Civic Intelligence

Bucks County Economic Development Corporation

990 • Fiscal year 2014 • EIN 23-1524674

Jan 01, 2014 to Dec 31, 2014 • Filed on May 13, 2015

Organization ProfileWWW.BCEDC.COM
2 East Court StreetDoylestown, PA 18901

(215) 348-9031

Siviq Scores

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

Liabilities / Assets

88th percentile

0.85x

Higher debt load relative to assets than 88% of similar nonprofits.

2014 filings • $25M-$50M nonprofits • Source year 2014

Liabilities / Revenue

99th percentile

73.96x

Higher debt load relative to revenue than 99% of similar nonprofits.

2014 filings • $25M-$50M nonprofits • Source year 2014

Net Margin

17th percentile

-7.5%

Higher net margin than 17% of similar nonprofits.

2014 filings • $25M-$50M nonprofits • Source year 2014

Top Officer Pay

38th percentile

$162,005

Higher top officer pay than 38% of similar nonprofits.

Top officer pay equals 29.9% of source-year revenue.

2014 filings • $25M-$50M nonprofits • Source year 2014

Asset Growth

6th percentile

-9.6%

Faster asset growth than 6% of similar nonprofits.

2014 filings • $25M-$50M nonprofits • Annualized from 2013 to 2014

Revenue Growth

58th percentile

6.9%

Faster revenue growth than 58% of similar nonprofits.

2014 filings • $25M-$50M nonprofits • Annualized from 2013 to 2014

Balance Sheet
Liabilities / Assets88th percentile

Assets

Down

$47,205,651

Down $4,988,525 (-9.6%) from 2013

Net Assets

Down

$7,125,509

Down $40,475 (-0.6%) from 2013

Liabilities

Down

$40,080,142

Down $4,948,050 (-11%) from 2013

Revenue And Expenses
Liabilities / Revenue99th percentileNet Margin17th percentile

Revenue

Up

$541,922

Up $35,125 (+6.9%) from 2013

Expenses

Down

$582,397

Down $40,160 (-6.5%) from 2013

Net Income

Up

-$40,475

Up $75,285 (+65%) from 2013

Historical Trend

Balance Sheet Trend

Asset Growth6th percentile

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

$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

2014

Assets$47,205,651
Liabilities$40,080,142
Net Assets$7,125,509
Open 2014 Filing

Operations Trend

Revenue Growth58th percentile

Revenue, expenses, and net income across loaded years, with this 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

2014

Revenue$541,922
Expenses$582,397
Net Income-$40,475
Open 2014 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2014 to Dec 31, 2014
Signed
May 13, 2015
Return Version
2014v5.0
Gross Receipts
$541,922
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.

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$6,314,085$6,473,800▲ $159,715
Other Notes and Loans Receivable, Net$1,006,534$920,776▼ $85,758
Accounts Receivable$110,262$121,965▲ $11,703
Land, Buildings, and Equipment, Net$14,869$14,248▼ $621
Prepaid Expenses and Deferred Charges$9,281$8,143▼ $1,138
Total Assets$52,194,176$47,205,651▼ $4,988,525
Other Assets Total$44,739,145$39,666,719▼ $5,072,426
Liabilities
Mortgage Notes Payable Secured by Investment Property$44,739,145$39,666,719▼ $5,072,426
Other Liabilities$245,078$369,101▲ $124,023
Accounts Payable and Accrued Expenses$21,635$32,656▲ $11,021
Deferred Revenue$22,334$11,666▼ $10,668
Total Liabilities$45,028,192$40,080,142▼ $4,948,050
Net Assets / Fund Balance
Unrestricted Net Assets$7,165,984$7,125,509▼ $40,475
Total Net Assets Fund Balance$7,165,984$7,125,509▼ $40,475
Total Liabilities and Net Assets / Fund Balance$52,194,176$47,205,651▼ $4,988,525

Asset Categories

AssetBook ValueDepreciationBasis
Buildings-$303,307$303,307
Other Land Buildings-$35,700$35,700
Equipment$4,777$18,457$23,234
Leasehold Improvements$9,471$12,551$22,022
Other Assets Org$39,666,719--
Compensation and Service Providers
Top Officer Pay38th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Robert F CormackExecutive DiFT$157,286$4,719$162,005
Robert F CormackExecutive Direc-$157,286$4,719$162,005

Board Members and Trustees

NameTitle
James a Bleakly JrPresident
Anthony F Visco JrDirector
Daniel J ReavyDirector
David R BreidingerDirector
David SliferDirector
Ed LydonDirector
George NiblockDirector
Gregory F KrugDirector
KEVIN T O'DONNELLDirector
Karen LasordaDirector
Kenneth E Heydt PeDirector
Lenora G SeigleDirector
Patricia Markel-mulliganDirector
Peter P Liebert IvDirector
Richard B Millham SrDirector
Russell ReddingDirector
Phil EastmanAsst Treas/a
Carl N Wallnau Jr EsqMember at La
Gregory B MorganMember at La
Robert SteinhartMember at La
Dr Kathleen M DominickPast Preside
Gerald C ForestSecretary
Clair RaubenstineTreasurer/as
James TyrrellVice Preside
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$435,227
Investment Income
$15,473
Other Revenue
$91,222
Change in Net Assets
$-40,475

Audited Revenue Reconciliation

Revenue per Audited Statements
$541,922
Total Revenue per Audited Statements
$541,922
Total Revenue per Form 990
$541,922
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$427,650
Other Expenses$154,747
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$174,276$664-$174,940
Current Officers, Directors, Trustees, and Key Employees$129,604$32,401-$162,005
Other Employee Benefits$59,371--$59,371
Payroll Taxes$26,027$65-$26,092
Occupancy-$25,861-$25,861
Insurance$7,295$18,513-$25,808
Conferences and Meetings$20,305$3,884-$24,189
Office Expenses$20,529$927-$21,456
Fees for Services Legal$4,103$10,000-$14,103
Travel$12,907$680-$13,587
Advertising$8,986--$8,986
Fees for Services Accounting-$6,500-$6,500
Information Technology-$6,246-$6,246
Pension Plan Contributions$5,242--$5,242
Depreciation Depletion-$3,230-$3,230
Other Expenses$2,658--$2,658
Fees for Services Other-$2,123-$2,123
Total Functional Expenses$471,303$111,094$0$582,397

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$582,397
Total Expenses per Audited Statements$582,397
Total Expenses per Form 990$582,397
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
Aep Escrow$230,823
Transfer Payable$121,965
Flra Escrow$16,313
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 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 then the board as a whole.”

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
2 EAST COURT STREET, DOYLESTOWN, PA 18901

Signing Officer

Name
Robert F Cormack
Title
Executive Director
Phone
2153489031
Signed
2015-05-13
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Robert F Cormack
Formed
1958
Legal Domicile
Pa
Voting Board Members
24
Independent Board Members
24
Employees
4
Volunteers
24

Preparer

Firm
Bee Bergvall & Co
Address
PO BOX 754, WARRINGTON, PA 18976-0754
Preparer
Cynthia R 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 3, Part X

“As required by the fasb accounting standards codification, entities are required to determine whether it is more likely than not that a tax position will be sustained upon examination by the appropriate taxing authorities before any part of the benefit can be recorded in the financial statements. It also provides guidance on the recognition, measurement, and classification of income tax uncertainties, along with any related interest or penalties. This standard had no impact on the corporation's financial statements. The corporation's returns open audit periods are for the years ending december 31, 2011-2013.”

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IRS990/Form990PartVIISectionAGrp/PersonNm19DANIEL J REAVY
IRS990/Form990PartVIISectionAGrp/PersonNm20RUSSELL REDDING
IRS990/Form990PartVIISectionAGrp/PersonNm21LENORA G SEIGLE
IRS990/Form990PartVIISectionAGrp/PersonNm22DAVID SLIFER
IRS990/Form990PartVIISectionAGrp/PersonNm23ANTHONY F VISCO JR
IRS990/Form990PartVIISectionAGrp/PersonNm24ROBERT F CORMACK
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IRS990/Form990PartVIISectionAGrp/TitleTxt0PRESIDENT
IRS990/Form990PartVIISectionAGrp/TitleTxt1PAST PRESIDE
IRS990/Form990PartVIISectionAGrp/TitleTxt2VICE PRESIDE
IRS990/Form990PartVIISectionAGrp/TitleTxt3SECRETARY
IRS990/Form990PartVIISectionAGrp/TitleTxt4TREASURER/AS
IRS990/Form990PartVIISectionAGrp/TitleTxt5ASST TREAS/A
IRS990/Form990PartVIISectionAGrp/TitleTxt6MEMBER AT LA
IRS990/Form990PartVIISectionAGrp/TitleTxt7MEMBER AT LA
IRS990/Form990PartVIISectionAGrp/TitleTxt8MEMBER AT LA
IRS990/Form990PartVIISectionAGrp/TitleTxt9DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt10DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt11DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt12DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt13DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt14DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt15DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt16DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt17DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt18DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt19DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt20DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt21DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt22DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt23DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt24EXECUTIVE DI
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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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IRS990/OccupancyGrp/TotalAmt025861
IRS990/OfficeExpensesGrp/ManagementAndGeneralAmt0927
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IRS990/OfficeExpensesGrp/TotalAmt021456
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IRS990/OperateHospitalInd0false
IRS990/Organization501cInd0X
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IRS990/ProgramServiceRevenueGrp/Desc3LOAN INTEREST
IRS990/ProgramServiceRevenueGrp/Desc4APPLICATION FEES
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IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt275543
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt341775
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IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt341775
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt439750
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IRS990/PYTotalRevenueAmt0506797
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IRS990/SavingsAndTempCashInvstGrp/BOYAmt06314085

Document Assets

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Filings

Displayed year

2014 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$47,205,651
Liabilities
$40,080,142
Net assets
$7,125,509
Revenue
$541,922
Expenses
$582,397
Net income
-$40,475
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