Somerset Economic Development Corporation

Organization Overview

Somerset Economic Development Corporation is located in Skowhegan, ME. The organization was established in 2000. According to its NTEE Classification (W20) the organization is classified as: Government & Public Administration, under the broad grouping of Public & Societal Benefit and related organizations. As of 12/2021, Somerset Economic Development Corporation employed 2 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Somerset Economic 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 12/2021, Somerset Economic Development Corporation generated $271.9k in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 15.8% each year . All expenses for the organization totaled $166.0k during the year ending 12/2021. While expenses have increased by 8.3% 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.

Mission & Program ActivityExcerpts From the 990 Filing

TAX YEAR

2021

Describe the Organization's Mission:

Part 3 - Line 1

WE ASSIST COUNTY BUSINESSES AND LOCAL GOVERNMENTS IN ACCESSING ECONOMIC ASSISTANCE, GRANTS AND LOANS FOR JOB GROWTH AND RETENTION. PROMOTE ECONOMIC DEVELOPMENT TO 400+/- CLIENTS

Describe the Organization's Program Activity:

Part 3 - Line 4a

ASSIST COUNTY BUSINESSES AND LOCAL GOVERNMENTS IN ACCESSING ECONOMIC ASSISTANCE,GRANTS, AND LOANS FOR JOB CREATION AND RETENTION. ALSO PROMOTING ECONOMIC DEVELOPMENT: 400 +/- CLIENTS HELPED


WE ASSIST COUNTY BUSINESSES AND LOCAL GOVERNMENTS IN ACCESSING ECONOMIC ASSISTANCE THROUGH GRANTS,AND LOANS FOR JOB GROWTH. WE HAVE AIDED 400+- CLIENTS.


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Board, Officers & Key Employees

Name (title)Compensation
Vicki Alward
Treasurer
$0
Destiny Demo
Vice Preside
$0
Jeff Mcgown
President
$0
Kathryn Ruth
Secretary
$0
David Dorr
Director
$0
Tim Curtis
Director
$0

Financial Statements

Statement of Revenue
Federated campaigns$0
Membership dues$0
Fundraising events$0
Related organizations$0
Government grants $96,300
All other contributions, gifts, grants, and similar amounts not included above$150,280
Noncash contributions included in lines 1a–1f $0
Total Revenue from Contributions, Gifts, Grants & Similar$246,580
Total Program Service Revenue$0
Investment income $25,357
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 $271,933

Grants Recieved

Over the last fiscal year, we have identified 2 grants that Somerset Economic Development Corporation has recieved totaling $306,000.

Awarding OrganizationAmount
United States Endowment Forforestry And Communities Inc

Greenville, SC

PURPOSE: ECONOMIC DEVELOPMENT ADMINISTRATION

$291,000
Maine Community Foundation Inc

Ellsworth, ME

PURPOSE: Broadband Expansion

$15,000
View Grant Recipient Profile

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