Civic Intelligence

Somerset Economic Development Corporation

990 • Fiscal year 2015 • EIN 01-0535534

Jan 01, 2015 to Dec 31, 2015 • Filed on Nov 15, 2016

Refreshing map…

41 Court StreetSkowhegan, ME 04976

(207) 474-0166

Siviq Scores

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

Liabilities / Assets

87th percentile

0.38x

Higher debt load relative to assets than 87% of similar nonprofits.

2015 filings • 501(c)3 • <$500k nonprofits • Source year 2015

Liabilities / Revenue

97th percentile

1.78x

Higher debt load relative to revenue than 97% of similar nonprofits.

2015 filings • 501(c)3 • <$500k nonprofits • Source year 2015

Net Margin

48th percentile

2.6%

Higher net margin than 48% of similar nonprofits.

2015 filings • 501(c)3 • <$500k nonprofits • Source year 2015

Top Officer Pay

86th percentile

$30,658

Higher top officer pay than 86% of similar nonprofits.

Top officer pay equals 31.5% of source-year revenue.

2015 filings • 501(c)3 • <$500k nonprofits • Source year 2015

Asset Growth

47th percentile

0.0%

Faster asset growth than 47% of similar nonprofits.

2015 filings • 501(c)3 • <$500k nonprofits • Annualized from 2014 to 2015

Revenue Growth

16th percentile

-31%

Faster revenue growth than 16% of similar nonprofits.

2015 filings • 501(c)3 • <$500k nonprofits • Annualized from 2014 to 2015

Assets

Up

$458,829

Up $53 (+0.0%) from 2014

Net Assets

Up

$285,897

Up $15,548 (+5.8%) from 2014

Liabilities

Down

$172,932

Down $15,495 (-8.2%) from 2014

Revenue

Down

$97,220

Down $44,133 (-31%) from 2014

Expenses

Down

$94,697

Down $43,352 (-31%) from 2014

Net Income

Down

$2,523

Down $781 (-24%) from 2014

Historical Trend

Balance Sheet Trend

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

$8.0M$6.0M$4.0M$2.0M$0Assets 2010: $254,200Liabilities 2010: $6,296Net Assets 2010: $247,9042010Assets 2011: $352,156Liabilities 2011: $120,214Net Assets 2011: $231,9422011Assets 2012: $458,013Liabilities 2012: $214,180Net Assets 2012: $243,8332012Assets 2013: $430,174Liabilities 2013: $173,202Net Assets 2013: $256,9722013Assets 2014: $458,776Liabilities 2014: $188,427Net Assets 2014: $270,3492014Assets 2015: $458,829Liabilities 2015: $172,932Net Assets 2015: $285,8972015Assets 2016: $438,174Liabilities 2016: $179,765Net Assets 2016: $258,4092016Assets 2017: $721,188Liabilities 2017: $228,212Net Assets 2017: $492,9762017Assets 2018: $920,396Liabilities 2018: $495,495Net Assets 2018: $424,9012018Assets 2019: $1,051,157Liabilities 2019: $622,800Net Assets 2019: $428,3572019Assets 2020: $1,099,586Liabilities 2020: $663,673Net Assets 2020: $435,9132020Assets 2021: $1,748,617Liabilities 2021: $1,206,723Net Assets 2021: $541,8942021Assets 2022: $3,148,019Liabilities 2022: $1,518,900Net Assets 2022: $1,629,1192022Assets 2023: $3,234,142Liabilities 2023: $1,610,410Net Assets 2023: $1,623,7322023Assets 2024: $6,147,385Liabilities 2024: $4,613,506Net Assets 2024: $1,533,8792024

Highlighted filing

2015

Assets$458,829
Liabilities$172,932
Net Assets$285,897

Operations Trend

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

$1.5M$1.0M$500K$0-$500KRevenue 2010: $150,548Expenses 2010: $155,587Net Income 2010: -$5,0392010Revenue 2011: $653,409Expenses 2011: $670,371Net Income 2011: -$16,9622011Expenses 2012: $334,1442012Revenue 2013: $169,740Expenses 2013: $272,195Net Income 2013: -$102,4552013Revenue 2014: $141,353Expenses 2014: $138,049Net Income 2014: $3,3042014Revenue 2015: $97,220Expenses 2015: $94,697Net Income 2015: $2,5232015Revenue 2016: $69,538Expenses 2016: $97,567Net Income 2016: -$28,0292016Revenue 2017: $331,849Expenses 2017: $97,281Net Income 2017: $234,5682017Revenue 2018: $247,105Expenses 2018: $173,182Net Income 2018: $73,9232018Revenue 2019: $230,458Expenses 2019: $206,114Net Income 2019: $24,3442019Revenue 2020: $172,433Expenses 2020: $164,877Net Income 2020: $7,5562020Revenue 2021: $271,933Expenses 2021: $165,952Net Income 2021: $105,9812021Revenue 2022: $1,217,524Expenses 2022: $130,299Net Income 2022: $1,087,2252022Revenue 2023: $551,464Expenses 2023: $556,851Net Income 2023: -$5,3872023Revenue 2024: $439,678Expenses 2024: $529,531Net Income 2024: -$89,8532024

Highlighted filing

2015

Revenue$97,220
Expenses$94,697
Net Income$2,523
Jump To
Filing Snapshot
Filing Period
Jan 1, 2015 to Dec 31, 2015
Signed
Nov 15, 2016
Return Version
2015v2.1
Gross Receipts
$97,220
Mission and Program Overview

Mission

We assist county businesses and local governments in accessing economic assistance, grants and loans for job growth and retention. Promote economic development to 400+/- clients

Balance Sheet Detail
LineBeginningEndChange
Assets
Rtn Earn Endowment Incm Other Fnds$270,349$285,897▲ $15,548
Other Notes and Loans Receivable, Net$255,956$247,814▼ $8,142
Cash and Non-Interest-Bearing Accounts$140,560$148,661▲ $8,101
Savings and Temporary Cash Investments$62,260$62,354▲ $94
Total Assets$458,776$458,829▲ $53
Liabilities
Unsecured Notes Loans Payable$150,000$150,000→ $0
Grants Payable$35,914$22,890▼ $13,024
Other Liabilities$2,513$42▼ $2,471
Total Liabilities$188,427$172,932▼ $15,495
Net Assets / Fund Balance
Total Net Assets Fund Balance$270,349$285,897▲ $15,548
Total Liabilities and Net Assets / Fund Balance$458,776$458,829▲ $53
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseTotal
Heather JohnsonExec DirectFT$30,658$30,658

Board Members and Trustees

NameTitle
Jeff McgownPresident
David DorrDirector
Dick WiletteDirector
Ernie HiltonDirector
Frank SchofieldDirector
Jeff HewettDirector
Joshua RenyDirector
Mark DotyDirector
Peter SchultzDirector
Rhonda StarkDirector
Russell WaltersDirector
Steve StewardDirector
Lloyd TraftonCommissioner
Kathryn RuthSecretary
Vicki AlwardTreasurer
Destiny DemoVice Preside
Revenue and Support

Revenue Composition

Contributions and Grants
$82,691
Program Service Revenue
$1,647
Investment Income
$12,527
Other Revenue
$355
All Other Contributions
$21,394
Change in Net Assets
$2,523
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$67,352
Other Expenses$27,345
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages-$59,838-$59,838
Other Expenses$4,926--$4,926
Payroll Taxes-$4,671-$4,671
Insurance-$2,255-$2,255
Pension Plan Contributions-$1,800-$1,800
Other Employee Benefits-$1,043-$1,043
Fees for Services Accounting-$893-$893
Interest$643--$643
Fees for Services Other-$444-$444
Fees for Services Legal-$110-$110
Office Expenses$49--$49
Total Functional Expenses$23,643$71,054$0$94,697
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
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Futa Payable$42
Fica & Federal Withholding-
State Withholding Payable-
Retirement Fund Payable-
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Backup withholding compliance
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
No
Other officer compensation reviewed
No
Conflict-of-interest policy
No
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Page 6, Part VI, Line 11B

No review was or will be conducted.

Form 990, Page 6, Part VI, Line 19

No documents available to the public

Filing and Contact Details

Filer

Filer Name
Somerset Economic Development
EIN
01-0535534
Phone
2074740166
Address
41 COURT STREET, SKOWHEGAN, ME 04976

Signing Officer

Name
Heather Johnson
Title
Exec Direct
Phone
2078582563
Signed
2016-11-15
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Heather Johnson
Legal Domicile
Me
Voting Board Members
17
Independent Board Members
17
Employees
2

Preparer

Firm
Tax-pro Inc
Address
157 MADISON AVE, SKOWHEGAN, ME 04976
Preparer
Robert a Bolduc Ii Ea Ata Atp
Phone
2074742999
Supplemental Narrative

Additional Explanations

Form 990, Page 2, Part III, Line 4D

We assist county business and local government in asseccing economic assiatance through grants, and loans for job growth. We have aided 400+- clients.

Form 990, Part XI, Line 9

Dedicated funds change 13,025 total 13,025

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IRS990/PensionPlanContributionsGrp/ManagementAndGeneralAmt01800
IRS990/PensionPlanContributionsGrp/TotalAmt01800
IRS990/PoliticalCampaignActyInd0false
IRS990/PrincipalOfficerNm0HEATHER JOHNSON
IRS990/ProfessionalFundraisingInd0false
IRS990/ProgramServiceRevenueGrp/Desc0LOAN FEES
IRS990/ProgramServiceRevenueGrp/ExclusionAmt01647
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt01647
IRS990/ProgSrvcAccomActyOtherGrp/Desc0WE ASSIST COUNTY BUSINESS AND LOCAL GOVERNMENT IN ASSECCING ECONOMIC ASSIATANCE THROUGH GRANTS, AND LOANS FOR JOB GROWTH. WE HAVE AIDED 400+- CLIENTS.
IRS990/ProgSrvcAccomActyOtherGrp/ExpenseAmt023643
IRS990/ProhibitedTaxShelterTransInd0false
IRS990/PYContributionsGrantsAmt0124562
IRS990/PYExcessBenefitTransInd0false
IRS990/PYInvestmentIncomeAmt014361
IRS990/PYOtherExpensesAmt067465
IRS990/PYOtherRevenueAmt0723
IRS990/PYProgramServiceRevenueAmt01707
IRS990/PYRevenuesLessExpensesAmt03304
IRS990/PYSalariesCompEmpBnftPaidAmt070584
IRS990/PYTotalExpensesAmt0138049
IRS990/PYTotalRevenueAmt0141353
IRS990/ReconcilationRevenueExpnssAmt02523
IRS990/RelatedEntityInd0false
IRS990/RelatedOrganizationCtrlEntInd0false
IRS990/ReportInvestmentsOtherSecInd0false
IRS990/ReportLandBuildingEquipmentInd0false
IRS990/ReportOtherAssetsInd0false
IRS990/ReportOtherLiabilitiesInd0true
IRS990/ReportProgramRelatedInvstInd0false
IRS990/RtnEarnEndowmentIncmOthFndsGrp/BOYAmt0270349
IRS990/RtnEarnEndowmentIncmOthFndsGrp/EOYAmt0285897
IRS990/SavingsAndTempCashInvstGrp/BOYAmt062260
IRS990/SavingsAndTempCashInvstGrp/EOYAmt062354
IRS990ScheduleA/Form990ScheduleAPartVIGrp/ExplanationTxt0OTHER INCOME 9,811
IRS990ScheduleA/Form990ScheduleAPartVIGrp/FormAndLineReferenceDesc0PART II, LINE 10
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearAmt082691
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus1YearAmt0124562
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus2YearsAmt0152091
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus3YearsAmt0379816
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus4YearsAmt0644194
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/TotalAmt01383354
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearAmt012527
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus1YearAmt014361
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus2YearsAmt013238
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus3YearsAmt07809
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus4YearsAmt08265
IRS990ScheduleA/GrossInvestmentIncome170Grp/TotalAmt056200
IRS990ScheduleA/OtherIncome170Grp/CurrentTaxYearAmt02002
IRS990ScheduleA/OtherIncome170Grp/CurrentTaxYearMinus1YearAmt02430
IRS990ScheduleA/OtherIncome170Grp/CurrentTaxYearMinus2YearsAmt04411
IRS990ScheduleA/OtherIncome170Grp/CurrentTaxYearMinus3YearsAmt02020
IRS990ScheduleA/OtherIncome170Grp/CurrentTaxYearMinus4YearsAmt0950
IRS990ScheduleA/OtherIncome170Grp/TotalAmt011813
IRS990ScheduleA/PublicOrganization170Ind0X
IRS990ScheduleA/PublicSupportCY170Pct00.95310
IRS990ScheduleA/PublicSupportPY170Pct00.95890
IRS990ScheduleA/PublicSupportTotal170Amt01383354
IRS990ScheduleA/ThirtyThrPctSuprtTestsCY170Ind0X
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearAmt082691
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus1YearAmt0124562
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus2YearsAmt0152091
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus3YearsAmt0379816
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus4YearsAmt0644194
IRS990ScheduleA/TotalCalendarYear170Grp/TotalAmt01383354
IRS990ScheduleA/TotalSupportAmt01451367
IRS990/ScheduleBRequiredInd0false
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt042
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0FUTA PAYABLE
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc1FICA & FEDERAL WITHHOLDING
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc2STATE WITHHOLDING PAYABLE
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc3RETIREMENT FUND PAYABLE
IRS990ScheduleD/TotalLiabilityAmt042
IRS990/ScheduleJRequiredInd0false
IRS990/ScheduleORequiredInd0false
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0WE ASSIST COUNTY BUSINESS AND LOCAL GOVERNMENT IN ASSECCING ECONOMIC ASSIATANCE THROUGH GRANTS, AND LOANS FOR JOB GROWTH. WE HAVE AIDED 400+- CLIENTS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1NO REVIEW WAS OR WILL BE CONDUCTED.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2NO DOCUMENTS AVAILABLE TO THE PUBLIC
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3DEDICATED FUNDS CHANGE 13,025 TOTAL 13,025
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PAGE 2, PART III, LINE 4D
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PAGE 6, PART VI, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PAGE 6, PART VI, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PART XI, LINE 9
IRS990/SchoolOperatingInd0false
IRS990/SignificantChangeInd0false
IRS990/SignificantNewProgramSrvcInd0false
IRS990/SubjectToProxyTaxInd0false
IRS990/TaxablePartyNotificationInd0false
IRS990/TaxExemptBondsInd0false
IRS990/TempOrPermanentEndowmentsInd0false
IRS990/TerminateOperationsInd0false
IRS990/TotalAssetsBOYAmt0458776
IRS990/TotalAssetsEOYAmt0458829
IRS990/TotalAssetsGrp/BOYAmt0458776
IRS990/TotalAssetsGrp/EOYAmt0458829
IRS990/TotalCompGreaterThan150KInd0false
IRS990/TotalContributionsAmt082691
IRS990/TotalEmployeeCnt02
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt071054
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt023643
IRS990/TotalFunctionalExpensesGrp/TotalAmt094697
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt0188427
IRS990/TotalLiabilitiesEOYAmt0172932
IRS990/TotalLiabilitiesGrp/BOYAmt0188427
IRS990/TotalLiabilitiesGrp/EOYAmt0172932
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt0270349
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt0285897
IRS990/TotalOtherProgSrvcExpenseAmt023643
IRS990/TotalProgramServiceExpensesAmt023643
IRS990/TotalProgramServiceRevenueAmt01647
IRS990/TotalReportableCompFromOrgAmt030658
IRS990/TotalRevenueGrp/ExclusionAmt014529
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt097220
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt0458776
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt0458829
IRS990/TrnsfrExmptNonChrtblRltdOrgInd0false
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd0false
IRS990/UnsecuredNotesLoansPayableGrp/BOYAmt0150000
IRS990/UnsecuredNotesLoansPayableGrp/EOYAmt0150000
IRS990/VotingMembersGoverningBodyCnt017
IRS990/VotingMembersIndependentCnt017
IRS990/WebsiteAddressTxt0WWW.SOMERSETCOUNTYMAINE.ORG
IRS990/WhistleblowerPolicyInd0false
ReturnHeader/BuildTS02017-02-10 21:41:12Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0true
ReturnHeader/BusinessOfficerGrp/PersonNm0HEATHER JOHNSON
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0EXEC DIRECT
ReturnHeader/BusinessOfficerGrp/PhoneNum02078582563
ReturnHeader/BusinessOfficerGrp/SignatureDt02016-11-15
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0SOMERSET ECONOMIC DEVELOPMENT
ReturnHeader/Filer/BusinessName/BusinessNameLine2Txt0ECONOMIC DEVELOPMENT
ReturnHeader/Filer/BusinessNameControlTxt0SOME
ReturnHeader/Filer/EIN0010535534
ReturnHeader/Filer/PhoneNum02074740166
ReturnHeader/Filer/USAddress/AddressLine1Txt041 COURT STREET
ReturnHeader/Filer/USAddress/CityNm0SKOWHEGAN
ReturnHeader/Filer/USAddress/StateAbbreviationCd0ME
ReturnHeader/Filer/USAddress/ZIPCd004976
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0010450701
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0TAX-PRO INC

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$6.15$4.61$1.53$0.44$0.53$0.09
2023Detailed filing. Detailed filing data is available for this year.$3.23$1.61$1.62$0.55$0.56$0.01
2022Detailed filing. Detailed filing data is available for this year.$3.15$1.52$1.63$1.22$0.13$1.09
2021Detailed filing. Detailed filing data is available for this year.$1.75$1.21$0.54$0.27$0.17$0.11
2020Detailed filing. Detailed filing data is available for this year.$1.10$0.66$0.44$0.17$0.16$0.01
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1.05$0.62$0.43$0.23$0.21$0.02
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$0.92$0.50$0.42$0.25$0.17$0.07
2017Detailed filing. Detailed filing data is available for this year.$0.72$0.23$0.49$0.33$0.10$0.23
2016XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$0.44$0.18$0.26$0.07$0.10$0.03
2015Detailed filing. Detailed filing data is available for this year.$0.46$0.17$0.29$0.10$0.09$0.00
2014Detailed filing. Detailed filing data is available for this year.$0.46$0.19$0.27$0.14$0.14$0.00
2013Detailed filing. Detailed filing data is available for this year.$0.43$0.17$0.26$0.17$0.27$0.10
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.46$0.21$0.24$0.33
2011Summary only. Only limited summary data is available for this year.$0.35$0.12$0.23$0.65$0.67$0.02
2010Summary only. Only limited summary data is available for this year.$0.25$0.01$0.25$0.15$0.16$0.01