2018-03-12T09:32:40-05:00 2017-06-30 010440155 RUNYON KERSTEEN OUELLETTE 20 LONG CREEK DRIVE SOUTH PORTLAND ME 04106 990 2016-07-01 010472964 BIDDEFORD-SACO AREA ECONOMIC DEVELOPMENT CORPORATION BIDD 2072821748 20 POMERLEAU STREET NO 300 BIDDEFORD ME 04005 WILLIAM O ARMITAGE II EXECUTIVE DIRECTOR 2072821748 2018-02-28 1 THOMAS EMERY P00532592 2077732986 72.12.73.2 2018-02-28 13:08:11 ES P 6E3F036A119CB68175B343F1C471534FC1BF82AB AF865BF50EFDC5B849D29FCFB71FD720CD82340B 2016 2021-01-29 14:40:06Z X WILLIAM O ARMITAGE II 20 POMERLEAU STREET NO 300 BIDDEFORD ME 04005 849904 0 X BSAEDC.ORG X 1992 ME TO PROMOTE SUSTAINABLE, ECONOMIC PROSPERITY FOR THE BIDDEFORD-SACO MAINE AREA. THE CORPORATION IS A CATALYST FOR COOPERATION, TEAMWORK, AND MUTUAL SUCCESS THROUGH THE: (1) CREATION AND RETENTION OF QUALITY JOBS FOR THE PEOPLE OF BIDDEFORD-SACO TARGETING THE LOW TO MODERATE INCOME POPULATION AND (2) DEVELOPMENT AND PROMOTION OF POLICIES, PROJECTS AND PROGRAMS THAT WILL ACCOMODATE AND CAPTURE NEW INVESTMENT IN BIDDEFORD-SACO. 15 15 3 22 0 0 969683 487453 466207 361597 204 854 0 0 1436094 849904 0 0 0 0 241817 249963 0 0 1168 149621 414355 391438 664318 1044656 185586 6412893 6769398 2188131 2359050 4224762 4410348 TO PROMOTE SUSTAINABLE ECONOMIC PROSPERITY THROUGH REGIONAL BUSINESS LENDING, TARGETING UNDERSERVED MARKETS. 0 0 521013 361597 THE CORPORATION SERVICED LOANS MADE IN PRIOR YEARS AND MADE NEW LOANS TO COMPANIES LOCATED IN, AND THAT PROVIDE JOBS WITHIN, YORK COUNTY, MAINE. 521013 1 1 0 1 0 0 0 0 0 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 1 0 0 1 3 1 0 0 0 0 0 0 0 0 0 0 X 15 15 0 0 0 0 0 1 0 1 1 0 0 1 1 1 1 1 1 1 0 0 ME X WILLIAM O ARMITAGE II 2072821748 20 POMERLEAU STREET SUITE 300 BIDDEFORD ME 04005 DAN D'ENTREMONT PRESIDENT 1.00 X X 0 0 0 RICHARD HODGDON VICE PRESIDENT 0.50 X X 0 0 0 LORRAINE BOSTON TREASURER 1.00 X X 0 0 0 ROBERT QUENTIN DIRECTOR 0.50 X 0 0 0 ALAN CASAVANT DIRECTOR 0.50 X 0 0 0 MARYANNA ARSENAULT SECRETARY 0.50 X X 0 0 0 WILLIAM DOYLE DIRECTOR 0.50 X 0 0 0 CHUCK BATES DIRECTOR 0.50 X 0 0 0 JAMES F NIMON DIRECTOR 0.50 X 0 0 0 DANIEL STEVENSON DIRECTOR 0.50 X 0 0 0 WILLIAM MANN DIRECTOR 0.50 X 0 0 0 ERIC GREEN DIRECTOR 0.50 X 0 0 0 CHARLES GALLOWAY DIRECTOR 0.50 X 0 0 0 PAUL SCHUMACHER DIRECTOR 0.50 X 0 0 0 WILLIAM O ARMITAGE II EXECUTIVE DIRECTOR 40.00 X 97059 0 17352 97059 0 17352 0 0 0 0 0 487453 487453 INTEREST INCOME 900099 289949 289949 LOAN FEE INCOME 900099 71648 71648 361597 854 854 849904 361597 0 854 116837 47904 67765 1168 105433 80922 24511 1818 1395 423 10270 7883 2387 15605 11977 3628 3728 2328 1400 10950 6836 4114 8093 5053 3040 3450 2154 1296 6390 3989 2401 25499 15919 9580 7267 4537 2730 34206 34206 7081 4421 2660 8486 5298 3188 BAD DEBTS 240469 240469 ANNUAL PROGRAM FEE 24100 24100 REPAIRS AND MAINTENANCE 22731 14191 8540 MISCELLANEOUS 9488 5923 3565 2417 1508 909 664318 521013 142137 1168 64695 85599 574880 1208620 250000 0 13678 21460 5500223 5369876 4726 6950 113016 39115 4691 73901 0 2992 6412893 6769398 15791 43965 1806001 1945285 366339 369800 2188131 2359050 X 558192 588480 3666570 3821868 4224762 4410348 6412893 6769398 185586 0 X X 0 1 X 1 1 1 X 49361 225521 79683 969683 487453 1811701 5064 5064 49361 225521 79683 969683 492517 1816765 1816765 92 105 77 204 854 1332 1818097 1937777 0.99930 0.99960 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 1 0 0 0 0 1 1192 0 0 1192 0 PART II-B, LINE 1: THE EXECUTIVE DIRECTOR AND/OR OTHER EMPLOYEES ATTENDED MEETINGS OF VARIOUS STATE COMMITTEES AND/OR LEGISLATORS, CITY COUNCILS, AND OUR FEDERAL CONGRESSIONAL DELEGATION TO PRESENT REPORTS OR UPDATES ON ACTIVITIES. 113016 39115 73901 73901 CITY OF BIDDEFORD MICRO LOAN PGM PAYABLE 259736 CITY OF BIDDEFORD SMALL BUS. DEVELOP LOAN PGM PAYABLE 110064 369800 X 849904 0 849904 0 849904 664318 0 664318 0 664318 PART X, LINE 2: THE EDC FOLLOWS THE PROVISIONS OF FASB ASC 740-10 ACCOUNTING FOR UNCERTAINTY OF INCOME TAXES, WHICH CLARIFIES THE CRITERIA THAT AN INDIVIDUAL TAX POSITION MUST SATISFY FOR SOME OR ALL OF THE BENEFITS OF THAT POSITION TO BE RECOGNIZED IN AN ENTITY'S FINANCIAL STATEMENTS. IT ALSO PRESCRIBES A RECOGNITION THRESHOLD OF MORE LIKELY-THAN-NOT, AND A MEASUREMENT ATTRIBUTE FOR ALL TAX POSITIONS TAKEN OR EXPECTED TO BE TAKEN ON A TAX RETURN, IN ORDER FOR THOSE TAX POSITIONS TO BE RECOGNIZED IN THE FINANCIAL STATEMENTS. THERE WAS NO CUMULATIVE EFFECT ON THE EDC'S FINANCIAL STATEMENTS RELATED TO FOLLOWING THIS INTERPRETATION, AND NO INTEREST OR PENALTIES RELATED TO UNCERTAIN TAX POSITIONS WERE ACCRUED. THE EDC IS CURRENTLY OPEN TO AUDIT UNDER THE STATUTE OF LIMITATIONS BY THE INTERNAL REVENUE SERVICE AND STATE TAXING AUTHORITIES FOR THE YEARS ENDED JUNE 30, 2014 THROUGH 2017. ROBERT QUENTIN BOARD MEMBER IS AN OFFICER OF THE SACO & BIDDEFORD SAVINGS INSTITUTION. 250000 SACO & BIDDEFORD SAVINGS INSTITUTION EQ2 LOAN MAKES UP 1/4 OF TOTAL EQ2 LOANS MADE TO THE ORGANIZATION IN THE YEAR, $250,000. ADDITIONALLY, THE BANK IS A 1/4 PARTICIPANT IN A $1,000,000 LINE OF CREDIT ISSUED BY THE BIDDEFORD SAVINGS BANK WITH A ZERO OUTSTANDING BALANCE. 0 FORM 990, PART VI, SECTION A, LINE 7A THE CITIES OF BIDDEFORD, ME AND SACO, ME AND THE SANFORD REGIONAL ECONOMIC GROWTH COUNCIL EACH HAVE TWO SEATS ON THE BOARD, AND THE BIDDEFORD-SACO CHAMBER OF COMMERCE & INDUSTRY, THE KENNEBUNK DEVELOPMENT CORPORATION AND THE SOUTHERN MAINE PLANNING AND DEVELOPMENT COMMISSION EACH HAVE ONE SEAT ON THE BOARD. FORM 990, PART VI, SECTION B, LINE 11B A COPY OF THIS FORM 990 WAS PROVIDED TO THE BOARD OF DIRECTORS AND THE EXECUTIVE DIRECTOR FOR REVIEW PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C THIS POLICY IS REVIEWED AND SIGNED BY THE BOARD OF DIRECTORS AT EACH ANNUAL MEETING. FORM 990, PART VI, SECTION B, LINE 15A THE EXECUTIVE COMMITTEE MEETS ANNUALLY TO REVIEW THE EXECUTIVE DIRECTOR'S PERFORMANCE AND TO APPROVE HIS COMPENSATION PACKAGE. UPON INITIAL HIRING AND PERIODICALLY OVER THE YEARS A MORE EXHAUSTIVE REVIEW, INCLUDING COMPARABILITY DATA, IS PERFORMED. FORM 990, PART VI, SECTION C, LINE 19 DOCUMENTS ARE MADE AVAILABLE TO THE PUBLIC UPON REQUEST WHETHER BY EMAIL, PHONE OR IN-PERSON. ADDITIONALLY, INFORMATION REGARDING THE ORGANIZATION CAN BE FOUND ON THE INTERNET AT GUIDESTAR.ORG. FORM 990, PART XII, LINE 2C: THE EXECUTIVE COMMITTEE ACTS AS THE AUDIT COMMITTEE. THE PROCESS FOR THE OVERSIGHT OF THE AUDIT AND SELECTION OF THE INDEPENDENT AUDITORS DID NOT CHANGE DURING THE YEAR.