BRUNSWICK DEVELOPMENT CORPORATION

Address
85 UNION STREET
BRUNSWICK, ME 04011
Contact
Phone: +1 (207) 725-6652
Nonprofit
EIN: 01-0498822
Year formed: 2017

Mission

BRUNSWICK DEVELOPMENT CORPORATION (BDC) PROVIDES LOW-COST FINANCIAL ASSISTANCE AND OTHER AID DESIGNED TO IMPROVE ECONOMIC CONDITIONS IN THE COMMUNITY OF BRUNSWICK, MAINE. BDC PROVIDES FUNDS AND WORKING CAPITAL (IN THE FORMS OF LOANS AND GRANTS) TO LOCAL BUSINESS CORPORATIONS AND INDIVIDUAL PROPRIETORS WHO MAY NOT BE ABLE TO OBTAIN FUNDS FROM CONVENTIONAL COMMERCIAL SOURCES BECAUSE OF POOR FINANCIAL RISK. REPAID LOAN FUNDS, AND ANY SMALL INTEREST THEREON, IS USED TO MAKE NEW LOANS AND TO PROVIDE FUNDING TO THE TOWN OF BRUNSWICK TO IMPROVE DETERIORATED AREAS AND TO BEAUTIFY THE COMMUNITY.
 2017
Basic features of the organization
Year of formation2017
Subsection code03
PF filing required0
Form of organization
CorporationTrue
Human resources, including compensation
Summary compensation info
Number of employees0
Number of volunteers7
Personnel
Darcy, Larissa
TitlePRESIDENT
Name of key/compensated personLARISSA DARCY
Position of compensated person
Current individual trustee or directorTrue
Current officerTrue
Average hours per week working for org1.00
Reportable compensation from org$0.00
Other comp, non-reportable, from org and related orgs$0.00
Corresponding comp from related orgs
Reportable compensation from related orgs $0.00
Dicara, Vincent
TitleTREASURER
Name of key/compensated personVINCENT DICARA
Position of compensated person
Current individual trustee or directorTrue
Current officerTrue
Average hours per week working for org1.00
Reportable compensation from org$0.00
Other comp, non-reportable, from org and related orgs$0.00
Corresponding comp from related orgs
Reportable compensation from related orgs $0.00
Eldridge, John
TitleBOARD MEMBER
Name of key/compensated personJOHN ELDRIDGE
Position of compensated person
Current individual trustee or directorTrue
Average hours per week working for org1.00
Reportable compensation from org$0.00
Other comp, non-reportable, from org and related orgs$0.00
Corresponding comp from related orgs
Reportable compensation from related orgs $0.00
Harris, Daniel
TitleBOARD MEMBER
Name of key/compensated personDANIEL HARRIS
Position of compensated person
Current individual trustee or directorTrue
Average hours per week working for org1.00
Reportable compensation from org$0.00
Other comp, non-reportable, from org and related orgs$0.00
Corresponding comp from related orgs
Reportable compensation from related orgs $0.00
Henshaw, Nathaniel
TitleBOARD MEMBER
Name of key/compensated personNATHANIEL HENSHAW
Position of compensated person
Current individual trustee or directorTrue
Average hours per week working for org1.00
Reportable compensation from org$0.00
Other comp, non-reportable, from org and related orgs$0.00
Corresponding comp from related orgs
Reportable compensation from related orgs $0.00
Morrell, William
TitleVICE PRESIDENT/SECRETARY
Name of key/compensated personWILLIAM MORRELL
Position of compensated person
Current individual trustee or directorTrue
Current officerTrue
Average hours per week working for org1.00
Reportable compensation from org$0.00
Other comp, non-reportable, from org and related orgs$0.00
Corresponding comp from related orgs
Reportable compensation from related orgs $0.00
Wilson, Kathy
TitleBOARD MEMBER
Name of key/compensated personKATHY WILSON
Position of compensated person
Current individual trustee or directorTrue
Average hours per week working for org1.00
Reportable compensation from org$0.00
Other comp, non-reportable, from org and related orgs$0.00
Corresponding comp from related orgs
Reportable compensation from related orgs $0.00
Purpose: mission, activities, & accomplishments
Mission or significant activitiesBRUNSWICK DEVELOPMENT CORPORATION (BDC) PROVIDES LOW-COST FINANCIAL ASSISTANCE AND OTHER AID DESIGNED TO IMPROVE ECONOMIC CONDITIONS IN THE COMMUNITY OF BRUNSWICK, MAINE. BDC PROVIDES FUNDS AND WORKING CAPITAL (IN THE FORMS OF LOANS AND GRANTS) TO LOCAL BUSINESS CORPORATIONS AND INDIVIDUAL PROPRIETORS WHO MAY NOT BE ABLE TO OBTAIN FUNDS FROM CONVENTIONAL COMMERCIAL SOURCES BECAUSE OF POOR FINANCIAL RISK. REPAID LOAN FUNDS, AND ANY SMALL INTEREST THEREON, IS USED TO MAKE NEW LOANS AND TO PROVIDE FUNDING TO THE TOWN OF BRUNSWICK TO IMPROVE DETERIORATED AREAS AND TO BEAUTIFY THE COMMUNITY.
Program service expenses, total$10,600.00
Programs, including revenue & expenses
BDC USES GRANTS AND LOANS TO FOSTER, ENCOURGAE, ASSIST, SUPPORT, AND PROMOTE ECONOMIC DEVELOPMENT, THROUGH THE ESTABLISHMENT, SETTLEMENT, OR RESETTLEMENT OF THE TOWN OF BRUNSWICK, MAINE, FOR INDUSTRIAL, MANUFACTURING, FISHING, AGRICULTURAL, RECREATIONAL, OR OTHER BUSINESS ENTERPRISES AND TO COMBAT COMMUNITY DETERIORATION THROUGH ECONOMIC DEVELOPMENT.
Program expenses$10,600.00
Program revenue$13,392.00
Program descriptionBDC USES GRANTS AND LOANS TO FOSTER, ENCOURGAE, ASSIST, SUPPORT, AND PROMOTE ECONOMIC DEVELOPMENT, THROUGH THE ESTABLISHMENT, SETTLEMENT, OR RESETTLEMENT OF THE TOWN OF BRUNSWICK, MAINE, FOR INDUSTRIAL, MANUFACTURING, FISHING, AGRICULTURAL, RECREATIONAL, OR OTHER BUSINESS ENTERPRISES AND TO COMBAT COMMUNITY DETERIORATION THROUGH ECONOMIC DEVELOPMENT.
Financial data
Revenue
Total revenue$14,032.00
Investment income, current yr$640.00
Total revenue from grants, etc., current yr$0.00
Total unrelated business revenue$0.00
Other revenue, current yr$0.00
Net unrelated business taxable revenue$0.00
Program service revenue (total)$13,392.00
Gross receipts$14,032.00
Other types of revenue
Income from dividends, interest, and similar investments$640.00
Expense categories (totals)
Total functional expenses: sum of all$41,998.00
Total functional expenses: program service $10,600.00
Total functional expenses: management and general$31,398.00
Total functional expenses: fundraising$0.00
Fees for services
Legal fees (total)$2,799.00
Fundraising service fees (total)$0.00
Assets and liabilities
Total assets$1,002,805.00
Total liabilities$0.00
Unrestricted net assets, end of yr$1,002,805.00
Net assets$1,002,805.00
Cash: non-interest bearing$50,187.00
Other financial variables
Revenue less expenses-$27,966.00
Savings & temp cash investment$480,128.00
Accounts receivable, net$2,066.00
Total net assets or fund balances$1,002,805.00
Governance and accountability
Number of voting members7
Number of independent voting members7
Financial sheets auditedTrue
Accrual accountingTrue
Tax year start date2017-01-06
Tax year end date2017-06-01
Metadata about the filing
E-return type: 990, 990EZ, or 990PF990
Reason for form submission
First filingTrue
Date e-filing submitted2018-08-02
IRS schema version2017v2.2
Filing identifier201801069349300805
Use these data in your project Benchmark this organization against its peers