SOMERSET ECONOMIC DEVELOPMENT CORPORATION

As filed

Subsection

03

NTEE code

W20

Classification

1000

Street

41 COURT STREET

These codes are the IRS's own and are shown exactly as filed. What each one means is in the Business Master File documentation (opens in a new tab).

Mission and programs · 2024

• TO ASSIST COUNTY BUSINESSES AND LOCAL GOVERNMENTS IN ACCESSING ECONOMIC ASSISTANCE, GRANTS AND LOANS FOR JOB GROWTH AND RETENTION. PROMOTE ECONOMIC DEVELOPMENT TO 400 +/- CLIENTS.

  Expenses $490,301 · Revenue $53,492

As filed on the 2024 return.

Officers and directors · 2024

As listed in Part VII of the 2024 return, in the order the filer printed them. Each return names its own; this is not a roster the organization keeps with us.

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. Earlier years are each on their own filing page.

Filings

• 2024

  Revenue

  $439,678

  Expenses

  $529,531

  Contributions

  $356,450

  Grants paid

  $0

• 2023

  Revenue

  $551,464

  Expenses

  $556,851

  Contributions

  $486,715

  Grants paid

  $0

• 2022

  Revenue

  $1,217,524

  Expenses

  $130,299

  Contributions

  $1,182,874

  Grants paid

  $0

The four totals the IRS asks for on Part I of the Form 990, as filed. A dash means the figure was not present on the return — not that it was zero.

Other returns filed

• 2021 · 990

  Revenue

  $271,933

  Expenses

  $165,952

  Assets (EOY)

  $1,748,617

• 2020 · 990

  Revenue

  $172,433

  Expenses

  $164,877

  Assets (EOY)

  $1,099,586

• 2019 · 990

  Revenue

  $230,458

  Expenses

  $206,114

  Assets (EOY)

  $1,051,157

• 2018 · 990

  Revenue

  $247,105

  Expenses

  $173,182

  Assets (EOY)

  $920,396

• 2017 · 990

  Revenue

  $331,849

  Expenses

  $97,281

  Assets (EOY)

  $721,188

• 2016 · 990

  Revenue

  $69,538

  Expenses

  $97,567

  Assets (EOY)

  $438,174

• 2015 · 990

  Revenue

  $97,220

  Expenses

  $94,697

  Assets (EOY)

  $458,829

• 2014 · 990

  Revenue

  $141,353

  Expenses

  $138,049

  Assets (EOY)

  $458,776

• 2013 · 990

  Revenue

  $169,740

  Expenses

  $272,195

  Assets (EOY)

  $430,174

• 2012 · 990

  Revenue

  — not reported

  Expenses

  $334,144

  Assets (EOY)

  $458,013

Nonprofiteer parses Forms 990, 990-EZ and 990-PF, in a window of recent tax years. These returns are recorded from the IRS e-file index, so their figures were extracted by that index rather than read from the return here — treat them as a different source from the filings above, not as more of the same record. A dash means the index carries no figure; Form 990-T listings carry none at all. Showing the 10 most recent; the API carries the rest.

Grants made

No itemized grants to organizations. Schedule I is filed only by organizations that granted more than $5,000 to a recipient, so most filers have none.

Grants received

• MAINE TECHNOLOGY INSTITUTE

  $3,000,000

  2024 · Somerset Forest Recovery Program.

• UNITED STATES ENDOWMENT FORFORESTRY AND COMMUNITIES INC

  $13,530

  2023 · Economic Development Administration

Other IRS files