Eastern Maine Development Corporat… - Form 990 Financial Data

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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

1967

Legal Domicile

Principal Officer

Lee Umphrey

Phone

2079426389

Tax Period

2023-10-01 to 2024-09-30

Eastern Maine Development Corporation, founded in 1967, is a mid-sized nonprofit in the Community Improvement sector that reported $10.5M in total revenue in fiscal year 2023. Revenue surged 63% from the prior year, signaling strong growth momentum. Expenses of $10.1M left a modest 4% surplus.

Mission

Provide educational and other economic development services to governments and businesses in eastern Maine

Program Service Accomplishments

Program 1

Municipal Planning The Municipal Planning Assistance Program MPAP was set up under the Maines Department of Agriculture Conservation and Forestry. It is implemented through EMDCs Regional Planning...

Municipal Planning The Municipal Planning Assistance Program MPAP was set up under the Maines Department of Agriculture Conservation and Forestry. It is implemented through EMDCs Regional Planning Commission RPC. The RPC provides municipal technical assistance services as well as comprehensive plan and land use ordinance development services to all towns within the Penobscot and Piscataquis and some of Waldo Counties. During 2023 the RPC staff provided technical assistance to 14 municipalities ranging from land use queries, ordinance development, code enforcement guidance, and MRSA Title 30-A interpretation. Also included were a range of coastal climate workshops to 13 coastal towns within the Penobscot River estuary. The RPC provided comprehensive planning development services to 5 municipalities totaling 96,500 in contractual services during 2023.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

Financial Overview (2023)

Revenue Breakdown

Contributions & Grants $9,626,734

Program Service Revenue $782,040

Investment Income $0

Other Revenue $124,644

TOTAL REVENUE $10,533,418

Expense Breakdown

Grants Paid $0

Salaries & Benefits $4,234,695

Fundraising Expenses $0

Program Expenses $9,226,958

Other Expenses $5,876,644

TOTAL EXPENSES $10,111,339

Year-over-Year Comparison

	2023	2022	Change
Revenue	$10,533,418	$6,477,472	+0.6%
Expenses	$10,111,339	$6,672,882	+0.5%
Net Income	$422,079	$-195,410	-3.2%

Key Indicators

✓ Grants to Organizations ✗ Grants to Individuals ✗ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✗ Schedule B Required

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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

Employees

264

Volunteers

N/A

Governance Policies

✗ Conflict of Interest Policy

✗ Whistleblower Policy

✗ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School

✗ Operated a Hospital

✗ Provided First Class Travel

✗ Reported Conflict of Interest

✗ Reported Asset Diversion

✗ Excess Benefit Transaction

✗ Made Political Expenditures

✗ Engaged in Lobbying

✗ Operated Donor Advised Fund

✗ Maintained Art Collections

✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
Dennis Damon	Chairman	002.00	Officer Director	$0	$0	$0
Laura Sanborn	Secretary-Treasurer	002.00	Officer Director	$0	$0	$0
Tim Pease	Director	002.00	Director	$0	$0	$0
Elizabeth Russell	Vice Chair	002.00	Officer Director	$0	$0	$0
Denise M Buzzelli	Director	002.00	Director	$0	$0	$0
Dr Steven R Cunningham	Director	002.00	Director	$0	$0	$0
Michael Donahue	Director	002.00	Director	$0	$0	$0
Wayne Erkkinen	Director	002.00	Director	$0	$0	$0
James S Gillway	Director	002.00	Director	$0	$0	$0
Jarrod Guimond	Director	002.00	Director	$0	$0	$0
EJ Roach	Director	002.00	Director	$0	$0	$0
Scott Adkins	Director	002.00	Director	$0	$0	$0
Jessica Masse	Director	002.00	Director	$0	$0	$0
Patrick McGowan	Director	002.00	Director	$0	$0	$0
Dan Tremble	Director	002.00	Director	$0	$0	$0
Jose Saavedra	Director	002.00	Director	$0	$0	$0

Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year	Revenue	Expenses	Assets	Net Income
2024	$10,533,418	$10,111,339	$11,762,497	$422,079
2023	$6,477,472	$6,672,882	$11,588,285	$-195,410
2022	$11,157,433	$10,616,424	$11,057,915	$541,009
2021	$64,676,194	$61,045,869	$11,518,769	$3,630,325
2020	$4,085,051	$4,144,744	$9,037,895	$-59,693
2019	$5,349,511	$5,694,960	$8,884,691	$-345,449
2018	$4,165,924	$3,944,397	$9,451,435	$221,527

Eastern Maine Development Corporation