Maine Development Foundation
- Assets
- $1.9m
- Revenue
- $2.8m
- Investments
- $0.0
- Employees
- 19
- Location
- Hallowell, ME
- Founding
- 08/1978
- Data as of
- 12/2022
- EIN
- 01-0355563
Organization Overview
Maine Development Foundation is located in Hallowell, ME. The organization was established in 1978. 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 12/2022, Maine Development Foundation employed 19 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Maine Development Foundation 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 12/2022, Maine Development Foundation generated $2.8m in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 12.6% each year . All expenses for the organization totaled $2.7m during the year ending 12/2022. While expenses have increased by 10.9% per year over the past 8 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.
Since 2018, Maine Development Foundation has awarded 30 individual grants totaling $1,861,905. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO PROMOTE ECONOMIC GROWTH IN THE STATE OF MAINE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
MAINE DOWNTOWN CENTER WORKS TO HELP DOWNTOWNS WITH THEIR REVITALIZATION EFFORTS AND FOSTERS DOWNTOWN DEVELOPMENT THAT IS DYNAMIC AND COMMUNITY-BASED, AND RESULTS IN ECONOMIC DEVELOPMENT, BUSINESS GROWTH, JOB CREATION, HOUSING REVITALIZATION, HISTORIC PRESERVATION, AND CULTURAL ENHANCEMENT.
LEADERSHIP MAINE IS A POWERFUL, NINE-MONTH, OUTWARD JOURNEY THAT TAKES A LEADER BEYOND THEIR DAY-TO-DAY EXPERIENCE AND EXPANDS THEIR CAPACITY TO SHAPE OUR STATE'S FUTURE. THE LEADERSHIP MAINE CURRICULUM IS DESIGNED FOR LEADERS FROM ALL SECTORS. EACH LEADERSHIP MAINE CLASS IS GIVEN REAL-LIFE CHALLENGES TO ADDRESS. PARTICIPANTS WORK IN TEAMS TO ADDRESS THE ASSIGNED ISSUE, CONNECT WITH KEY STAKEHOLDERS, ORGANIZATIONS AND GROUPS, AND DEVELOP A SOLUTION-ORIENTED PATH WITH THE GOAL OF IMPROVING THE ECONOMY.
THE FOREST ECONOMY PROJECT WAS LAUNCHED IN SUMMER 2016 TO SUPPORT INDUSTRY, COMMUNITY, AND RESEARCH LEADERS TO DEVELOP AND IMPLEMENT RECOMMENDATIONS TO STRENGTHEN AND DIVERSIFY MAINE'S FOREST INDUSTRY AND RURAL ECONOMIES, SUPPORTED INITIALLY BY A 3-YEAR FEDERAL ECONOMIC DEVELOPMENT ADMINISTRATION GRANT TO ASSIST WITH SUPPORTING, COORDINATING, AND REPORTING ON MAINE'S FOREST ECONOMY RECOVERY AND REVITALIZATION EFFORT.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Amy Landry Treasurer | OfficerTrustee | 1 | $0 |
Carlos Mello Director | Trustee | 1 | $0 |
Catherine Wygant Fossett Director | Trustee | 1 | $0 |
Deborah Johnson Director | Trustee | 1 | $0 |
Eric Soelberg Director | Trustee | 1 | $0 |
Hannah Carter Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $1,298,998 |
| All other contributions, gifts, grants, and similar amounts not included above | $370,514 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,669,512 |
| Total Program Service Revenue | $1,129,120 |
| Investment income | $4,653 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $2,803,285 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $757,270 |
| 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. | $171,862 |
| Compensation of current officers, directors, key employees. | $34,451 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $973,665 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $270,236 |
| Payroll taxes | $78,289 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $193,845 |
| Advertising and promotion | $1,856 |
| Office expenses | $12,836 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $31,566 |
| Travel | $49,014 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $96,760 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $13,648 |
| Insurance | $9,993 |
| All other expenses | $22,483 |
| Total functional expenses | $2,739,656 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $10,270 |
| Savings and temporary cash investments | $1,542,487 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $286,315 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $10,830 |
| Net Land, buildings, and equipment | $22,377 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $46,772 |
| Total assets | $1,919,051 |
| Accounts payable and accrued expenses | $161,850 |
| Grants payable | $0 |
| Deferred revenue | $1,440,712 |
| 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 | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $44,789 |
| Total liabilities | $1,647,351 |
| Net assets without donor restrictions | $121,518 |
| Net assets with donor restrictions | $150,182 |
| 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 | $1,919,051 |
Grants Awarded
Over the last fiscal year, Maine Development Foundation has awarded $639,676 in support to 11 organizations.
| Grant Recipient | Amount |
|---|---|
EASTPORT PUBLIC LIBRARY ASSOCIATION PURPOSE: Peavey Memorial Library | $64,616 |
JOHNSON HALL INC PURPOSE: Redevelopment of Johnson Hall | $12,550 |
TOWN OF LINCOLN MAINE PURPOSE: Economic Development | $114,523 |
TOWN OF MADISON MAINE PURPOSE: Economic Development | $30,000 |
TOWN OF EAST MILLINOCKET MAINE PURPOSE: Economic Development | $61,032 |
THE CHOCOLATE CHURCH ARTS CENTER PURPOSE: Economic Development | $42,038 |