Overview
What is Skowhegan Economic Development Corp?
The Skowhegan Economic Development Corp, situated in Skowhegan, Maine, is a nonprofit organization dedicated to promoting and supporting business interests within the town and Somerset County. They achieve this goal by offering affordable rental spaces to new and expanding businesses in the area. Their mission involves fostering and encouraging the establishment, relocation, or reestablishment of various industries, including recreational, agricultural, and other business ventures in Skowhegan and Somerset County.
What are the reviews and ratings of this charity?
Charity Navigator Rating: 73%, Two-Star out of Four Star rating.
The Skowhegan Economic Development Corp has received a score of 73%, which reflects a Two-Star rating primarily based on its Accountability & Finance metrics. The organization demonstrates strong governance with 100% independent board members and documents its board meeting minutes, which enhances transparency. Additionally, it maintains a low liabilities to assets ratio of 1.10%, indicating sound financial management.
While the organization excels in governance and financial metrics, the overall rating suggests room for improvement, particularly in its program expense ratio, which is at 73.04%. This indicates that while it is effectively utilizing funds towards its mission, there may be potential for better efficiency or increased program funding. Users may want to consider these factors when assessing the organization's impact and operational effectiveness.
This AI summary has been generated from information found on Charity Navigator.
Is Skowhegan Economic Development Corp legitimate?
Skowhegan Economic Development Corp is a legitimate nonprofit organization registered as a 501(c)(3) entity. Skowhegan Economic Development Corp 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.
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Other Salaries and Wages: $3,838
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What is the mission statement of Skowhegan Economic Development Corp?
The Skowhegan Economic Development Corp's mission is centered around promoting and facilitating various business ventures. Specifically, they aim to attract and support the establishment of industries, recreational and agricultural businesses, as well as other enterprises, within their designated area. To accomplish this, they actively work towards providing affordable rental spaces for new and expanding businesses in the region. This commitment is instrumental in fostering a thriving business environment and contributing to the overall economic growth of the community.
Who is the CEO of Skowhegan Economic Development Corp?
Jason Gayne is the Treasurer of Skowhegan Economic Development Corp.
What is the revenue of Skowhegan Economic Development Corp?
Skowhegan Economic Development Corp's revenue in 2022 was -$46,435.
Who are the executives of Skowhegan Economic Development Corp and what are their salaries?
Here are 10 key members and their salaries:
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Where can I find the form 990 for Skowhegan Economic Development Corp?
Skowhegan Economic Development Corp's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Skowhegan Economic Development Corp
The Skowhegan Economic Development Corp is dedicated to promoting and facilitating the growth of various industries and businesses in the Town of Skowhegan and the County of Somerset. Their mission is to actively encourage and assist in the establishment, relocation, or expansion of diverse enterprises, including those focused on industry, recreation, agriculture, and other commercial ventures. To achieve this goal, the corporation provides affordable rental spaces to new and expanding businesses, thereby fostering a thriving business environment in the area.
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Impact
October, 2024
Skowhegan Economic Development Corp plays a crucial role in driving economic growth within the Town of Skowhegan and Somerset County. By providing affordable rental space, it fosters a supportive environment for new and growing businesses. This initiative not only encourages the establishment of industries but also promotes diversification within the local economy, attracting recreational and agricultural enterprises.
The organization actively contributes to community improvement, helping to create job opportunities and stimulate local spending. Furthermore, by assisting in the location and resettlement of businesses, it enhances the overall economic landscape, making Skowhegan a more vibrant place to live and work. The collective efforts of the Skowhegan Economic Development Corp significantly impact the region's economic vitality and long-term sustainability.
This information is meant to be a general summary of Skowhegan Economic Development Corp. 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 2022.
- Investment Income: $608
- Gross Receipts: $201,917
Assets and Liabilities:
- Total Assets: $1,736,814
- Total Liabilities: $19,206
- Net Assets: $1,717,608
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Organization Details
Principal Officer
Jason Gayne
Main Address
225 WATER ST C/O Jeff Hewett, SKOWHEGAN, ME, 04976
NTEE Category
Code: S30I - Community improvement
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