Civic Intelligence

Somerset Economic Development Corporation

990 • Fiscal year 2016 • EIN 01-0535534

Jan 01, 2016 to Dec 31, 2016 • Filed on Nov 15, 2017

Organization ProfileWWW.SOMERSETCOUNTYMAINE.ORG

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

88th percentile

0.41x

Higher debt load relative to assets than 88% of similar nonprofits.

2016 filings • 501(c)3 • <$500k nonprofits • Source year 2016

Liabilities / Revenue

98th percentile

2.59x

Higher debt load relative to revenue than 98% of similar nonprofits.

2016 filings • 501(c)3 • <$500k nonprofits • Source year 2016

Net Margin

10th percentile

-40%

Higher net margin than 10% of similar nonprofits.

2016 filings • 501(c)3 • <$500k nonprofits • Source year 2016

Top Officer Pay

75th percentile

$0

Higher top officer pay than 75% of similar nonprofits.

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

2016 filings • 501(c)3 • <$500k nonprofits • Source year 2016

Asset Growth

36th percentile

-4.5%

Faster asset growth than 36% of similar nonprofits.

2016 filings • 501(c)3 • <$500k nonprofits • Annualized from 2015 to 2016

Revenue Growth

18th percentile

-28%

Faster revenue growth than 18% of similar nonprofits.

2016 filings • 501(c)3 • <$500k nonprofits • Annualized from 2015 to 2016

Balance Sheet
Liabilities / Assets88th percentile

Assets

Down

$438,174

Down $20,655 (-4.5%) from 2015

Net Assets

Down

$258,409

Down $27,488 (-9.6%) from 2015

Liabilities

Up

$179,765

Up $6,833 (+4.0%) from 2015

Revenue And Expenses
Liabilities / Revenue98th percentileNet Margin10th percentile

Revenue

Down

$69,538

Down $27,682 (-28%) from 2015

Expenses

Up

$97,567

Up $2,870 (+3.0%) from 2015

Net Income

Down

-$28,029

Down $30,552 (-1211%) from 2015

Historical Trend

Balance Sheet Trend

Asset Growth36th percentile

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

2016

Assets$438,174
Liabilities$179,765
Net Assets$258,409
Open 2016 Filing

Operations Trend

Revenue Growth18th percentile

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

2016

Revenue$69,538
Expenses$97,567
Net Income-$28,029
Open 2016 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2016 to Dec 31, 2016
Signed
Nov 15, 2017
Return Version
2016v3.0
Gross Receipts
$69,538
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
Other Notes and Loans Receivable, Net$247,814$346,591▲ $98,777
Rtn Earn Endowment Incm Other Fnds$285,897$258,409▼ $27,488
Cash and Non-Interest-Bearing Accounts$148,661$60,132▼ $88,529
Savings and Temporary Cash Investments$62,354$31,451▼ $30,903
Total Assets$458,829$438,174▼ $20,655
Liabilities
Unsecured Notes Loans Payable$150,000$150,000→ $0
Grants Payable$22,890$22,348▼ $542
Other Liabilities$42$7,417▲ $7,375
Total Liabilities$172,932$179,765▲ $6,833
Net Assets / Fund Balance
Total Net Assets Fund Balance$285,897$258,409▼ $27,488
Total Liabilities and Net Assets / Fund Balance$458,829$438,174▼ $20,655
Compensation and Service Providers
Top Officer Pay75th percentile

Board Members and Trustees

NameTitle
Jeff McgownPresident
David DorrDirector
Dick WiletteDirector
Ernie HiltonDirector
Jeff HewettDirector
Larry WarrenDirector
Mark DotyDirector
Rhonda StarkDirector
Russell WaltersDirector
Steve StewardDirector
Lloyd TraftonCommissioner
Heather JohnsonExec Direct
Kathryn RuthSecretary
Vicki AlwardTreasurer
Destiny DemoVice Preside
Revenue and Support

Revenue Composition

Contributions and Grants
$53,843
Program Service Revenue
$1,950
Investment Income
$12,664
Other Revenue
$1,081
All Other Contributions
$22,443
Change in Net Assets
$-28,029
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$60,985
Other Expenses$36,582
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages-$56,600-$56,600
Payroll Taxes-$4,385-$4,385
Other Expenses$3,650--$3,650
Insurance-$2,418-$2,418
Fees for Services Accounting-$2,195-$2,195
Fees for Services Legal-$628-$628
Fees for Services Other-$50-$50
Total Functional Expenses$31,291$66,276$0$97,567
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
Cousineau Equip Loan Pybl$7,417
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
2017-11-15
Discuss with paid preparer
Yes

Organization Details

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

“Dedicated funds change 541”

Raw XML Appendix371 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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IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus1YearAmt012527
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus2YearsAmt014361
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus3YearsAmt013238
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus4YearsAmt07809
IRS990ScheduleA/GrossInvestmentIncome170Grp/TotalAmt060599
IRS990ScheduleA/OtherIncome170Grp/CurrentTaxYearAmt03031
IRS990ScheduleA/OtherIncome170Grp/CurrentTaxYearMinus1YearAmt02002
IRS990ScheduleA/OtherIncome170Grp/CurrentTaxYearMinus2YearsAmt02430
IRS990ScheduleA/OtherIncome170Grp/CurrentTaxYearMinus3YearsAmt04411
IRS990ScheduleA/OtherIncome170Grp/CurrentTaxYearMinus4YearsAmt02020
IRS990ScheduleA/OtherIncome170Grp/TotalAmt013894
IRS990ScheduleA/PublicOrganization170Ind0X
IRS990ScheduleA/PublicSupportCY170Pct00.91410
IRS990ScheduleA/PublicSupportPY170Pct00.95310
IRS990ScheduleA/PublicSupportTotal170Amt0793003
IRS990ScheduleA/ThirtyThrPctSuprtTestsCY170Ind0X
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearAmt053843
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus1YearAmt082691
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus2YearsAmt0124562
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus3YearsAmt0152091
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus4YearsAmt0379816
IRS990ScheduleA/TotalCalendarYear170Grp/TotalAmt0793003
IRS990ScheduleA/TotalSupportAmt0867496
IRS990/ScheduleBRequiredInd0false
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt07417
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0COUSINEAU EQUIP LOAN PYBL
IRS990ScheduleD/TotalLiabilityAmt07417
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/ExplanationTxt3DEDICATED FUNDS CHANGE 541
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/TotalAssetsBOYAmt0458829
IRS990/TotalAssetsEOYAmt0438174
IRS990/TotalAssetsGrp/BOYAmt0458829
IRS990/TotalAssetsGrp/EOYAmt0438174
IRS990/TotalCompGreaterThan150KInd0false
IRS990/TotalContributionsAmt053843
IRS990/TotalEmployeeCnt01
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt066276
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt031291
IRS990/TotalFunctionalExpensesGrp/TotalAmt097567
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt0172932
IRS990/TotalLiabilitiesEOYAmt0179765
IRS990/TotalLiabilitiesGrp/BOYAmt0172932
IRS990/TotalLiabilitiesGrp/EOYAmt0179765
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt0285897
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt0258409
IRS990/TotalOtherProgSrvcExpenseAmt031291
IRS990/TotalProgramServiceExpensesAmt031291
IRS990/TotalProgramServiceRevenueAmt01950
IRS990/TotalRevenueGrp/ExclusionAmt015695
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt069538
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt0458829
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt0438174
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/SignatureDt02017-11-15
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/FilingSecurityInformation/AtSubmissionCreationDeviceId08C7CBD04BF0866775D5EEE92295AAE53CE630D3A
ReturnHeader/FilingSecurityInformation/AtSubmissionFilingDeviceId07EAAAA8737DE4B218ECA784B8663C2F42330AC2A
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/PreparationDt02017-11-15
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0ROBERT A BOLDUC II EA ATA ATP
ReturnHeader/ReturnTs02017-11-15T16:13:00-05:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02016-01-01
ReturnHeader/TaxPeriodEndDt02016-12-31
ReturnHeader/TaxYr02016

Document Assets

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Filings

Displayed year

2016 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$438,174
Liabilities
$179,765
Net assets
$258,409
Revenue
$69,538
Expenses
$97,567
Net income
-$28,029
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
2016Detailed filing. Detailed filing data is available for this year.$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
Peer Organizations

Similar nonprofits based on the same Siviq industry and scale cohort. 2016 filings • 501(c)3 • <$500k nonprofits