Civic Intelligence

Indian Township Passamaquoddy Development Agency

EIN 46-3114626 • 501(c)3 • Princeton, ME

Profile

The agency was formed to improve the quality of life for the passamaquoddy people through economic initiatives, developing economic opportunities and skill development opportunities.

PO Box 301Princeton, ME 04668

n/A

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

85th percentile

0.48x

Higher debt load relative to assets than 85% of similar nonprofits.

501(c)3 • $500k-$1M nonprofits • Source year 2019

Liabilities / Revenue

74th percentile

0.15x

Higher debt load relative to revenue than 74% of similar nonprofits.

501(c)3 • $500k-$1M nonprofits • Source year 2019

Net Margin

27th percentile

-7.5%

Higher net margin than 27% of similar nonprofits.

501(c)3 • $500k-$1M nonprofits • Source year 2019

Top Officer Pay

72nd percentile

$0

Higher top officer pay than 72% of similar nonprofits.

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

501(c)3 • $500k-$1M nonprofits • Source year 2016

Asset Growth

14th percentile

-17%

Faster asset growth than 14% of similar nonprofits.

501(c)3 • $500k-$1M nonprofits • Annualized from 2018 to 2019

Revenue Growth

16th percentile

-20%

Faster revenue growth than 16% of similar nonprofits.

501(c)3 • $500k-$1M nonprofits • Annualized from 2018 to 2019

Assets

Down

$176,234

Down $36,261 (-17%) from 2018

Liabilities

Up

$83,718

Up $4,032 (+5.1%) from 2018

Net Assets

Down

$92,516

Down $40,293 (-30%) from 2018

Revenue

Down

$576,691

Down $148,306 (-20%) from 2018

Expenses

Down

$620,173

Down $148,358 (-19%) from 2018

Net Income

Up

-$43,482

Up $52 (+0.1%) from 2018

Trend Graphs

Balance Sheet Trend

Grouped bars show assets, liabilities, and net assets across loaded filings.

$300K$200K$100K$0Assets 2014: $117,592Liabilities 2014: $4,480Net Assets 2014: $113,1122014Assets 2015: $220,448Liabilities 2015: $33,216Net Assets 2015: $187,2322015Assets 2016: $270,797Liabilities 2016: $84,854Net Assets 2016: $185,9432016Assets 2017: $246,838Liabilities 2017: $70,495Net Assets 2017: $176,3432017Assets 2018: $212,495Liabilities 2018: $79,686Net Assets 2018: $132,8092018Assets 2019: $176,234Liabilities 2019: $83,718Net Assets 2019: $92,5162019

Highlighted filing

2019

Assets$176,234
Liabilities$83,718
Net Assets$92,516

Operations Trend

Revenue, expenses, and net income by year, with the latest filing highlighted.

$1.0M$500K$0-$500KRevenue 2014: $336,850Expenses 2014: $223,738Net Income 2014: $113,1122014Revenue 2015: $576,989Expenses 2015: $502,869Net Income 2015: $74,1202015Revenue 2016: $438,992Expenses 2016: $463,882Net Income 2016: -$24,8902016Revenue 2017: $381,197Expenses 2017: $345,806Net Income 2017: $35,3912017Revenue 2018: $724,997Expenses 2018: $768,531Net Income 2018: -$43,5342018Revenue 2019: $576,691Expenses 2019: $620,173Net Income 2019: -$43,4822019

Highlighted filing

2019

Revenue$576,691
Expenses$620,173
Net Income-$43,482

Filings

Latest Detailed Filing

The latest 2019 filing currently has linked XML that has not been fully parsed yet. Showing the latest detailed filing from 2016 below.

Jump To
Filing Snapshot
Filing Period
Oct 1, 2015 to Sep 30, 2016
Signed
Jul 31, 2018
Return Version
2015v3.0
Gross Receipts
$438,992
Mission and Program Overview

Mission

The agency was formed to improve the quality of life for the passamaquoddy people through economic initiatives, developing economic opportunities and skill development opportunities.

The indian township passamaquoddy development agency (agency), is an incorporated multi-purpose, community charity based indian organization registered in the state of Maine. The agency was formed to improve the quality of life for the passamaquoddy people through sustained economic development efforts.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$197,127$257,955▲ $60,828
Rtn Earn Endowment Incm Other Fnds$187,232$185,943▼ $1,289
Cash and Non-Interest-Bearing Accounts$22,921$12,842▼ $10,079
Pd in Cap Srpls Land Bldg Eqp Fund$0$0→ $0
Cap Stk Tr Prin Current Funds$0$0→ $0
Total Assets$220,448$270,797▲ $50,349
Other Assets Total$400$0▼ $400
Liabilities
Accounts Payable and Accrued Expenses$8,403$80,358▲ $71,955
Other Liabilities$24,813$4,496▼ $20,317
Total Liabilities$33,216$84,854▲ $51,638
Net Assets / Fund Balance
Total Net Assets Fund Balance$187,232$185,943▼ $1,289
Total Liabilities and Net Assets / Fund Balance$220,448$270,797▲ $50,349

Asset Categories

AssetBook ValueDepreciationBasis
Other Land Buildings$257,955$84,402$342,357
Compensation and Service Providers

Board Members and Trustees

NameTitle
Joseph SocobasinPresident
Clayton SockabasinVice President
Clayton CleavesBoard Member
Ernest NeptuneBoard Member
Matt LewisTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$438,975
Program Service Revenue
$0
Investment Income
$17
Other Revenue
$0
All Other Contributions
$438,975
Change in Net Assets
$-24,890
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$274,237
Salaries, Compensation, and Employee Benefits$189,645
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$150,828--$150,828
Other Expenses$55,367--$55,367
Depreciation Depletion-$38,131-$38,131
Other Employee Benefits$24,881--$24,881
Travel$19,977--$19,977
Payroll Taxes$13,936--$13,936
Fees for Services Accounting-$1,855-$1,855
Insurance-$1,447-$1,447
Total Functional Expenses$422,449$41,433$0$463,882
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
Payroll Liabilities$4,496
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Backup withholding compliance
Yes
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
Yes
Other officer compensation reviewed
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section B, line 11

Tax return is review by board of directors.

Form 990, Part VI, Section B, line 12C

Board of directors annually sign agreement with conflict of interest policy.

Form 990, Part VI, Section B, line 15A

Salaries and wages are reviewed annually by board of directors.

Form 990, Part VI, Section C, line 19

Available upon request.

Filing and Contact Details

Filer

Filer Name
Indian Township Passamaquoddy
EIN
46-3114626
Phone
2077962301
Address
PO Box 301, Princeton, ME 04668

Signing Officer

Name
Joseph Socobasin
Title
President
Phone
2077962301
Signed
2018-07-31
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Joseph Socobasin
Formed
2013
Legal Domicile
Me
Voting Board Members
5
Independent Board Members
5
Employees
8
Volunteers
5

Preparer

Firm
Baker Tilly Virchow Krause LLP
Address
777 E Wisconsin Avenue 32nd Floor, Milwaukee, WI 53202
Preparer
Troy E Marine CPA
Phone
4147775500
Supplemental Narrative

Additional Explanations

Form 990, page 1, line B: Amended return

The Agency is amending the 2015 form 990 to correct accounting adjustments discovered after the 2015 return had been originally filed. Parts I, III, VIII, IX, X, XI of the form 990 have been adjusted to reflect the changes made to the financial statements of the Agency. In addition, the corresponding supporting schedules of the form 990 were revised to reflect these changes. Schedule A, part II was revised for changes to contributions, interest income, and miscellaneous income. Schedule B was revised for changes to contribution revenue information. Schedule D, part VI for Land, Buildings, and Equipment was adjusted for changes made to fixed assets which were expensed on the originally filed return but should have been capitalized.

Raw XML Appendix333 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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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0Tax return is review by board of directors.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1Board of directors annually sign agreement with conflict of interest policy.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2Salaries and wages are reviewed annually by board of directors.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3Available upon request.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4The Agency is amending the 2015 form 990 to correct accounting adjustments discovered after the 2015 return had been originally filed. Parts I, III, VIII, IX, X, XI of the form 990 have been adjusted to reflect the changes made to the financial statements of the Agency. In addition, the corresponding supporting schedules of the form 990 were revised to reflect these changes. Schedule A, part II was revised for changes to contributions, interest income, and miscellaneous income. Schedule B was revised for changes to contribution revenue information. Schedule D, part VI for Land, Buildings, and Equipment was adjusted for changes made to fixed assets which were expensed on the originally filed return but should have been capitalized.
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IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2Form 990, Part VI, Section B, line 15a
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3Form 990, Part VI, Section C, line 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4Form 990, page 1, line b: Amended return
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IRS990/USAddress/CityNm0Princeton
IRS990/USAddress/StateAbbreviationCd0ME
IRS990/USAddress/ZIPCd004668
IRS990/VotingMembersGoverningBodyCnt05
IRS990/VotingMembersIndependentCnt05
IRS990/WebsiteAddressTxt0n/a
IRS990/WhistleblowerPolicyInd00
ReturnHeader/BuildTS02018-06-14 16:35:46Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd01
ReturnHeader/BusinessOfficerGrp/PersonNm0Joseph Socobasin
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0President
ReturnHeader/BusinessOfficerGrp/PhoneNum02077962301
ReturnHeader/BusinessOfficerGrp/SignatureDt02018-07-31
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0Indian Township Passamaquoddy
ReturnHeader/Filer/BusinessName/BusinessNameLine2Txt0Development Agency
ReturnHeader/Filer/BusinessNameControlTxt0INDI
ReturnHeader/Filer/EIN0463114626
ReturnHeader/Filer/PhoneNum02077962301
ReturnHeader/Filer/USAddress/AddressLine1Txt0PO Box 301
ReturnHeader/Filer/USAddress/CityNm0Princeton
ReturnHeader/Filer/USAddress/StateAbbreviationCd0ME
ReturnHeader/Filer/USAddress/ZIPCd004668
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0390859910
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0Baker Tilly Virchow Krause LLP
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt0777 E Wisconsin Avenue 32nd Floor
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0Milwaukee
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0WI
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd053202
ReturnHeader/PreparerPersonGrp/PhoneNum04147775500
ReturnHeader/PreparerPersonGrp/PreparationDt02018-07-10
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0Troy E Marine CPA
ReturnHeader/ReturnTs02018-08-01T10:05:21-05:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02015-10-01
ReturnHeader/TaxPeriodEndDt02016-09-30
ReturnHeader/TaxYr02015

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