Monadnock Economic Development Corporation
- Assets
- $44.6m
- Revenue
- $2.5m
- Investments
- $500.0
- Employees
- 5
- Location
- Keene, NH
- Founding
- 09/1986
- Data as of
- 06/2021
- EIN
- 02-0395538
Organization Overview
Monadnock Economic Development Corporation is located in Keene, NH. The organization was established in 1986. According to its NTEE Classification (S31) the organization is classified as: Urban & Community Economic Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 06/2021, Monadnock Economic Development Corporation employed 5 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Monadnock 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 06/2021, Monadnock Economic Development Corporation generated $2.5m in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 0.9% each year. All expenses for the organization totaled $3.1m during the year ending 06/2021. 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
PROMOTION OF BUSINESS DEVELOPMENT AND RELOCATIONS TO THE MONADNOCK REGION OF NEW HAMPSHIRE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROMOTING OF BUSINESS DEVELOPMENT AND RELOCATIONS TO THE MONADNOCK REGION OF NEW HAMPSHIRE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Arthur Robert Executive Director | Officer | 40 | $79,681 |
George Hansel President | OfficerTrustee | 2 | $0 |
Stephen Bragdon Treasurer | OfficerTrustee | 2 | $0 |
James Rousmaniere Secretary | OfficerTrustee | 0 | $0 |
Steve Fortier Executive Director | Officer | 40 | $0 |
Juliana Bergeron Trustee | Trustee | 0 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Osgood Construction Construction | 6/29/15 | $541,700 |
Froling Energy Construction | 6/29/15 | $236,800 |
Nh Optical Systems Fiber Contract | 6/29/15 | $181,936 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $8,000 |
| All other contributions, gifts, grants, and similar amounts not included above | $684,886 |
| Noncash contributions included in lines 1a–1f | $565,163 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $692,886 |
| Total Program Service Revenue | $1,806,868 |
| Investment income | $0 |
| 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 | $2,525,403 |
| 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. | $87,577 |
| Compensation of current officers, directors, key employees. | $76,980 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $38,623 |
| Pension plan accruals and contributions | $786 |
| Other employee benefits | $12,170 |
| Payroll taxes | $8,619 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $15,012 |
| Fees for services: Accounting | $69,500 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $99,020 |
| Advertising and promotion | $351 |
| Office expenses | $6,042 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $57,967 |
| Travel | $52 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $1,610 |
| Interest | $788,040 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,303,413 |
| Insurance | $11,708 |
| All other expenses | -$15,918 |
| Total functional expenses | $3,078,706 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,511,405 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,275 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $10,058,822 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $10,618 |
| Net Land, buildings, and equipment | $31,594,670 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $500 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,387,490 |
| Total assets | $44,564,780 |
| Accounts payable and accrued expenses | $224,824 |
| Grants payable | $0 |
| Deferred revenue | $55,146 |
| 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 | $45,538,063 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $232,717 |
| Total liabilities | $46,050,750 |
| Net assets without donor restrictions | -$2,586,095 |
| Net assets with donor restrictions | $1,100,125 |
| 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 | $44,564,780 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Monadnock Economic Development Corporation has recieved totaling $12,636.
| Awarding Organization | Amount |
|---|---|
| $12,636 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Homestart Inc Boston, MA | $5,713,584 | $14,864,192 |
Massachusetts Manufacturing Extension Partnership Inc Auburn, MA | $5,456,400 | $10,807,956 |
Dorchester Bay Economic Development Corporation Dorchester, MA | $50,118,730 | $16,286,134 |
Monadnock Economic Development Corporation Keene, NH | $44,564,780 | $2,525,403 |
Worcester Business Development Corporation Worcester, MA | $18,366,111 | $1,969,639 |
Brewery Development Co Of Jamaica Plain Jamaica Plain, MA | $15,925,707 | $3,916,068 |
Sunrise County Economic Council Machias, ME | $3,070,902 | $3,332,067 |
Northern Community Investment Corp St Johnsbury, VT | $17,776,781 | $1,513,182 |
Dudley Street Neighborhood Initiative Inc Roxbury, MA | $1,937,118 | $1,598,993 |
Randolph Area Community Development Corporation Randolph, VT | $5,201,775 | $1,051,354 |
Rutland Economic Development Corporation Rutland, VT | $2,538,435 | $1,109,239 |
Beyond Walls Inc Lynn, MA | $542,232 | $900,900 |