Civic Intelligence

Piscataquis County Economic Development Council

990 • Fiscal year 2022 • EIN 01-0521521

Jan 01, 2022 to Dec 31, 2022 • Filed on Nov 14, 2023

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

(207) 564-7684

Siviq Scores

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

Liabilities / Assets

42nd percentile

0.01x

Higher debt load relative to assets than 42% of similar nonprofits.

2022 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2022

Liabilities / Revenue

50th percentile

0.02x

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

2022 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2022

Net Margin

25th percentile

-7.4%

Higher net margin than 25% of similar nonprofits.

2022 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2022

Top Officer Pay

62nd percentile

$37,173

Higher top officer pay than 62% of similar nonprofits.

Top officer pay equals 16.7% of source-year revenue.

2022 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2022

Asset Growth

33rd percentile

-4.0%

Faster asset growth than 33% of similar nonprofits.

2022 filings • 501(c)3 • $500k-$1M nonprofits • Annualized from 2021 to 2022

Revenue Growth

27th percentile

-9.7%

Faster revenue growth than 27% of similar nonprofits.

2022 filings • 501(c)3 • $500k-$1M nonprofits • Annualized from 2021 to 2022

Balance Sheet
Liabilities / Assets42nd percentile

Assets

Down

$712,478

Down $29,301 (-4.0%) from 2021

Net Assets

Down

$707,711

Down $16,370 (-2.3%) from 2021

Liabilities

Down

$4,767

Down $12,931 (-73%) from 2021

Revenue And Expenses
Liabilities / Revenue50th percentileNet Margin25th percentile

Revenue

Down

$222,036

Down $23,903 (-9.7%) from 2021

Expenses

Up

$238,406

Up $45,520 (+24%) from 2021

Net Income

Down

-$16,370

Down $69,423 (-131%) from 2021

Historical Trend

Balance Sheet Trend

Asset Growth33rd 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

2022

Assets$712,478
Liabilities$4,767
Net Assets$707,711
Open 2022 Filing

Operations Trend

Revenue Growth27th 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

2022

Revenue$222,036
Expenses$238,406
Net Income-$16,370
Open 2022 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2022 to Dec 31, 2022
Signed
Nov 14, 2023
Return Version
2022v5.0
Gross Receipts
$222,036
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$376,445$376,379▼ $66
Other Notes and Loans Receivable, Net$335,000$335,000→ $0
Accounts Receivable$28,875--
Land, Buildings, and Equipment, Net$1,459$1,099▼ $360
Total Assets$741,779$712,478▼ $29,301
Liabilities
Accounts Payable and Accrued Expenses$17,698$4,767▼ $12,931
Total Liabilities$17,698$4,767▼ $12,931
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$625,614$640,856▲ $15,242
Net Assets With Donor Restrictions$98,467$66,855▼ $31,612
Total Net Assets Fund Balance$724,081$707,711▼ $16,370
Total Liabilities and Net Assets / Fund Balance$741,779$712,478▼ $29,301

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$1,099$8,234$9,333
Compensation and Service Providers
Top Officer Pay62nd percentile

Employees

NameTitleFull / Part TimeBaseTotal
Angela ArnoExecutive DirectorFT$37,173$37,173

Board Members and Trustees

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

Revenue Composition

Contributions and Grants
$174,157
Program Service Revenue
$16,080
Investment Income
$105
Other Revenue
$31,694
All Other Contributions
$40,000
Change in Net Assets
$-16,370
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$149,426
Salaries, Compensation, and Employee Benefits$88,980
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$38,191$1,019-$39,210
Current Officers, Directors, Trustees, and Key Employees-$37,173-$37,173
Other Expenses$21,406--$21,406
Other Employee Benefits$3,377$3,377-$6,754
Conferences and Meetings-$5,932-$5,932
Fees for Services Accounting-$5,900-$5,900
Payroll Taxes$2,922$2,921-$5,843
Office Expenses$346$5,161-$5,507
Occupancy-$5,400-$5,400
All Other Expenses$1,122$2,379-$3,501
Insurance-$2,768-$2,768
Information Technology-$1,016-$1,016
Travel-$683-$683
Depreciation Depletion-$360-$360
Total Functional Expenses$164,317$74,089$0$238,406
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
Address
50 Mayo Street, Dover Foxcroft, ME 04426

Signing Officer

Name
Denise Buzzelli
Title
President
Signed
2023-11-14
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
3
Volunteers
8

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, 2022. 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 2019.”

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IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus3YearsAmt0370969
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus4YearsAmt0450500
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IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus2YearsAmt0121
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus3YearsAmt0133
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IRS990ScheduleA/OtherIncome170Grp/CurrentTaxYearMinus1YearAmt0313
IRS990ScheduleA/OtherIncome170Grp/CurrentTaxYearMinus2YearsAmt011864
IRS990ScheduleA/OtherIncome170Grp/CurrentTaxYearMinus3YearsAmt05479
IRS990ScheduleA/OtherIncome170Grp/TotalAmt049350
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IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0Federal income taxes
IRS990ScheduleD/OtherSecuritiesGrp/Desc0Financial derivatives and other financial products
IRS990ScheduleD/OtherSecuritiesGrp/Desc1Closely-held equity interests
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, 2022. 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 2019.
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IRS990/ScheduleORequiredInd0true
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0Organizations process to review form 990 financial statements are compiled by and reviewed by appropriate officers.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1Available upon request.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Form 990, Part VI, Section B, Line 11b
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Form 990, Part VI, Section C, Line 19
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IRS990/USAddress/AddressLine1Txt050 Mayo St
IRS990/USAddress/CityNm0Dover Foxcroft
IRS990/USAddress/StateAbbreviationCd0ME
IRS990/USAddress/ZIPCd004426
IRS990/VotingMembersGoverningBodyCnt08
IRS990/VotingMembersIndependentCnt08
IRS990/WebsiteAddressTxt0www.pcedc.org
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ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/TrustedCustomerCd02
ReturnHeader/BuildTS02023-04-26 12:10:37Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0true
ReturnHeader/BusinessOfficerGrp/PersonNm0Denise Buzzelli
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0President
ReturnHeader/BusinessOfficerGrp/SignatureDt02023-11-14
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0Piscataquis County Economic Development Council
ReturnHeader/Filer/BusinessNameControlTxt0PISC
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ReturnHeader/Filer/USAddress/AddressLine1Txt050 Mayo Street
ReturnHeader/Filer/USAddress/CityNm0Dover Foxcroft
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ReturnHeader/Filer/USAddress/ZIPCd004426
ReturnHeader/IRSResponsiblePrtyInfoCurrInd0true
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0043383155
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0RHR Smith & Company
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt03 Old Orchard Road

Document Assets

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Filings

Displayed year

2022 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$712,478
Liabilities
$4,767
Net assets
$707,711
Revenue
$222,036
Expenses
$238,406
Net income
-$16,370
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
2022Detailed filing. Detailed filing data is available for this year.$7.12$0.05$7.08$2.22$2.38$0.16
2021Import issue. A filing source exists for this year, but detailed import did not complete cleanly.$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