Somerset Economic Development Corporation
Somerset Economic Development Corporation shows volatile revenue and expenses but consistent asset growth and no reported officer compensation.
EIN: 10535534 · Skowhegan, ME · NTEE: W20 · Updated: 2026-03-28
| Metric | Value |
|---|---|
| Total Revenue | $440K |
| Total Expenses | $557K |
| Program Spending | 80% |
| CEO/Top Officer Pay | $3 |
| Net Assets | $1.6M |
| Transparency Score | 85/100 |
Is Somerset Economic Development Corporation Legit?
Some Concerns
Assessment based on IRS 990 filings, spending patterns, and AI analysis. Not a guarantee of legitimacy. Full charity check →
Somerset Economic Development Corporation directs 80% of its spending to programs. This exceeds the industry benchmark of 65%, indicating strong mission focus.
About Somerset Economic Development Corporation
Somerset Economic Development Corporation (EIN: 10535534) is a nonprofit organization based in Skowhegan, ME, classified under NTEE code W20. The organization reported total revenue of $440K and total assets of $6.1M according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Somerset Economic Development Corporation's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.
Organization Overview
Somerset Economic Development Corporation is a small nonprofit that has been operating for 26 years, with 14 years of IRS 990 filings on record (2010–2023). Revenue has grown at a compound annual rate of 10.5%.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
| Total Revenue | $551K |
| Total Expenses | $557K |
| Surplus / Deficit | $-5,387 |
| Total Assets | $3.2M |
| Total Liabilities | $1.6M |
| Net Assets | $1.6M |
| Operating Margin | -1.0% |
| Debt-to-Asset Ratio | 49.8% |
| Months of Reserves | 69.7 months |
Financial Health Grade: B
In 2023, Somerset Economic Development Corporation reported a deficit of $5K with expenses exceeding revenue, holds 69.7 months of operating reserves (strong position), has a debt-to-asset ratio of 49.8% (moderate leverage).
Financial Trends
Over 14 years of filings (2010–2023), Somerset Economic Development Corporation's revenue has grown at a compound annual growth rate (CAGR) of 10.5%.
| Year | Revenue Change | Expense Change | Asset Change |
|---|---|---|---|
| 2023 | -54.7% | +327.4% | +2.7% |
| 2022 | +347.7% | -21.5% | +80.0% |
| 2021 | +57.7% | +0.7% | +59.0% |
| 2020 | -25.2% | -20.0% | +4.6% |
| 2019 | -6.7% | +19.0% | +14.2% |
IRS Tax-Exempt Classification
| IRS Classification Codes | 1000 |
| 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 Somerset Economic Development Corporation 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: 15%
- programs: 80%
- fundraising: 5%
According to IRS 990 filings, Somerset Economic Development Corporation allocates its expenses as follows: admin: 15%, programs: 80%, fundraising: 5%. With 80% 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 $5K, with expenses exceeding revenue.
- Debt-to-asset ratio: 49.8%.
Executive Compensation Analysis
Executive compensation is reported as 0% across all available filings, indicating that no officers received compensation, which is highly favorable for an organization of its size with assets exceeding $3 million.
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 Somerset Economic Development Corporation's IRS 990 filings:
- Highly volatile revenue and expense figures year-over-year, particularly the low expenses in 2022 relative to revenue.
- Significant increase in liabilities, from $179,765 in 2016 to $1,610,410 in 2023, which needs further context.
Strengths
The following positive indicators were identified for Somerset Economic Development Corporation:
- Consistent asset growth, from $458,776 in 2014 to $3,234,142 in 2023.
- No reported officer compensation across all filings, indicating efficient use of funds at the executive level.
- Consistent filing of IRS Form 990s over 14 periods, demonstrating transparency and compliance.
- Clear alignment between organization name and NTEE code (W20 - Economic Development).
Frequently Asked Questions about Somerset Economic Development Corporation
Is Somerset Economic Development Corporation a legitimate charity?
Based on AI analysis of IRS 990 filings, Somerset Economic Development Corporation (EIN: 10535534) some concerns. Mission Score: 85/100. 2 red flags identified, 4 strengths noted.
How does Somerset Economic Development Corporation spend its money?
Somerset Economic Development Corporation directs 80% of its spending to programs and services. The remaining budget covers administration and fundraising costs.
Are donations to Somerset Economic Development Corporation tax-deductible?
Somerset Economic Development Corporation is registered as a tax-exempt nonprofit (EIN: 10535534). Donations to most 501(c)(3) organizations are tax-deductible. Consult a tax professional for your specific situation.
How much does the Somerset Economic Development Corporation CEO make?
Somerset Economic Development Corporation's highest-compensated officer earns $3 annually. The organization reported $440K in total revenue. Executive compensation data is disclosed in IRS 990 filings.
What percentage of Somerset Economic Development Corporation's spending goes to programs?
Somerset Economic Development Corporation directs 80% to programs, 5% to fundraising. This exceeds the 65% industry benchmark for efficient nonprofits.
How does Somerset Economic Development Corporation compare to similar nonprofits?
With a transparency score of 85/100 (Excellent), Somerset Economic Development Corporation is above average for NTEE category W20 nonprofits. The score reflects financial transparency, program spending efficiency, and governance quality based on IRS 990 data.
Where is Somerset Economic Development Corporation located?
Somerset Economic Development Corporation is headquartered in Skowhegan, Maine and files with the IRS under EIN 10535534. It is classified under NTEE code W20.
How many years of IRS 990 filings does Somerset Economic Development Corporation have?
Somerset Economic Development Corporation has 14 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 $440K in total revenue.
Is Somerset Economic Development Corporation a good charity?
Based on the available data, the organization demonstrates strong financial transparency regarding executive compensation (0% reported) and consistent asset growth. Its mission alignment with economic development is clear. However, the significant fluctuations in revenue and expenses warrant further investigation into the underlying causes and operational stability.
Why are the expenses so low in 2022 ($130,299) compared to revenue ($1,217,524)?
The unusually low expenses in 2022 relative to high revenue suggest either a significant accumulation of unrestricted net assets, a deferral of expenses, or a large portion of revenue being restricted for future projects. This discrepancy requires a deeper look into the specific financial statements to understand the allocation of funds.
How does the organization manage its liabilities, which have grown significantly?
Liabilities have increased from $179,765 in 2016 to $1,610,410 in 2023. While assets have grown even more substantially, understanding the nature of these liabilities (e.g., program-related investments, debt for property acquisition) is crucial for assessing long-term financial risk and sustainability.
What caused the sharp drop in revenue from $1,217,524 in 2022 to $551,464 in 2023?
Such a significant decline in revenue could be due to the completion of a major grant or project, a change in funding cycles, or economic factors affecting donations or program income. This volatility suggests a reliance on potentially inconsistent funding sources.
Filing History
IRS 990 filing history for Somerset Economic Development Corporation showing financial trends over 14 years of public records:
Over 14 years of IRS 990 filings (2010–2023), Somerset Economic Development Corporation's revenue has grown by 266.3%, moving from $151K to $551K. Total assets increased by 1172.3% over the same period, from $254K to $3.2M. Total functional expenses rose by 257.9%, from $156K to $557K. In its most recent filing year (2023), Somerset Economic Development Corporation reported a deficit of $5K, with expenses exceeding revenue. The organization holds $1.6M in liabilities against $3.2M in assets (debt-to-asset ratio: 49.8%), resulting in net assets of $1.6M.
| Year | Revenue | Expenses | Assets | Liabilities | Officer Comp. % | |
|---|---|---|---|---|---|---|
| 2023 | $551K | $557K | $3.2M | $1.6M | — | — |
| 2022 | $1.2M | $130K | $3.1M | $1.5M | — | — |
| 2021 | $272K | $166K | $1.7M | $1.2M | — | View 990 |
| 2020 | $172K | $165K | $1.1M | $664K | — | View 990 |
| 2019 | $230K | $206K | $1.1M | $623K | — | View 990 |
| 2018 | $247K | $173K | $920K | $495K | — | View 990 |
| 2017 | $332K | $97K | $721K | $228K | — | View 990 |
| 2016 | $70K | $98K | $438K | $180K | — | View 990 |
| 2015 | $97K | $95K | $459K | $173K | — | View 990 |
| 2014 | $141K | $138K | $459K | $188K | — | View 990 |
| 2013 | $170K | $272K | $430K | $173K | — | View 990 |
| 2012 | $390K | $334K | $458K | $214K | — | View 990 |
| 2011 | $653K | $670K | $352K | $120K | — | View 990 |
| 2010 | $151K | $156K | $254K | $6K | — | View 990 |
Year-by-Year Financial Summary
- 2023: Revenue of $551K, expenses of $557K, and assets of $3.2M (revenue -54.7% year-over-year).
- 2022: Revenue of $1.2M, expenses of $130K, and assets of $3.1M (revenue +347.7% year-over-year).
- 2021: Revenue of $272K, expenses of $166K, and assets of $1.7M (revenue +57.7% year-over-year).
- 2020: Revenue of $172K, expenses of $165K, and assets of $1.1M (revenue -25.2% year-over-year).
- 2019: Revenue of $230K, expenses of $206K, and assets of $1.1M (revenue -6.7% year-over-year).
- 2018: Revenue of $247K, expenses of $173K, and assets of $920K (revenue -25.5% year-over-year).
- 2017: Revenue of $332K, expenses of $97K, and assets of $721K (revenue +377.2% year-over-year).
- 2016: Revenue of $70K, expenses of $98K, and assets of $438K (revenue -28.5% year-over-year).
- 2015: Revenue of $97K, expenses of $95K, and assets of $459K (revenue -31.2% year-over-year).
- 2014: Revenue of $141K, expenses of $138K, and assets of $459K (revenue -16.7% year-over-year).
- 2013: Revenue of $170K, expenses of $272K, and assets of $430K (revenue -56.4% year-over-year).
- 2012: Revenue of $390K, expenses of $334K, and assets of $458K (revenue -40.4% year-over-year).
- 2011: Revenue of $653K, expenses of $670K, and assets of $352K (revenue +334.0% year-over-year).
- 2010: Revenue of $151K, expenses of $156K, and assets of $254K.
View Individual Filing Years
Explore detailed financial data from each IRS 990 filing year for Somerset Economic Development Corporation:
Data Sources and Methodology
This transparency report for Somerset Economic 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.