Nonprofit · EIN 01-0355563
MAINE DEVELOPMENT FOUNDATION
Tax-exempt · AUGUSTA, ME 04332
Financials
| Year ended | Form | Revenue | Expenses | Net income | Total assets | Liabilities | Net assets |
|---|---|---|---|---|---|---|---|
| December 31, 2024 | 990 | $2,966,802 | $3,002,637 | -$35,835 | $969,500 | $934,485 | $35,015 |
| December 31, 2023 | 990 | $3,160,300 | $3,361,150 | -$200,850 | $1,176,862 | $1,106,012 | $70,850 |
Financial details: 990 for the year ended December 31, 2024
Revenue
- Contributions, gifts and grants
- $1,748,912
- of which government grants
- $1,283,704
- Program service revenue
- $1,206,358
- Investment income
- $11,532
- Other revenue
- $0
Expenses
- Grants and similar amounts paid
- $557,301
- Compensation of officers, directors and key employees
- $119,829
- Other salaries and wages
- $1,080,635
- Salaries, compensation and benefits (total)
- $1,592,674
- Professional fundraising fees
- $0
- Occupancy
- $26,008
- Travel
- $54,716
- Depreciation
- $9,251
- Program services (functional)
- $2,179,817
- Management and general (functional)
- $716,565
- Fundraising (functional)
- $106,255
Balance sheet and other
- Total assets, start of year
- $1,176,862
- Total assets, end of year
- $969,500
- Total liabilities, end of year
- $934,485
- Net assets, end of year
- $35,015
- Land, buildings and equipment
- $25,892
- Net assets without donor restrictions
- $35,015
- Gross receipts
- $2,966,802
- Employees
- 16
- Volunteers
- 150
- Year formed
- 1978
- State of legal domicile
- ME
From the e-filed returns the IRS publishes as XML (latest three processing years; amended returns replace the original). PDF copies at the IRS.
Officers, directors and key employees
As listed on the 990 for the year ended December 31, 2024, highest compensation first.
| Name | Title | Hours / week | Compensation | Other / benefits |
|---|---|---|---|---|
| Yellow Light Breen | President & CEO Officer | 40 | $171,499 | $32,053 |
| Adam Shub | Director Trustee or director | 1 | $0 | $0 |
| Carlos Mello | Director Trustee or director | 1 | $0 | $0 |
| Catherine Wygant Fossett | Vice Chair Trustee or director, Officer | 1.5 | $0 | $0 |
| Dayton Benway | Director Trustee or director | 1 | $0 | $0 |
| Deborah Johnson | Director Trustee or director | 1 | $0 | $0 |
| Eric Soelberg | Director Trustee or director | 1 | $0 | $0 |
| Hannah Carter | Director Trustee or director | 1 | $0 | $0 |
| Kendra Coates | Director Trustee or director | 1 | $0 | $0 |
| Linda Ball | Chair Trustee or director, Officer | 2 | $0 | $0 |
| Lisa Sockabasin | Director Trustee or director | 1 | $0 | $0 |
| Lori Dwyer | Director Trustee or director | 1.5 | $0 | $0 |
| Michael McKernan | Director Trustee or director | 1.5 | $0 | $0 |
| Rick C Leonard | Treasurer Trustee or director, Officer | 2 | $0 | $0 |
| Theresa Cody | Director Trustee or director | 1.5 | $0 | $0 |
3 more people on this return
| Name | Title | Hours / week | Compensation |
|---|---|---|---|
| Trampas Hutches | Director Trustee or director | 1 | $0 |
| Nellie Albright | Director Trustee or director | 1 | $0 |
| Jenny Kordick | Director Trustee or director | 1 | $0 |
990 for the year ended December 31, 2023: 18 people
| Name | Title | Hours / week | Compensation | Other / benefits |
|---|---|---|---|---|
| Yellow Light Breen | President & CEO Officer | 40 | $181,802 | $33,061 |
| Jan A Kearce | Employee Highest-paid employee | 40 | $108,029 | $22,352 |
| Roseanna Vanadestine | Employee Highest-paid employee | 40 | $112,058 | $16,290 |
| Carlos Mello | Director Trustee or director | 1 | $0 | $0 |
| Catherine Wygant Fossett | Vice Chair Trustee or director | 1.5 | $0 | $0 |
| Deborah Johnson | Director Trustee or director | 1 | $0 | $0 |
| Eric Soelberg | Director Trustee or director | 1 | $0 | $0 |
| Hannah Carter | Director Trustee or director | 1 | $0 | $0 |
| Linda Ball | Chair Trustee or director | 2 | $0 | $0 |
| Lisa Sockabasin | Director Trustee or director | 1 | $0 | $0 |
| Lori Dwyer | Director Trustee or director | 1.5 | $0 | $0 |
| Rick C Leonard | Treasurer Trustee or director | 2 | $0 | $0 |
| Theresa Cody | Director Trustee or director | 1.5 | $0 | $0 |
| Michael McKernan | Director Trustee or director | 1.5 | $0 | $0 |
| Adam Shub | Director Trustee or director | 1 | $0 | $0 |
| Dayton Benway | Director Trustee or director | 1 | $0 | $0 |
| Kendra Coates | Director Trustee or director | 1 | $0 | $0 |
| Trampas Hutches | Director Trustee or director | 1 | $0 | $0 |
Address and contacts
- Address (IRS master file)
- PO BOX 3, AUGUSTA, ME 04332-0003
- Principal officer (990 for 2024)
- Yellow Breen, PO Box 3, Augusta, ME 04332
- Signed the 990
- Yellow Breen, President & CEO
- Phone
- (207) 622-6345
- Website
- www.mdf.org
- Return prepared by
- Purdy Powers & Company
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 accomplishments
- 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.Expenses $1,042,157 · grants $457,772 · revenue $519,869
- 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.Expenses $409,276 · grants $6,000 · revenue $307,063
- 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.Expenses $459,447 · grants $93,529 · revenue $97,018
- Expenses $268,937 · revenue $282,408
What it must file and when
IRS records say it files Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N. Its accounting year ends in December, so each return is due on the 15th day of the 5th month after that.
| Tax year | Year ended | Due | IRS public records |
|---|---|---|---|
| 2025 | December 31, 2025 | May 15, 2026 | Not on file |
| 2024 | December 31, 2024 | May 15, 2025 | 990 on file |
| 2023 | December 31, 2023 | May 15, 2024 | 990 on file |
IRS record
- EIN
- 01-0355563
- Tax-exempt status
- 501(c)(3): Charitable, religious, educational or scientific organization
- Foundation status
- Publicly supported organization (170(b)(1)(A)(vi))
- Donations deductible (Pub 78)
- Public charity, 50% deduction limit
- Exempt since
- 1978
- Accounting year ends
- December
- Files
- Form 990 or 990-EZ
- Category (NTEE)
- Community improvement and capacity building (S30Z)
- Assets (IRS master file)
- $969,500
- Income (IRS master file)
- $2,966,802
Filing history
| Form | Year ended | Revenue | Expenses | Assets | Return |
|---|---|---|---|---|---|
| 990 | December 2024 | $2,966,802 | $3,002,637 | $969,500 | XML |
| 990 | December 2023 | $3,160,300 | $3,361,150 | $1,176,862 | XML |
| 990 | December 2022 | $2,803,285 | $2,739,656 | $1,919,051 | IRS |
| 990 | December 2021 | – | – | – | IRS |
| 990 | December 2020 | – | – | – | IRS |
| 990 | December 2019 | – | – | – | IRS |
| 990 | December 2018 | – | – | – | IRS |
990-N: the IRS bulk file holds only the latest e-Postcard per organization; earlier years come from archived copies of that file since 2020 and can have gaps (the IRS e-Postcard search lists every one). 990, 990-EZ, 990-PF, 990-T: every e-filed return in the IRS e-file index since 2019; XML for the latest three processing years, amounts from the IRS Statistics of Income extracts before that. PDF copies and determination letters at the IRS (search EIN 01-0355563).
Questions about MAINE DEVELOPMENT FOUNDATION
- What is the EIN of MAINE DEVELOPMENT FOUNDATION?
- The employer identification number (EIN) of MAINE DEVELOPMENT FOUNDATION is 01-0355563.
- Is MAINE DEVELOPMENT FOUNDATION tax-exempt?
- Yes. The IRS lists it as tax-exempt under section 501(c)(3) since 1978.
- Are donations to MAINE DEVELOPMENT FOUNDATION tax-deductible?
- Yes. It is listed in IRS Publication 78 (Public charity, 50% deduction limit).
- Which annual return does MAINE DEVELOPMENT FOUNDATION file?
- Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N.
- When is the next return of MAINE DEVELOPMENT FOUNDATION due?
- The return for tax year 2025 (the year ending December 31, 2025) is due May 15, 2026. Form 8868 extends it by six months; the 990-N cannot be extended.
- When did MAINE DEVELOPMENT FOUNDATION last file with the IRS?
- The latest return in the IRS public files is the 990 for the year ended December 2024.
- Who is the principal officer of MAINE DEVELOPMENT FOUNDATION?
- The 990 for the year ended December 31, 2024 names Yellow Breen.
- Who are the officers and directors of MAINE DEVELOPMENT FOUNDATION?
- The 990 for the year ended December 31, 2024 lists 18 people; 1 received compensation from the organization, the highest $171,499 (Yellow Light Breen, President & CEO).
- How much revenue does MAINE DEVELOPMENT FOUNDATION have?
- On its 990 for the year ended December 31, 2024 it reported revenue of $2,966,802, expenses of $3,002,637 and total assets of $969,500 at year end.
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All nonprofits in AUGUSTA · Maine · Community improvement and capacity building