Somerset Economic Development Corporation

Analysis

Somerset Economic Development Corporation is a registered charity in United States, based in Skowhegan, ME. It received its IRS tax-exemption ruling in October 2000, 26 years ago. Its declared purposes cover public and societal benefit, which this site groups under other charitable purposes. 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 December 2023, Somerset Economic Development Corporation reported income of $551k and spending of $557k, spending 101% of its income. Across the 5 years on record, from December 2019 to December 2023, income grew from $230k to $551k (+139%), an average of +24% a year. The sharpest change came in the year to December 2022, when income rose by 348%. Over the whole period it spent 50% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, Somerset Economic Development Corporation sits at the 70th percentile: it is larger than about 70% of them. Against every charity in United States with reported income it ranks in the 72nd percentile, and in the 68th percentile within ME. Charities of a similar size with the same main cause include Society of Reproductive Endocrinology and Infertility Inc ($551k), Brooklyn Child Care Inc ($551k) and Bolla Charity Foundation ($551k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 88% and program service revenue 0.2% of the total. Compensation of current officers, directors and key employees was $91k (16% of expenses). Other salaries and wages came to $11k. At year end it held assets of $3.2m against liabilities of $1.6m, net assets of $1.6m. It reported 2 employees.