Civic Intelligence

Somerset Economic Development Corporation

990 • Fiscal year 2014 • EIN 01-0535534

Jan 01, 2014 to Dec 31, 2014 • Filed on Nov 11, 2015

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

0.41x

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

2014 filings • 501(c)3 • <$500k nonprofits • Source year 2014

Liabilities / Revenue

96th percentile

1.33x

Higher debt load relative to revenue than 96% of similar nonprofits.

2014 filings • 501(c)3 • <$500k nonprofits • Source year 2014

Net Margin

48th percentile

2.3%

Higher net margin than 48% of similar nonprofits.

2014 filings • 501(c)3 • <$500k nonprofits • Source year 2014

Top Officer Pay

95th percentile

$60,842

Higher top officer pay than 95% of similar nonprofits.

Top officer pay equals 43.0% of source-year revenue.

2014 filings • 501(c)3 • <$500k nonprofits • Source year 2014

Asset Growth

58th percentile

6.6%

Faster asset growth than 58% of similar nonprofits.

2014 filings • 501(c)3 • <$500k nonprofits • Annualized from 2013 to 2014

Revenue Growth

25th percentile

-17%

Faster revenue growth than 25% of similar nonprofits.

2014 filings • 501(c)3 • <$500k nonprofits • Annualized from 2013 to 2014

Assets

Up

$458,776

Up $28,602 (+6.6%) from 2013

Net Assets

Up

$270,349

Up $13,377 (+5.2%) from 2013

Liabilities

Up

$188,427

Up $15,225 (+8.8%) from 2013

Revenue

Down

$141,353

Down $28,387 (-17%) from 2013

Expenses

Down

$138,049

Down $134,146 (-49%) from 2013

Net Income

Up

$3,304

Up $105,759 (+103%) from 2013

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

2014

Assets$458,776
Liabilities$188,427
Net Assets$270,349

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

2014

Revenue$141,353
Expenses$138,049
Net Income$3,304
Jump To
Filing Snapshot
Filing Period
Jan 1, 2014 to Dec 31, 2014
Signed
Nov 11, 2015
Return Version
2014v5.0
Gross Receipts
$141,353
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$256,972$270,349▲ $13,377
Other Notes and Loans Receivable, Net$256,036$255,956▼ $80
Cash and Non-Interest-Bearing Accounts$111,971$140,560▲ $28,589
Savings and Temporary Cash Investments$62,167$62,260▲ $93
Total Assets$430,174$458,776▲ $28,602
Liabilities
Unsecured Notes Loans Payable$125,000$150,000▲ $25,000
Grants Payable$45,987$35,914▼ $10,073
Other Liabilities$2,215$2,513▲ $298
Total Liabilities$173,202$188,427▲ $15,225
Net Assets / Fund Balance
Total Net Assets Fund Balance$256,972$270,349▲ $13,377
Total Liabilities and Net Assets / Fund Balance$430,174$458,776▲ $28,602
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
James BateyExec DirectFT$57,242$3,600$60,842

Board Members and Trustees

NameTitle
Joshua RenyPresident
Barbara KaneDirector
Dana BerryDirector
David DorrDirector
Dick WiletteDirector
Ernie HiltonDirector
Frank SchofieldDirector
Jeff HewettDirector
Jeff McgownDirector
Mark DotyDirector
Peter SchultzDirector
Robert WorthleyDirector
Steve StewardDirector
Robin FrostCommissioner
Kathryn RuthSecretary
Vicki AlwardTreasurer
Destiny DemoVice Preside
Revenue and Support

Revenue Composition

Contributions and Grants
$124,562
Program Service Revenue
$1,707
Investment Income
$14,361
Other Revenue
$723
All Other Contributions
$61,650
Change in Net Assets
$3,304
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$70,584
Other Expenses$67,465
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages-$57,242-$57,242
Other Employee Benefits-$5,321-$5,321
Other Expenses$5,021--$5,021
Payroll Taxes-$4,421-$4,421
Pension Plan Contributions-$3,600-$3,600
Insurance-$2,236-$2,236
Fees for Services Accounting-$1,166-$1,166
Fees for Services Other-$1,057-$1,057
Interest$620--$620
Fees for Services Legal-$397-$397
Office Expenses$95--$95
Total Functional Expenses$62,609$75,440$0$138,049
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
Fica & Federal Withholding$1,319
State Withholding Payable$852
Retirement Fund Payable$300
Futa Payable$42
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
Vicki Alward
Title
Treasurer
Phone
2074740166
Signed
2015-11-11
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Vicki Alward
Legal Domicile
Me
Voting Board Members
17
Independent Board Members
17
Employees
1

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 10,073

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IRS990/OtherRevenueMiscGrp/TotalRevenueColumnAmt1173
IRS990/OtherRevenueTotalAmt0723
IRS990/OtherSalariesAndWagesGrp/ManagementAndGeneralAmt057242
IRS990/OtherSalariesAndWagesGrp/TotalAmt057242
IRS990/OthNotesLoansReceivableNetGrp/BOYAmt0256036
IRS990/OthNotesLoansReceivableNetGrp/EOYAmt0255956
IRS990/PartialLiquidationInd0false
IRS990/PayrollTaxesGrp/ManagementAndGeneralAmt04421
IRS990/PayrollTaxesGrp/TotalAmt04421
IRS990/PensionPlanContributionsGrp/ManagementAndGeneralAmt03600
IRS990/PensionPlanContributionsGrp/TotalAmt03600
IRS990/PoliticalCampaignActyInd0false
IRS990/PrincipalOfficerNm0VICKI ALWARD
IRS990/ProfessionalFundraisingInd0false
IRS990/ProgramServiceRevenueGrp/Desc0LOAN FEES
IRS990/ProgramServiceRevenueGrp/ExclusionAmt01707
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt01707
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/ExpenseAmt062609
IRS990/ProhibitedTaxShelterTransInd0false
IRS990/PYContributionsGrantsAmt0152091
IRS990/PYExcessBenefitTransInd0false
IRS990/PYInvestmentIncomeAmt013238
IRS990/PYOtherExpensesAmt0196174
IRS990/PYOtherRevenueAmt01251
IRS990/PYProgramServiceRevenueAmt03160
IRS990/PYRevenuesLessExpensesAmt0-102455
IRS990/PYSalariesCompEmpBnftPaidAmt076021
IRS990/PYTotalExpensesAmt0272195
IRS990/PYTotalRevenueAmt0169740
IRS990/ReconcilationRevenueExpnssAmt03304
IRS990/RelatedEntityInd0false
IRS990/RelatedOrganizationCtrlEntInd0false
IRS990/ReportInvestmentsOtherSecInd0false
IRS990/ReportLandBuildingEquipmentInd0false
IRS990/ReportOtherAssetsInd0false
IRS990/ReportOtherLiabilitiesInd0true
IRS990/ReportProgramRelatedInvstInd0false
IRS990/RtnEarnEndowmentIncmOthFndsGrp/BOYAmt0256972
IRS990/RtnEarnEndowmentIncmOthFndsGrp/EOYAmt0270349
IRS990/SavingsAndTempCashInvstGrp/BOYAmt062167
IRS990/SavingsAndTempCashInvstGrp/EOYAmt062260
IRS990ScheduleA/Form990ScheduleAPartVIGrp/ExplanationTxt0OTHER INCOME 7,731
IRS990ScheduleA/Form990ScheduleAPartVIGrp/FormAndLineReferenceDesc0PART II, LINE 10
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearAmt0124562
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus1YearAmt0152091
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus2YearsAmt0379816
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus3YearsAmt0644194
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus4YearsAmt0142219
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/TotalAmt01442882
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearAmt014361
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus1YearAmt013238
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus2YearsAmt07809
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus3YearsAmt08265
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus4YearsAmt07979
IRS990ScheduleA/GrossInvestmentIncome170Grp/TotalAmt051652
IRS990ScheduleA/OtherIncome170Grp/CurrentTaxYearAmt02430
IRS990ScheduleA/OtherIncome170Grp/CurrentTaxYearMinus1YearAmt04411
IRS990ScheduleA/OtherIncome170Grp/CurrentTaxYearMinus2YearsAmt02020
IRS990ScheduleA/OtherIncome170Grp/CurrentTaxYearMinus3YearsAmt0950
IRS990ScheduleA/OtherIncome170Grp/CurrentTaxYearMinus4YearsAmt0350
IRS990ScheduleA/OtherIncome170Grp/TotalAmt010161
IRS990ScheduleA/PublicOrganization170Ind0X
IRS990ScheduleA/PublicSupportCY170Pct00.95890
IRS990ScheduleA/PublicSupportPY170Pct00.96290
IRS990ScheduleA/PublicSupportTotal170Amt01442882
IRS990ScheduleA/ThirtyThrPctSuprtTestsCY170Ind0X
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearAmt0124562
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus1YearAmt0152091
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus2YearsAmt0379816
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus3YearsAmt0644194
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus4YearsAmt0142219
IRS990ScheduleA/TotalCalendarYear170Grp/TotalAmt01442882
IRS990ScheduleA/TotalSupportAmt01504695
IRS990/ScheduleBRequiredInd0false
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt01319
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt1852
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt2300
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt342
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0FICA & FEDERAL WITHHOLDING
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc1STATE WITHHOLDING PAYABLE
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc2RETIREMENT FUND PAYABLE
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc3FUTA PAYABLE
IRS990ScheduleD/TotalLiabilityAmt02513
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 10,073
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/TotalAssetsBOYAmt0430174
IRS990/TotalAssetsEOYAmt0458776
IRS990/TotalAssetsGrp/BOYAmt0430174
IRS990/TotalAssetsGrp/EOYAmt0458776
IRS990/TotalCompGreaterThan150KInd0false
IRS990/TotalContributionsAmt0124562
IRS990/TotalEmployeeCnt01
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt075440
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt062609
IRS990/TotalFunctionalExpensesGrp/TotalAmt0138049
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt0173202
IRS990/TotalLiabilitiesEOYAmt0188427
IRS990/TotalLiabilitiesGrp/BOYAmt0173202
IRS990/TotalLiabilitiesGrp/EOYAmt0188427
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt0256972
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt0270349
IRS990/TotalOtherCompensationAmt03600
IRS990/TotalOtherProgSrvcExpenseAmt062609
IRS990/TotalProgramServiceExpensesAmt062609
IRS990/TotalProgramServiceRevenueAmt01707
IRS990/TotalReportableCompFromOrgAmt057242
IRS990/TotalRevenueGrp/ExclusionAmt016791
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt0141353
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt0430174
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt0458776
IRS990/TrnsfrExmptNonChrtblRltdOrgInd0false
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd0false
IRS990/UnsecuredNotesLoansPayableGrp/BOYAmt0125000
IRS990/UnsecuredNotesLoansPayableGrp/EOYAmt0150000
IRS990/USAddress/AddressLine1Txt041 COURT ST
IRS990/USAddress/CityNm0SKOWHEGAN
IRS990/USAddress/StateAbbreviationCd0ME
IRS990/USAddress/ZIPCd004976
IRS990/VotingMembersGoverningBodyCnt017
IRS990/VotingMembersIndependentCnt017
IRS990/WebsiteAddressTxt0WWW.SOMERSETCOUNTYMAINE.ORG
IRS990/WhistleblowerPolicyInd0false
ReturnHeader/BuildTS02016-03-07 17:11:31Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0true

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
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