October Corporation
- Assets
- $59.5m
- Revenue
- -$1.8m
- Investments
- $0.0
- Employees
- 0
- Location
- Portland, ME
- Founding
- 09/1999
- Data as of
- 12/2022
- EIN
- 01-0527044
Organization Overview
October Corporation is located in Portland, ME. The organization was established in 1999. According to its NTEE Classification (S47) the organization is classified as: Real Estate Associations, 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. October Corporation is a 501(c)(2) and as such, is described as a "Title Holding Corporation for an Exempt Organization" by the IRS.
For the year ending 12/2022, October Corporation generated -$1.8m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 4 years, the organization has seen revenues fall by an average of (15.0%) each year.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO HOLD TITLE TO REAL ESTATE ON BEHALF OF LIBRA FOUNDATION; RECEIVE ALL NET RENTAL INCOME AND DISTRIBUTE IT TO LIBRA FOUNDATION.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE ORGANIZATION RECEIVED NET RENTAL INCOME FROM PROPERTIES HELD FOR THE LIBRA FOUNDATION.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Craig N Denekas President, Director | OfficerTrustee | 1 | $14,500 |
Owen W Wells Director | Trustee | 1 | $14,500 |
Pendred E Noyce Director | Trustee | 1 | $14,500 |
William J Ryan Director | Trustee | 1 | $14,500 |
Jere G Michelson Vice-President | Officer | 1 | $0 |
Erik K Hayward Executive Vice-President | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Shaw Brothers Construction Inc Construction | 12/30/22 | $608,349 |
Bw & Sons Roofing Inc Roofing Contractor | 12/30/22 | $207,750 |
Country Pride Cleaning Cleaning | 12/30/22 | $161,701 |
Unity College Construction | 12/30/22 | $509,345 |
Boulos Property Management Property Manager | 12/30/22 | $192,697 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $0 |
| Investment income | $322 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | -$2,358,798 |
| Net Gain/Loss on Asset Sales | $545,748 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | -$1,812,728 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| 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 | $0 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $0 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $35,670 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $8,092 |
| 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 | $7,582 |
| Net Land, buildings, and equipment | $58,150,721 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,300,136 |
| Total assets | $59,502,201 |
| Accounts payable and accrued expenses | $316,243 |
| Grants payable | $0 |
| Deferred revenue | $33,567 |
| 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 | $175,578 |
| Total liabilities | $525,388 |
| Net assets without donor restrictions | $58,976,813 |
| 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 | $59,502,201 |