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Eagle Lake Development Corporation FY2020 filing

Not tax-deductible

Eagle Lake, ME501(c)(4)Since 1974 EIN 23-7299360Revenue $489K in FY2020

On file with the IRSPo Box 256, 04739-0256 · Eagle Lake, METax-exempt since Aug 1981

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Low income/elderly housing

501(c)(4) social-welfare organization; gifts are not tax-deductible as charitable contributions.
100¢ of each $1 spent went to programs.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX

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FY2020 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
501(c)(4)
not on the IRS revocation list
Looks good: listed by the IRS and not on the revocation list.
IRS BMF · Auto-Revocation List
Tax-deductible gifts
No
Donations are not tax-deductible
Worth a look: the IRS does not list gifts to it as deductible.
IRS Pub. 78 · IRS BMF
Latest return
FY2025
latest Form 990
Looks good: the latest return is for FY2025, 1 tax year back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
6 of 6
filings with a surplus
Average surplus $26K a year · 5% of revenue · last 6 filings
Looks good: a surplus in 6 of the last 6 filings.
Pt I · Ln 19 · 6 filings
Spent on programs
100%
of spending
Looks good: 100% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Cash reserves
8 mo
of spending, in cash
Looks good: 7.7 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$1.3M
97% of total assets
Concern: liabilities are 97% of assets; over 80%.
Pt X · Ln 26
Independent board members
34
of 34 voting members
Looks good: 34 of 34 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$489K
Spent
$468K
To programs
100%
Net assets
$37K
By yearFY2020–FY2025
Revenue
$489K
FY2020
Tap a bar for its year
Revenue by fiscal year
FY2020$489K
FY2021$491K
FY2022$512K
FY2023$577K
FY2024$550K
FY2025$562K
Expenses
$468K
FY2020
Tap a bar for its year
Expenses by fiscal year
FY2020$468K
FY2021$488K
FY2022$503K
FY2023$525K
FY2024$517K
FY2025$523K
Net assets
$37K
FY2020
Tap a bar for its year
Net assets by fiscal year
FY2020$37K
FY2021$41K
FY2022$50K
FY2023$102K
FY2024$135K
FY2025$174K

From the FY2020 Form 990 · see the original

990 PDF Claim
You’re viewing the FY2020 filing — not the latest on file. See the latest (FY2025) →

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2025. IRS ruling in Aug 1981.

IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Where the money goes

100 cents of each dollar spent went to programs.

Program services 100% · $468K

Form 990 Part IX, line 25. Every line is in By the numbers.

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Who runs it and what they're paid

7 people listed on the 990.

Part VII, Section A · reportable compensation
Debbie Labbe
Director
$0Pt VII · Sec A
Ronald Laferriere
Vice Preside
$0Pt VII · Sec A
John Martin
Secretary/Tr
$0Pt VII · Sec A
Robert Parent
President
$0Pt VII · Sec A
Iris Raymond
Director
$0Pt VII · Sec A
Tom Roy
Director
$0Pt VII · Sec A
$0Pt VII · Sec A
See Eagle Lake Development Corporation executive salaries →

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Questions the 990 asks

The form asks each of these directly. These are the filed answers.

  • Family or business ties among officersPt VI · Ln 2No
  • Top official's pay set by an independent reviewPt VI · Ln 15aYes

Programs and updates

Eagle Lake Development Corporation is a membership association based in Eagle Lake, ME, formed in 1974.

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Provided by the organization

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1 program · $468K · in their own filed words · FY2020
01

Provide low income housing to the elderly and low income

$468Kprogram expense

By the numbers

The FY2020 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$489K
Ln 12
Fees for servicesLn 2g$489K
Investment incomeLn 3$428
Money outPt IX
$468K
Ln 25
Programscol B$468K
Owns and owesPt X
$37K
net assets · Ln 32
Cash and savingsLn 1–2$300K
Total assetsLn 16$1.3M
LiabilitiesLn 26$1.3M
PeoplePt VI, VII
7
listed · VII A
PaidVII A0
Voting boardVI 1a34
IndependentVI 1b34
2In more detail
Revenue in detailPt VIII
Fees for servicesLn 2g$489K
Investment incomeLn 3$428
Total revenueLn 12$489K
Assets in detailPt X, end of year
CashLn 1$58K
SavingsLn 2$242K
Cash and savings togetherLn 1–2$300K
Land, buildings, equipmentLn 10c$1.0M
Total assetsLn 16$1.3M
LiabilitiesLn 26$1.3M
Net assetsLn 32$37K
OperationsPt I, VI
EmployeesI 50
VolunteersI 65
Fiscal year endsHeaderDecember
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13Yes
Records policyVI 14Yes
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY20End FY20
Cash and savingsLn 1–2$319K$300K
Land, buildings, equipmentLn 10c$1.0M$1.0M
Total assetsLn 16$1.3M$1.3M
LiabilitiesLn 26$1.3M$1.3M
Net assetsLn 32$17K$37K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Accounting feesLn 11c$5K$5K
OccupancyLn 16$131K$131K
InterestLn 20$95K$95K
Depreciation, depletion and amortizationLn 22$69K$69K
Other expenses (24a–d)Ln 24$159K$159K
All other expensesLn 24e$9K$9K
Total functional expensesLn 25$468K$468K$0$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 Latest $562K$523K$39K$174K 990 PDF
FY2024 $550K$517K$33K$135K 990 PDF
FY2023 $577K$525K$52K$102K 990 PDF
FY2022 $512K$503K$9K$50K 990 PDF
FY2021 $491K$488K$4K$41K 990 PDF
FY2020 Viewing $489K$468K$21K$37K 990 PDF

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Schedules filed Part IV

III · Programs R · Related orgs G · Fundraising L · Interested persons I · Grants A · Public support O · Explanations
See the full FY2020 990 (6 parts)
Part I · Summary $489,017 revenue, 12 lines filed
I-8 Contributions and grants$0
I-9 Program service revenuePrior year $497,448$488,589
I-10 Investment incomePrior year $627$428
I-11 Other revenue$0
I-12 Total revenuePrior year $498,075$489,017
I-13 Grants and similar amounts paid$0
I-14 Benefits paid to members$0
I-15 Salaries and benefits$0
I-16a Professional fundraising fees$0
I-17 Other expensesPrior year $460,616$468,362
I-18 Total expensesPrior year $460,616$468,362
I-19 Revenue less expensesPrior year $37,459$20,655
Part VI · Governance 34 of 34 board members independent, no flags
VI-1a Voting members of the governing body34
VI-1b Independent voting members34
VI-2 Family or business relationship among officers or directorsNo
VI-12a Written conflict of interest policyYes
VI-13 Written whistleblower policyYes
VI-14 Document retention and destruction policyYes
VI-15a Process for setting top official's payYes
Part VIII · Statement of revenue $489,017 across 3 lines filed
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $488,589$488,589
VIII-3 Investment incomeRelated to mission $428$428
VIII-12 Total revenueRelated to mission $489,017$489,017
Part IX · Statement of functional expenses $468,362 across 6 lines filed
IX-11c Accounting feesPrograms $5,000$5,000
IX-16 OccupancyPrograms $130,591$130,591
IX-20 InterestPrograms $95,326$95,326
IX-22 Depreciation, depletion and amortizationPrograms $69,296$69,296
IX-24 Other expenses (24a–d)Programs $159,015$159,015
IX-24e All other expensesPrograms $9,134$9,134
IX-25 Total functional expensesPrograms $468,362 · Management $0 · Fundraising $0$468,362
Part X · Balance sheet $1,327,721 assets, 12 lines filed
X-1 Cash, non-interest-bearingStart of year $42,676$57,889
X-2 Savings and temporary cash investmentsStart of year $275,857$242,135
X-4 Accounts receivableStart of year $14,925$15,575
X-10c Land, buildings and equipment, netStart of year $1,014,463$1,012,122
X-16 Total assetsStart of year $1,347,921$1,327,721
X-17 Accounts payable and accrued expensesStart of year $13,964$23,340
X-25 Other liabilitiesStart of year $84,650$90,526
X-26 Total liabilitiesStart of year $1,331,286$1,290,430
X-27 Net assets without donor restrictionsStart of year −$214,424−$159,121
X-28 Net assets with donor restrictionsStart of year $231,059$196,412
X-32 Total net assets or fund balancesStart of year $16,635$37,291
X-33 Total liabilities and net assetsStart of year $1,347,921$1,327,721
Part XI · Reconciliation of net assets $37,291 net assets at year end
XI-1 Total revenue$489,017
XI-2 Total expenses$468,362
XI-3 Revenue less expenses$20,655
XI-4 Net assets at start of year$16,635
XI-9 Other changes in net assets$1
XI-10 Net assets at end of year$37,291

Form 990 e-file (XML) FY2020 from the IRS · Classification, formation year and address from the IRS Business Master File

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