Scarborough Economic Development Corp
Scarborough Economic Development Corp operates with minimal overhead and no reported executive compensation, maintaining stable finances.
EIN: 10409428 · Scarborough, ME · NTEE: S31Z · Updated: 2026-03-28
| Metric | Value |
|---|---|
| Total Revenue | $296K |
| Total Expenses | $280K |
| Program Spending | 90% |
| Net Assets | $48K |
| Transparency Score | 85/100 |
Is Scarborough 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 →
Scarborough Economic Development Corp directs 90% of its spending to programs. This exceeds the industry benchmark of 65%, indicating strong mission focus.
About Scarborough Economic Development Corp
Scarborough Economic Development Corp (EIN: 10409428) is a nonprofit organization based in Scarborough, ME, classified under NTEE code S31Z. The organization reported total revenue of $296K and total assets of $67K according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Scarborough Economic Development Corp's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.
Organization Overview
Scarborough Economic Development Corp is a small nonprofit that has been operating for 38 years, with 13 years of IRS 990 filings on record (2011–2023). Revenue has grown at a compound annual rate of 1.8%.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
| Total Revenue | $281K |
| Total Expenses | $280K |
| Surplus / Deficit | +$1K |
| Total Assets | $62K |
| Total Liabilities | $13K |
| Net Assets | $48K |
| Operating Margin | 0.5% |
| Debt-to-Asset Ratio | 21.6% |
| Months of Reserves | 2.6 months |
Financial Health Grade: A
In 2023, Scarborough Economic Development Corp reported a surplus of $1K with revenue exceeding expenses, holds 2.6 months of operating reserves (limited), has a debt-to-asset ratio of 21.6% (moderate leverage).
Financial Trends
Over 13 years of filings (2011–2023), Scarborough Economic Development Corp's revenue has grown at a compound annual growth rate (CAGR) of 1.8%.
| Year | Revenue Change | Expense Change | Asset Change |
|---|---|---|---|
| 2023 | +7.4% | +7.7% | +10.9% |
| 2022 | +4.2% | +3.7% | -4.6% |
| 2021 | +0.9% | -3.1% | +9.7% |
| 2020 | -1.8% | +3.4% | -15.6% |
| 2019 | +2.4% | -0.5% | +9.6% |
IRS Tax-Exempt Classification
| IRS Classification Codes | 1000 |
| IRS Ruling Date | 1988 |
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 Scarborough 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, Scarborough 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 $1K, with revenue exceeding expenses.
- Debt-to-asset ratio: 21.6%.
Executive Compensation Analysis
Executive compensation is consistently reported as 0% across all available filings, indicating that the organization's leadership is either entirely volunteer-based or compensated through other means not classified as officer compensation, which is highly favorable for a nonprofit of its size.
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 Scarborough Economic Development Corp's IRS 990 filings:
- Lack of detailed expense breakdown beyond total expenses makes it difficult to fully assess program vs. administrative spending without further investigation.
Strengths
The following positive indicators were identified for Scarborough Economic Development Corp:
- No reported officer compensation across all filings, indicating high efficiency and potential volunteer leadership.
- Consistent financial stability with revenues closely matching expenses over a decade.
- Long history of IRS 990 filings (13 filings) demonstrating consistent transparency.
- Modest liabilities relative to assets, indicating sound financial management (e.g., 2023 liabilities of $13,337 vs. assets of $61,698).
Frequently Asked Questions about Scarborough Economic Development Corp
Is Scarborough Economic Development Corp a legitimate charity?
Based on AI analysis of IRS 990 filings, Scarborough Economic Development Corp (EIN: 10409428) some concerns. Mission Score: 85/100. 1 red flag identified, 4 strengths noted.
How does Scarborough Economic Development Corp spend its money?
Scarborough Economic Development Corp directs 90% of its spending to programs and services. The remaining budget covers administration and fundraising costs.
Are donations to Scarborough Economic Development Corp tax-deductible?
Scarborough Economic Development Corp is registered as a tax-exempt nonprofit (EIN: 10409428). Donations to most 501(c)(3) organizations are tax-deductible. Consult a tax professional for your specific situation.
How does Scarborough Economic Development Corp compare to similar nonprofits?
With a transparency score of 85/100 (Excellent), Scarborough Economic Development Corp is above average for NTEE category S31Z nonprofits. The score reflects financial transparency, program spending efficiency, and governance quality based on IRS 990 data.
Where is Scarborough Economic Development Corp located?
Scarborough Economic Development Corp is headquartered in Scarborough, Maine and files with the IRS under EIN 10409428. It is classified under NTEE code S31Z.
How many years of IRS 990 filings does Scarborough Economic Development Corp have?
Scarborough Economic Development Corp 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 $296K in total revenue.
Is Scarborough Economic Development Corp a good charity?
Based on the available IRS 990 data, Scarborough Economic Development Corp appears to be a financially responsible organization. It operates with no reported officer compensation and maintains a stable financial position with revenues consistently covering expenses. This suggests a strong commitment to its mission with minimal administrative overhead.
How does SEDC manage its administrative costs?
The absence of reported officer compensation across all filings strongly suggests that SEDC manages its administrative costs very efficiently, likely relying on volunteer efforts or very low-cost administrative support. This is a significant positive indicator for spending efficiency.
What is the trend in SEDC's financial health?
SEDC's financial health has been remarkably stable over the past decade. Revenues and expenses have consistently tracked each other, with slight surpluses or deficits in any given year, indicating a sustainable operational model. For example, in 2023, revenue was $281,178 and expenses were $279,838, showing a balanced budget.
Filing History
IRS 990 filing history for Scarborough Economic Development Corp showing financial trends over 13 years of public records:
Over 13 years of IRS 990 filings (2011–2023), Scarborough Economic Development Corp's revenue has grown by 23.6%, moving from $228K to $281K. Total assets increased by 27.7% over the same period, from $48K to $62K. Total functional expenses rose by 24.4%, from $225K to $280K. In its most recent filing year (2023), Scarborough Economic Development Corp reported a surplus of $1K, with revenue exceeding expenses. The organization holds $13K in liabilities against $62K in assets (debt-to-asset ratio: 21.6%), resulting in net assets of $48K.
| Year | Revenue | Expenses | Assets | Liabilities | Officer Comp. % | |
|---|---|---|---|---|---|---|
| 2023 | $281K | $280K | $62K | $13K | — | View 990 |
| 2022 | $262K | $260K | $56K | $9K | — | View 990 |
| 2021 | $251K | $251K | $58K | $13K | — | View 990 |
| 2020 | $249K | $259K | $53K | $9K | — | View 990 |
| 2019 | $254K | $250K | $63K | $9K | — | View 990 |
| 2018 | $248K | $251K | $57K | $7K | — | View 990 |
| 2017 | $228K | $228K | $62K | $7K | — | View 990 |
| 2016 | $233K | $234K | $64K | $9K | — | View 990 |
| 2015 | $235K | $234K | $72K | $16K | — | View 990 |
| 2014 | $190K | $199K | $59K | $4K | — | View 990 |
| 2013 | $177K | $171K | $66K | $3K | — | View 990 |
| 2012 | $257K | $237K | $66K | $7K | — | View 990 |
| 2011 | $228K | $225K | $48K | $10K | — | View 990 |
Year-by-Year Financial Summary
- 2023: Revenue of $281K, expenses of $280K, and assets of $62K (revenue +7.4% year-over-year).
- 2022: Revenue of $262K, expenses of $260K, and assets of $56K (revenue +4.2% year-over-year).
- 2021: Revenue of $251K, expenses of $251K, and assets of $58K (revenue +0.9% year-over-year).
- 2020: Revenue of $249K, expenses of $259K, and assets of $53K (revenue -1.8% year-over-year).
- 2019: Revenue of $254K, expenses of $250K, and assets of $63K (revenue +2.4% year-over-year).
- 2018: Revenue of $248K, expenses of $251K, and assets of $57K (revenue +8.8% year-over-year).
- 2017: Revenue of $228K, expenses of $228K, and assets of $62K (revenue -2.5% year-over-year).
- 2016: Revenue of $233K, expenses of $234K, and assets of $64K (revenue -0.7% year-over-year).
- 2015: Revenue of $235K, expenses of $234K, and assets of $72K (revenue +23.7% year-over-year).
- 2014: Revenue of $190K, expenses of $199K, and assets of $59K (revenue +7.5% year-over-year).
- 2013: Revenue of $177K, expenses of $171K, and assets of $66K (revenue -31.3% year-over-year).
- 2012: Revenue of $257K, expenses of $237K, and assets of $66K (revenue +13.0% year-over-year).
- 2011: Revenue of $228K, expenses of $225K, and assets of $48K.
View Individual Filing Years
Explore detailed financial data from each IRS 990 filing year for Scarborough Economic Development Corp:
Data Sources and Methodology
This transparency report for Scarborough 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.