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Nonprofit · EIN 01-0535534

SOMERSET ECONOMIC DEVELOPMENT CORPORATION

Tax-exempt · SKOWHEGAN, ME 04976

Financials

$551K$557K2023$440K$530K2024
Revenue Expenses · by fiscal year end
Financials of SOMERSET ECONOMIC DEVELOPMENT CORPORATION by year, from its e-filed returns
Year endedFormRevenueExpensesNet incomeTotal assetsLiabilitiesNet assets
December 31, 2024990$439,678$529,531-$89,853$6,147,385$4,613,506$1,533,879
December 31, 2023990$551,464$556,851-$5,387$3,234,142$1,610,410$1,623,732
Financial details: 990 for the year ended December 31, 2024

Revenue

Contributions, gifts and grants
$356,450
of which government grants
$70,750
Program service revenue
$1,240
Investment income
$80,388
Other revenue
$1,600

Expenses

Grants and similar amounts paid
$0
Compensation of officers, directors and key employees
$95,865
Other salaries and wages
$10,719
Salaries, compensation and benefits (total)
$114,821
Professional fundraising fees
$0
Legal fees
$291
Accounting fees
$1,463
Occupancy
$6,000
Travel
$6,861
Depreciation
$146,711
Program services (functional)
$490,301
Management and general (functional)
$39,230

Balance sheet and other

Total assets, start of year
$3,234,142
Total assets, end of year
$6,147,385
Total liabilities, end of year
$4,613,506
Net assets, end of year
$1,533,879
Land, buildings and equipment
$366,774
Net assets without donor restrictions
$1,533,879
Gross receipts
$439,678
Employees
2
Volunteers
14
Year formed
1999
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.

NameTitleHours / weekCompensation
CHRISTIAN SAVAGEEXECUTIVE DIRECTOR
Officer
40$95,865
VICKI ALWARDTREASURER
Trustee or director, Officer
0.25$0
TIM CURTISDIRECTOR
Trustee or director
0.25$0
DESTINY DEMOPRESIDENT
Trustee or director, Officer
0.25$0
MICHELLE FLEWELLINGDIRECTOR
Trustee or director
0.25$0
SAM HIGHTDIRECTOR
Trustee or director
0.25$0
ERNIE HILTONDIRECTOR
Trustee or director
0.25$0
JEFF MCGOWNPAST PRESIDENT
Trustee or director
0.25$0
DON SKILLINGSVICE PRESIDENT
Trustee or director, Officer
0.25$0
STEVE STEWARDDIRECTOR
Trustee or director
0.25$0
RUSSELL WALTERSDIRECTOR
Trustee or director
0.25$0
LARRY WARRENDIRECTOR
Trustee or director
0.25$0
DICK WILLETTDIRECTOR
Trustee or director
0.25$0
DAVID DORRDIRECTOR
Trustee or director
0.25$0
JOEL STETKISDIRECTOR
Trustee or director
0.25$0
990 for the year ended December 31, 2023: 17 people
NameTitleHours / weekCompensation
CHRISTIAN SAVAGEEXECUTIVE DIRECTOR
Officer
40$90,800
VICKI ALWARDTREASURER
Trustee or director, Officer
0.25$0
TIM CURTISDIRECTOR
Trustee or director
0.25$0
DESTINY DEMOPRESIDENT
Trustee or director, Officer
0.25$0
MICHELLE FLEWELLINGDIRECTOR
Trustee or director
0.25$0
JEFF HEWETTDIRECTOR
Trustee or director
0.25$0
SAM HIGHTDIRECTOR
Trustee or director
0.25$0
ERNIE HILTONDIRECTOR
Trustee or director
0.25$0
JEFF MCGOWNPAST PRESIDENT
Trustee or director
0.25$0
KATHRYN RUTHSECRETARY
Trustee or director, Officer
0.25$0
DON SKILLINGSVICE PRESIDENT
Trustee or director, Officer
0.25$0
STEVE STEWARDDIRECTOR
Trustee or director
0.25$0
RUSSELL WALTERSDIRECTOR
Trustee or director
0.25$0
LARRY WARRENDIRECTOR
Trustee or director
0.25$0
DICK WILETTEDIRECTOR
Trustee or director
0.25$0
DAVID DORRDIRECTOR
Trustee or director
0.25$0
JOEL STETKISDIRECTOR
Trustee or director
0.25$0

Address and contacts

Address (IRS master file)
41 COURT STREET, SKOWHEGAN, ME 04976-1863
In care of
% JIM BATEY
Principal officer (990 for 2024)
CHRISTIAN SAVAGE, 41 COURT STREET, SKOWHEGAN, ME 04976
Signed the 990
CHRISTIAN SAVAGE, EXECUTIVE DIRECTOR
Phone
(207) 474-0166
Return prepared by
AUSTIN ASSOCIATES PA CPA'S

Mission

TO ASSIST COUNTY BUSINESSES AND LOCAL GOVERNMENTS IN ACCESSING ECONOMIC ASSISTANCE, GRANTS AND LOANS FOR JOB GROWTH AND RETENTION. PROMOTE ECNOMIC DEVELOPMENT TO 400 +/- CLIENTS.

990 for the year ended December 31, 2024

Program accomplishments

  • TO ASSIST COUNTY BUSINESSES AND LOCAL GOVERNMENTS IN ACCESSING ECONOMIC ASSISTANCE, GRANTS AND LOANS FOR JOB GROWTH AND RETENTION. PROMOTE ECONOMIC DEVELOPMENT TO 400 +/- CLIENTS.
    Expenses $490,301 · revenue $53,492

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 yearYear endedDueIRS public records
2025December 31, 2025May 15, 2026Not on file
2024December 31, 2024May 15, 2025990 on file
2023December 31, 2023May 15, 2024990 on file

IRS record

EIN
01-0535534
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
2000
Accounting year ends
December
Files
Form 990 or 990-EZ
Assets (IRS master file)
$6,147,385
Income (IRS master file)
$439,678

Filing history

FormYear endedRevenueExpensesAssetsReturn
990December 2024$439,678$529,531$6,147,385IRS
990December 2023$551,464$556,851$3,234,142XML
990December 2022$1,217,524$130,299$3,148,019IRS
990December 2021–––IRS
990December 2020–––IRS
990December 2018–––IRS
990December 2017–––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 01-0535534).

Questions about SOMERSET ECONOMIC DEVELOPMENT CORPORATION

What is the EIN of SOMERSET ECONOMIC DEVELOPMENT CORPORATION?
The employer identification number (EIN) of SOMERSET ECONOMIC DEVELOPMENT CORPORATION is 01-0535534.
Is SOMERSET ECONOMIC DEVELOPMENT CORPORATION tax-exempt?
Yes. The IRS lists it as tax-exempt under section 501(c)(3) since 2000.
Are donations to SOMERSET ECONOMIC DEVELOPMENT CORPORATION tax-deductible?
Yes. It is listed in IRS Publication 78 (Public charity, 50% deduction limit).
Which annual return does SOMERSET ECONOMIC DEVELOPMENT CORPORATION 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 SOMERSET ECONOMIC DEVELOPMENT CORPORATION 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 SOMERSET ECONOMIC DEVELOPMENT CORPORATION 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 SOMERSET ECONOMIC DEVELOPMENT CORPORATION?
The 990 for the year ended December 31, 2024 names CHRISTIAN SAVAGE.
Who are the officers and directors of SOMERSET ECONOMIC DEVELOPMENT CORPORATION?
The 990 for the year ended December 31, 2024 lists 15 people; 1 received compensation from the organization, the highest $95,865 (CHRISTIAN SAVAGE, EXECUTIVE DIRECTOR).
How much revenue does SOMERSET ECONOMIC DEVELOPMENT CORPORATION have?
On its 990 for the year ended December 31, 2024 it reported revenue of $439,678, expenses of $529,531 and total assets of $6,147,385 at year end.

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