Skip to content
Nonprofiteer
← MAINE DEVELOPMENT FOUNDATION

Form 990 for tax year 2023

Filed by MAINE DEVELOPMENT FOUNDATION.

Totals

Total revenue
$3,160,300
Total expenses
$3,361,150
Contributions and grants received
$1,906,245
Grants paid
$804,741
Program service revenue
$1,217,002
Investment income
$37,053
Other revenue
$0
Total assets, end of year
$1,176,862
Total liabilities, end of year
$1,106,012
Net assets or fund balances, end of year
$70,850
Program services expenses (Part IX)
$2,504,050
Management and general expenses
$782,675
Fundraising expenses
$74,425
Program service expenses (Part III)
$2,504,050

Program services were 74.5% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 1e · Government grants (contributions)

    $1,460,306

  • 1f · All other contributions, gifts and grants

    $445,939

  • 1g · Noncash contributions included above

    $10,000

  • 2a · Program service revenue: Contract Income

    total $880,925 · related or exempt $880,925

  • 2b · Program service revenue: Program Fees

    total $328,476 · related or exempt $328,476

  • 2c · Program service revenue: Miscellaneous

    total $7,601 · related or exempt $7,601

  • 3 · Investment income

    total $30,549 · excluded $30,549

  • 7a · Gross sales of assets other than inventory

    other assets $12,544

  • 7b · Less cost or other basis and sales expenses

    other assets $6,040

  • 7c · Gain or loss

    other assets $6,504

  • 7d · Net gain or loss

    total $6,504 · excluded $6,504

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $804,741 · program services $804,741

  • 5 · Compensation of officers, directors and key employees

    total $181,801 · program services $116,951 · management and general $56,408 · fundraising $8,442

  • 7 · Other salaries and wages

    total $1,065,149 · program services $685,200 · management and general $330,488 · fundraising $49,461

  • 9 · Other employee benefits

    total $294,246 · program services $174,450 · management and general $107,209 · fundraising $12,587

  • 10 · Payroll taxes

    total $92,003 · program services $54,546 · management and general $33,522 · fundraising $3,935

  • 11g · Fees: other

    total $562,688 · program services $485,541 · management and general $77,147

  • 12 · Advertising and promotion

    total $9,248 · program services $6,590 · management and general $2,658

  • 14 · Information technology

    total $10,827 · program services $5,644 · management and general $5,183

  • 16 · Occupancy

    total $31,566 · management and general $31,566

  • 17 · Travel

    total $77,574 · program services $60,033 · management and general $17,541

  • 19 · Conferences, conventions and meetings

    total $80,623 · program services $61,243 · management and general $19,380

  • 22 · Depreciation, depletion and amortization

    total $15,646 · management and general $15,646

  • 23 · Insurance

    total $4,602 · management and general $4,602

  • 24a · Other expenses: Supplies

    total $27,936 · program services $1,828 · management and general $26,108

  • 24b · Other expenses: Equipment rental and ma

    total $23,886 · management and general $23,886

  • 24c · Other expenses: Dues and subscriptions

    total $22,326 · program services $14,732 · management and general $7,594

  • 24d · Other expenses: Telephone

    total $17,414 · program services $3,840 · management and general $13,574

  • 24e · All other expenses

    total $38,874 · program services $28,711 · management and general $10,163

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $10,270 · end of year $50

  • 2 · Savings and temporary cash investments

    beginning of year $1,542,487 · end of year $405,108

  • 4 · Accounts receivable

    beginning of year $286,315 · end of year $718,526

  • 9 · Prepaid expenses and deferred charges

    beginning of year $10,830 · end of year $4,425

  • 10a · Land, buildings and equipment: cost or other basis

    $194,964

  • 10b · Land, buildings and equipment: accumulated depreciation

    $161,774

  • 10c · Land, buildings and equipment, net

    beginning of year $22,377 · end of year $33,190

  • 15 · Other assets

    beginning of year $46,772 · end of year $15,563

  • 17 · Accounts payable and accrued expenses

    beginning of year $161,850 · end of year $318,696

  • 19 · Deferred revenue

    beginning of year $1,440,712 · end of year $774,079

  • 25 · Other liabilities

    beginning of year $44,789 · end of year $13,237

  • 27 · Net assets without donor restrictions

    beginning of year $121,518 · end of year $50,199

  • 28 · Net assets with donor restrictions

    beginning of year $150,182 · end of year $20,651

Mission and programs · 2023

Mission

The mission of the Maine Development Foundation is to foster sustainable, long-term economic growth for Maine. Its programs stimulate new ideas, help develop Maine's leaders, and provide common ground for solving problems and advancing important issues.

Activities or mission (Part I)

To promote economic growth in the State of Maine.

  • Maine Downtown Center works to help downtowns with their revitalization efforts and fosters downtown development that is dynamic and community-based, and results in economic development, business growth, job creation, housing revitalization, historic preservation, and cultural enhancement.

    Expenses $1,014,288 · Grants $541,395 · Revenue $369,006

  • Leadership Maine is a powerful, nine-month, outward journey that takes a leader beyond their day-to-day experience and expands their capacity to shape our state's future. The Leadership Maine curriculum is designed for leaders from all sectors. Each Leadership Maine class is given real-life challenges to address. Participants work in teams to address the assigned issue, connect with key stakeholders, organizations and groups, and develop a solution-oriented path with the goal of improving the economy.

    Expenses $389,635 · Revenue $183,530

  • The Forest Economy Project was launched in summer 2016 to support industry, community, and research leaders to develop and implement recommendations to strengthen and diversify Maine's forest industry and rural economies, supported initially by a 3-year federal Economic Development Administration grant to assist with supporting, coordinating, and reporting on Maine's forest economy recovery and revitalization effort.

    Expenses $669,271 · Grants $240,247 · Revenue $150,000

  • Expenses $430,856 · Grants $23,099 · Revenue $514,466

As filed on the 2023 return.

Listed in Part VII

  • Carlos Mello

    Director

    Total calculated
    $0
    Hours/week
    1

  • Catherine Wygant Fossett

    Vice Chair

    Total calculated
    $0
    Hours/week
    1.5

  • Deborah Johnson

    Director

    Total calculated
    $0
    Hours/week
    1

  • Eric Soelberg

    Director

    Total calculated
    $0
    Hours/week
    1

  • Hannah Carter

    Director

    Total calculated
    $0
    Hours/week
    1

  • Linda Ball

    Chair

    Total calculated
    $0
    Hours/week
    2

  • Lisa Sockabasin

    Director

    Total calculated
    $0
    Hours/week
    1

  • Lori Dwyer

    Director

    Total calculated
    $0
    Hours/week
    1.5

  • Rick C Leonard

    Treasurer

    Total calculated
    $0
    Hours/week
    2

  • Theresa Cody

    Director

    Total calculated
    $0
    Hours/week
    1.5

  • Michael McKernan

    Director

    Total calculated
    $0
    Hours/week
    1.5

  • Adam Shub

    Director

    Total calculated
    $0
    Hours/week
    1

  • Dayton Benway

    Director

    Total calculated
    $0
    Hours/week
    1

  • Kendra Coates

    Director

    Total calculated
    $0
    Hours/week
    1

  • Trampas Hutches

    Director

    Total calculated
    $0
    Hours/week
    1

  • Yellow Light Breen

    President & CEO

    Total calculated
    $214,863
    From this org
    $181,802
    From related orgs
    $0
    Other
    $33,061
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $181,802
    Bonus
    $0
    Other
    $0
    Deferred
    $9,000
    Nontaxable benefits
    $24,061
    Filer's total
    $214,863

  • Jan A Kearce

    Employee

    Total calculated
    $130,381
    From this org
    $108,029
    From related orgs
    $0
    Other
    $22,352
    Hours/week
    40

  • Roseanna Vanadestine

    Employee

    Total calculated
    $128,348
    From this org
    $112,058
    From related orgs
    $0
    Other
    $16,290
    Hours/week
    40

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

  • 3 · Form 990 of other organizations
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

The 10 largest by cash amount. The API serves every itemized grant.

Provenance

Return type
form_990
Tax year
2023
Filed
14 November 2024
IRS schema version
2023v5.1
Source object
202423209349308457

Check it against the return as filed: the GivingTuesday Data Lake hosts a public copy of the original XML.

The source document this was parsed from is served over the API, which is where bulk and document access live.