Civic Intelligence

Somerset Economic Development Corporation

990 • Fiscal year 2019 • EIN 01-0535534

Jan 01, 2019 to Dec 31, 2019 • Filed on Nov 16, 2020

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

84th percentile

0.59x

Higher debt load relative to assets than 84% of similar nonprofits.

2019 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2019

Liabilities / Revenue

93rd percentile

2.70x

Higher debt load relative to revenue than 93% of similar nonprofits.

2019 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2019

Net Margin

66th percentile

11%

Higher net margin than 66% of similar nonprofits.

2019 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2019

Top Officer Pay

36th percentile

$0

Higher top officer pay than 36% of similar nonprofits.

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

2019 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2019

Asset Growth

73rd percentile

14%

Faster asset growth than 73% of similar nonprofits.

2019 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2018 to 2019

Revenue Growth

26th percentile

-6.7%

Faster revenue growth than 26% of similar nonprofits.

2019 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2018 to 2019

Assets

Up

$1,051,157

Up $130,761 (+14%) from 2018

Net Assets

Up

$428,357

Up $3,456 (+0.8%) from 2018

Liabilities

Up

$622,800

Up $127,305 (+26%) from 2018

Revenue

Down

$230,458

Down $16,647 (-6.7%) from 2018

Expenses

Up

$206,114

Up $32,932 (+19%) from 2018

Net Income

Down

$24,344

Down $49,579 (-67%) from 2018

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

2019

Assets$1,051,157
Liabilities$622,800
Net Assets$428,357

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

2019

Revenue$230,458
Expenses$206,114
Net Income$24,344
Jump To
Filing Snapshot
Filing Period
Jan 1, 2019 to Dec 31, 2019
Signed
Nov 16, 2020
Return Version
2019v5.0
Gross Receipts
$230,458
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$528,295$578,892▲ $50,597
Other Notes and Loans Receivable, Net$359,269$440,047▲ $80,778
Rtn Earn Endowment Incm Other Fnds$424,901$428,357▲ $3,456
Savings and Temporary Cash Investments$31,586$32,218▲ $632
Accounts Receivable$1,246--
Total Assets$920,396$1,051,157▲ $130,761
Liabilities
Unsecured Notes Loans Payable$300,000$600,000▲ $300,000
Grants Payable$195,495$22,800▼ $172,695
Total Liabilities$495,495$622,800▲ $127,305
Net Assets / Fund Balance
Total Net Assets Fund Balance$424,901$428,357▲ $3,456
Total Liabilities and Net Assets / Fund Balance$920,396$1,051,157▲ $130,761

Asset Categories

AssetBook ValueDepreciationBasis
Equipment-$2,318$2,318
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
Russell WaltersDirector
Sam HightDirector
Steve StewardDirector
Tim CurtisDirector
Robert SezakCommissioner
Christian SavageExec Direct
Kathryn RuthSecretary
Vicki AlwardTreasurer
Destiny DemoVice Preside
Revenue and Support

Revenue Composition

Contributions and Grants
$208,592
Program Service Revenue
$990
Investment Income
$20,876
Other Revenue
$0
All Other Contributions
$74,480
Change in Net Assets
$24,344
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$156,255
Other Expenses$49,859
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages-$137,827-$137,827
Payroll Taxes-$18,428-$18,428
Insurance-$5,462-$5,462
Fees for Services Other-$4,973-$4,973
All Other Expenses$3,674--$3,674
Fees for Services Accounting-$3,601-$3,601
Interest$1,125--$1,125
Other Expenses$816--$816
Fees for Services Legal-$617-$617
Depreciation Depletion$100--$100
Total Functional Expenses$35,206$170,908$0$206,114
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 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
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
2020-11-16
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Christian Savage
Legal Domicile
Me
Voting Board Members
16
Independent Board Members
16
Employees
39

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

Pr yr dedicated funds adj -20,000 pr yr a/r adj -888 total -20,888 prior year adjustments for back to work county projects dedicated funds

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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/ReportInvestmentsOtherSecInd0false
IRS990/ReportLandBuildingEquipmentInd0true
IRS990/ReportOtherAssetsInd0false
IRS990/ReportOtherLiabilitiesInd0false
IRS990/ReportProgramRelatedInvstInd0false
IRS990/RtnEarnEndowmentIncmOthFndsGrp/BOYAmt0424901
IRS990/RtnEarnEndowmentIncmOthFndsGrp/EOYAmt0428357
IRS990/SavingsAndTempCashInvstGrp/BOYAmt031586
IRS990/SavingsAndTempCashInvstGrp/EOYAmt032218
IRS990ScheduleA/Form990ScheduleAPartVIGrp/ExplanationTxt0OTHER INCOME 12,136
IRS990ScheduleA/Form990ScheduleAPartVIGrp/FormAndLineReferenceDesc0PART II, LINE 10
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearAmt0208592
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus1YearAmt0226197
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus2YearsAmt0308251
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus3YearsAmt053843
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus4YearsAmt082691
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/TotalAmt0879574
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearAmt020876
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus1YearAmt019758
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus2YearsAmt017645
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus3YearsAmt012664
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus4YearsAmt012527
IRS990ScheduleA/GrossInvestmentIncome170Grp/TotalAmt083470
IRS990ScheduleA/OtherIncome170Grp/CurrentTaxYearAmt0990
IRS990ScheduleA/OtherIncome170Grp/CurrentTaxYearMinus1YearAmt01150
IRS990ScheduleA/OtherIncome170Grp/CurrentTaxYearMinus2YearsAmt05953
IRS990ScheduleA/OtherIncome170Grp/CurrentTaxYearMinus3YearsAmt03031
IRS990ScheduleA/OtherIncome170Grp/CurrentTaxYearMinus4YearsAmt02002
IRS990ScheduleA/OtherIncome170Grp/TotalAmt013126
IRS990ScheduleA/PublicOrganization170Ind0X
IRS990ScheduleA/PublicSupportCY170Pct00.90100
IRS990ScheduleA/PublicSupportPY170Pct00.89680
IRS990ScheduleA/PublicSupportTotal170Amt0879574
IRS990ScheduleA/ThirtyThrPctSuprtTestsCY170Ind0X
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearAmt0208592
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus1YearAmt0226197
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus2YearsAmt0308251
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus3YearsAmt053843
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus4YearsAmt082691
IRS990ScheduleA/TotalCalendarYear170Grp/TotalAmt0879574
IRS990ScheduleA/TotalSupportAmt0976170
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IRS990ScheduleD/EquipmentGrp/DepreciationAmt02318
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt02318
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/ExplanationTxt3PR YR DEDICATED FUNDS ADJ -20,000 PR YR A/R ADJ -888 TOTAL -20,888 PRIOR YEAR ADJUSTMENTS FOR BACK TO WORK COUNTY PROJECTS DEDICATED FUNDS
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
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IRS990/SignificantChangeInd0false
IRS990/SignificantNewProgramSrvcInd0false
IRS990/SubjectToExcsTaxNetInvstIncInd0false
IRS990/SubjectToProxyTaxInd0false
IRS990/SubjToTaxRmnrtnExPrchtPymtInd0false
IRS990/TaxablePartyNotificationInd0false
IRS990/TaxExemptBondsInd0false
IRS990/TerminateOperationsInd0false
IRS990/TotalAssetsBOYAmt0920396
IRS990/TotalAssetsEOYAmt01051157
IRS990/TotalAssetsGrp/BOYAmt0920396
IRS990/TotalAssetsGrp/EOYAmt01051157
IRS990/TotalCompGreaterThan150KInd0false
IRS990/TotalContributionsAmt0208592
IRS990/TotalEmployeeCnt039
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt0170908
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt035206
IRS990/TotalFunctionalExpensesGrp/TotalAmt0206114
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt0495495
IRS990/TotalLiabilitiesEOYAmt0622800
IRS990/TotalLiabilitiesGrp/BOYAmt0495495
IRS990/TotalLiabilitiesGrp/EOYAmt0622800
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt0424901
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt0428357
IRS990/TotalOtherProgSrvcExpenseAmt035206
IRS990/TotalProgramServiceExpensesAmt035206
IRS990/TotalProgramServiceRevenueAmt0990
IRS990/TotalRevenueGrp/ExclusionAmt021866
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt0230458
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt0920396
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt01051157
IRS990/TrnsfrExmptNonChrtblRltdOrgInd0false
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd0false
IRS990/UnsecuredNotesLoansPayableGrp/BOYAmt0300000
IRS990/UnsecuredNotesLoansPayableGrp/EOYAmt0600000
IRS990/VotingMembersGoverningBodyCnt016
IRS990/VotingMembersIndependentCnt016
IRS990/WebsiteAddressTxt0WWW.SOMERSETCOUNTYMAINE.ORG
IRS990/WhistleblowerPolicyInd0false
ReturnHeader/BuildTS02021-01-29 14:40:06Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0true
ReturnHeader/BusinessOfficerGrp/PersonNm0CHRISTIAN SAVAGE
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0EXEC DIRECT
ReturnHeader/BusinessOfficerGrp/PhoneNum02078582563
ReturnHeader/BusinessOfficerGrp/SignatureDt02020-11-16
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/AtSubmissionCreationDeviceId0EEFA6E5F130D9860ADE357ED90ADF993E89F8E7F
ReturnHeader/FilingSecurityInformation/AtSubmissionFilingDeviceId08E8A2661AF45D11C7C161FCED672F2E82BFDD67A
ReturnHeader/FilingSecurityInformation/FilingLicenseTypeCd0P
ReturnHeader/FilingSecurityInformation/IPAddress/IPv4AddressTxt052.38.98.93
ReturnHeader/FilingSecurityInformation/IPDt02020-11-18
ReturnHeader/FilingSecurityInformation/IPTimezoneCd0CS
ReturnHeader/FilingSecurityInformation/IPTm014:49:24
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/PreparationDt02020-11-18
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0ROBERT A BOLDUC II EA ATA ATP
ReturnHeader/ReturnTs02020-11-18T14:49:24-06:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02019-01-01
ReturnHeader/TaxPeriodEndDt02019-12-31
ReturnHeader/TaxYr02019

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
2019Detailed filing. Detailed filing data is available for this year.$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