2012-12-11T14:38:12-06:00 2012-06-30 010440155 RUNYON KERSTEEN OUELLETTE 20 LONG CREEK DRIVE SOUTH PORTLAND ME 04106 990 2011-07-01 010472964 BIDDEFORD-SACO AREA ECONOMIC DEVELOPMENT CORPORATION BIDD 2072821748 190 MAIN STREET PO BOX 536 SACO ME 04072 WILLIAM O ARMITAGE II 2072821748 2012-12-07 1 THOMAS EMERY P00532592 2077732986 2011 2016-02-24 21:20:13Z WILLIAM O ARMITAGE II 190 MAIN STREET PO BOX 536 SACO ME 04072 340076 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. 11 11 3 15 0 0 33267 24497 256817 315514 0 65 0 0 290084 340076 0 0 0 0 187378 188047 0 0 999 209076 251959 396454 440006 -106370 -99930 4053538 4505415 1087288 1639095 2966250 2866320 TO PROMOTE SUSTAINABLE, LONG-TERM ECONOMIC PROSPERITY FOR THE BIDDEFORD-SACO MAINE AREA. 0 0 303969 315514 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. 7470 0 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. 311439 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 0 1 0 0 1 3 1 0 0 0 0 0 0 0 0 0 0 X 11 11 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 1.00 X X 0 0 0 MARYANNA ARSENAULT 0.50 X X 0 0 0 PETER MORELLI 0.50 X X 0 0 0 DAN D'ENTREMONT 1.00 X X 0 0 0 DON BALLUTE 0.50 X 0 0 0 PEG LEVASSEUR 0.50 X 0 0 0 DANIEL STEVENSON 0.50 X 0 0 0 CHUCK BATES 0.50 X 0 0 0 ALAN CASAVANT 0.50 X 0 0 0 MARSTON LOVELL 0.50 X 0 0 0 WILLIAM O ARMITAGE II 40.00 X 83885 0 12837 83885 0 12837 0 0 0 0 0 20204 4293 24497 INTEREST INCOME 900099 288807 288807 LOAN FEE INCOME 900099 26707 26707 315514 65 65 340076 315514 0 65 99890 19978 78913 999 63864 45597 18267 1864 1331 533 10884 7771 3113 11545 8243 3302 1521 1013 508 9100 6059 3041 7254 4830 2424 9331 8083 1248 9039 6019 3020 21924 14598 7326 5125 3413 1712 25522 25522 492 328 164 5875 3912 1963 BAD DEBTS 135477 135477 ANNUAL PROGRAM FEE 15212 15212 REPAIRS AND MAINTENANCE 2783 1853 930 MISCELLANEOUS 1711 1139 572 0 1593 1061 532 440006 311439 127568 999 674198 696591 14179 70477 0 4009 3359553 3729691 4256 3786 61245 60384 1352 861 4053538 4505415 15247 10679 820240 1330427 251801 297989 1087288 1639095 X 662099 575777 2304151 2290543 2966250 2866320 4053538 4505415 -99930 0 X X 0 1 1 X 1 1 X 173072 28004 263997 33267 24497 522837 173072 28004 263997 33267 24497 522837 522837 24671 2923 65 27659 550496 1345924 0.94980 0.89860 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 1 0 0 0 0 1 968 0 0 968 0 EXPLANATION OF LOBBYING ACTIVITIES: PART II-B, LINE 1: DURING THE YEAR, THE EXECUTIVE DIRECTOR SPOKE TO VARIOUS STATE COMMITTEES AND/OR LEGISLATORS, CITY COUNCILS, AND OUR FEDERAL CONGRESSIONAL DELEGATION. 61245 60384 861 861 CITY OF BIDDEFORD MICRO LOAN PGM PAYABLE 257400 CITY OF BIDDEFORD SMALL BUS. DEVELOP LOAN PGM PAYABLE 40589 297989 340076 440006 -99930 -99930 340076 0 340076 0 340076 440006 0 440006 0 440006 DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: PART X: THE CORPORATION 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 CORPORATION'S FINANCIAL STATEMENTS RELATED TO FOLLOWING OF THIS INTERPRETATION, AND NO INTEREST OR PENALTIES RELATED TO UNCERTAIN TAX POSITIONS WERE ACCRUED. THE CORPORATION 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, 2009 THROUGH 2012. ROBERT QUENTIN BOARD PRESIDENT IS AN OFFICER OF THE SACO & BIDDEFORD SAVINGS INSTITUTION. 108333 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 $324,998. THE LINE ISSECURED 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 EACH HAVE TWO SEATS ON THE BOARD AND THE AREA CHAMBER OF COMMERCE HAS ONE SEAT. 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 THESE DOCUMENTS ARE AVAILABLE UPON REQUEST. FORM 990, PART XII, LINE 2(C) - AUDIT OVERSIGHT: THE EXECUTIVE COMMITTEE ACTS AS THE AUDIT COMMITTEE. THE PROCESS FOR OVERSIGHT OF THE AUDIT AND SELECTION OF THE INDEPENDENT AUDITORS DID NOT CHANGE DURING THE YEAR.