Mount Desert 365
- Assets
- $10.3m
- Revenue
- $159.5k
- Investments
- $0.0
- Employees
- 3
- Location
- Northeast Harbor, ME
- Founding
- 10/2017
- Data as of
- 12/2022
- EIN
- 82-1645703
Organization Overview
Mount Desert 365 is located in Northeast Harbor, ME. The organization was established in 2017. 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 12/2022, Mount Desert 365 employed 3 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Mount Desert 365 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 12/2022, Mount Desert 365 generated $159.5k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 6 years, the organization has seen revenues fall by an average of (45.7%) each year. All expenses for the organization totaled $628.1k during the year ending 12/2022. 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
CHARITABLE PURPOSES, INCLUDING LESSENING THE BURDENS OF GOVERNMENT AND COMBATING (SEE SCHEDULE O) COMMUNITY DETERIORATION IN THE TOWN OF MOUNT DESERT, MAINE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
COMMERCIAL REVITALIZATION - THE CORPORATION ENGAGED IN ACTIVITIES TO HELP PROMOTE THE RESTORATION AND REVITALIZATION OF THE TOWN'S COMMERCIAL DISTRICT. THE CORPORATION HAS ACQUIRED AND DEVELOPED COMMERCIAL PROPERTIES FOR RENTAL ON AFFORDABLE TERMS TO BUSINESSES THAT WILL OPERATE YEAR-ROUND AND PROVIDE PRODUCTS AND SERVICES TO SERVE THE YEAR-ROUND RESIDENTIAL COMMUNITY, AND WILL CONTINUE TO DO SO. OTHER OPTIONS FOR REVITALIZING THE TOWN'S COMMERCIAL DISTRICT INCLUDE IMPLEMENTING OPTIONS SIMILAR TO THOSE DISCUSSED IN PART III, 4B FOR PROVIDING AND PRESERVING AFFORDABLE WORKFORCE HOUSING IN ORDER TO PRESERVE AFFORDABLE COMMERCIAL DISTRICT SPACE. THE ANCHOR TENANT OF OUR INITIAL BUILDING IS A NOT-FOR-PROFIT ENTITY BRINGING PERSONNEL AND COMMERCE TO THE TOWN CONSISTENT WITH OUR MISSION. WE LEASED LAND TO COLLEGE OF THE ATLANTIC UPON WHICH THEY CONSTRUCTED A BUILDING WHICH INCLUDES COMMERCIAL OPERATIONS AND STUDENT HOUSING ON A YEAR-ROUND BASIS.
RESIDENTIAL REVITALIZATION - THE CORPORATION AIMS TO INCREASE THE SUPPLY OF AFFORDABLE WORKFORCE HOUSING TO YEAR-ROUND RESIDENTS WHILE ENSURING THAT SUCH HOUSING WILL STAY AFFORDABLE IN THE FUTURE, AND THUS REMAIN WORKFORCE HOUSING PERPETUALLY. THE CORPORATION WILL CONDUCT THE PROGRAM IN SUCH A WAY THAT THE SUPPLY OF WORKFORCE HOUSING REMAINS AVAILABLE TO THE WORKFORCE AND CANNOT BE ACQUIRED BY SUMMER RESIDENTS FOR USE AS SEASONAL HOMES. CURRENTLY, THREE PROPERTIES ARE RENTED TO YEAR-ROUND TENANTS, AND ONE PROPERTY HAS BEEN SOLD UNDER WORKFORCE HOUSING COVENANTS IN CONJUNCTION WITH ISLAND HOUSING TRUST. DURING 2022, PLANS FOR PROPERTIES TO BE RECONDITIONED FOR THE PURPOSES DESCRIBED WERE FURTHER DEVELOPED.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Kathleen Miller Executive Director | Officer | 40 | $134,070 |
Mitchell P Rales Director / Secretary | OfficerTrustee | 2 | $0 |
Steven M Rales Director / President | OfficerTrustee | 2 | $0 |
H Winston Holt IV Director | OfficerTrustee | 2 | $0 |
C Scott Brannan Assistant Treasurer | Officer | 6 | $0 |
Rodney Eason Director | Trustee | 2 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
E L Shea General Construction Contractor | 12/30/19 | $693,029 |
A4 Architects Architect | 12/30/19 | $113,905 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $18,000 |
| All other contributions, gifts, grants, and similar amounts not included above | $23,675 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $41,675 |
| Total Program Service Revenue | $117,475 |
| Investment income | $369 |
| 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 | $159,519 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $10,000 |
| 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. | $134,070 |
| Compensation of current officers, directors, key employees. | $42,911 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $116,170 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $22,002 |
| Payroll taxes | $19,640 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $16,768 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $500 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $20,953 |
| Advertising and promotion | $0 |
| Office expenses | $17,683 |
| 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 | $56,900 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $124,975 |
| Insurance | $40,686 |
| All other expenses | $0 |
| Total functional expenses | $628,130 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $195 |
| Savings and temporary cash investments | $412,654 |
| 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 | $9,841,841 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $38 |
| Total assets | $10,254,728 |
| 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 | $992,752 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $5,800 |
| Total liabilities | $998,552 |
| Net assets without donor restrictions | $9,256,176 |
| 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 | $10,254,728 |
Grants Awarded
Over the last fiscal year, Mount Desert 365 has awarded $10,000 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
LITTLE RED FLOWER TRUCK LLC PURPOSE: enhance year-round businesses to support the community | $5,000 |
CRANBERRY OYSTERS PURPOSE: enhance year-round businesses to support the community | $5,000 |
Grants Recieved
Over the last fiscal year, we have identified 2 grants that Mount Desert 365 has recieved totaling $201,500.
| Awarding Organization | Amount |
|---|---|
Indian Paintbrush Foundation Washington, DC PURPOSE: GENERAL SUPPORT | $200,000 |
Eacho Family Foundation Bethesda, MD PURPOSE: CHARITABLE | $1,500 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Monadnock Economic Development Corporation Keene, NH | $44,564,780 | $2,525,403 |
Sunrise County Economic Council Machias, ME | $3,070,902 | $3,332,067 |
Mount Desert 365 Northeast Harbor, ME | $10,254,728 | $159,519 |
Scarborough Economic Development Corp Scarborough, ME | $55,641 | $261,794 |
Piscataquis County Economic Development Council Dover Foxcroft, ME | $741,779 | $245,939 |
New Hampshire Alliance Of Regional Development Corporations Inc Conway, NH | $15,527 | $192,249 |
Friends Of Congress Square Park Portland, ME | $324,204 | $332,794 |
Alpha Loft Manchester, NH | $17,481 | $56,639 |
Colebrook Downtown Development Associatioon Inc Colebrook, NH | $0 | -$123,112 |
Keene Downtown Housing Corporation Keene, NH | $654,446 | $3,885 |
Newmarket Community Development Corp Newmarket, NH | $852,183 | $49,933 |
Greater Keene Chamber Of Commerce Foundation Keene, NH | $72,794 | $63,500 |