2017-05-15T09:17:40-05:00 2016-06-30 010440155 RUNYON KERSTEEN OUELLETTE 20 LONG CREEK DRIVE SOUTH PORTLAND ME 04106 990 2015-07-01 010472964 BIDDEFORD-SACO AREA ECONOMIC DEVELOPMENT CORPORATION BIDD 2072821748 190 MAIN STREET PO BOX 536 SACO ME 04072 WILLIAM O ARMITAGE II EXECUTIVE DIRECTOR 2072821748 2017-05-15 1 THOMAS EMERY P00532592 2077732986 2015 2021-01-29 14:40:06Z WILLIAM O ARMITAGE II 190 MAIN STREET PO BOX 536 SACO ME 04072 1436094 0 X BSAEDC.ORG X 1992 ME TO PROMOTE SUSTAINABLE, LONG-TERM 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. 14 14 3 22 0 0 79683 969683 398171 466207 77 204 0 0 477931 1436094 0 0 0 0 210788 241817 0 0 1092 178992 149621 389780 391438 88151 1044656 5380503 6412893 2200397 2188131 3180106 4224762 TO PROMOTE SUSTAINABLE, LONG-TERM ECONOMIC PROSPERITY FOR THE BIDDEFORD-SACO MAINE AREA. 0 0 285807 466207 THE CORPORATION SERVICED LOANS MADE IN PRIOR YEARS AND MADE NEW LOANS TO COMPANIES THAT PROVIDE JOBS WITHIN THE COMMUNITIES OF BIDDEFORD, SACO AND YORK COUNTY, MAINE. 285807 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 1 0 1 3 1 0 0 0 0 0 0 0 0 0 0 X 14 14 0 0 0 0 0 1 0 1 1 0 0 1 1 1 1 1 1 1 0 0 ME X X WILLIAM O ARMITAGE II 2072821748 190 MAIN STREET 3RD FLOOR/ PO BOX SACO ME 04072 DAN D'ENTREMONT PRESIDENT 1.00 X X 0 0 0 MARYANNA ARSENAULT VICE PRESIDENT 0.50 X X 0 0 0 ROBERT QUENTIN TREASURER 1.00 X X 0 0 0 LORRAINE BOSTON DIRECTOR 0.50 X 0 0 0 ALAN CASAVANT DIRECTOR 0.50 X 0 0 0 RICHARD HODGDON DIRECTOR 0.50 X 0 0 0 KEVIN ROCHE 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 92582 0 16570 92582 0 16570 0 0 0 0 0 964683 5000 969683 INTEREST INCOME 900099 393721 393721 LOAN FEE INCOME 900099 72486 72486 466207 204 204 1436094 466207 0 204 109152 49118 58942 1092 105225 89453 15772 1726 1467 259 10582 8996 1586 15132 12864 2268 1267 930 337 10950 8033 2917 8075 5924 2151 2879 2112 767 6521 4783 1738 25722 18870 6852 6032 4425 1607 34735 34735 4228 3102 1126 6752 4953 1799 ANNUAL PROGRAM FEE 18362 18362 MISCELLANEOUS 18097 13277 4820 REPAIRS AND MAINTENANCE 4206 3086 1120 SMALL EQUIPMENT 700 514 186 1095 803 292 391438 285807 104539 1092 158157 64695 681701 574880 250000 18767 13678 4510022 5500223 5953 4726 39717 35026 5903 4691 5380503 6412893 14453 15791 1824012 1806001 361932 366339 2200397 2188131 X 524750 558192 2655356 3666570 3180106 4224762 5380503 6412893 1044656 0 X X 0 1 X 1 1 1 X 24497 49361 225521 79683 969683 1348745 24497 49361 225521 79683 969683 1348745 1348745 65 92 105 77 204 543 1349288 1891694 0.99960 0.99920 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 1 0 0 0 0 1 882 0 0 882 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. 39717 35026 4691 4691 CITY OF BIDDEFORD MICRO LOAN PGM PAYABLE 257142 CITY OF BIDDEFORD SMALL BUS. DEVELOP LOAN PGM PAYABLE 109197 366339 X 1436094 0 1436094 0 1436094 391438 0 391438 0 391438 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, 2013 THROUGH 2016. ROBERT QUENTIN BOARD TREASURER IS AN OFFICER OF THE SACO & BIDDEFORD SAVINGS INSTITUTION. 264000 SACO & BIDDEFORD SAVINGS INSTITUTION IS A 1/3 PARTICIPANT IN A $1,500,000 LINE OF CREDIT ISSUED BY THE BIDDEFORD SAVINGS BANK WITH AN OUTSTANDING BALANCE OF $792,000. THE LINE IS SECURED BY LOANS RECEIVABLE IN THE FAME PROGRAM PORTFOLIO. 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 11 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.