.19$0.11
2014Detailed filing. Detailed filing data is available for this year.$0.69$0.17$0.52$2.02$2.04$0.02
2013Detailed filing. Detailed filing data is available for this year.$0.90$0.36$0.54$1.97$2.07$0.10
2012Summary only. Only limited summary data is available for this year.$0.98$0.34$0.64$1.56$1.25$0.31
2011Summary only. Only limited summary data is available for this year.$0.70$0.37$0.33$1.47$1.49$0.02