Coastal Enterprises Inc

Overview

Mission

Cei integrates financing, small business and industry expertise, and policy solutions to grow a vibrant future for people and communities in Maine and rural regions.

What it reported doing in 2023

To help create opportunities for communities and individuals, especially those with low incomes, by developing and administering programs and mobilizing funds to stimulate economic activity through investment, technical assistance, education and training primarily in small businesses, affordable housing and community facilities.

Operating model

Revenue model
Mixed. Its operating money came from several sources; no one source provided a clear majority.
Distribution model
Hybrid. The nonprofit split its reported program spending across 69% for direct work, and 31% for grants.

Nonprofit profile at a glance

EIN
010347504
IRS 990 coverage
2009–2023
Forms available
Form 990 2023
Headquarters
Brunswick, ME, USA
Phone
2075045900
Rating
78
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Low-Income & Subsidized Rental Housing

Official website

The verdict

SUPPORTED - A large share of total spending goes to programs and the filed numbers largely add up. A relatively small share of available resources goes toward mission work and some related-organization disclosures are missing.

Rating breakdown

  • Financial Efficiency: 65
  • Transparency & Controls: 81
  • Accountability: 93
  • Sustainability: 76
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 52.2%; rating input score 52
  • Program expense ratio: 80.5%; rating input score 81
  • Fundraising efficiency: $75.1 raised per $1 spent on fundraising; rating input score 81; 81st percentile among comparable filings

Transparency & Controls

  • Consistency checks: 93.8%; rating input score 94; 17th percentile among comparable filings
  • Pay-setting controls: 3 of 6 controls in place; rating input score 50
    • Compensation committee: Missing
    • Independent consultant: Pass
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Pass
    • Board or committee approval: Pass
  • Foreign activity oversight: Limited
  • Grant itemization coverage: 99%; rating input score 99; 32nd percentile among comparable filings
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Scored; rating input score 0

Accountability

  • Independent voting board: 88.2%; rating input score 88; 21st percentile among comparable filings
  • Governance controls: 9 of 9 controls in place; rating input score 100
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • Other executive compensation review process: Pass
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 40.6%; rating input score 93; 93rd percentile among comparable filings
  • Total-asset coverage ratio: 6.39; rating input score 88; 88th percentile among comparable filings
  • Liabilities to assets ratio: 0.61; rating input score 23; 23rd percentile among comparable filings
  • Officer compensation ratio: 7%; rating input score 33; 33rd percentile among comparable filings

Growth

  • Program expense growth: 6.8% per year; rating input score 100; 56th percentile among comparable filings
  • Revenue growth: 7.7% per year; rating input score 100; 65th percentile among comparable filings
  • Asset growth: 6.3% per year; rating input score 100; 45th percentile among comparable filings

Details

  • Where the money goes: 52.2% of revenue deployed · 80.5% of spending went to programs
  • Governance: 15 of 17 board members independent · 9 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $19.1M in reported program spending
  • Leadership: top reported pay $296K · 32 people listed · 3 of 6 pay-setting controls reported
  • Highest-paid contractors: 2 contractors listed · $323K reported
  • Consistency: 37 of 38 current checks pass · 1 finding to review
  • Schedules: 9 filed schedules · includes major donors, grants, executive pay, and related organizations
  • Filing history: 15 annual filings from 2009 to 2023
  • Contacts: How to reach this organization
  • Money network: 109 filed money-flow records
  • Related organizations: 23 filed related-organization links
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.

Leadership & pay

32 people listed

Highest reported compensation

  • ELISABETH BIEMANN (CHIEF EXECUTIVE OFFICER): $296,330 total reported compensation
  • KEITH BISSON (PRESIDENT): $230,622 total reported compensation
  • TERESA JANKOVIC (CFO/TREASURER): $205,842 total reported compensation

Source: IRS Form 990. Selected filing: FY2023.