Central Maine Growth Council
- Assets
- $350.7k
- Revenue
- $607.9k
- Investments
- $0.0
- Employees
- 0
- Location
- Waterville, ME
- Founding
- 01/2004
- Data as of
- 06/2022
- EIN
- 01-0546258
Organization Overview
Central Maine Growth Council is located in Waterville, ME. The organization was established in 2004. 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. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Central Maine Growth Council is a 501(c)(6) and as such, is described as a "Business League, Chambers of Commerce, or Real Estate Board" by the IRS.
For the year ending 06/2022, Central Maine Growth Council generated $607.9k in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 20.7% each year . All expenses for the organization totaled $593.2k during the year ending 06/2022. While expenses have increased by 22.5% 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
THE GROWTH COUNCIL WAS ESTABLISHED TO FOSTER A ROBUST REGIONAL ECONOMY IN A COLLABORATIVE MANNER IN A MULT-TOWN COMMUNITY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
CENTRAL MAINE GROWTH COUNCIL WAS ESTABLISHED TO FOSTER A ROBUST REGIONAL ECONOMY IN A COLLABORATIVE MANNER IN A MULTI-TOWN COMMUNITY. IT PROVIDES BUSINESS COUNSELING, ASSISTS BUSINESS IN GETTING FINANCIAL RESOURCES AND INCENTIVES,AND PARTNERS WITH OTHER ORGANIZATIONS IN THE COMMUNITY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Kim Lindlof Executive Di | Officer | 2 | $132,522 |
Chris Gaunce Chair | OfficerTrustee | 2 | $0 |
Ryan Poulin Vice-Chair | OfficerTrustee | 2 | $0 |
Brian Clark Secretary | OfficerTrustee | 2 | $0 |
Beth Gibbs Treasurer | OfficerTrustee | 2 | $0 |
Paul Stein Director | Trustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $110,101 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $77,168 |
| All other contributions, gifts, grants, and similar amounts not included above | $420,366 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $607,635 |
| Total Program Service Revenue | $0 |
| Investment income | $296 |
| 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 | $607,931 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $24,965 |
| 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 | $431,193 |
| Fees for services: Legal | $110 |
| Fees for services: Accounting | $2,220 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $1,743 |
| Advertising and promotion | $13,357 |
| Office expenses | $20,618 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $39,914 |
| Travel | $1,310 |
| 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 | $3,000 |
| Insurance | $2,728 |
| All other expenses | $9,304 |
| Total functional expenses | $593,218 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $232,592 |
| Pledges and grants receivable | $77,168 |
| Accounts receivable, net | $38,973 |
| 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 | $2,000 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $350,733 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $0 |
| Deferred revenue | $85,333 |
| 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 | $85,333 |
| Net assets without donor restrictions | $213,351 |
| Net assets with donor restrictions | $52,049 |
| 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 | $350,733 |
Grants Awarded
Over the last fiscal year, Central Maine Growth Council has awarded $15,963 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
FOCUS PURPOSE: FACADE GRANT | $10,000 |
SIDNEY H GELLER TRUST PURPOSE: FACADE GRANT | $5,963 |
Grants Recieved
Over the last fiscal year, we have identified 2 grants that Central Maine Growth Council has recieved totaling $165,309.
| Awarding Organization | Amount |
|---|---|
Maine Technology Institute Brunswick, ME PURPOSE: Dirigo Labs: Fostering Innovation & Collaboratively Supporting Maine-based Entrepreneurs | $100,000 |
President & Trustees Of Colby College Waterville, ME PURPOSE: General support | $65,309 |
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 |