Greater Franklin Development Council
- Assets
- $648.2k
- Revenue
- $725.1k
- Investments
- $0.0
- Employees
- 2
- Location
- Farmington, ME
- Founding
- 03/2000
- Data as of
- 12/2021
- EIN
- 01-0524770
Organization Overview
Greater Franklin Development Council is located in Farmington, ME. The organization was established in 2000. 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 12/2021, Greater Franklin Development Council employed 2 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Greater Franklin Development Council 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 12/2021, Greater Franklin Development Council generated $725.1k in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 30.2% each year . All expenses for the organization totaled $215.6k during the year ending 12/2021. While expenses have increased by 8.9% per year over the past 7 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
GFDCS MISSION IS TO ATTRACT AND ASSIST BUSINESSES AND ENTREPRENEURS BY ADVOCATING, PROMOTING, AND COLLABORATING TO SUPPORT A SUSTAINABLE AND THRIVING COMMUNITY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
GFDC WAS ESTABLISHED BY A GROUP OF LOCAL BUSINESS PEOPLE TO STRENGTHEN ECONOMIC DEVELOPMENT IN THE GREATER FRANKLIN COUNTY AREA. OUR GOAL IS TO CREATE AND RETAIN QUALITY EMPLOYMENT OPPORTUNITIES BY ATTRACTING NEW BUSINESSES, ASSISTING LOCAL EMPLOYERS, AND ENCOURAGING ENTREPRENEURSHIP.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Charlie Woodworth Executive Director | Officer | 40 | $77,500 |
Tom Hildreth Chair | OfficerTrustee | 5 | $0 |
Timothy Thompson Treasurer | OfficerTrustee | 5 | $0 |
Robyn Raymond Secretary | OfficerTrustee | 5 | $0 |
Katherine Carlson Vice Chair | OfficerTrustee | 5 | $0 |
Edward Serna Director | Trustee | 5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $500,000 |
| All other contributions, gifts, grants, and similar amounts not included above | $195,704 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $695,704 |
| Total Program Service Revenue | $14,250 |
| Investment income | $34 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $1,423 |
| 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 | $725,070 |
| 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. | $77,500 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $42,885 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $27,291 |
| Payroll taxes | $10,291 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $4,206 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $2,288 |
| Office expenses | $2,625 |
| Information technology | $40 |
| Royalties | $0 |
| Occupancy | $14,403 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $1,812 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $3,619 |
| All other expenses | $550 |
| Total functional expenses | $215,617 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $646,599 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,558 |
| 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 | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $648,157 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| 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 | $0 |
| Total liabilities | $0 |
| Net assets without donor restrictions | $648,157 |
| Net assets with donor restrictions | $0 |
| 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 | $648,157 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Greater Franklin Development Council has recieved totaling $10,000.
| Awarding Organization | Amount |
|---|---|
Franklin Savings Bank Community Development Foundation Farmington, ME PURPOSE: GENERAL OPERATING SUPPORT | $10,000 |
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 |