Civic Intelligence

Somerset Economic Development Corporation

990 • Fiscal year 2018 • EIN 01-0535534

Jan 01, 2018 to Dec 31, 2018 • Filed on Nov 14, 2019

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

86th percentile

0.54x

Higher debt load relative to assets than 86% of similar nonprofits.

2018 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2018

Liabilities / Revenue

94th percentile

2.01x

Higher debt load relative to revenue than 94% of similar nonprofits.

2018 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2018

Net Margin

84th percentile

30%

Higher net margin than 84% of similar nonprofits.

2018 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2018

Top Officer Pay

50th percentile

$0

Higher top officer pay than 50% of similar nonprofits.

Top officer pay equals 0.0% of source-year revenue.

2018 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2018

Asset Growth

82nd percentile

28%

Faster asset growth than 82% of similar nonprofits.

2018 filings • 501(c)3 • $500k-$1M nonprofits • Annualized from 2017 to 2018

Revenue Growth

12th percentile

-26%

Faster revenue growth than 12% of similar nonprofits.

2018 filings • 501(c)3 • $500k-$1M nonprofits • Annualized from 2017 to 2018

Assets

Up

$920,396

Up $199,208 (+28%) from 2017

Net Assets

Down

$424,901

Down $68,075 (-14%) from 2017

Liabilities

Up

$495,495

Up $267,283 (+117%) from 2017

Revenue

Down

$247,105

Down $84,744 (-26%) from 2017

Expenses

Up

$173,182

Up $75,901 (+78%) from 2017

Net Income

Down

$73,923

Down $160,645 (-68%) from 2017

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

2018

Assets$920,396
Liabilities$495,495
Net Assets$424,901

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

2018

Revenue$247,105
Expenses$173,182
Net Income$73,923
Jump To
Filing Snapshot
Filing Period
Jan 1, 2018 to Dec 31, 2018
Signed
Nov 14, 2019
Return Version
2018v3.1
Gross Receipts
$247,105
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
Cash and Non-Interest-Bearing Accounts$239,599$528,295▲ $288,696
Rtn Earn Endowment Incm Other Fnds$492,976$424,901▼ $68,075
Other Notes and Loans Receivable, Net$450,091$359,269▼ $90,822
Savings and Temporary Cash Investments$31,498$31,586▲ $88
Accounts Receivable-$1,246-
Total Assets$721,188$920,396▲ $199,208
Liabilities
Unsecured Notes Loans Payable$150,000$300,000▲ $150,000
Grants Payable$78,212$195,495▲ $117,283
Total Liabilities$228,212$495,495▲ $267,283
Net Assets / Fund Balance
Total Net Assets Fund Balance$492,976$424,901▼ $68,075
Total Liabilities and Net Assets / Fund Balance$721,188$920,396▲ $199,208

Asset Categories

AssetBook ValueDepreciationBasis
Other Land Buildings-$2,218$2,218
Compensation and Service Providers

Board Members and Trustees

NameTitle
Jeff McgownPresident
David DorrDirector
Dick WiletteDirector
Don SkillingsDirector
Ernie HiltonDirector
Jeff HewettDirector
Larry WarrenDirector
Michelle FlewellingDirector
Rhonda StarkDirector
Russell WaltersDirector
Steve StewardDirector
Tim CurtisDirector
Robert SezakCommissioner
Christian SavageExec Direct
Kathryn RuthSecretary
Vicki AlwardTreasurer
Destiny DemoVice Preside
Revenue and Support

Revenue Composition

Contributions and Grants
$226,197
Program Service Revenue
$1,150
Investment Income
$19,758
Other Revenue
$0
All Other Contributions
$77,167
Change in Net Assets
$73,923
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$120,790
Other Expenses$52,392
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages-$111,931-$111,931
Fees for Services Other-$10,625-$10,625
Payroll Taxes-$8,859-$8,859
Interest$7,200--$7,200
All Other Expenses$4,695--$4,695
Insurance-$3,381-$3,381
Depreciation Depletion$2,218--$2,218
Fees for Services Accounting-$2,207-$2,207
Other Expenses$1,849--$1,849
Fees for Services Legal-$135-$135
Total Functional Expenses$36,044$137,138$0$173,182
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
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
Christian Savage
Title
Exec Direct
Phone
2078582563
Signed
2019-11-14
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Christian Savage
Legal Domicile
Me
Voting Board Members
16
Independent Board Members
16
Employees
33

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 businesses and local governments in accessing economic assistance through grants,and loans for job growth. We have aided 400+- clients.

Form 990, Part XI, Line 9

PRIOR YEAR ADJUSTMENTS

Raw XML Appendix399 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/TitleTxt1DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt2DIRECTOR
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IRS990/ReportOtherLiabilitiesInd0false
IRS990/ReportProgramRelatedInvstInd0false
IRS990/RtnEarnEndowmentIncmOthFndsGrp/BOYAmt0492976
IRS990/RtnEarnEndowmentIncmOthFndsGrp/EOYAmt0424901
IRS990/SavingsAndTempCashInvstGrp/BOYAmt031498
IRS990/SavingsAndTempCashInvstGrp/EOYAmt031586
IRS990ScheduleA/Form990ScheduleAPartVIGrp/ExplanationTxt0OTHER INCOME 13,416
IRS990ScheduleA/Form990ScheduleAPartVIGrp/FormAndLineReferenceDesc0PART II, LINE 10
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearAmt0226197
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus1YearAmt0308251
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus2YearsAmt053843
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus3YearsAmt082691
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus4YearsAmt0124562
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/TotalAmt0795544
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearAmt019758
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus1YearAmt017645
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus2YearsAmt012664
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus3YearsAmt012527
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus4YearsAmt014361
IRS990ScheduleA/GrossInvestmentIncome170Grp/TotalAmt076955
IRS990ScheduleA/OtherIncome170Grp/CurrentTaxYearAmt01150
IRS990ScheduleA/OtherIncome170Grp/CurrentTaxYearMinus1YearAmt05953
IRS990ScheduleA/OtherIncome170Grp/CurrentTaxYearMinus2YearsAmt03031
IRS990ScheduleA/OtherIncome170Grp/CurrentTaxYearMinus3YearsAmt02002
IRS990ScheduleA/OtherIncome170Grp/CurrentTaxYearMinus4YearsAmt02430
IRS990ScheduleA/OtherIncome170Grp/TotalAmt014566
IRS990ScheduleA/PublicOrganization170Ind0X
IRS990ScheduleA/PublicSupportCY170Pct00.89680
IRS990ScheduleA/PublicSupportPY170Pct00.89100
IRS990ScheduleA/PublicSupportTotal170Amt0795544
IRS990ScheduleA/ThirtyThrPctSuprtTestsCY170Ind0X
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearAmt0226197
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus1YearAmt0308251
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus2YearsAmt053843
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus3YearsAmt082691
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus4YearsAmt0124562
IRS990ScheduleA/TotalCalendarYear170Grp/TotalAmt0795544
IRS990ScheduleA/TotalSupportAmt0887065
IRS990/ScheduleBRequiredInd0false
IRS990ScheduleD/OtherLandBuildingsGrp/DepreciationAmt02218
IRS990ScheduleD/OtherLandBuildingsGrp/OtherCostOrOtherBasisAmt02218
IRS990/ScheduleJRequiredInd0false
IRS990/ScheduleORequiredInd0false
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0WE ASSIST COUNTY BUSINESSES AND LOCAL GOVERNMENTS IN ACCESSING ECONOMIC ASSISTANCE 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/ExplanationTxt3PRIOR YEAR ADJUSTMENTS
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/SubjectToExcsTaxNetInvstIncInd0false
IRS990/SubjectToProxyTaxInd0false
IRS990/SubjToTaxRmnrtnExPrchtPymtInd0false
IRS990/TaxablePartyNotificationInd0false
IRS990/TaxExemptBondsInd0false
IRS990/TempOrPermanentEndowmentsInd0false
IRS990/TerminateOperationsInd0false
IRS990/TotalAssetsBOYAmt0721188
IRS990/TotalAssetsEOYAmt0920396
IRS990/TotalAssetsGrp/BOYAmt0721188
IRS990/TotalAssetsGrp/EOYAmt0920396
IRS990/TotalCompGreaterThan150KInd0false
IRS990/TotalContributionsAmt0226197
IRS990/TotalEmployeeCnt033
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt0137138
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt036044
IRS990/TotalFunctionalExpensesGrp/TotalAmt0173182
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt0228212
IRS990/TotalLiabilitiesEOYAmt0495495
IRS990/TotalLiabilitiesGrp/BOYAmt0228212
IRS990/TotalLiabilitiesGrp/EOYAmt0495495
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt0492976
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt0424901
IRS990/TotalOtherProgSrvcExpenseAmt036044
IRS990/TotalProgramServiceExpensesAmt036044
IRS990/TotalProgramServiceRevenueAmt01150
IRS990/TotalRevenueGrp/ExclusionAmt020908
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt0247105
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt0721188
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt0920396
IRS990/TrnsfrExmptNonChrtblRltdOrgInd0false
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd0false
IRS990/UnsecuredNotesLoansPayableGrp/BOYAmt0150000
IRS990/UnsecuredNotesLoansPayableGrp/EOYAmt0300000
IRS990/VotingMembersGoverningBodyCnt016
IRS990/VotingMembersIndependentCnt016
IRS990/WebsiteAddressTxt0WWW.SOMERSETCOUNTYMAINE.ORG
IRS990/WhistleblowerPolicyInd0false
ReturnHeader/BuildTS02020-03-31 21:24:44Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0true
ReturnHeader/BusinessOfficerGrp/PersonNm0CHRISTIAN SAVAGE
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0EXEC DIRECT
ReturnHeader/BusinessOfficerGrp/PhoneNum02078582563
ReturnHeader/BusinessOfficerGrp/SignatureDt02019-11-14
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/FilingSecurityInformation/AtSubmissionCreationDeviceId055768AC9CD56D4035E89663FEFE1880A83120F3A
ReturnHeader/FilingSecurityInformation/AtSubmissionFilingDeviceId0CA1D76843A0DDC79497E34610BEDF06BA7CD5CA4
ReturnHeader/FilingSecurityInformation/FilingLicenseTypeCd0P
ReturnHeader/FilingSecurityInformation/IPAddress/IPv4AddressTxt052.37.240.203
ReturnHeader/FilingSecurityInformation/IPDt02019-11-15
ReturnHeader/FilingSecurityInformation/IPTimezoneCd0CS
ReturnHeader/FilingSecurityInformation/IPTm011:55:03
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0010450701
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0TAX-PRO INC
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt0157 MADISON AVE
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0SKOWHEGAN
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0ME
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd004976
ReturnHeader/PreparerPersonGrp/PhoneNum02074742999
ReturnHeader/PreparerPersonGrp/PreparationDt02019-11-14
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0ROBERT A BOLDUC II EA ATA ATP
ReturnHeader/ReturnTs02019-11-15T11:55:03-06:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02018-01-01
ReturnHeader/TaxPeriodEndDt02018-12-31
ReturnHeader/TaxYr02018

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
2018Detailed filing. Detailed filing data is available for this year.$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
2015XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$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