Skowhegan Economic Development Corporation
- Assets
- $1.7m
- Revenue
- -$46.4k
- Investments
- $0.0
- Employees
- 0
- Location
- Skowhegan, ME
- Founding
- 01/1998
- Data as of
- 06/2022
- EIN
- 04-3364974
Organization Overview
Skowhegan Economic Development Corporation is located in Skowhegan, ME. The organization was established in 1998. 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. Skowhegan 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.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO FOSTER, ENCOURAGE AND ASSIST IN THE LOCATION, SETTLEMENT OR RESETTLEMENT OF INDUSTRY AND RECREATIONAL, AGRICULTURAL,AND OTHER BUSINESS ENTERPRISES IN THE TOWN OF SKOWHEGAN AND IN THE COUNTY OF SOMERSET.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO FOSTER, ENCOURAGE AND ASSIST IN BUSINESS INTERESTS IN THE TOWN OF SKOWHEGAN AND COUNTY OF SOMERSET BY PROVIDING AFFORDABLE RENTAL SPACE TO NEW AND GROWING BUSINESSES IN THE AREA.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Billy Finley Chairman | OfficerTrustee | 0 | $0 |
Reid Gibson Director | OfficerTrustee | 0 | $0 |
Matt Dubois Vice Chairman | OfficerTrustee | 0 | $0 |
Cole Clement Director | Trustee | 0 | $0 |
Steve Govoni Director | Trustee | 0 | $0 |
Jason Gayne Treasurer | Trustee | 0 | $0 |
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 | $40,000 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $40,000 |
| Total Program Service Revenue | $0 |
| Investment income | $608 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | -$87,043 |
| 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 | -$46,435 |
| 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 | $3,838 |
| 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 | $219 |
| Advertising and promotion | $0 |
| Office expenses | $578 |
| 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 | $2,000 |
| All other expenses | $0 |
| Total functional expenses | $6,635 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $346,657 |
| Savings and temporary cash investments | $9,228 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,910 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $171,951 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $1,207,068 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $1,736,814 |
| 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 | $19,206 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $19,206 |
| Net assets without donor restrictions | $1,597,641 |
| Net assets with donor restrictions | $119,967 |
| 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 | $1,736,814 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
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 |
Central Maine Growth Council Waterville, ME | $350,733 | $607,931 |
Grafton County Economic Development Council Plymouth, NH | $4,974,864 | $573,300 |