Bangor Target Area Development Corporation
- Assets
- $1.6m
- Revenue
- $290.6k
- Investments
- $0.0
- Employees
- 1
- Location
- Bangor, ME
- Founding
- 05/1974
- Data as of
- 12/2022
- EIN
- 23-7307277
Organization Overview
Bangor Target Area Development Corporation is located in Bangor, ME. The organization was established in 1974. According to its NTEE Classification (S20) the organization is classified as: Community & Neighborhood 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. Bangor Target Area 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 12/2022, Bangor Target Area Development Corporation generated $290.6k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 8 years, the organization has seen revenues fall by an average of (23.7%) each year. All expenses for the organization totaled $343.4k during the year ending 12/2022. As we would expect to see with falling revenues, expenses have declined by (22.5%) per year over the past 8 years. 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
PROMOTING INDUSTRY IN BANGOR
Describe the Organization's Program Activity:
Part 3 - Line 4a
RENTAL OF FACILITIES FOR INCUBATION OF INFORMATION TECHNOLOGY AND RESEARCH BUSINESSES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Evan Richert Director | Trustee | 1 | $0 |
Jake Ward Director | Trustee | 1 | $0 |
Rick Fournier Treasurer | OfficerTrustee | 2 | $0 |
Cynthia M Mehnert Corporate Clerk | OfficerTrustee | 2 | $0 |
Steve Bolduc President | OfficerTrustee | 2 | $0 |
Mitch Stone Vice President | OfficerTrustee | 1 | $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 | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $291,297 |
| Investment income | $2,797 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$3,448 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $290,646 |
| 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. | $41,344 |
| Compensation of current officers, directors, key employees. | $17,174 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $3,440 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $3,939 |
| Fees for services: Accounting | $2,244 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $12,039 |
| Advertising and promotion | $336 |
| Office expenses | $0 |
| 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 | $12,418 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $93,113 |
| Insurance | $12,737 |
| All other expenses | $31,642 |
| Total functional expenses | $343,424 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $57,364 |
| Savings and temporary cash investments | $10,273 |
| 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 | $1 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $5,812 |
| Net Land, buildings, and equipment | $1,339,922 |
| Investments—publicly traded securities | $229,491 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $4,607 |
| Other assets | $0 |
| Total assets | $1,647,470 |
| Accounts payable and accrued expenses | $5,846 |
| Grants payable | $0 |
| Deferred revenue | $12,939 |
| 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 | $245,864 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $264,649 |
| Net assets without donor restrictions | $1,382,821 |
| 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 | $1,647,470 |
Grants Awarded
Over the last fiscal year, Bangor Target Area Development Corporation has awarded $23,419 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
UPSTART MAINE INC PURPOSE: DONATION OF COST TO OBTAIN 501(C)3 STATUS | $18,419 |
SCRATCHPAD ACCELERATOR LLC PURPOSE: SPONSORSHIP | $5,000 |