2016-05-12T14:51:33-05:00 2015-06-30 010440155 RUNYON KERSTEEN OUELLETTE 20 LONG CREEK DRIVE SOUTH PORTLAND ME 04106 990 2014-07-01 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 2016-05-12 1 THOMAS EMERY P00532592 2077732986 2014 2016-08-17 19:52:53Z WILLIAM O ARMITAGE II 190 MAIN STREET PO BOX 536 SACO ME 04072 477931 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. 15 15 3 22 0 0 225521 79683 352740 398171 -869 77 0 0 577392 477931 0 0 0 0 236018 210788 0 0 1078 153583 178992 389601 389780 187791 88151 4790274 5380503 1698319 2200397 3091955 3180106 TO PROMOTE SUSTAINABLE, LONG-TERM ECONOMIC PROSPERITY FOR THE BIDDEFORD-SACO MAINE AREA. 0 0 272497 398171 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. 9000 BIDDEFORD-SACO BUY LOCAL PROGRAM - A COLLABORATIVE EFFORT WORKING TO SHOWCASE THE BUSINESSES OF THE TWO COMMUNITIES AND ENCOURAGE A SHIFT IN THE LOCAL BUYING HABITS TO BOOST THE LOCAL ECONOMY. 281497 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 15 15 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 ROBERT QUENTIN PRESIDENT 1.00 X X 0 0 0 MARYANNA ARSENAULT VICE-PRESIDENT 0.50 X X 0 0 0 PETER MORELLI SECRETARY 0.50 X X 0 0 0 DAN D'ENTREMONT TREASURER 1.00 X X 0 0 0 DON BALLUTE DIRECTOR 0.50 X 0 0 0 PEG LEVASSEUR DIRECTOR 0.50 X 0 0 0 DANIEL STEVENSON DIRECTOR 0.50 X 0 0 0 CHUCK BATES DIRECTOR 0.50 X 0 0 0 ALAN CASAVANT DIRECTOR 0.50 X 0 0 0 KEVIN ROCHE DIRECTOR 0.50 X 0 0 0 JAMES F NIMON 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 MANN DIRECTOR 0.50 X 0 0 0 WILLIAM O ARMITAGE II EXECUTIVE DIRECTOR 40.00 X 92582 0 15235 92582 0 15235 0 0 0 0 0 79683 79683 INTEREST INCOME 900099 348753 348753 LOAN FEE INCOME 900099 49418 49418 398171 77 77 477931 398171 0 77 107817 48518 58221 1078 75104 59736 15368 1784 1419 365 13255 10542 2713 12828 10203 2625 8209 5851 2358 10950 7805 3145 7594 5413 2181 11400 10711 689 7859 5601 2258 24893 17743 7150 9672 6894 2778 25722 25722 3739 2665 1074 7485 5335 2150 BAD DEBTS 30000 30000 ANNUAL PROGRAM FEE 17087 17087 MISCELLANEOUS 4395 3133 1262 REPAIRS AND MAINTENANCE 3085 2199 886 6902 4920 1982 389780 281497 107205 1078 209958 158157 838326 681701 7103 18767 3719505 4510022 6293 5953 36701 30798 9089 5903 4790274 5380503 17722 14453 1343870 1824012 336727 361932 1698319 2200397 X 509265 524750 2582690 2655356 3091955 3180106 4790274 5380503 88151 0 X X 0 1 X 1 1 1 X 33267 24497 49361 225521 79683 412329 33267 24497 49361 225521 79683 412329 412329 65 92 105 77 339 412668 1682304 0.99920 0.99960 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 1 0 0 1 90 0 1 410 0 1 2000 2500 0 PART II-B, LINE 1: BSAEDC CONTRIBUTED $2,000 TO COASTAL ENTERPRISES, INC. IN SUPPORT OF A STATE BOND ISSUE DURING THE NOVEMBER 2014 ELECTION. THIS SUPPORT INCLUDED FINANCIAL CONTRIBUTION AS WELL AS APPROXIMATELY 10 VOLUNTEER HOURS. ADDITIONALLY, DURING THE YEAR, THE EXECUTIVE DIRECTOR SPOKE TO VARIOUS STATE COMMITTEES AND/OR LEGISLATORS, CITY COUNCILS, AND OUR FEDERAL CONGRESSIONAL DELEGATION. 36701 30798 5903 5903 CITY OF BIDDEFORD MICRO LOAN PGM PAYABLE 254596 CITY OF BIDDEFORD SMALL BUS. DEVELOP LOAN PGM PAYABLE 107336 361932 X 477931 0 477931 0 477931 389780 0 389780 0 389780 PART X, LINE 2: THE EDC FOLLOWS THE PROVISIONS OF ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES AS PROVIDED FOR IN THE INCOME TAXES TOPIC OF THE FASB ACCOUNTING STANDARDS CODIFICATION. THIS STATEMENT 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 OF 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, 2012 THROUGH 2015. ROBERT QUENTIN BOARD PRESIDENT IS AN OFFICER OF THE SACO & BIDDEFORD SAVINGS INSTITUTION. 247333 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 $742,000. 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.