Civic Intelligence

Somerset Economic Development Corporation

990 • Fiscal year 2021 • EIN 01-0535534

Jan 01, 2021 to Dec 31, 2021 • Filed on Nov 15, 2022

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

89th percentile

0.69x

Higher debt load relative to assets than 89% of similar nonprofits.

2021 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2021

Liabilities / Revenue

96th percentile

4.44x

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

2021 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2021

Net Margin

81st percentile

39%

Higher net margin than 81% of similar nonprofits.

2021 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2021

Top Officer Pay

39th percentile

$0

Higher top officer pay than 39% of similar nonprofits.

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

2021 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2021

Asset Growth

88th percentile

59%

Faster asset growth than 88% of similar nonprofits.

2021 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2020 to 2021

Revenue Growth

79th percentile

58%

Faster revenue growth than 79% of similar nonprofits.

2021 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2020 to 2021

Assets

Up

$1,748,617

Up $649,031 (+59%) from 2020

Net Assets

Up

$541,894

Up $105,981 (+24%) from 2020

Liabilities

Up

$1,206,723

Up $543,050 (+82%) from 2020

Revenue

Up

$271,933

Up $99,500 (+58%) from 2020

Expenses

Up

$165,952

Up $1,075 (+0.7%) from 2020

Net Income

Up

$105,981

Up $98,425 (+1303%) from 2020

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

2021

Assets$1,748,617
Liabilities$1,206,723
Net Assets$541,894

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

2021

Revenue$271,933
Expenses$165,952
Net Income$105,981
Jump To
Filing Snapshot
Filing Period
Jan 1, 2021 to Dec 31, 2021
Signed
Nov 15, 2022
Return Version
2021v4.0
Gross Receipts
$271,933
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$505,883$714,831▲ $208,948
Cash and Non-Interest-Bearing Accounts$561,135$543,052▼ $18,083
Rtn Earn Endowment Incm Other Fnds$435,913$541,894▲ $105,981
Land, Buildings, and Equipment, Net-$458,036-
Savings and Temporary Cash Investments$32,568$32,698▲ $130
Total Assets$1,099,586$1,748,617▲ $649,031
Liabilities
Unsecured Notes Loans Payable$642,000$1,012,500▲ $370,500
Grants Payable$21,673$194,223▲ $172,550
Total Liabilities$663,673$1,206,723▲ $543,050
Net Assets / Fund Balance
Total Net Assets Fund Balance$435,913$541,894▲ $105,981
Total Liabilities and Net Assets / Fund Balance$1,099,586$1,748,617▲ $649,031

Asset Categories

AssetBook ValueDepreciationBasis
Other Land Buildings$458,036$19,282$477,318
Compensation and Service Providers

Board Members and Trustees

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

Revenue Composition

Contributions and Grants
$246,580
Program Service Revenue
$0
Investment Income
$25,357
Other Revenue
$-4
All Other Contributions
$150,280
Change in Net Assets
$105,981
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$88,281
Other Expenses$77,671
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages-$81,930-$81,930
Fees for Services Other$24,315$1,443-$25,758
Depreciation Depletion$16,964--$16,964
Payroll Taxes-$6,351-$6,351
Interest$4,125--$4,125
Fees for Services Accounting-$2,596-$2,596
Insurance-$2,115-$2,115
Other Expenses$240--$240
Total Functional Expenses$71,517$94,435$0$165,952
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
2022-11-15
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Christian Savage
Legal Domicile
Me
Voting Board Members
16
Independent Board Members
16
Employees
2

Preparer

Firm
Tax-pro Inc
Address
157 MADISON AVE, SKOWHEGAN, ME 04976
Preparer
Robert a Bolduc Ii Ea Ata Atp
Phone
2074875006
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 IX, Line 11G

Office expense 0 119 0 dues 0 606 0 postage 0 130 0 bank charges 0 10 0 website expense 0 164 0 licenses & fees 0 110 0 bad debt 16,815 0 0 qb software 0 260 0 legal 0 44 0 office admin (county project) 7,500 0 0 total 24,315 1,443 0

Form 990, Part XI, Line 9

Pr yr dedicated funds adj 0 pr yr a/r adj 0

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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/PYTotalExpensesAmt0164877
IRS990/PYTotalRevenueAmt0172433
IRS990/ReconcilationRevenueExpnssAmt0105981
IRS990/RelatedEntityInd0false
IRS990/RelatedOrganizationCtrlEntInd0false
IRS990/ReportInvestmentsOtherSecInd0false
IRS990/ReportLandBuildingEquipmentInd0true
IRS990/ReportOtherAssetsInd0false
IRS990/ReportOtherLiabilitiesInd0false
IRS990/ReportProgramRelatedInvstInd0false
IRS990/RtnEarnEndowmentIncmOthFndsGrp/BOYAmt0435913
IRS990/RtnEarnEndowmentIncmOthFndsGrp/EOYAmt0541894
IRS990/SavingsAndTempCashInvstGrp/BOYAmt032568
IRS990/SavingsAndTempCashInvstGrp/EOYAmt032698
IRS990ScheduleA/Form990ScheduleAPartVIGrp/ExplanationTxt0OTHER INCOME 8,833
IRS990ScheduleA/Form990ScheduleAPartVIGrp/FormAndLineReferenceDesc0PART II, LINE 10
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearAmt0246580
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus1YearAmt0150739
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus2YearsAmt0208592
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus3YearsAmt0226197
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus4YearsAmt0308251
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/TotalAmt01140359
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearAmt025357
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus1YearAmt020954
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus2YearsAmt020876
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus3YearsAmt019758
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus4YearsAmt017645
IRS990ScheduleA/GrossInvestmentIncome170Grp/TotalAmt0104590
IRS990ScheduleA/OtherIncome170Grp/CurrentTaxYearAmt0-4
IRS990ScheduleA/OtherIncome170Grp/CurrentTaxYearMinus1YearAmt0740
IRS990ScheduleA/OtherIncome170Grp/CurrentTaxYearMinus2YearsAmt0990
IRS990ScheduleA/OtherIncome170Grp/CurrentTaxYearMinus3YearsAmt01150
IRS990ScheduleA/OtherIncome170Grp/CurrentTaxYearMinus4YearsAmt05953
IRS990ScheduleA/OtherIncome170Grp/TotalAmt08829
IRS990ScheduleA/PublicOrganization170Ind0X
IRS990ScheduleA/PublicSupportCY170Pct00.90950
IRS990ScheduleA/PublicSupportPY170Pct00.90130
IRS990ScheduleA/PublicSupportTotal170Amt01140359
IRS990ScheduleA/ThirtyThrPctSuprtTestsCY170Ind0X
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearAmt0246580
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus1YearAmt0150739
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus2YearsAmt0208592
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus3YearsAmt0226197
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus4YearsAmt0308251
IRS990ScheduleA/TotalCalendarYear170Grp/TotalAmt01140359
IRS990ScheduleA/TotalSupportAmt01253778
IRS990/ScheduleBRequiredInd0false
IRS990ScheduleD/OtherLandBuildingsGrp/BookValueAmt0458036
IRS990ScheduleD/OtherLandBuildingsGrp/DepreciationAmt019282
IRS990ScheduleD/OtherLandBuildingsGrp/OtherCostOrOtherBasisAmt0477318
IRS990ScheduleD/TotalBookValueLandBuildingsAmt0458036
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/ExplanationTxt3OFFICE EXPENSE 0 119 0 DUES 0 606 0 POSTAGE 0 130 0 BANK CHARGES 0 10 0 WEBSITE EXPENSE 0 164 0 LICENSES & FEES 0 110 0 BAD DEBT 16,815 0 0 QB SOFTWARE 0 260 0 LEGAL 0 44 0 OFFICE ADMIN (COUNTY PROJECT) 7,500 0 0 TOTAL 24,315 1,443 0
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4PR YR DEDICATED FUNDS ADJ 0 PR YR A/R ADJ 0
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 IX, LINE 11G
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PART XI, LINE 9
IRS990/SchoolOperatingInd0false
IRS990/SignificantChangeInd0false
IRS990/SignificantNewProgramSrvcInd0false
IRS990/SubjectToExcsTaxNetInvstIncInd0false
IRS990/SubjectToProxyTaxInd0false
IRS990/SubjToTaxRmnrtnExPrchtPymtInd0false
IRS990/TaxablePartyNotificationInd0false
IRS990/TaxExemptBondsInd0false
IRS990/TerminateOperationsInd0false
IRS990/TotalAssetsBOYAmt01099586
IRS990/TotalAssetsEOYAmt01748617
IRS990/TotalAssetsGrp/BOYAmt01099586
IRS990/TotalAssetsGrp/EOYAmt01748617
IRS990/TotalCompGreaterThan150KInd0false
IRS990/TotalContributionsAmt0246580
IRS990/TotalEmployeeCnt02
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt094435
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt071517
IRS990/TotalFunctionalExpensesGrp/TotalAmt0165952
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt0663673
IRS990/TotalLiabilitiesEOYAmt01206723
IRS990/TotalLiabilitiesGrp/BOYAmt0663673
IRS990/TotalLiabilitiesGrp/EOYAmt01206723
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt0435913
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt0541894
IRS990/TotalOtherProgSrvcExpenseAmt047202
IRS990/TotalProgramServiceExpensesAmt071517
IRS990/TotalRevenueGrp/ExclusionAmt025353
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt0271933
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt01099586
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt01748617
IRS990/TrnsfrExmptNonChrtblRltdOrgInd0false
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd0false
IRS990/UnsecuredNotesLoansPayableGrp/BOYAmt0642000
IRS990/UnsecuredNotesLoansPayableGrp/EOYAmt01012500
IRS990/VotingMembersGoverningBodyCnt016
IRS990/VotingMembersIndependentCnt016
IRS990/WebsiteAddressTxt0WWW.SOMERSETCOUNTYMAINE.ORG
IRS990/WhistleblowerPolicyInd0false
ReturnHeader/BuildTS02022-09-23 18:48:47Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0true
ReturnHeader/BusinessOfficerGrp/PersonNm0CHRISTIAN SAVAGE
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0EXEC DIRECT
ReturnHeader/BusinessOfficerGrp/PhoneNum02078582563
ReturnHeader/BusinessOfficerGrp/SignatureDt02022-11-15
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
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt0157 MADISON AVE
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0SKOWHEGAN
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0ME
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd004976
ReturnHeader/PreparerPersonGrp/PhoneNum02074875006
ReturnHeader/PreparerPersonGrp/PreparationDt02022-11-15
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0ROBERT A BOLDUC II EA ATA ATP
ReturnHeader/ReturnTs02022-11-15T13:57:55-05:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonFirstNm0CHRISTIAN
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonLastNm0SAVAGE
ReturnHeader/TaxPeriodBeginDt02021-01-01
ReturnHeader/TaxPeriodEndDt02021-12-31
ReturnHeader/TaxYr02021

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
Peer Organizations

Similar nonprofits based on the same Siviq industry and scale cohort. 2021 filings • 501(c)3 • $1M-$5M nonprofits