Civic Intelligence

Bucks County Economic Development Corporation

990 • Fiscal year 2018 • EIN 23-1524674

Jan 01, 2018 to Dec 31, 2018 • Filed on May 06, 2019

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

88th percentile

0.74x

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

2018 filings • 501(c)4 • $25M-$50M nonprofits • Source year 2018

Liabilities / Revenue

98th percentile

48.33x

Higher debt load relative to revenue than 98% of similar nonprofits.

2018 filings • 501(c)4 • $25M-$50M nonprofits • Source year 2018

Net Margin

6th percentile

-71%

Higher net margin than 6% of similar nonprofits.

2018 filings • 501(c)4 • $25M-$50M nonprofits • Source year 2018

Top Officer Pay

40th percentile

$176,041

Higher top officer pay than 40% of similar nonprofits.

Top officer pay equals 45.9% of source-year revenue.

2018 filings • 501(c)4 • $25M-$50M nonprofits • Source year 2018

Asset Growth

8th percentile

-24%

Faster asset growth than 8% of similar nonprofits.

2018 filings • 501(c)4 • $25M-$50M nonprofits • Annualized from 2017 to 2018

Revenue Growth

6th percentile

-58%

Faster revenue growth than 6% of similar nonprofits.

2018 filings • 501(c)4 • $25M-$50M nonprofits • Annualized from 2017 to 2018

Balance Sheet
Liabilities / Assets88th percentile

Assets

Down

$25,199,083

Down $7,955,623 (-24%) from 2017

Net Assets

Down

$6,661,291

Down $272,745 (-3.9%) from 2017

Liabilities

Down

$18,537,792

Down $7,682,878 (-29%) from 2017

Revenue And Expenses
Liabilities / Revenue98th percentileNet Margin6th percentile

Revenue

Down

$383,569

Down $520,411 (-58%) from 2017

Expenses

Up

$656,314

Up $29,402 (+4.7%) from 2017

Net Income

Down

-$272,745

Down $549,813 (-198%) from 2017

Historical Trend

Balance Sheet Trend

Asset Growth8th 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

2018

Assets$25,199,083
Liabilities$18,537,792
Net Assets$6,661,291
Open 2018 Filing

Operations Trend

Revenue Growth6th 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

2018

Revenue$383,569
Expenses$656,314
Net Income-$272,745
Open 2018 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2018 to Dec 31, 2018
Signed
May 6, 2019
Return Version
2018v3.1
Gross Receipts
$383,569
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$5,596,390$5,915,076▲ $318,686
Other Notes and Loans Receivable, Net$1,308,719$1,202,566▼ $106,153
Accounts Receivable$924,475--
Prepaid Expenses and Deferred Charges$21,069$35,110▲ $14,041
Land, Buildings, and Equipment, Net$14,210$10,282▼ $3,928
Total Assets$33,154,706$25,199,083▼ $7,955,623
Other Assets Total$25,289,843$18,036,049▼ $7,253,794
Liabilities
Mortgage Notes Payable Secured by Investment Property$25,289,843$18,283,534▼ $7,006,309
Other Liabilities$924,475--
Unsecured Notes Loans Payable-$250,000-
Accounts Payable and Accrued Expenses$4,685$4,258▼ $427
Deferred Revenue$1,667--
Total Liabilities$26,220,670$18,537,792▼ $7,682,878
Net Assets / Fund Balance
Unrestricted Net Assets$6,934,036$6,661,291▼ $272,745
Total Net Assets Fund Balance$6,934,036$6,661,291▼ $272,745
Total Liabilities and Net Assets / Fund Balance$33,154,706$25,199,083▼ $7,955,623

Asset Categories

AssetBook ValueDepreciationBasis
Other Land Buildings$7,270$6,903$14,173
Equipment$3,012$9,712$12,724
Other Assets Org$18,036,049--
Compensation and Service Providers
Top Officer Pay40th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Robert F CormackExecutive DiFT$169,331$6,710$176,041
Robert F CormackExecutive Direc-$169,331$6,710$176,041

Board Members and Trustees

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

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$216,994
Investment Income
$29,990
Other Revenue
$136,585
Change in Net Assets
$-272,745

Audited Revenue Reconciliation

Revenue per Audited Statements
$383,569
Total Revenue per Audited Statements
$383,569
Total Revenue per Form 990
$383,569
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$469,743
Other Expenses$186,571
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$124,397$74,766-$199,163
Current Officers, Directors, Trustees, and Key Employees$137,458$34,365-$171,823
Other Employee Benefits$45,447$19,099-$64,546
Occupancy$35,882$19,579-$55,461
Conferences and Meetings$44,916$687-$45,603
Payroll Taxes$18,553$7,797-$26,350
Insurance$6,086$16,944-$23,030
Office Expenses$11,600$5,941-$17,541
Fees for Services Legal$10,000--$10,000
Travel$6,611$2,777-$9,388
Pension Plan Contributions$4,891$2,970-$7,861
Fees for Services Accounting-$6,925-$6,925
Advertising$5,371--$5,371
Information Technology$4,156$523-$4,679
Depreciation Depletion$3,928--$3,928
Other Expenses$763$2,006-$2,769
Fees for Services Other-$1,876-$1,876
Total Functional Expenses$460,059$196,255$0$656,314

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$656,314
Total Expenses per Audited Statements$656,314
Total Expenses per Form 990$656,314
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
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
2019-05-06
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
22

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.”

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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/TitleTxt6DIRECTOR
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
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IRS990/InformationTechnologyGrp/TotalAmt04679
IRS990/InsuranceGrp/ManagementAndGeneralAmt016944
IRS990/InsuranceGrp/ProgramServicesAmt06086
IRS990/InsuranceGrp/TotalAmt023030
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IRS990/MembersOrStockholdersInd0true
IRS990/MethodOfAccountingAccrualInd0X
IRS990/MinutesOfCommitteesInd0true
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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/TotalAmt055461
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IRS990/OfficeExpensesGrp/ProgramServicesAmt011600
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IRS990/OperateHospitalInd0false
IRS990/Organization501cInd0X
IRS990/OrganizationFollowsSFAS117Ind0X
IRS990/OtherAssetsTotalGrp/BOYAmt025289843
IRS990/OtherAssetsTotalGrp/EOYAmt018036049
IRS990/OtherEmployeeBenefitsGrp/ManagementAndGeneralAmt019099
IRS990/OtherEmployeeBenefitsGrp/ProgramServicesAmt045447
IRS990/OtherEmployeeBenefitsGrp/TotalAmt064546
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IRS990/OtherExpensesGrp/ProgramServicesAmt0763
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IRS990/OtherRevenueMiscGrp/RelatedOrExemptFuncIncomeAmt150913
IRS990/OtherRevenueMiscGrp/RelatedOrExemptFuncIncomeAmt26250
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IRS990/OtherRevenueMiscGrp/TotalRevenueColumnAmt150913
IRS990/OtherRevenueMiscGrp/TotalRevenueColumnAmt26250
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IRS990/PayrollTaxesGrp/ManagementAndGeneralAmt07797
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IRS990/PayrollTaxesGrp/TotalAmt026350
IRS990/PensionPlanContributionsGrp/ManagementAndGeneralAmt02970
IRS990/PensionPlanContributionsGrp/ProgramServicesAmt04891
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IRS990/PrincipalOfficerNm0ROBERT F CORMACK
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IRS990/ReportProgramRelatedInvstInd0false
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IRS990ScheduleD/EquipmentGrp/DepreciationAmt09712
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IRS990ScheduleD/OtherAssetsOrgGrp/Desc0INVESTMENT IN LEASE AGREEMENTS
IRS990ScheduleD/OtherLandBuildingsGrp/BookValueAmt07270
IRS990ScheduleD/OtherLandBuildingsGrp/DepreciationAmt06903
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Document Assets

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Filings

Displayed year

2018 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$25,199,083
Liabilities
$18,537,792
Net assets
$6,661,291
Revenue
$383,569
Expenses
$656,314
Net income
-$272,745
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