Public Charity

Maine Development Foundation

Maine Development Foundation is a Public Charity headquartered in Augusta, ME. Financial data from the 2024 filing: $3.0M revenue, $3.0M expenses, $970K total assets. 24 publicly reported grants to this organization, totaling roughly $912K, appear in IRS filings.

EIN: 010355563 Augusta, ME Economic Development NTEE: S30 Latest filing: 2024
Total Revenue$3.0M
Total Expenses$3.0M
Total Assets$970K
Grant Records24
Funding Total$912K
Filing Years2020–2024

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.

Where $100 goes at Maine Development Foundation

How Maine Development Foundation divides every $100 it spends, from its own Form 990 filings, averaged across 8 years.

$79 Programs the work itself
$17 Management running the organization
$4 Fundraising raising the next dollar

Inside the $79 for programs

$43
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…
55% of program spending
$19
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…
24% of program spending
$17
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
21% of program spending
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Source: Form 990 filings with the IRS, latest fiscal year 2024. Shares are from the organization's reported expenses. Data by Imperigo; not affiliated with the IRS.

Officers & Directors

Director Adam Shub
Director Carlos Mello
Vice Chair Catherine Wygant Fossett
Director Dayton Benway
Director Deborah Johnson
Director Eric Soelberg

Officer compensation and complete director data available with membership.

Top Grant Purposes

Economic Development
$413,107 6 grants
Environment & Conservation
$309,893 10 grants
Education
$45,340 1 grant
General Support
$41,209 4 grants
Health & Medicine
$9,000 1 grant

Financial Trends

Year Revenue Expenses Assets
2024 $3.0M $3.0M $970K
2023 $3.2M $3.4M $1.2M
2022 $2.8M $2.7M $1.9M
2021 $2.7M $2.8M $971K
2020 $2.5M $2.6M $1.6M

Between 2020 and 2024, reported annual revenue grew from $2.5M to $3.0M (+18%), with total assets most recently reported at $970K.

Interactive year-over-year charts and full filing details available with membership.

See the full picture for Maine Development Foundation

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