Overview
What is Maine Development Foundation?
The Maine Development Foundation, situated at 2 Beech Street Suite 203, Hallowell, ME 04347, is a nonprofit organization dedicated to promoting economic growth in Maine. Their primary mission is to foster sustainable, long-term economic development, with a focus on downtown revitalization. This involves stimulating innovative ideas, developing future leaders, and serving as a platform for addressing critical issues and advancing important causes. Their activities result in stimulating business growth, job creation, housing improvement, historic preservation, and cultural enrichment in the state. With a staff of 19 individuals, the Maine Development Foundation plays a significant role in shaping Maine's economic landscape by encouraging community-based development.
Official website here: www.mdf.org
What are the reviews and ratings of this charity?
Charity Navigator Rating: Needs Improvement (Two-Star out of Four Stars)
The Maine Development Foundation has received a rating of 73% from Charity Navigator, indicating a need for improvement in certain governance areas. While the organization excels in accountability and finance, with a perfect score in several categories such as independent board members and financial oversight, it faces challenges in transparency and policy documentation.
Strengths include the high percentage of independent board members and a solid program expense ratio, showing that the majority of funds are directed towards programs rather than administrative costs. However, the absence of key policies, including a whistleblower policy and document retention guidelines, raises concerns regarding its governance practices. Additionally, the organization did not post its tax form on its website, which could limit transparency for potential donors and the public.
Overall, while the Maine Development Foundation demonstrates sound financial management, its lack of critical governance documents and policies suggests areas where it could strengthen its operations and public trust. Continued focus on improving these aspects will be vital for enhancing its overall rating and effectiveness as a nonprofit entity.
This AI summary has been generated from information found on Charity Navigator.
Is Maine Development Foundation legitimate?
Maine Development Foundation is a legitimate nonprofit organization registered as a 501(c)(3) entity. Maine Development Foundation submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $181,801
Professional Fundraising Fees: $0
Other Salaries and Wages: $1,065,149
For more financial information, click here
Official website here: www.mdf.org
What is the mission statement of Maine Development Foundation?
The Maine Development Foundation's mission is centered around fostering sustainable, long-term economic growth in an unspecified setting. Their activities include stimulating innovative ideas, nurturing leaders, and serving as a platform for resolving challenges and advancing significant issues. The organization's programs are designed to revitalize downtown areas, promoting dynamic and community-driven development. This approach leads to economic growth, business expansion, job creation, housing renovation, historical preservation, and cultural enrichment.
Official website here: www.mdf.org
Who is the CEO of Maine Development Foundation?
Yellow Light Breen is the CEO of Maine Development Foundation The CEO's salary of Maine Development Foundation is $181,802 and their total compensation is $214,863.
Official website here: www.mdf.org
What is the revenue of Maine Development Foundation?
Maine Development Foundation's revenue in 2023 was $3,160,300.
Official website here: www.mdf.org
Who are the executives of Maine Development Foundation and what are their salaries?
The average compensation at Maine Development Foundation during 2023 was $62,348. There are 20 employees and 150 volunteers at Maine Development Foundation.
Here are 18 key members and their salaries (Maine Development Foundation's CEO's salary is $181,802 and their total compensation is $214,863):
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- Compensation: $181,802
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- Compensation: $108,029
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- Compensation: $112,058
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- Other: $16,290
Official website here: www.mdf.org
Where can I find the form 990 for Maine Development Foundation?
Maine Development Foundation's most recent form 990 was submitted in 2023 and can be accessed here.
Official website here: www.mdf.org
Learn more at the official website: www.mdf.org
Mission Statement of Maine Development Foundation
The Maine Development Foundation, established with the aim of promoting economic growth in the State of Maine, carries out its mission by fostering sustainable, long-term economic development. The organization stimulates new ideas, plays a crucial role in developing future leaders, and serves as a platform for addressing and solving problems related to economic growth and important issues. Through its programs, Maine Development Foundation encourages a community-driven approach to downtown revitalization, leading to economic development, business growth, job creation, housing renovation, historic preservation, and cultural enrichment. The Maine Downtown Center, a significant component of the foundation, works towards assisting downtowns in their revitalization efforts, promoting dynamic and locally-oriented development that contributes to economic growth and community development.
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Impact
July, 2024
Maine Development Foundation promotes economic growth in the State of Maine by supporting downtown revitalization efforts through programs like the Maine Downtown Center. This focus on dynamic and community-based development has led to economic development, business growth, job creation, housing revitalization, historic preservation, and cultural enhancement in downtown areas across the state. The foundation's overall mission is to foster sustainable, long-term economic growth in Maine by stimulating new ideas, developing leaders, and providing a platform for problem-solving and advancing important issues.
This information is meant to be a general summary of Maine Development Foundation. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2023.
- Investment Income: $30,549
- Program Service Revenue: $1,217,002
- Gross Receipts: $3,166,340
Assets and Liabilities:
- Total Assets: $1,919,051
- Total Liabilities: $1,647,351
- Net Assets: $271,700
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
Contract Income
Revenue
$880,925
Program Fees
Revenue
$328,476
Miscellaneous
Revenue
$7,601
Organization Details
Founding Year
1978
Principal Officer
Yellow Breen
Website
www.mdf.orgNTEE Category
Code: S30Z - Community improvement
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