Maine Development Foundation

EIN: 010355563 501(c)(3) Community Improvement

Augusta, ME

Total Revenue
$2,966,802
Total Expenses
$3,002,637
Total Assets
$969,500
Net Assets
$35,015
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Financial Vulnerability Assessment (Tuckman-Chang)

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Financial Trends

Organization Details

Formation Year
1978
Legal Domicile
ME
Principal Officer
Yellow Breen
Phone
2076226345
Tax Period
2024-01-01 to 2024-12-31

Maine Development Foundation, founded in 1978, is a community nonprofit in the Community Improvement sector that reported $3.0M in total revenue in fiscal year 2024. Revenue decreased 6% compared to the prior year.

Mission

The mission of the Maine Development Foundation is to foster sustainable, long-term economic growth for Maine. Its programs stimulate new ideas, help develop Maine's leaders, and provide common ground for solving problems and advancing important issues.

Program Service Accomplishments

Program 1
Expenses: $1,042,157 Revenue: $519,869

Maine Downtown Center works to help downtowns with their revitalization efforts and fosters downtown development that is dynamic and community-based, and results in economic development, business...

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Maine Downtown Center works to help downtowns with their revitalization efforts and fosters downtown development that is dynamic and community-based, and results in economic development, business growth, job creation, housing revitalization, historic preservation, and cultural enhancement.

Program 2
Expenses: $409,276 Revenue: $307,063

Leadership Programs consist of a powerful, nine-month, outward journey that takes a leader beyond their day-to-day experience and expands their capacity to shape our state's future. The Leadership...

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Leadership Programs consist of a powerful, nine-month, outward journey that takes a leader beyond their day-to-day experience and expands their capacity to shape our state's future. The Leadership curriculum is designed for leaders from all sectors. Each Leadership class is given real-life challenges to address. Participants work in teams to address the assigned issue, connect with key stakeholders, organizations and groups, and develop a solution-oriented path with the goal of improving the economy.

Program 3
Expenses: $459,447 Revenue: $97,018

The Forest Economy Project was launched in summer 2016 to support industry, community, and research leaders to develop and implement recommendations to strengthen and diversify Maine's forest...

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The Forest Economy Project was launched in summer 2016 to support industry, community, and research leaders to develop and implement recommendations to strengthen and diversify Maine's forest industry and rural economies, supported initially by a 3-year federal Economic Development Administration grant to assist with supporting, coordinating, and reporting on Maine's forest economy recovery and revitalization effort.

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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%)

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Financial Overview (2024)

Revenue Breakdown

Contributions & Grants $1,748,912
Program Service Revenue $1,206,358
Investment Income $11,532
Other Revenue $0
TOTAL REVENUE $2,966,802

Expense Breakdown

Grants Paid $557,301
Salaries & Benefits $1,592,674
Fundraising Expenses $106,255
Program Expenses $2,179,817
Other Expenses $852,662
TOTAL EXPENSES $3,002,637

Year-over-Year Comparison

2024 2023 Change
Revenue $2,966,802 $3,160,300 -0.1%
Expenses $3,002,637 $3,361,150 -0.1%
Net Income $-35,835 $-200,850 -0.8%
Key Indicators
Grants to Organizations Grants to Individuals Lobbying Political Activity Foreign Activities Donor Advised Fund Schedule B Required
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Governance

Voting Members
16
Independent Members
15
Employees
16
Volunteers
150

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
4
$203,552
Total Directors
17
$0
Key Employees
0
$0
Highest Compensated
0
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
Adam Shub Director 1.00
Director
$0 $0 $0
Carlos Mello Director 1.00
Director
$0 $0 $0
Catherine Wygant Fossett Vice Chair 1.50
Officer Director
$0 $0 $0
Dayton Benway Director 1.00
Director
$0 $0 $0
Deborah Johnson Director 1.00
Director
$0 $0 $0
Eric Soelberg Director 1.00
Director
$0 $0 $0
Hannah Carter Director 1.00
Director
$0 $0 $0
Kendra Coates Director 1.00
Director
$0 $0 $0
Linda Ball Chair 2.00
Officer Director
$0 $0 $0
Lisa Sockabasin Director 1.00
Director
$0 $0 $0
Lori Dwyer Director 1.50
Director
$0 $0 $0
Michael McKernan Director 1.50
Director
$0 $0 $0
Rick C Leonard Treasurer 2.00
Officer Director
$0 $0 $0
Theresa Cody Director 1.50
Director
$0 $0 $0
Trampas Hutches Director 1.00
Director
$0 $0 $0
Nellie Albright Director 1.00
Director
$0 $0 $0
Jenny Kordick Director 1.00
Director
$0 $0 $0
Yellow Light Breen President & CEO 40.00
Officer
$171,499 $32,053 $203,552
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 $2,966,802 $3,002,637 $969,500 $-35,835
2023 $3,160,300 $3,361,150 $1,176,862 $-200,850
2022 $2,803,285 $2,739,656 $1,919,051 $63,629
2021 $2,681,444 $2,780,640 $970,799 $-99,196
2020 $2,516,324 $2,600,651 $1,568,365 $-84,327
2019 $1,791,473 $1,849,434 $713,218 $-57,961
2018 $1,792,373 $1,857,224 $788,412 $-64,851
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