Overview
What is Somerset Economic Development Corporation?
The Somerset Economic Development Corporation, situated in Skowhegan, Maine, serves as a crucial resource for local businesses and governments. With a dedicated team of just two individuals, this nonprofit organization plays a significant role in facilitating access to economic assistance, grants, and loans, primarily aiding in job growth and retention. By promoting economic development, they cater to over 400 clients in the county, working tirelessly to stimulate and enhance their economic well-being.
Official website here: www.somerseteconomicdevelopment.com
What are the reviews and ratings of this charity?
Rating from Charity Navigator: 33%, Zero-Star out of Four Star rating.
Somerset Economic Development Corporation has received a low accountability and finance score of 33%, resulting in a Zero-Star rating. This score indicates significant concerns regarding the organization’s financial transparency and management practices, particularly due to missing financial statements, which severely impacted their overall assessment. While the organization maintains a fully independent board, the lack of several key policies and documentation raises red flags about governance.
The organization does demonstrate some strengths, such as having all board members independent and the presence of meeting minutes. However, the absence of a whistleblower policy and a document retention policy, along with missing tax form postings on their website, suggests a gap in adhering to best practices for nonprofit governance. Additionally, the low program expense ratio points to a limited investment in direct program services relative to overall expenditures.
Overall, while Somerset Economic Development Corporation shows some positive attributes in governance, the significant limitations in financial transparency and accountability overshadow these strengths. Potential donors and stakeholders may want to exercise caution and seek further information before engaging with the organization.
This AI summary has been generated from information found on Charity Navigator.
Is Somerset Economic Development Corporation legitimate?
Somerset Economic Development Corporation is a legitimate nonprofit organization registered as a 501(c)(3) entity. Somerset Economic Development Corporation 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: $95,865
Professional Fundraising Fees: $0
Other Salaries and Wages: $10,719
For more financial information, click here
Official website here: www.somerseteconomicdevelopment.com
What is the mission statement of Somerset Economic Development Corporation?
The Somerset Economic Development Corporation's mission is centered around assisting local businesses and governments in securing economic aid, grants, and loans, primarily for the purpose of fostering job growth and retention. Their primary objective is to promote economic development, serving over 400 clients in this capacity. By providing this service, they aim to contribute to the overall economic well-being of the community.
Official website here: www.somerseteconomicdevelopment.com
What is the revenue of Somerset Economic Development Corporation?
Somerset Economic Development Corporation's revenue in 2024 was $439,678.
Official website here: www.somerseteconomicdevelopment.com
Who are the executives of Somerset Economic Development Corporation and what are their salaries?
The average compensation at Somerset Economic Development Corporation during 2024 was $53,292. There are 2 employees and 14 volunteers at Somerset Economic Development Corporation.
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Official website here: www.somerseteconomicdevelopment.com
Where can I find the form 990 for Somerset Economic Development Corporation?
Somerset Economic Development Corporation's most recent form 990 was submitted in 2024 and can be accessed here.
Official website here: www.somerseteconomicdevelopment.com
Learn more at the official website: www.somerseteconomicdevelopment.com
Mission Statement of Somerset Economic Development Corporation
The Somerset Economic Development Corporation is committed to aiding county businesses and local governments in their pursuit of economic assistance, grants, and loans. This nonprofit organization specifically focuses on fostering job growth and retention for over 400 clients. By offering such assistance, Somerset Economic Development Corporation plays a significant role in promoting economic development within its community.
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Impact
July, 2024
Somerset Economic Development Corporation plays a crucial role in boosting job growth and retention in Somerset County. Through their efforts to assist businesses and local governments in accessing economic assistance, grants, and loans, they directly contribute to the economic development of the region. With a focus on serving over 400 clients, Somerset Economic Development Corporation actively promotes economic growth in Skowhegan, ME, and surrounding areas. Their impact is tangible in the form of job creation, business expansion, and overall prosperity for the community they serve.
This information is meant to be a general summary of Somerset Economic Development Corporation. 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 2024.
- Investment Income: $80,388
- Program Service Revenue: $1,240
- Gross Receipts: $439,678
Assets and Liabilities:
- Total Assets: $3,148,019
- Total Liabilities: $1,518,900
- Net Assets: $1,629,119
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
LOAN ADMINISTRATION
Revenue
$1,240
Organization Details
Founding Year
1999
Principal Officer
Christian Savage
NTEE Category
Code: W20 - Public benefit
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