Orono Economic Development Corporation
- Assets
- $698.9k
- Revenue
- $78.9k
- Investments
- $0.0
- Employees
- 0
- Location
- Orono, ME
- Founding
- 09/2001
- Data as of
- 06/2024
- EIN
- 01-0535770
Organization Overview
Orono Economic Development Corporation is located in Orono, ME. The organization was established in 2001. According to its NTEE Classification (S40) the organization is classified as: Business & Industry, 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. Orono Economic Development Corporation is a 501(c)(4) and as such, is described as a "Civic League, Social Welfare Organization, and Local Association of Employees" by the IRS.
For the year ending 06/2024, Orono Economic Development Corporation generated $78.9k in total revenue. All expenses for the organization totaled $37.2k during the year ending 06/2024.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2024
Describe the Organization's Mission:
Part 3 - Line 1
ENHANCE ECONOMIC DEVELOPMENT IN THE GREATER ORONO, ME AREA BY ATTRACTING NEW BUSINESSES AND CREATING NEW JOBS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE ORGANIZATION LISTED AND SOLD ITS ONLY COMMERCIAL PROPERTY AT 3 GODFREY DRIVE IN ORONO IN 2015. THE SALE PRICE ALLOWED THE ORGANIZATION TO REIMBURSEMENT THE TOWN OF ORONO FOR THE OUTSTANDING BALANCE ON THEIR BUILDING BOND, AND TO INVEST IN A RESERVE FOR FUTURE PROJECTS. IN 2016, THE ORGANIZATION HIRED WBRC ARCHITECTS AND ENGINEERS TO RECOMMEND A FINAL "BUILD-OUT" PLAN FOR THE MAINE TECHNOLOGY PARK. IN 2018, THE ORGANIZATION PURCHASED THE TAYLOR BAIT PROPERTY AT 153 TAYLOR ROAD WITH THE INTENT TO RENOVATE THE BUILDING AND PROPERTY AS A PUBLIC, FOUR-SEASON OUTDOOR CENTER. THE RENOVATION WAS COMPLETED IN LATE 2022. FINALLY, THE ORGANIZATION IS CURRENTLY INVOLVED IN A FEASIBILITY STUDY OF VERNAL POOL SPECIAL AREA MANAGEMENT (SAMP) FOR ORONO, AS WELL AS SUPPORTING REDEVELOPMENT EFFORTS RELATED TO AN ARTS AND CULTURAL FACILITY IN DOWNTOWN.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Robert Bass Treasurer | OfficerTrustee | 1 | $0 |
Mark Erhardt Vice Preside | OfficerTrustee | 1 | $0 |
Geoffrey Gordon Director | Trustee | 1 | $0 |
Lorie Osher Director | Trustee | 1 | $0 |
David Pickering Director | Trustee | 1 | $0 |
Stevenson Sheppard President | OfficerTrustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $34,500 |
| All other contributions, gifts, grants, and similar amounts not included above | $39,662 |
| Noncash contributions included in lines 1a–1f | $10,647 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $74,162 |
| Total Program Service Revenue | $0 |
| Investment income | $4,561 |
| 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 | $78,914 |
| 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 | $85 |
| 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 | $1,088 |
| Office expenses | $173 |
| 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 | $16,140 |
| Insurance | $5,949 |
| All other expenses | $2,004 |
| Total functional expenses | $37,180 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $14,939 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| 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 | $486,157 |
| Investments—publicly traded securities | $197,765 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $698,861 |
| 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 | $698,861 |
| 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 | $698,861 |