Eastern Maine Development Corporation

Analysis

Eastern Maine Development Corporation is a registered charity in United States, based in Bangor, ME. It received its IRS tax-exemption ruling in September 1994, 32 years ago. Its declared purposes cover community improvement and capacity building, which this site groups under community and economic development. The IRS classifies it as a publicly supported organisation (donations from the general public) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending September 2023, Eastern Maine Development Corporation reported income of $6.5m and spending of $6.7m, spending 103% of its income. Across the 5 years on record, from September 2019 to September 2023, income grew from $5.3m to $6.5m (+21%), an average of +4.9% a year. The sharpest change came in the year to September 2021, when income rose by 1483%. Over the whole period it spent 96% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Eastern Maine Development Corporation sits at the 94th percentile: it is larger than about 94% of them. Against every charity in United States with reported income it ranks in the 93rd percentile, and in the 93rd percentile within ME. Charities of a similar size with the same main cause include Griffiss Local Development Corporation ($6.5m), Catawba Regional Council of Governments ($6.5m) and Greenpoint Manufacturing and Design Center Local Development Corp GMDC ($6.5m).

On its Form 990 for the period ending September 2023, revenue came from contributions and grants 87% and program service revenue 12% of the total. Other salaries and wages came to $2.5m. At year end it held assets of $11.6m against liabilities of $2.2m, net assets of $9.4m. It reported 100 employees.