Freeport Economic Development Corp
Freeport Economic Development Corp shows consistent revenue growth and asset accumulation with no reported executive compensation.
EIN: 10376892 · Freeport, ME · NTEE: S41 · Updated: 2026-03-28
| Metric | Value |
|---|---|
| Total Revenue | $60K |
| Total Expenses | $113K |
| Program Spending | 90% |
| Net Assets | $107K |
| Transparency Score | 85/100 |
Is Freeport Economic Development Corp Legit?
Some Concerns
Assessment based on IRS 990 filings, spending patterns, and AI analysis. Not a guarantee of legitimacy. Full charity check →
Freeport Economic Development Corp directs 90% of its spending to programs. This exceeds the industry benchmark of 65%, indicating strong mission focus.
About Freeport Economic Development Corp
Freeport Economic Development Corp (EIN: 10376892) is a nonprofit organization based in Freeport, ME, classified under NTEE code S41. The organization reported total revenue of $60K and total assets of $109K according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Freeport Economic Development Corp's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.
Organization Overview
Freeport Economic Development Corp is a micro nonprofit that has been operating for 26 years, with 12 years of IRS 990 filings on record (2012–2023). Revenue has grown at a compound annual rate of 149.9%.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
| Total Revenue | $142K |
| Total Expenses | $113K |
| Surplus / Deficit | +$29K |
| Total Assets | $111K |
| Total Liabilities | $3K |
| Net Assets | $107K |
| Operating Margin | 20.2% |
| Debt-to-Asset Ratio | 3.0% |
| Months of Reserves | 11.7 months |
Financial Health Grade: A
In 2023, Freeport Economic Development Corp reported a surplus of $29K with revenue exceeding expenses, holds 11.7 months of operating reserves (strong position), has a debt-to-asset ratio of 3.0% (very low leverage).
Financial Trends
Over 12 years of filings (2012–2023), Freeport Economic Development Corp's revenue has grown at a compound annual growth rate (CAGR) of 149.9%.
| Year | Revenue Change | Expense Change | Asset Change |
|---|---|---|---|
| 2023 | +17.7% | +38.0% | +40.8% |
| 2022 | +5.1% | -28.3% | +96.4% |
| 2021 | +15.0% | -11.4% | +1.0% |
| 2020 | +0.0% | +27.8% | -42.5% |
| 2019 | +5.3% | +4.7% | -1.7% |
IRS Tax-Exempt Classification
| IRS Classification Codes | 3000 |
| IRS Ruling Date | 2000 |
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 Freeport Economic Development Corp with a Mission Score of 85 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: 10%
- programs: 90%
- fundraising: 0%
According to IRS 990 filings, Freeport Economic Development Corp allocates its expenses as follows: admin: 10%, programs: 90%, fundraising: 0%. 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 surplus of $29K, with revenue exceeding expenses.
- Debt-to-asset ratio: 3.0%.
Executive Compensation Analysis
Executive compensation has consistently been reported as 0% across all available filings, indicating a volunteer-led organization or one with no paid officers, which is highly favorable for minimizing administrative overhead.
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 Freeport Economic Development Corp's IRS 990 filings:
- Lack of detailed functional expense breakdown in summary data
Strengths
The following positive indicators were identified for Freeport Economic Development Corp:
- Consistent revenue growth in recent years (e.g., $100,024 in 2020 to $142,212 in 2023)
- Significant asset growth (e.g., $39,702 in 2020 to $110,829 in 2023)
- Zero reported officer compensation across all filings
- Minimal to no liabilities in most reporting periods
- Long and consistent IRS 990 filing history (12 filings)
Frequently Asked Questions about Freeport Economic Development Corp
Is Freeport Economic Development Corp a legitimate charity?
Freeport Economic Development Corp (EIN: 10376892) is a registered tax-exempt nonprofit based in Maine. Our AI analysis gives it a Mission Score of 85/100. It has 12 years of IRS 990 filings on record. Total revenue: $60K. 1 red flag identified. 5 strengths noted. Financial health grade: A.
How does Freeport Economic Development Corp spend its money?
Freeport Economic Development Corp directs 90% of its spending to programs and services. This exceeds the 65% industry benchmark.
Are donations to Freeport Economic Development Corp tax-deductible?
Freeport Economic Development Corp is registered as a tax-exempt nonprofit (EIN: 10376892). Donations to most 501(c)(3) organizations are tax-deductible. Consult a tax professional for your specific situation.
How does Freeport Economic Development Corp compare to similar nonprofits?
With a transparency score of 85/100 (Excellent), Freeport Economic Development Corp is above average for NTEE category S41 nonprofits. The score reflects financial transparency, program spending efficiency, and governance quality based on IRS 990 data.
Where is Freeport Economic Development Corp located?
Freeport Economic Development Corp is headquartered in Freeport, Maine and files with the IRS under EIN 10376892. It is classified under NTEE code S41.
How many years of IRS 990 filings does Freeport Economic Development Corp have?
Freeport Economic Development Corp has 12 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 $60K in total revenue.
Is Freeport Economic Development Corp a good charity?
Based on the provided financial data, Freeport Economic Development Corp appears to be a well-managed organization with consistent revenue, growing assets, and no reported executive compensation. Its financial stability and lean operational structure suggest it is a good steward of its resources.
How has the organization's financial health changed over time?
The organization has shown a positive trend in financial health, particularly since 2020. Revenue has increased from $100,024 in 2020 to $142,212 in 2023, and assets have grown significantly from $39,702 in 2020 to $110,829 in 2023, indicating strong recovery and growth.
What is the organization's approach to executive compensation?
Freeport Economic Development Corp has consistently reported 0% for officer compensation across all 12 available filings, suggesting that its leadership is either entirely volunteer-based or compensated through other means not classified as officer compensation, which is a strong indicator of low administrative costs.
Are there any significant liabilities?
For most of its reported history, the organization has had $0 in liabilities. In the latest period (202306), liabilities were $3,333, which is a very small amount relative to its assets of $110,829, indicating a very low financial risk.
Filing History
IRS 990 filing history for Freeport Economic Development Corp showing financial trends over 12 years of public records:
Over 12 years of IRS 990 filings (2012–2023), Freeport Economic Development Corp's revenue has grown by 2370100%, moving from $6 to $142K. Total assets increased by 127.4% over the same period, from $49K to $111K. Total functional expenses rose by 170.4%, from $42K to $113K. In its most recent filing year (2023), Freeport Economic Development Corp reported a surplus of $29K, with revenue exceeding expenses. The organization holds $3K in liabilities against $111K in assets (debt-to-asset ratio: 3.0%), resulting in net assets of $107K.
| Year | Revenue | Expenses | Assets | Liabilities | Officer Comp. % | |
|---|---|---|---|---|---|---|
| 2023 | $142K | $113K | $111K | $3K | — | View 990 |
| 2022 | $121K | $82K | $79K | $0 | — | View 990 |
| 2021 | $115K | $115K | $40K | $0 | — | — |
| 2020 | $100K | $129K | $40K | $0 | — | View 990 |
| 2019 | $100K | $101K | $69K | $0 | — | View 990 |
| 2018 | $95K | $97K | $70K | $0 | — | View 990 |
| 2017 | $95K | $96K | $72K | $0 | — | View 990 |
| 2016 | $95K | $94K | $73K | $0 | — | View 990 |
| 2015 | $102K | $89K | $75K | $0 | — | View 990 |
| 2014 | $99K | $86K | $62K | $0 | — | View 990 |
| 2013 | $149K | $148K | $50K | $0 | — | View 990 |
| 2012 | $6 | $42K | $49K | $0 | — | View 990 |
Year-by-Year Financial Summary
- 2023: Revenue of $142K, expenses of $113K, and assets of $111K (revenue +17.7% year-over-year).
- 2022: Revenue of $121K, expenses of $82K, and assets of $79K (revenue +5.1% year-over-year).
- 2021: Revenue of $115K, expenses of $115K, and assets of $40K (revenue +15.0% year-over-year).
- 2020: Revenue of $100K, expenses of $129K, and assets of $40K (revenue +0.0% year-over-year).
- 2019: Revenue of $100K, expenses of $101K, and assets of $69K (revenue +5.3% year-over-year).
- 2018: Revenue of $95K, expenses of $97K, and assets of $70K (revenue +-0.0% year-over-year).
- 2017: Revenue of $95K, expenses of $96K, and assets of $72K (revenue +0.0% year-over-year).
- 2016: Revenue of $95K, expenses of $94K, and assets of $73K (revenue -6.4% year-over-year).
- 2015: Revenue of $102K, expenses of $89K, and assets of $75K (revenue +3.0% year-over-year).
- 2014: Revenue of $99K, expenses of $86K, and assets of $62K (revenue -34.0% year-over-year).
- 2013: Revenue of $149K, expenses of $148K, and assets of $50K (revenue +2486800.0% year-over-year).
- 2012: Revenue of $6, expenses of $42K, and assets of $49K.
View Individual Filing Years
Explore detailed financial data from each IRS 990 filing year for Freeport Economic Development Corp:
Data Sources and Methodology
This transparency report for Freeport Economic Development Corp 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.