Civic Intelligence

Piscataquis County Economic Development Council

990 • Fiscal year 2021 • EIN 01-0521521

Jan 01, 2021 to Dec 31, 2021 • Filed on Nov 15, 2022

Organization Profilewww.pcedc.org
50 Mayo StreetDover Foxcroft, ME 04426

(207) 564-3668

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

50th percentile

0.02x

Higher debt load relative to assets than 50% of similar nonprofits.

2021 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2021

Liabilities / Revenue

60th percentile

0.07x

Higher debt load relative to revenue than 60% of similar nonprofits.

2021 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2021

Net Margin

64th percentile

22%

Higher net margin than 64% of similar nonprofits.

2021 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2021

Top Officer Pay

69th percentile

$54,000

Higher top officer pay than 69% of similar nonprofits.

Top officer pay equals 22.0% of source-year revenue.

2021 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2021

Asset Growth

46th percentile

7.4%

Faster asset growth than 46% of similar nonprofits.

2021 filings • 501(c)3 • $500k-$1M nonprofits • Annualized from 2020 to 2021

Revenue Growth

30th percentile

-3.1%

Faster revenue growth than 30% of similar nonprofits.

2021 filings • 501(c)3 • $500k-$1M nonprofits • Annualized from 2020 to 2021

Balance Sheet
Liabilities / Assets50th percentile

Assets

Up

$741,779

Up $50,926 (+7.4%) from 2020

Net Assets

Up

$724,081

Up $53,053 (+7.9%) from 2020

Liabilities

Down

$17,698

Down $2,127 (-11%) from 2020

Revenue And Expenses
Liabilities / Revenue60th percentileNet Margin64th percentile

Revenue

Down

$245,939

Down $7,895 (-3.1%) from 2020

Expenses

Down

$192,886

Down $44,105 (-19%) from 2020

Net Income

Up

$53,053

Up $36,210 (+215%) from 2020

Historical Trend

Balance Sheet Trend

Asset Growth46th percentile

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$800K$600K$400K$200K$0Assets 2011: $128,311Liabilities 2011: $2,280Net Assets 2011: $126,0312011Assets 2012: $191,432Liabilities 2012: $419Net Assets 2012: $191,0132012Assets 2013: $212,647Liabilities 2013: $1,497Net Assets 2013: $211,1502013Assets 2014: $499,433Liabilities 2014: $3,776Net Assets 2014: $495,6572014Assets 2015: $537,827Liabilities 2015: $3,055Net Assets 2015: $534,7722015Assets 2016: $606,543Liabilities 2016: $2,909Net Assets 2016: $603,6342016Assets 2017: $595,877Liabilities 2017: $2,343Net Assets 2017: $593,5342017Assets 2018: $652,382Liabilities 2018: $2,479Net Assets 2018: $649,9032018Assets 2019: $657,572Liabilities 2019: $3,387Net Assets 2019: $654,1852019Assets 2020: $690,853Liabilities 2020: $19,825Net Assets 2020: $671,0282020Assets 2021: $741,779Liabilities 2021: $17,698Net Assets 2021: $724,0812021Assets 2022: $712,478Liabilities 2022: $4,767Net Assets 2022: $707,7112022Assets 2023: $716,616Liabilities 2023: $3,443Net Assets 2023: $713,1732023Assets 2024: $711,589Liabilities 2024: $13Net Assets 2024: $711,5762024

Highlighted filing

2021

Assets$741,779
Liabilities$17,698
Net Assets$724,081
Open 2021 Filing

Operations Trend

Revenue Growth30th percentile

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$600K$400K$200K$0-$200KExpenses 2011: $206,4472011Expenses 2012: $123,1092012Revenue 2013: $327,732Expenses 2013: $307,595Net Income 2013: $20,1372013Revenue 2014: $556,313Expenses 2014: $271,806Net Income 2014: $284,5072014Revenue 2015: $158,184Expenses 2015: $119,069Net Income 2015: $39,1152015Revenue 2016: $372,934Expenses 2016: $304,072Net Income 2016: $68,8622016Revenue 2017: $346,332Expenses 2017: $357,078Net Income 2017: -$10,7462017Revenue 2018: $450,619Expenses 2018: $394,250Net Income 2018: $56,3692018Revenue 2019: $376,581Expenses 2019: $370,863Net Income 2019: $5,7182019Revenue 2020: $253,834Expenses 2020: $236,991Net Income 2020: $16,8432020Revenue 2021: $245,939Expenses 2021: $192,886Net Income 2021: $53,0532021Revenue 2022: $222,036Expenses 2022: $238,406Net Income 2022: -$16,3702022Revenue 2023: $453,026Expenses 2023: $447,564Net Income 2023: $5,4622023Revenue 2024: $465,378Expenses 2024: $466,975Net Income 2024: -$1,5972024

Highlighted filing

2021

Revenue$245,939
Expenses$192,886
Net Income$53,053
Open 2021 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2021 to Dec 31, 2021
Signed
Nov 15, 2022
Return Version
2021v4.2
Gross Receipts
$245,939
Mission and Program Overview

Mission

Promoting economic development and generating jobs in Piscataquis County, Maine

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$353,511$376,445▲ $22,934
Other Notes and Loans Receivable, Net$335,000$335,000→ $0
Accounts Receivable-$28,875-
Land, Buildings, and Equipment, Net$2,342$1,459▼ $883
Total Assets$690,853$741,779▲ $50,926
Liabilities
Accounts Payable and Accrued Expenses$2,900$17,698▲ $14,798
Mortgage Notes Payable Secured by Investment Property$16,925--
Total Liabilities$19,825$17,698▼ $2,127
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$590,893$625,614▲ $34,721
Net Assets With Donor Restrictions$80,135$98,467▲ $18,332
Total Net Assets Fund Balance$671,028$724,081▲ $53,053
Total Liabilities and Net Assets / Fund Balance$690,853$741,779▲ $50,926

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$1,459$7,874$9,333
Compensation and Service Providers
Top Officer Pay69th percentile

Employees

NameTitleFull / Part TimeBaseTotal
John SheaExecutive DirectorFT$54,000$54,000

Board Members and Trustees

NameTitle
Denise BuzzelliPresident
Lucas ButlerVice President/Treasurer
Jack ClukeyDirector
James MacomberDirector
Kathy WhiteDirector
Paul StearnsDirector
Scott MoultonDirector
Tom GoulletteDirector
Wayne ErkinnenEx Officio
Thelma ReaganSecretary
Revenue and Support

Revenue Composition

Contributions and Grants
$208,005
Program Service Revenue
$37,521
Investment Income
$100
Other Revenue
$313
All Other Contributions
$50,000
Change in Net Assets
$53,053
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$117,639
Salaries, Compensation, and Employee Benefits$75,247
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$30,285$30,286-$60,571
Other Expenses$56,699--$56,699
Other Employee Benefits$5,022$5,022-$10,044
Occupancy-$6,750-$6,750
Fees for Services Accounting-$5,952-$5,952
Payroll Taxes$2,316$2,316-$4,632
Insurance-$4,283-$4,283
Office Expenses$74$4,128-$4,202
Depreciation Depletion-$2,236-$2,236
Travel$107$1,722-$1,829
All Other Expenses$160$1,283-$1,443
Conferences and Meetings-$1,040-$1,040
Information Technology-$915-$915
Advertising-$411-$411
Fees for Services Legal-$160-$160
Total Functional Expenses$126,382$66,504$0$192,886
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Federal income taxes-
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
Yes
Audit committee
Yes
Backup withholding compliance
Yes
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
No
Other officer compensation reviewed
No
Conflict-of-interest policy
No
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section B, Line 11B

“Organizations process to review form 990 financial statements are compiled by and reviewed by appropriate officers.”

Form 990, Part VI, Section C, Line 19

“Available upon request.”

Filing and Contact Details

Filer

Filer Name
Piscataquis County Economic Development Council
EIN
01-0521521
Phone
2075643668
Address
50 Mayo Street, Dover Foxcroft, ME 04426

Signing Officer

Name
Lucas Butler
Title
Vice PresidentTreasurer
Phone
2075643638
Signed
2022-11-15
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Denise Buzzelli
Formed
1997
Legal Domicile
Me
Voting Board Members
8
Independent Board Members
8
Employees
2

Preparer

Firm
RHR Smith & Company
Address
3 Old Orchard Road, Buxton, ME 04093
Preparer
Ronald Smith
Phone
2079294606
Supplemental Narrative

Financial Statement Notes

X 2

“PCEDC is exempt from federal income taxes under Section 501c3 of the Internal Revenue Code and applicable state law. The accounting standards on accounting for uncertainty in income taxes address the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. Under that guidance, PCEDC may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by taxing authorities based on the technical merits of the position. Examples of tax positions include the tax-exempt status of PCEDC and various positions related to the potential sources of unrelated business taxable income. The tax benefits recognized in the financial statements from a tax position are measured based on the largest benefit that has a greater than 50 likelihood of being realized upon ultimate settlement. Management believes that there were no potential sources of unrelated business taxable income subject to tax for the year ended December 31, 2021. Accordingly, no provision for income taxes has been made. PCEDC files its forms 990 in the U.S. federal jurisdiction and the office of the states attorney general for the State of Maine. PCEDC is generally no longer subject to examination by the Internal Revenue Service for years before 2018.”

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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0PCEDC is exempt from federal income taxes under Section 501c3 of the Internal Revenue Code and applicable state law. The accounting standards on accounting for uncertainty in income taxes address the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. Under that guidance, PCEDC may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by taxing authorities based on the technical merits of the position. Examples of tax positions include the tax-exempt status of PCEDC and various positions related to the potential sources of unrelated business taxable income. The tax benefits recognized in the financial statements from a tax position are measured based on the largest benefit that has a greater than 50 likelihood of being realized upon ultimate settlement. Management believes that there were no potential sources of unrelated business taxable income subject to tax for the year ended December 31, 2021. Accordingly, no provision for income taxes has been made. PCEDC files its forms 990 in the U.S. federal jurisdiction and the office of the states attorney general for the State of Maine. PCEDC is generally no longer subject to examination by the Internal Revenue Service for years before 2018.
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IRS990/USAddress/AddressLine1Txt050 Mayo St
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ReturnHeader/BusinessOfficerGrp/PersonNm0Lucas Butler
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0Vice PresidentTreasurer
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ReturnHeader/BusinessOfficerGrp/SignatureDt02022-11-15
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ReturnHeader/Filer/EIN0010521521

Document Assets

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Filings

Displayed year

2021 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$741,779
Liabilities
$17,698
Net assets
$724,081
Revenue
$245,939
Expenses
$192,886
Net income
$53,053
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$7.12$0.00$7.12$4.65$4.67$0.02
2023Detailed filing. Detailed filing data is available for this year.$7.17$0.03$7.13$4.53$4.48$0.05
2022Facts available. Structured filing facts are available, but richer extracted sections are limited.$7.12$0.05$7.08$2.22$2.38$0.16
2021Detailed filing. Detailed filing data is available for this year.$7.42$0.18$7.24$2.46$1.93$0.53
2020XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$6.91$0.20$6.71$2.54$2.37$0.17
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$6.58$0.03$6.54$3.77$3.71$0.06
2018Facts available. Structured filing facts are available, but richer extracted sections are limited.$6.52$0.02$6.50$4.51$3.94$0.56
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$5.96$0.02$5.94$3.46$3.57$0.11
2016Facts available. Structured filing facts are available, but richer extracted sections are limited.$6.07$0.03$6.04$3.73$3.04$0.69
2015Detailed filing. Detailed filing data is available for this year.$5.38$0.03$5.35$1.58$1.19$0.39
2014Import issue. A filing source exists for this year, but detailed import did not complete cleanly.$4.99$0.04$4.96$5.56$2.72$2.85
2013Detailed filing. Detailed filing data is available for this year.$2.13$0.01$2.11$3.28$3.08$0.20
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.91$0.00$1.91$1.23
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.28$0.02$1.26$2.06