Eastern Maine Development Corporation
- Assets
- $11.5m
- Revenue
- $64.7m
- Investments
- $0.0
- Employees
- 105
- Location
- Bangor, ME
- Founding
- 09/1994
- Data as of
- 09/2021
- EIN
- 01-0281875
Organization Overview
Eastern Maine Development Corporation is located in Bangor, ME. The organization was established in 1994. According to its NTEE Classification (S30) the organization is classified as: Economic Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 09/2021, Eastern Maine Development Corporation employed 105 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Eastern Maine Development Corporation is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 09/2021, Eastern Maine Development Corporation generated $64.7m in total revenue. This organization has experienced exceptional growth, as over the past 6 years, it has increased revenue by an average of 51.3% each year . All expenses for the organization totaled $61.0m during the year ending 09/2021. While expenses have increased by 51.8% per year over the past 6 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
ECONOMIC DEVELOPMENT
Describe the Organization's Program Activity:
Part 3 - Line 4a
MAINE PTAC PROGRAM THE FEDERAL PROCUREMENT TECHNICAL ASSISTANCE PROGRAM PTAP WAS SET UP UNDER TITLE 10, UNITED STATES CODE, CHAPTER 142 IN 1985. IT IS IMPLEMENTED IN MAINE THROUGH THE MAINE PROCUREMENT TECHNICAL ASSISTANCE CENTER PTAC. PTAC IS A STATEWIDE PROGRAM WHICH OFFERS PROCUREMENT TECHNICAL ASSISTANCE SERVICES TO MAINE BUSINESSES ON ISSUES RELATED TO GOVERNMENT CONTRACTING. DURING 2021, MAINE PTAC STAFF SPONSORED 52 OUTREACH EVENTS, INCLUDING TRAINING WORKSHOPS, AND PARTICIPATED IN 57 NON-SPONSORED OUTREACH EVENTS. THE PROGRAM ALSO PROVIDES ONE-ON-ONE COUNSELING AND A BID MATCH SERVICE TO THE 1,235 ACTIVE CLIENTS AND SUPPLIES THEM WITH RELEVANT INFORMATION ABOUT GOVERNMENT CONTRACTING THROUGH NEWSLETTERS, ONLINE TRAINING, SOCIAL MEDIA PLATFORMS AND A WEBSITE WWW.MAINEPTAC.ORG. CLIENTS ASSISTED BY THE MAINE PTAC HAVE REPORTED OVER 39,423 GOVERNMENT PRIME AND SUBCONTRACT AWARDS WORTH OVER 2.488 BILLION DURING 2021.
WORKFORCE SERVICES PROGRAM EMDC PROVIDED AN EXTENSIVE ARRAY OF WORKFORCE DEVELOPMENT SERVICES TO ECONOMICALLY DISADVANTAGED ADULTS, AT-RISK YOUTH, DISLOCATED WORKERS, SEASONAL AND MIGRANT FARMWORKERS AND INDIVIDUALS RE-ENTERING THE WORKFORCE FROM INCARCERATION AND/OR SUBSTANCE USE DISORDER RECOVERY SERVICES THROUGHOUT PENOBSCOT, PISCATAQUIS, WASHINGTON AND HANCOCK COUNTIES. EMDC INVESTED IN DIRECT WORKFORCE SERVICES TO 679 INDIVIDUALS THROUGH A NUMBER OF FUNDING PROGRAMS INCLUDING US DEPARTMENT OF LABORS WORKFORCE INNOVATION AND OPPORTUNITY ACT WIOA AND US DEPARTMENT OF LABORS NATIONAL DISLOCATED WORKER GRANT NDWG-OPIOID. THESE SERVICES ARE DELIVERED AT NO COST TO PARTICIPANTS WHO MEET THE ELIGIBILITY CRITERIA FOR THE FOLLOWING PROGRAMS AND INCLUDE OCCUPATIONAL SKILLS TRAINING, ON-THE-JOB TRAINING OJT, WORK EXPERIENCE, BASIC EDUCATION SKILLS, EMPLOYABILITY SERVICES AND SUPPORTIVE SERVICES.
BUSINESS LENDING PROGRAM EMDC HAS SEVERAL LOAN FUNDS AND OFFERS FINANCING FOR A WIDE VARIETY OF BUSINESS NEEDS, INCLUDING EQUIPMENT, REAL ESTATE, WORKING CAPITAL, BUSINESS ACQUISITION AND REFINANCING. THROUGH OUR LENDING PROGRAMS, EMDC OFFERS LOANS FROM 10,000 TO 5,000,000. SINCE THE INCEPTION OF THE PROGRAM IN THE EARLY 1980S, EMDC HAS DISBURSED OVER 92 MILLION TO OVER 861 COMPANIES, LEVERAGING OVER 281 MILLION IN OTHER PRIVATE AND PUBLIC FUNDS, WHILE CREATING AND/OR RETAINING OVER 8390 JOBS. IN FISCAL YEAR 2021, EMDC - PROVIDED 38 LOANS TO 36 BUSINESS -LOANED 5,076,100 -CREATED /RETAINED 242 JOBS - LEVERAGED AN ADDITIONAL 5,009,803 - PROVIDED CAPITAL IN 8 OF THE 16 COUNTIES OF MAINE
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Lee Umphrey President | Officer | 40 | $115,507 |
Dan Tremble Chairman | OfficerTrustee | 2 | $0 |
Sven Bartholomew Vice Chair | OfficerTrustee | 2 | $0 |
Scott Adkins Secretary-Treasurer | OfficerTrustee | 2 | $0 |
Edmond Bearor ESQ Director | Trustee | 2 | $0 |
Jerilyn M Bowers Director | Trustee | 2 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Campbell Environmental Consulting Brownfields Consultant | 9/29/18 | $130,517 |
Elan Brownfields Consultant | 9/29/18 | $111,543 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $84,671 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $63,020,848 |
| All other contributions, gifts, grants, and similar amounts not included above | $13,451 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $63,118,970 |
| Total Program Service Revenue | $892,787 |
| Investment income | $709 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $293,222 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $64,676,194 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $115,507 |
| Compensation of current officers, directors, key employees. | $115,507 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $2,693,656 |
| Pension plan accruals and contributions | $32,029 |
| Other employee benefits | $444,479 |
| Payroll taxes | $237,894 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $11,044 |
| Fees for services: Accounting | $25,977 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $52,194 |
| Advertising and promotion | $6,670 |
| Office expenses | $130,629 |
| Information technology | $285,902 |
| Royalties | $0 |
| Occupancy | $268,040 |
| Travel | $11,392 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $16,305 |
| Interest | $49,841 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $33,089 |
| Insurance | $34,907 |
| All other expenses | $65,655 |
| Total functional expenses | $61,045,869 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $495,148 |
| Savings and temporary cash investments | $1,766,140 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $552,524 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $8,647,417 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $22,990 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $34,550 |
| Total assets | $11,518,769 |
| Accounts payable and accrued expenses | $500,899 |
| Grants payable | $0 |
| Deferred revenue | $283,022 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $1,446,293 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $2,230,214 |
| Net assets without donor restrictions | $2,190,092 |
| Net assets with donor restrictions | $7,098,463 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $11,518,769 |
Grants Awarded
Over the last fiscal year, Eastern Maine Development Corporation has awarded $502,336 in support to 4 organizations.
| Grant Recipient | Amount |
|---|---|
Caribou, ME PURPOSE: PTAC pass-through grant | $270,700 |
Machias, ME PURPOSE: PTAC pass-through grant | $157,026 |
Orono, ME PURPOSE: PTAC pass-through grant | $67,081 |
Gallatin, TN PURPOSE: PTAC pass-through grant | $7,529 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Eastern Maine Development Corporation has recieved totaling $5,000.
| Awarding Organization | Amount |
|---|---|
Harnum Family Foundation Bangor, ME PURPOSE: GENERAL SUPPORT | $5,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Eastern Maine Development Corporation Bangor, ME | $11,518,769 | $64,676,194 |
Northern Maine Development Commission Inc Caribou, ME | $20,810,299 | $32,269,814 |
Granite State Economic Development Corp Portsmouth, NH | $20,832,618 | $9,324,758 |
Maine Development Foundation Hallowell, ME | $970,799 | $2,681,444 |
Maine Tourism Association Hallowell, ME | $2,552,212 | $2,806,092 |
Maine Manufacturing Extension Partnership Augusta, ME | $1,279,245 | $1,939,009 |
Rockingham Economic Development Corporation Raymond, NH | $17,369,754 | $4,323,565 |
Kennebec Valley Council Of Governments Fairfield, ME | $3,745,709 | $1,561,553 |
Main Street Skowhegan Skowhegan, ME | $357,285 | $771,437 |
Convention Visitors Bureau Of Greater Portland Portland, ME | $563,151 | $741,115 |
Walpole Foundation Walpole, NH | $9,906,634 | $599,898 |
New Hampshire Lodging And Resturant Association Concord, NH | $788,383 | $690,976 |