Skowhegan Economic Development Corp

Nonprofit profile at a glance

EIN
043364974
IRS 990 coverage
2010–2024
Forms available
Form 990 2024
Location
Skowhegan, ME, USA
Rating
59
Verdict
MIXED
Rating confidence
Moderate
Sector
Public, Societal Benefit

Reported finances

Revenue
$278,323
Expenses
$91,281
Assets
$1,855,439
Liabilities
$3,304

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

Leadership & pay

12 people listed

Highest reported compensation

  • BRYAN BELLIVEAU (Executive Dir.): $2,969 total reported compensation

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

Overview

Mission

To foster, encourage and assist in the location, settlement or resettlement of industry and recreational, agricultural, and other business enterprises in the Town of Skowhegan and in the County of Somerset.

What it reported doing in 2024

To foster, encourage and assist in business interests in the town of skowhegan and county of somerset by providing affordable rental space to new and growing businesses in the area.

Operating model

Revenue model
Donor-supported. 75% of the money available for current operations came from contributions and gifts.
Distribution model
Grant intermediary. The nonprofit sent 100% of its reported program spending out as grants.

The verdict

MIXED - The filed numbers largely add up and most voting board members are independent. A relatively small share of available resources goes toward mission work and the filing does not identify recipients for some grant dollars.

Rating breakdown

  • Financial Efficiency: 44
  • Transparency & Controls: 65
  • Accountability: 69
  • Sustainability: 84
  • Growth: 80

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 28.4%; rating input score 28
  • Program expense ratio: 86.3%; rating input score 86
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 92.9%; rating input score 93; 25th percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: 0%; rating input score 0; 19th percentile among comparable filings
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
  • Governance controls: 2 of 8 controls in place; rating input score 25
    • Conflict-of-interest policy: Fail
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • CEO compensation review process: NotApplicable
    • Other executive compensation review process: Fail
    • Form 990 shared with the board: Fail
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Fail
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 67.2%; rating input score 96; 96th percentile among comparable filings
  • Total-asset coverage ratio: 20.33; rating input score 95; 95th percentile among comparable filings
  • Liabilities to assets ratio: 0; rating input score 55; 55th percentile among comparable filings
  • Officer compensation ratio: 3.3%; rating input score 34; 34th percentile among comparable filings

Growth

  • Program expense growth: 24.7% per year; rating input score 100; 88th percentile among comparable filings
  • Revenue growth: 22.6% per year; rating input score 100; 90th percentile among comparable filings
  • Asset growth: -1% per year; rating input score 0; 21st percentile among comparable filings

Details

  • Where the money goes: 28.4% of revenue deployed · 86.3% of spending went to programs
  • Governance: 10 of 10 board members independent · 2 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $79K in reported program spending
  • Leadership: top reported pay $3K · 12 people listed
  • Consistency: 20 of 21 current checks pass · 1 finding to review
  • Schedules: 5 filed schedules · includes major donors and grants
  • Filing history: 15 filing years from 2010 to 2024
  • Contacts: How to reach this organization
  • Money network: 1 filed money-flow record
  • 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 — Financial Efficiency: Mission deployment rate scored 28/100.
  • High — Transparency & Controls: Grant itemization coverage scored 0/100.
  • High — Accountability: Governance controls: 6 of 8 not reported.
  • High — Growth: Asset growth scored 0/100.
  • Review — Transparency & Controls: Domestic grant itemization did not reconcile in the filed values.
  • Moderate — Sustainability: Officer compensation ratio scored 34/100.
  • Review — Sustainability: Liabilities to assets ratio scored 55/100.