Civic Intelligence

Bucks County Economic Development Corporation

990 • Fiscal year 2016 • EIN 23-1524674

Jan 01, 2016 to Dec 31, 2016 • Filed on May 01, 2017

Organization ProfileWWW.BCEDC.COM
115 West Court Street 2nd FloorDoylestown, PA 18901

(215) 348-9031

Siviq Scores

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

Liabilities / Assets

82nd percentile

0.83x

Higher debt load relative to assets than 82% of similar nonprofits.

2016 filings • 501(c)4 • $25M-$50M nonprofits • Source year 2016

Liabilities / Revenue

99th percentile

106.77x

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

2016 filings • 501(c)4 • $25M-$50M nonprofits • Source year 2016

Net Margin

6th percentile

-89%

Higher net margin than 6% of similar nonprofits.

2016 filings • 501(c)4 • $25M-$50M nonprofits • Source year 2016

Top Officer Pay

39th percentile

$168,382

Higher top officer pay than 39% of similar nonprofits.

Top officer pay equals 54.1% of source-year revenue.

2016 filings • $25M-$50M nonprofits • Source year 2016

Asset Growth

17th percentile

-9.8%

Faster asset growth than 17% of similar nonprofits.

2016 filings • 501(c)4 • $25M-$50M nonprofits • Annualized from 2015 to 2016

Revenue Growth

13th percentile

-22%

Faster revenue growth than 13% of similar nonprofits.

2016 filings • 501(c)4 • $25M-$50M nonprofits • Annualized from 2015 to 2016

Balance Sheet
Liabilities / Assets82nd percentile

Assets

Down

$39,883,057

Down $4,342,896 (-9.8%) from 2015

Net Assets

Down

$6,656,968

Down $276,489 (-4.0%) from 2015

Liabilities

Down

$33,226,089

Down $4,066,407 (-11%) from 2015

Revenue And Expenses
Liabilities / Revenue99th percentileNet Margin6th percentile

Revenue

Down

$311,202

Down $88,474 (-22%) from 2015

Expenses

Down

$587,691

Down $4,037 (-0.7%) from 2015

Net Income

Down

-$276,489

Down $84,437 (-44%) from 2015

Historical Trend

Balance Sheet Trend

Asset Growth17th 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

2016

Assets$39,883,057
Liabilities$33,226,089
Net Assets$6,656,968
Open 2016 Filing

Operations Trend

Revenue Growth13th 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

2016

Revenue$311,202
Expenses$587,691
Net Income-$276,489
Open 2016 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2016 to Dec 31, 2016
Signed
May 1, 2017
Return Version
2016v3.0
Gross Receipts
$311,202
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$5,757,198$5,479,843▼ $277,355
Other Notes and Loans Receivable, Net$1,184,165$1,171,384▼ $12,781
Accounts Receivable$147,506$562,901▲ $415,395
Land, Buildings, and Equipment, Net$12,750$18,566▲ $5,816
Prepaid Expenses and Deferred Charges$8,788$10,035▲ $1,247
Total Assets$44,225,953$39,883,057▼ $4,342,896
Other Assets Total$37,115,546$32,640,328▼ $4,475,218
Liabilities
Mortgage Notes Payable Secured by Investment Property$37,115,546$32,640,328▼ $4,475,218
Other Liabilities$147,506$562,901▲ $415,395
Accounts Payable and Accrued Expenses$17,424$15,620▼ $1,804
Deferred Revenue$12,020$7,240▼ $4,780
Total Liabilities$37,292,496$33,226,089▼ $4,066,407
Net Assets / Fund Balance
Unrestricted Net Assets$6,933,457$6,656,968▼ $276,489
Total Net Assets Fund Balance$6,933,457$6,656,968▼ $276,489
Total Liabilities and Net Assets / Fund Balance$44,225,953$39,883,057▼ $4,342,896

Asset Categories

AssetBook ValueDepreciationBasis
Buildings-$303,307$303,307
Other Land Buildings-$35,700$35,700
Leasehold Improvements$15,139$16,533$31,672
Equipment$3,427$21,861$25,288
Other Assets Org$32,640,328--
Compensation and Service Providers
Top Officer Pay39th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Robert F CormackExecutive DiFT$163,521$4,861$168,382
Robert F CormackExecutive Direc-$163,521$4,861$168,382

Board Members and Trustees

NameTitle
James TyrrellPresident
Anthony F Visco JrDirector
Arthur D GoonDirector
Daniel ZelikovichDirector
David R BreidingerDirector
Ed LydonDirector
George NiblockDirector
Gregory F KrugDirector
James LoweDirector
Kenneth E Heydt PeDirector
Lenora G SeigleDirector
Michael Borski SrDirector
Peter P Liebert IvDirector
Richard B Millham SrDirector
Tom KrolDirector
Karen LasordaMember at La
Robert SteinhartMember at La
James a Bleakly JrPast Preside
Phil EastmanSecretary
Thomas KeiserTreasurer/as
Gerald C ForestVice Preside
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$216,183
Investment Income
$26,952
Other Revenue
$68,067
Change in Net Assets
$-276,489

Audited Revenue Reconciliation

Revenue per Audited Statements
$311,202
Total Revenue per Audited Statements
$311,202
Total Revenue per Form 990
$311,202
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$449,131
Other Expenses$138,560
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$180,581$1,896-$182,477
Current Officers, Directors, Trustees, and Key Employees$135,678$32,704-$168,382
Other Employee Benefits$67,954--$67,954
Occupancy-$25,196-$25,196
Payroll Taxes$22,319$2,480-$24,799
Insurance$6,083$16,400-$22,483
Office Expenses$20,643$512-$21,155
Conferences and Meetings$15,703$2,386-$18,089
Travel$10,248$540-$10,788
Advertising$10,537--$10,537
Fees for Services Legal-$10,000-$10,000
Fees for Services Accounting-$7,035-$7,035
Pension Plan Contributions$5,519--$5,519
Information Technology-$4,374-$4,374
Depreciation Depletion-$3,835-$3,835
Other Expenses$2,853--$2,853
Fees for Services Other-$2,215-$2,215
Total Functional Expenses$478,118$109,573$0$587,691

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$587,691
Total Expenses per Audited Statements$587,691
Total Expenses per Form 990$587,691
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
Transfer Payable$562,901
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 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
2017-05-01
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Robert F Cormack
Formed
1958
Legal Domicile
Pa
Voting Board Members
21
Independent Board Members
21
Employees
4
Volunteers
21

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, 2013-2015.”

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IRS990/Form990PartVIISectionAGrp/TitleTxt0PRESIDENT
IRS990/Form990PartVIISectionAGrp/TitleTxt1VICE PRESIDE
IRS990/Form990PartVIISectionAGrp/TitleTxt2SECRETARY
IRS990/Form990PartVIISectionAGrp/TitleTxt3TREASURER/AS
IRS990/Form990PartVIISectionAGrp/TitleTxt4PAST PRESIDE
IRS990/Form990PartVIISectionAGrp/TitleTxt5MEMBER AT LA
IRS990/Form990PartVIISectionAGrp/TitleTxt6MEMBER AT LA
IRS990/Form990PartVIISectionAGrp/TitleTxt7DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt8DIRECTOR
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/TitleTxt21EXECUTIVE 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/OperateHospitalInd0false
IRS990/Organization501cInd0X
IRS990/OrganizationFollowsSFAS117Ind0X
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IRS990/OtherExpensesGrp/Desc0DUES AND SUBSCRIPTIONS
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IRS990/PrincipalOfficerNm0ROBERT F CORMACK
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IRS990/ProgramServiceRevenueGrp/Desc3APPLICATION FEES
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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0AS 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, 2013-2015.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE D, PAGE 3, PART X
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IRS990ScheduleD/TotalBookValueOtherAssetsAmt032640328

Document Assets

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Filings

Displayed year

2016 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$39,883,057
Liabilities
$33,226,089
Net assets
$6,656,968
Revenue
$311,202
Expenses
$587,691
Net income
-$276,489
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