Orono Economic Development Corp

Nonprofit profile at a glance

EIN
010535770
IRS 990 coverage
2010–2024
Forms available
Form 990 2024, Form 990-EZ 2016, Form 990-N 2021
Location
Orono, ME, USA
Phone
2079447554
Rating
77
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Business and Industry

Reported finances

Revenue
$-411,486
Expenses
$23,151
Assets
$272,436
Liabilities
$0

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

Leadership & pay

10 people listed

Executive titles in this filing

  • DAVE PICKERING (PRESIDENT)

People named in this filing

  • ROBERT BASS (TREASURER)
  • NANCY PRISK (DIRECTOR)
  • GEOFFREY GORDON (DIRECTOR)

Selected names, not a complete roster or a statement of current roles. Open leadership details for the complete filed list.

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

Enhance economic development in the greater orono, me area by attracting new businesses and creating new jobs.

What it reported doing in 2024

The organization listed and sold its only commercial property at 3 godfrey drive in orono in 2015. The sale price allowed the organization to reimburse the town of orono for the outstanding balance on their building bond, and to invest in a reserve for future projects. In 2016, the organization hired wbrc architects and engineers to recommend a final "build-out" plan for the Maine technology park. In 2018, the organization purchased the taylor bait property at 153 taylor road with the intent to renovate the building and property as a public, four-season outdoor center. The renovation was completed in late 2022. The organization is currently involved in a feasibility study of vernal pool special area management (samp) for orono, exploring redevelopment efforts related to an arts and cultural faciility in downtown, and working with the town of orono to repurpose certain town owned properties. On october 22, 2024, the organization successfully transferred (via donation and note receivable) the taylor road land and renovated building assets to the orono land trust for ongoing operations, stewardship, and public use.

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 55% for direct work, and 45% for grants.

The verdict

SUPPORTED - A large share of available resources goes toward mission work and the filed numbers largely add up. Some filing-based governance responses are negative or unanswered and program spending has declined or grown slowly.

Rating breakdown

  • Financial Efficiency: 87
  • Transparency & Controls: 90
  • Accountability: 64
  • Sustainability: 44
  • Growth: 0

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 96.9%; rating input score 97
  • Program expense ratio: 100%; rating input score 100
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: 90.4%; rating input score 90; 54th percentile among comparable filings
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 64th percentile among comparable filings
  • Governance controls: 1 of 7 controls in place; rating input score 14
    • Conflict-of-interest policy: Fail
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • CEO compensation review process: NotApplicable
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Fail
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: -105.6%; rating input score 19; 19th percentile among comparable filings
  • Total-asset coverage ratio: 11.77; rating input score 67; 67th percentile among comparable filings
  • Liabilities to assets ratio: 0; rating input score 69; 69th percentile among comparable filings
  • Officer compensation ratio: 0%; rating input score 60; 60th percentile among comparable filings

Growth

  • Program expense growth: -22.3% per year; rating input score 0; 16th percentile among comparable filings
  • Revenue growth: -21.8% per year; rating input score 0; 18th percentile among comparable filings
  • Asset growth: -14.9% per year; rating input score 0; 10th percentile among comparable filings

Details

  • Where the money goes: 96.9% of revenue deployed · 100% of spending went to programs
  • Governance: 10 of 10 board members independent · 1 of 7 filing controls reported
  • Programs: 1 filed program accomplishment · $23K in reported program spending
  • Leadership: top reported pay $0 · 10 people listed
  • Consistency: 17 of 17 current checks pass
  • Schedules: 3 filed schedules · includes grants
  • Filing history: 8 filing years from 2010 to 2024
  • Contacts: How to reach this organization
  • Money network: 1 filed money-flow record
  • Related organizations: 1 filed related-organization link
  • 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.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • High — Accountability: Governance controls: 5 of 6 not reported.
  • High — Growth: Program expense growth scored 0/100.
  • High — Growth: Revenue growth scored 0/100.
  • High — Sustainability: Operating margin scored 19/100.
  • High — Growth: Asset growth scored 0/100.