Eastern Maine Development Corporation
91% goes to programs $0 to raise $100 Strong reserves Declining revenue
Eastern Maine Development Corporation is a 501(c)(3) organization based in Bangor, Maine, registered in 1994, with $10,533,418 in FY2023 revenue. CharityIndex grades it A+, and it directs about 91% of spending to programs.
40 Harlow Street, Bangor, ME, 04401 EIN 01-0281875 Since 1994
Revenue (FY2023)
$10.5M
▲ 62.6% vs prior year
Community median: $184K
Expenses (FY2023)
$10.1M
Net assets
$10.2M
Employees
264
CharityIndex rating
One independent A+ to F grade from four published criteria, each scored separately from IRS filings and combined by weight.
A+
A+Program efficiency40% of the rating91% to programs · $0 to raise $100
Measures how much of every dollar spent actually reaches programs, plus what it costs to raise $100 of donations. The worse of the two measures sets the letter (85%+ to programs is an A; under $15 to raise $100 is an A), averaged over the three most recent filings. For Eastern Maine Development Corporation: 91% to programs · $0 to raise $100 earns a A+ on this criterion. See the exact thresholds →
AFinancial health25% of the rating12 mo reserves · +4% margin
Measures whether the organization is built to last: how many months its reserves would cover expenses (3+ months earns an A-range score, but hoarding 5+ years of budget is capped) and whether it runs a surplus or a deficit. For Eastern Maine Development Corporation: 12 mo reserves · +4% margin earns a A on this criterion. See the exact thresholds →
A+Governance25% of the rating6 of 6 checks met
Checks how the organization is run, from its own Form 990: an independent board majority, a board of five or more, conflict-of-interest, whistleblower and document-retention policies, and independently audited financials. The share of disclosed checks that pass sets the letter. For Eastern Maine Development Corporation: 6 of 6 checks met earns a A+ on this criterion. See the exact thresholds →
A+Transparency10% of the rating5 of 5 disclosure signals
Counts five disclosure signals: a recent filing, a mission statement, program descriptions, a listed website, and the full expense breakdown. More disclosure, better letter. For Eastern Maine Development Corporation: 5 of 5 disclosure signals earns a A+ on this criterion. See the exact thresholds →
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Mission
Economic development
What they do
Brownfields assessment and rlf summary emdc was awarded a brownfields assessment grant in 2022 for 500,000 to perform phase i and ii assessments to determine existing contamination at potential commercialization sites. in 2023, emdc performed 13 phase 1 and phase 2 assessments in the four-county service area of hancock, penobscot, piscataquis and waldo counties. a total of 153 instances of technical assistance encounters were reported. emdc was also awarded 1 million through a revolving loan fund grant to award loans and/or grants for cleanup projects. in 2023, loans and grants were given to two former paper mill sites located in millinocket and lincoln penobscot county. emdc will apply for an additional 3 million through a competitive process to expand the revolving loan fund program.
Economic recovery implementation hub program was launched july 2023 with the goal of providing technical assistance, entrepreneurial training, and grant funding to small businesses of less than 250 employees that started on or after january 1, 2020. emdc collaborates with spoke partners to reach the target audience maine multicultural center, northern maine development commission, cooperative development institute, upstart maine, and four directions development corporation. from july to september 30, 2023, the hub program provided direct technical assistance to 34 unique clients, including but not limited to marketing assistance, finding sources of funding, business plan assistance, location leads, and industry connections. of these 34 businesses, 18 were women-owned, 8 were bipoc-owned, and 1 was veteran-owned. 15 small businesses were awarded grants for a total of 424,000.
Contact & location
- Address
- 40 Harlow Street, Bangor, ME, 04401
- City
- Bangor
- State
- Maine
- Subcategory
- Economic Development
- Phone
- …
- Website
- …
Financial trends
Revenue grew from $4.0M (FY2013) to $10.5M (FY2023) across 11 reported years.
Financial snapshot
Financial health & position (FY2023)
Liabilities $1.5MNet assets $10.2M
Operating margin
4.0%
Revenue exceeded expenses in the latest fiscal year.
Total assets
$11.8M
Total liabilities
$1.5M
Net assets
$10.2M
Salaries & benefits
$4.2M
42% of expenses
Board members
12
12 independent
Financials by year
| Fiscal year | Revenue | Expenses | Net assets | Total assets | Form |
|---|---|---|---|---|---|
| 2023 | $10,533,418▲62.6% | $10,111,339▲51.5% | $10,232,632▲8.6% | $11,762,497▲1.5% | 990 |
| 2022 | $6,477,472▼41.9% | $6,672,882▼37.1% | $9,425,282▼4.6% | $11,588,285▲4.8% | 990 |
| 2021 | $11,157,433▼82.7% | $10,616,424▼82.6% | $9,883,407▲6.4% | $11,057,915▼4.0% | 990 |
| 2020 | $64,676,194▲1483% | $61,045,869▲1373% | $9,288,555▲69.2% | $11,518,769▲27.4% | 990 |
| 2019 | $4,085,051▼23.6% | $4,144,744▼27.2% | $5,488,855▼1.1% | $9,037,895▲1.7% | 990 |
| 2018 | $5,349,511▲28.4% | $5,694,960▲44.4% | $5,548,548▼6.9% | $8,884,691▼6.0% | 990 |
| 2017 | $4,165,924▼22.0% | $3,944,397▼12.5% | $5,958,384▲3.9% | $9,451,435▲0.8% | 990 |
| 2016 | $5,340,792▼0.8% | $4,505,680▼9.7% | $5,736,857▲17.0% | $9,372,569▲3.1% | 990 |
| 2015 | $5,382,179▲9.2% | $4,991,895▲5.8% | $4,901,745▲11.5% | $9,087,221▲8.1% | 990 |
| 2014 | $4,928,336▲23.9% | $4,719,262▲4.2% | $4,394,424▲5.0% | $8,406,533▼1.3% | 990 |
| 2013 | $3,978,900 | $4,529,236▼10.3% | $4,185,350▼11.6% | $8,515,108▼5.9% | 990 |
| 2012 | — | $5,046,977▼25.6% | $4,735,686▼3.6% | $9,046,014▼6.0% | 990 |
| 2011 | — | $6,781,254▼19.3% | $4,911,895▼7.7% | $9,625,299▼6.6% | 990 |
| 2010 | — | $8,401,751▲18.4% | $5,319,331▼16.0% | $10,309,811▼8.6% | 990 |
| 2009 | — | $7,098,848 | $6,329,808 | $11,282,415 | 990 |
Original Form 990 PDFs (the Form column) are served by ProPublica Nonprofit Explorer, as filed with the IRS. Create a free account to download the CSV report.
Leadership & compensation (FY2023)
| Name | Title | Hours/week | Compensation |
|---|---|---|---|
| Dan Tremble | Director | 2 | — |
| Denise M Buzzelli | Director | 2 | — |
| Dennis Damon | Chairman | 2 | — |
| Dr Steven R Cunningham | Director | 2 | — |
| Ej Roach | Director | 2 | — |
| Elizabeth Russell | Vice Chair | 2 | — |
| James S Gillway | Director | 2 | — |
| Jarrod Guimond | Director | 2 | — |
| Jessica Masse | Director | 2 | — |
| Jose Saavedra | Director | 2 | — |
| Laura Sanborn | Secretary-treasurer | 2 | — |
| Michael Donahue | Director | 2 | — |
| Patrick Mcgowan | Director | 2 | — |
| Scott Adkins | Director | 2 | — |
| Tim Pease | Director | 2 | — |
| Wayne Erkkinen | Director | 2 | — |
Top vendors & contractors (FY2018)
| Contractor | Services | Paid |
|---|---|---|
| Campbell Environmental Group | Brownfields Consultant | $119,600 |
Grants received · $634K total
8 grants to Eastern Maine Development Corporation totaling $634K, reported by foundations on their Schedule I filings.
| Grantmaker | Purpose | Year | Amount |
|---|---|---|---|
| Maine Community Foundation Inc | Economic development | 2024 | $30,200 |
| Maine Community Foundation Inc | Economic development, transportation assistance | 2021 | $10,000 |
| Amalgamated Charitable Foundation Inc | Project support of the blue hill co-op | 2020 | $5,000 |
| National Philanthropic Tr | Public, societal benefit | 2019 | $281,000 |
| National Philanthropic Tr | Public, societal benefit | 2018 | $250,000 |
| Maine Community Foundation Inc | Agricultural programs | 2017 | $39,090 |
| Maine Community Foundation Inc | Economic development | 2016 | $13,090 |
| Maine Community Foundation Inc | Economic development and centers to support the independence of specific populations | 2015 | $6,000 |
Grants made · $1.4M in FY2023
66 grants totaling $1.4M in FY2023 — showing the 15 largest. All grants made by Eastern Maine Development Corporation →
| Recipient | Purpose | Amount |
|---|---|---|
| Upstart Maine Inc | — | $98,750 |
| Maine Multicultural Center | — | $98,750 |
| Four Directions Development Corporation | — | $60,000 |
| Northern Maine Development Commission Inc | — | $50,000 |
| Big Lake Rv Park & Campground | — | $25,000 |
| Ranco Fisheries | — | $25,000 |
| The Phoenix On Water Street | — | $25,000 |
| Pro Weld | — | $25,000 |
| Horn Run Brewing | — | $25,000 |
| Maine Camp Outfitters | — | $25,000 |
| Bootleg Jerky | — | $25,000 |
| Tangomaine | — | $25,000 |
| Moosehead Lakeshore Journal | — | $25,000 |
| The Village Kitchen | — | $25,000 |
| Acadia Charter Company LLC | — | $25,000 |
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Compare Eastern Maine Development Corporation
Frequently asked questions
- Is Eastern Maine Development Corporation a legitimate nonprofit?
- Yes. Eastern Maine Development Corporation is a 501(c)(3) organization registered with the U.S. Internal Revenue Service under EIN 01-0281875, based in Bangor, Maine. Donations are tax-deductible.
- What is Eastern Maine Development Corporation's EIN?
- Eastern Maine Development Corporation's Employer Identification Number (EIN) is 01-0281875.
- How much revenue does Eastern Maine Development Corporation report?
- Eastern Maine Development Corporation reported $10,533,418 in total revenue on its fiscal year 2023 IRS Form 990 filing.
- How much of Eastern Maine Development Corporation's spending goes to programs?
- Eastern Maine Development Corporation spends about 91% of its total expenses on programs, based on its latest IRS Form 990.
- What financial grade does Eastern Maine Development Corporation have?
- CharityIndex grades Eastern Maine Development Corporation A+, based on program efficiency and fundraising cost.
- How much does Eastern Maine Development Corporation's highest-paid employee make?
- The highest reported compensation on Eastern Maine Development Corporation's latest Form 990 is $0, paid to Dan Tremble (Director).
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Data for Eastern Maine Development Corporation (EIN 01-0281875) comes from the IRS Business Master File and e-filed Form 990 returns, via CharityIndex. Figures reflect what the organization reported to the IRS for each fiscal year.