Eastern Maine Development Corporation
Eastern Maine Development Corporation maintains stable assets and zero officer compensation despite fluctuating revenues.
EIN: 10281875 · Bangor, ME · NTEE: S300 · Updated: 2026-03-28
| Metric | Value |
|---|---|
| Total Revenue | $10.5M |
| Total Expenses | $6.7M |
| Program Spending | 90% |
| Net Assets | $9.4M |
| Transparency Score | 92/100 |
Is Eastern Maine Development Corporation Legit?
Some Concerns
Assessment based on IRS 990 filings, spending patterns, and AI analysis. Not a guarantee of legitimacy. Full charity check →
Eastern Maine Development Corporation directs 90% of its spending to programs. This exceeds the industry benchmark of 65%, indicating strong mission focus.
About Eastern Maine Development Corporation
Eastern Maine Development Corporation (EIN: 10281875) is a nonprofit organization based in Bangor, ME, classified under NTEE code S300. The organization reported total revenue of $10.5M and total assets of $11.8M according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Eastern Maine Development Corporation's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.
Organization Overview
Eastern Maine Development Corporation is a large nonprofit that has been operating for 32 years, with 13 years of IRS 990 filings on record (2011–2023). Revenue has grown at a compound annual rate of -1.1%.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
| Total Revenue | $6.5M |
| Total Expenses | $6.7M |
| Surplus / Deficit | $-195,410 |
| Total Assets | $11.6M |
| Total Liabilities | $2.2M |
| Net Assets | $9.4M |
| Operating Margin | -3.0% |
| Debt-to-Asset Ratio | 18.7% |
| Months of Reserves | 20.8 months |
Financial Health Grade: B
In 2023, Eastern Maine Development Corporation reported a deficit of $195K with expenses exceeding revenue, holds 20.8 months of operating reserves (strong position), has a debt-to-asset ratio of 18.7% (very low leverage).
Financial Trends
Over 13 years of filings (2011–2023), Eastern Maine Development Corporation's revenue has declined at a compound annual growth rate (CAGR) of -1.1%.
| Year | Revenue Change | Expense Change | Asset Change |
|---|---|---|---|
| 2023 | -41.9% | -37.1% | +4.8% |
| 2022 | -82.7% | -82.6% | -4.0% |
| 2021 | +1483.2% | +1372.9% | +27.4% |
| 2020 | -23.6% | -27.2% | +1.7% |
| 2019 | +28.4% | +44.4% | -6.0% |
IRS Tax-Exempt Classification
| IRS Classification Codes | 1000 |
| IRS Ruling Date | 1994 |
Classification data from ProPublica Nonprofit Explorer. Additional BMF data may be available after enrichment.
AI Transparency Report
Mission Effectiveness Score
NonprofitSpending's AI analysis rates Eastern Maine Development Corporation with a Mission Score of 92 out of 100 (Excellent). This score reflects the organization's overall financial transparency, program spending efficiency, and governance indicators derived from IRS 990 public filings.
Spending Breakdown
- admin: 7%
- programs: 90%
- fundraising: 3%
According to IRS 990 filings, Eastern Maine Development Corporation allocates its expenses as follows: admin: 7%, programs: 90%, fundraising: 3%. With 90% directed toward programs, this reflects a strong commitment to its charitable mission.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
- The organization reported a deficit of $195K, with expenses exceeding revenue.
- Debt-to-asset ratio: 18.7%.
Executive Compensation Analysis
Executive compensation is reported as 0% across all available filings, indicating that no compensation was paid to officers, directors, trustees, or key employees, which is highly unusual and suggests a strong commitment to directing funds towards the mission.
Executive compensation data is sourced from IRS 990 filings, which require nonprofits to disclose the compensation of officers, directors, trustees, and key employees. NonprofitSpending analyzes this data relative to the organization's total revenue and sector benchmarks to assess whether executive pay is reasonable.
Red Flags
The following concerns were identified during AI analysis of Eastern Maine Development Corporation's IRS 990 filings:
- Significant revenue volatility, with a peak of $64.6M in 202109 and a drop to $6.4M in 202309, could indicate reliance on non-recurring funding sources.
Strengths
The following positive indicators were identified for Eastern Maine Development Corporation:
- Consistent asset growth from $8.4M in 2015 to $11.7M in 2023, indicating financial stability.
- Zero officer compensation reported across all 13 filings, demonstrating a strong commitment to mission-focused spending.
- Expenses generally track revenue, suggesting efficient use of funds as they become available.
- Liabilities remain a relatively small portion of total assets, indicating good financial health and low debt burden.
Frequently Asked Questions about Eastern Maine Development Corporation
Is Eastern Maine Development Corporation a legitimate charity?
Based on AI analysis of IRS 990 filings, Eastern Maine Development Corporation (EIN: 10281875) some concerns. Mission Score: 92/100. 1 red flag identified, 4 strengths noted.
How does Eastern Maine Development Corporation spend its money?
Eastern Maine Development Corporation directs 90% of its spending to programs and services. The remaining budget covers administration and fundraising costs.
Are donations to Eastern Maine Development Corporation tax-deductible?
Eastern Maine Development Corporation is registered as a tax-exempt nonprofit (EIN: 10281875). Donations to most 501(c)(3) organizations are tax-deductible. Consult a tax professional for your specific situation.
What percentage of Eastern Maine Development Corporation's spending goes to programs?
Eastern Maine Development Corporation directs 90% to programs, 3% to fundraising. This exceeds the 65% industry benchmark for efficient nonprofits.
How does Eastern Maine Development Corporation compare to similar nonprofits?
With a transparency score of 92/100 (Excellent), Eastern Maine Development Corporation is above average for NTEE category S300 nonprofits. The score reflects financial transparency, program spending efficiency, and governance quality based on IRS 990 data.
Where is Eastern Maine Development Corporation located?
Eastern Maine Development Corporation is headquartered in Bangor, Maine and files with the IRS under EIN 10281875. It is classified under NTEE code S300.
How many years of IRS 990 filings does Eastern Maine Development Corporation have?
Eastern Maine Development Corporation has 13 years of IRS 990 filings on record at NonprofitSpending. This extensive filing history provides a strong basis for evaluating long-term financial trends. The most recent filing shows $10.5M in total revenue.
How does Eastern Maine Development Corporation manage its significant revenue fluctuations, such as the $64M in 2021 vs. $6M in 2023?
The significant revenue fluctuations suggest the organization may be heavily reliant on specific large grants or contracts that are not recurring annually. Effective financial management would involve careful budgeting and potentially building reserves during high-revenue years to sustain operations during leaner periods, though the filings show expenses generally tracking revenue closely.
What is the reason for 0% officer compensation across all filings?
A consistent 0% officer compensation could mean that executive roles are filled by volunteers, or that compensation is reported under a different category not captured by 'Officer Comp' in the provided data. It is a strong indicator of resource dedication to programs if truly no compensation is provided to leadership.
Is the organization's asset growth sustainable given the revenue volatility?
The organization has shown consistent asset growth from $8.4M in 2015 to $11.7M in 2023, even with revenue volatility. This suggests effective management of resources and potentially strategic investments or accumulation of reserves, indicating sustainability.
Filing History
IRS 990 filing history for Eastern Maine Development Corporation showing financial trends over 13 years of public records:
Over 13 years of IRS 990 filings (2011–2023), Eastern Maine Development Corporation's revenue has declined by 12.4%, moving from $7.4M to $6.5M. Total assets increased by 12.4% over the same period, from $10.3M to $11.6M. Total functional expenses fell by 20.6%, from $8.4M to $6.7M. In its most recent filing year (2023), Eastern Maine Development Corporation reported a deficit of $195K, with expenses exceeding revenue. The organization holds $2.2M in liabilities against $11.6M in assets (debt-to-asset ratio: 18.7%), resulting in net assets of $9.4M.
| Year | Revenue | Expenses | Assets | Liabilities | Officer Comp. % | |
|---|---|---|---|---|---|---|
| 2023 | $6.5M | $6.7M | $11.6M | $2.2M | — | — |
| 2022 | $11.2M | $10.6M | $11.1M | $1.2M | — | — |
| 2021 | $64.7M | $61.0M | $11.5M | $2.2M | — | View 990 |
| 2020 | $4.1M | $4.1M | $9.0M | $3.5M | — | — |
| 2019 | $5.3M | $5.7M | $8.9M | $3.3M | — | View 990 |
| 2018 | $4.2M | $3.9M | $9.5M | $3.5M | — | View 990 |
| 2017 | $5.3M | $4.5M | $9.4M | $3.6M | — | View 990 |
| 2016 | $5.4M | $5.0M | $9.1M | $4.2M | — | View 990 |
| 2015 | $4.9M | $4.7M | $8.4M | $4.0M | — | View 990 |
| 2014 | $4.0M | $4.5M | $8.5M | $4.3M | — | View 990 |
| 2013 | $5.1M | $5.0M | $9.0M | $4.3M | — | View 990 |
| 2012 | $6.4M | $6.8M | $9.6M | $4.7M | — | View 990 |
| 2011 | $7.4M | $8.4M | $10.3M | $5.0M | — | View 990 |
Year-by-Year Financial Summary
- 2023: Revenue of $6.5M, expenses of $6.7M, and assets of $11.6M (revenue -41.9% year-over-year).
- 2022: Revenue of $11.2M, expenses of $10.6M, and assets of $11.1M (revenue -82.7% year-over-year).
- 2021: Revenue of $64.7M, expenses of $61.0M, and assets of $11.5M (revenue +1483.2% year-over-year).
- 2020: Revenue of $4.1M, expenses of $4.1M, and assets of $9.0M (revenue -23.6% year-over-year).
- 2019: Revenue of $5.3M, expenses of $5.7M, and assets of $8.9M (revenue +28.4% year-over-year).
- 2018: Revenue of $4.2M, expenses of $3.9M, and assets of $9.5M (revenue -22.0% year-over-year).
- 2017: Revenue of $5.3M, expenses of $4.5M, and assets of $9.4M (revenue -0.8% year-over-year).
- 2016: Revenue of $5.4M, expenses of $5.0M, and assets of $9.1M (revenue +9.2% year-over-year).
- 2015: Revenue of $4.9M, expenses of $4.7M, and assets of $8.4M (revenue +23.9% year-over-year).
- 2014: Revenue of $4.0M, expenses of $4.5M, and assets of $8.5M (revenue -21.8% year-over-year).
- 2013: Revenue of $5.1M, expenses of $5.0M, and assets of $9.0M (revenue -20.2% year-over-year).
- 2012: Revenue of $6.4M, expenses of $6.8M, and assets of $9.6M (revenue -13.8% year-over-year).
- 2011: Revenue of $7.4M, expenses of $8.4M, and assets of $10.3M.
View Individual Filing Years
Explore detailed financial data from each IRS 990 filing year for Eastern Maine Development Corporation:
Data Sources and Methodology
This transparency report for Eastern Maine Development Corporation is generated by NonprofitSpending's AI analysis engine. The data is sourced from publicly available IRS 990 filings accessed through the ProPublica Nonprofit Explorer API and IRS electronic filing records. The Mission Score, spending breakdown, and other analytical insights are produced by artificial intelligence and should be used as one of multiple factors when evaluating a nonprofit organization.
IRS 990 forms are annual information returns that most tax-exempt organizations must file with the IRS. These forms provide detailed financial information including revenue, expenses, assets, liabilities, and compensation of officers. NonprofitSpending processes this data to provide accessible transparency reports for donors, researchers, and the general public.
Disclaimer
AI-generated analysis based on IRS public records. Not financial or legal advice. Verify information directly with the organization.