SKOWHEGAN ECONOMIC DEVELOPMENT CORP (EIN 043364974) - Form 990 Financial Analysis & Trantor Score

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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

Tax Period

2023-07-01 to 2024-06-30

SKOWHEGAN ECONOMIC DEVELOPMENT CORP is a micro nonprofit in the Community Improvement sector that reported $61K in total revenue in fiscal year 2023. Revenue surged 267% from the prior year, signaling strong growth momentum. The organization ran a surplus of $33K, a strong 54% operating margin.

Mission

To foster, encourage and assist in the location, settlement or resettlement of industry and recreational, agricultural,and other business enterprises in the Town of Skowhegan and in the County of Somerset.

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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 $0

Program Service Revenue $0

Investment Income $469

Other Revenue $60,731

TOTAL REVENUE $61,200

Expense Breakdown

Grants Paid $21,866

Salaries & Benefits $3,765

Fundraising Expenses $0

Program Expenses $21,866

Other Expenses $2,257

TOTAL EXPENSES $27,888

Year-over-Year Comparison

	2023	2022	Change
Revenue	$61,200	$16,657	+2.7%
Expenses	$27,888	$102,484	-0.7%
Net Income	$33,312	$-85,827	-1.4%

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

N/A

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	Role	Reportable Comp	Other Comp	Total
COLE CLEMENT	Director	Director	$0	$0	$0
BILLY FINLEY	Chairman	Officer Director	$0	$0	$0
KRISTINA CANNON	Director	Director	$0	$0	$0
STEVE GOVONI	Director	Director	$0	$0	$0
REID GIBSON	Director	Officer Director	$0	$0	$0
STEVE GRAY	Director	Director	$0	$0	$0
DONNA MCGORTY	Treasurer	Director	$0	$0	$0
Patrick Moore	Director	Director	$0	$0	$0
MATT DUBOIS	Vice Chairman	Officer Director	$0	$0	$0
JEFF HEWETT	Executive Dir.	Officer	$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
2025	No data	No data	No data	No data
2024	$61,200	$27,888	$1,675,827	$33,312
2023	No data	No data	No data	No data
2022	$-46,435	$6,635	$1,736,814	$-53,070
2021	$55,664	$16,926	$1,876,122	$38,738
2020	$16,638	$71,113	$1,756,599	$-54,475
2019	$39,867	$44,621	$1,844,016	$-4,754
2018	$29,055	$7,737	$1,880,083	$21,318

SKOWHEGAN ECONOMIC DEVELOPMENT CORP