Civic Intelligence

Bucks County Economic Development

EIN 23-1524674 • 501(c)4 • Doylestown, PA

Profile

The mission of the bucks county economic development corporation (bcedc) is to create a strong and vital economic base through the preservation and creation of job opportunities for bucks county residents. The bcedc assists companies with start up, expansion and/or relocation planning by providing long-term, low interest loans for land, buildings, machinery and equipment. Various programs are combined to create innovative financing alternatives at lower than conventional rates. Incentives to expand in bucks county include low interest loan through the county, the commonwealth of pennsylvania and us small business administration.

115 West Court Street 2nd FloorDoylestown, PA 18901

www.bcedc.com

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

74th percentile

0.30x

Higher debt load relative to assets than 74% of similar nonprofits.

501(c)4 • $5M-$10M nonprofits • Source year 2023

Liabilities / Revenue

95th percentile

4.77x

Higher debt load relative to revenue than 95% of similar nonprofits.

501(c)4 • $5M-$10M nonprofits • Source year 2023

Net Margin

7th percentile

-37%

Higher net margin than 7% of similar nonprofits.

501(c)4 • $5M-$10M nonprofits • Source year 2023

Top Officer Pay

Score unavailable

No value available

No filing with officer rows is available for this organization yet.

Asset Growth

11th percentile

-17%

Faster asset growth than 11% of similar nonprofits.

501(c)4 • $5M-$10M nonprofits • Annualized from 2022 to 2023

Revenue Growth

45th percentile

5.8%

Faster revenue growth than 45% of similar nonprofits.

501(c)4 • $5M-$10M nonprofits • Annualized from 2022 to 2023

Assets

Up

$8,577,196

Up $520,439 (+6.5%) from 2023

Liabilities

Up

$3,230,562

Up $805,846 (+33%) from 2023

Net Assets

Down

$5,346,634

Down $285,407 (-5.1%) from 2023

Revenue

Down

$423,827

Down $84,969 (-17%) from 2023

Expenses

Up

$709,234

Up $13,851 (+2.0%) from 2023

Net Income

Down

-$285,407

Down $98,820 (-53%) from 2023

Trend Graphs

Balance Sheet Trend

Grouped bars show assets, liabilities, and net assets across loaded filings.

$60M$40M$20M$0Assets 2010: $54,163,868Liabilities 2010: $42,042,482Net Assets 2010: $12,121,3862010Assets 2011: $58,942,722Liabilities 2011: $46,757,704Net Assets 2011: $12,185,0182011Assets 2012: $58,467,994Liabilities 2012: $46,280,027Net Assets 2012: $12,187,9672012Assets 2013: $52,194,176Liabilities 2013: $45,028,192Net Assets 2013: $7,165,9842013Assets 2014: $47,205,651Liabilities 2014: $40,080,142Net Assets 2014: $7,125,5092014Assets 2015: $44,225,953Liabilities 2015: $37,292,496Net Assets 2015: $6,933,4572015Assets 2016: $39,883,057Liabilities 2016: $33,226,089Net Assets 2016: $6,656,9682016Assets 2017: $33,154,706Liabilities 2017: $26,220,670Net Assets 2017: $6,934,0362017Assets 2018: $25,199,083Liabilities 2018: $18,537,792Net Assets 2018: $6,661,2912018Assets 2019: $15,589,975Liabilities 2019: $9,177,592Net Assets 2019: $6,412,3832019Assets 2020: $12,977,178Liabilities 2020: $6,809,995Net Assets 2020: $6,167,1832020Assets 2021: $10,834,613Liabilities 2021: $4,827,962Net Assets 2021: $6,006,6512021Assets 2022: $9,691,942Liabilities 2022: $3,873,314Net Assets 2022: $5,818,6282022Assets 2023: $8,056,757Liabilities 2023: $2,424,716Net Assets 2023: $5,632,0412023Assets 2024: $8,577,196Liabilities 2024: $3,230,562Net Assets 2024: $5,346,6342024

Highlighted filing

2024

Assets$8,577,196
Liabilities$3,230,562
Net Assets$5,346,634

Operations Trend

Revenue, expenses, and net income by year, with the latest filing highlighted.

$1.0M$500K$0-$500KExpenses 2010: $629,2442010Expenses 2011: $566,3872011Expenses 2012: $573,4862012Revenue 2013: $506,797Expenses 2013: $622,557Net Income 2013: -$115,7602013Revenue 2014: $541,922Expenses 2014: $582,397Net Income 2014: -$40,4752014Revenue 2015: $399,676Expenses 2015: $591,728Net Income 2015: -$192,0522015Revenue 2016: $311,202Expenses 2016: $587,691Net Income 2016: -$276,4892016Revenue 2017: $903,980Expenses 2017: $626,912Net Income 2017: $277,0682017Revenue 2018: $383,569Expenses 2018: $656,314Net Income 2018: -$272,7452018Revenue 2019: $407,260Expenses 2019: $656,168Net Income 2019: -$248,9082019Revenue 2020: $405,705Expenses 2020: $650,905Net Income 2020: -$245,2002020Revenue 2021: $479,487Expenses 2021: $640,019Net Income 2021: -$160,5322021Revenue 2022: $480,886Expenses 2022: $668,909Net Income 2022: -$188,0232022Revenue 2023: $508,796Expenses 2023: $695,383Net Income 2023: -$186,5872023Revenue 2024: $423,827Expenses 2024: $709,234Net Income 2024: -$285,4072024

Highlighted filing

2024

Revenue$423,827
Expenses$709,234
Net Income-$285,407

Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$8.58$3.23$5.35$0.42$0.71$0.29
2023Detailed filing. Detailed filing data is available for this year.$8.06$2.42$5.63$0.51$0.70$0.19
2022Detailed filing. Detailed filing data is available for this year.$9.69$3.87$5.82$0.48$0.67$0.19
2021Detailed filing. Detailed filing data is available for this year.$10.8$4.83$6.01$0.48$0.64$0.16
2020Detailed filing. Detailed filing data is available for this year.$13.0$6.81$6.17$0.41$0.65$0.25
2019Detailed filing. Detailed filing data is available for this year.$15.6$9.18$6.41$0.41$0.66$0.25
2018Detailed filing. Detailed filing data is available for this year.$25.2$18.5$6.66$0.38$0.66$0.27
2017Detailed filing. Detailed filing data is available for this year.$33.2$26.2$6.93$0.90$0.63$0.28
2016Detailed filing. Detailed filing data is available for this year.$39.9$33.2$6.66$0.31$0.59$0.28
2015Detailed filing. Detailed filing data is available for this year.$44.2$37.3$6.93$0.40$0.59$0.19
2014Detailed filing. Detailed filing data is available for this year.$47.2$40.1$7.13$0.54$0.58$0.04
2013Detailed filing. Detailed filing data is available for this year.$52.2$45.0$7.17$0.51$0.62$0.12
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$58.5$46.3$12.2$0.57
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$58.9$46.8$12.2$0.57
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$54.2$42.0$12.1$0.63
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jan 1, 2024 to Dec 31, 2024
Signed
May 13, 2025
Return Version
2024v5.0
Gross Receipts
$423,827
Mission and Program Overview

Mission

The mission of the bucks county economic development corporation (bcedc) is to create a strong and vital economic base through the preservation and creation of job opportunities for bucks county residents. The bcedc assists companies with start up, expansion and/or relocation planning by providing long-term, low interest loans for land, buildings, machinery and equipment. Various programs are combined to create innovative financing alternatives at lower than conventional rates. Incentives to expand in bucks county include low interest loan through the county, the commonwealth of pennsylvania and us small business administration.

Balance Sheet Detail
LineBeginningEndChange
Assets
Savings and Temporary Cash Investments$4,430,939$4,388,325▼ $42,614
Other Notes and Loans Receivable, Net$1,549,860$1,249,476▼ $300,384
Prepaid Expenses and Deferred Charges$19,720$20,412▲ $692
Land, Buildings, and Equipment, Net$997$237▼ $760
Total Assets$8,056,757$8,577,196▲ $520,439
Other Assets Total$2,055,241$2,918,746▲ $863,505
Liabilities
Mortgage Notes Payable Secured by Investment Property$1,951,846$2,866,614▲ $914,768
Unsecured Notes Loans Payable$278,889$284,516▲ $5,627
Other Liabilities$104,327$53,728▼ $50,599
Accounts Payable and Accrued Expenses$86,126$23,163▼ $62,963
Deferred Revenue$3,528$2,541▼ $987
Total Liabilities$2,424,716$3,230,562▲ $805,846
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$5,632,041$5,346,634▼ $285,407
Total Net Assets Fund Balance$5,632,041$5,346,634▼ $285,407
Total Liabilities and Net Assets / Fund Balance$8,056,757$8,577,196▲ $520,439

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$237$18,408$18,645
Other Land Buildings-$14,174$14,174
Other Assets Org$52,132--
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Robert F CormackExecutive DiFT$204,744$10,157$214,901
Robert F CormackExecutive Direc-$204,744$10,157$214,901
Jim PawlikowskiKey EmployeeFT$130,790$6,228$137,018

Board Members and Trustees

NameTitle
James BleaklyPresident
Christopher GoshallDirector
Dan E HinesDirector
David R BreidingerDirector
Ed LydonDirector
George NiblockDirector
Gregory F KrugDirector
Mat ZoglioDirector
Michael Borski SrDirector
Richard B Millham SrDirector
Sherri SchulzDirector
Tom KrolDirector
Michael TurAsst. Treasu
Gerald C ForestMember at La
Robert SteinhartMember at La
Phil EastmanSecretary
Thomas KeiserTreasurer/as
Robert LatronicaVice Preside
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$182,958
Investment Income
$212,596
Other Revenue
$28,273
Change in Net Assets
$-285,407

Audited Revenue Reconciliation

Revenue per Audited Statements
$423,827
Revenue Not Reported on Form 990
$-5,100
Total Revenue per Audited Statements
$418,727
Total Revenue per Form 990
$423,827
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$550,810
Other Expenses$158,424
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$146,178$91,896-$238,074
Current Officers, Directors, Trustees, and Key Employees$171,921$42,980-$214,901
Occupancy$45,672$24,373-$70,045
Other Employee Benefits$37,827$16,211-$54,038
Payroll Taxes$22,382$9,593-$31,975
Insurance$15,301$6,557-$21,858
Fees for Services Legal$15,000--$15,000
Office Expenses$8,020$4,297-$12,317
Pension Plan Contributions$7,259$4,563-$11,822
Fees for Services Accounting$1,450$7,050-$8,500
Interest$5,627--$5,627
Information Technology$1,574$3,688-$5,262
Travel$3,646$910-$4,556
Advertising-$2,539-$2,539
Fees for Services Other-$1,904-$1,904
Depreciation Depletion-$760-$760
Conferences and Meetings$434$261-$695
Other Expenses$179$416-$595
Total Functional Expenses$491,236$217,998$0$709,234

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$709,234
Expenses per Audited Statements$704,134
Total Expenses per Audited Statements$704,134
Expenses Not Reported on Financial Statements$5,100
Other Expense Adjustments$5,100
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
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Lease Liability$53,728
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
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
Yes
Other officer compensation reviewed
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Page 6, Part VI, Line 6

There is one class of members.

Form 990, Page 6, Part VI, Line 7A

Members elect the board annually.

Form 990, Page 6, Part VI, Line 11B

The 990 is provided first to the audit committee for review and approval. The audit committee then recommends approval to the full board.

Form 990, Page 6, Part VI, Line 12C

Reviewed at annual meeting.

Form 990, Page 6, Part VI, Line 15A

Compensation is reviewed annually by the executive committee with proposals to the board regarding compensation for the executive director.

Form 990, Page 6, Part VI, Line 19

No documents available to the public.

Filing and Contact Details

Filer

Filer Name
Bucks County Economic Development
EIN
23-1524674
Phone
2153489031
Address
115 WEST COURT STREET 2ND FLOOR, DOYLESTOWN, PA 18901

Signing Officer

Name
Robert F Cormack
Title
Executive Direc
Phone
2153489031
Signed
2025-05-13
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Robert F Cormack
Formed
1958
Legal Domicile
Pa
Voting Board Members
18
Independent Board Members
18
Employees
4
Volunteers
18

Preparer

Firm
Bee Bergvall & Co
Address
PO BOX 754, WARRINGTON, PA 18976-0754
Preparer
Cynthia Bergvall CPA
Phone
2153432727
Supplemental Narrative

Additional Explanations

FORM 990 - ORGANIZATION'S MISSION

The mission of the bucks county economic development corporation (bcedc) is to create a strong and vital economic base through the preservation and creation of job opportunities for bucks county residents. The bcedc assists companies with start up, expansion and/or relocation planning by providing long-term, low interest loans for land, buildings, machinery and equipment. Various programs are combined to create innovative financing alternatives at lower than conventional rates. Incentives to expand in bucks county include low interest loan through the county, the commonwealth of pennsylvania and us small business administration.

Financial Statement Notes

Schedule D, Page 4, Part XI, Line 2D

Annual dinner expenses -5,100

Schedule D, Page 4, Part XII, Line 4B

Annual dinner expenses 5,100

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IRS990/MissionDesc0THE MISSION OF THE BUCKS COUNTY ECONOMIC DEVELOPMENT CORPORATION (BCEDC) IS TO CREATE A STRONG AND VITAL ECONOMIC BASE THROUGH THE PRESERVATION AND CREATION OF JOB OPPORTUNITIES FOR BUCKS COUNTY RESIDENTS. THE BCEDC ASSISTS COMPANIES WITH START UP, EXPANSION AND/OR RELOCATION PLANNING BY PROVIDING LONG-TERM, LOW INTEREST LOANS FOR LAND, BUILDINGS, MACHINERY AND EQUIPMENT. VARIOUS PROGRAMS ARE COMBINED TO CREATE INNOVATIVE FINANCING ALTERNATIVES AT LOWER THAN CONVENTIONAL RATES. INCENTIVES TO EXPAND IN BUCKS COUNTY INCLUDE LOW INTEREST LOAN THROUGH THE COUNTY, THE COMMONWEALTH OF PENNSYLVANIA AND US SMALL BUSINESS ADMINISTRATION.
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IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE D, PAGE 4, PART XI, LINE 2D
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