Westbrook Development Corporation
- Assets
- $6.2m
- Revenue
- $2.0m
- Investments
- $0.0
- Employees
- 0
- Location
- Westbrook, ME
- Founding
- 06/1988
- Data as of
- 12/2023
- EIN
- 01-0434709
Organization Overview
Westbrook Development Corporation is located in Westbrook, ME. The organization was established in 1988. According to its NTEE Classification (S20) the organization is classified as: Community & Neighborhood Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Westbrook 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 12/2023, Westbrook Development Corporation generated $2.0m in total revenue. This organization has experienced exceptional growth, as over the past 9 years, it has increased revenue by an average of 45.1% each year . All expenses for the organization totaled $684.9k during the year ending 12/2023. While expenses have increased by 35.8% per year over the past 9 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.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Christopher Laroche Director | 1 | $0 | |
Thomas Bartell Chairperson | 1 | $0 | |
Peter Plummer Vice Chairperson | 1 | $0 | |
Tom Rubino Director | 1 | $0 | |
Lewis Emery Director | 1 | $0 | |
Gary Sanborn Director | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $716,688 |
| Interest on Savings | $81 |
| Dividends & Interest | $0 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $0 |
| Capital Gain Net Income | $0 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $1,257,073 |
| Total Revenue | $1,973,842 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $0 |
| Other employee salaries and wages | $391,410 |
| Pension plans, employee benefits | $0 |
| Interest | $0 |
| Taxes | $0 |
| Depreciation | $0 |
| Occupancy | $0 |
| Travel, conferences, and meetings | $0 |
| Printing and publications | $0 |
| Other expenses | $55,511 |
| Total operating and administrative expenses | $684,863 |
| Contributions, gifts, grants paid | $0 |
| Total expenses and disbursements | $684,863 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $3,037,500 |
| Savings and temporary cash investments | $0 |
| Net Accounts receivable | $16,000 |
| Net Pledges Receivable | $0 |
| Grants receivable | $0 |
| Receivables from Officers, Directors, or Controlling Persons | $0 |
| Net other notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $3,094 |
| Net Investments - land, buildings, equipment | $0 |
| Investments—mortgage loans | $0 |
| Investments—other | $0 |
| Net Land, buildings, and equipment | $113,500 |
| Other assets | $2,996,569 |
| Total assets | $6,166,663 |
| Accounts payable and accrued expenses | $85 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Mortgages and other notes payable | $0 |
| Other liabilities | $99,289 |
| Total liabilities | $99,374 |