Civic Intelligence

Bucks County Economic Development Corporation

990 • Fiscal year 2021 • EIN 23-1524674

Jan 01, 2021 to Dec 31, 2021 • Filed on May 12, 2022

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

75th percentile

0.45x

Higher debt load relative to assets than 75% of similar nonprofits.

2021 filings • 501(c)4 • $10M-$25M nonprofits • Source year 2021

Liabilities / Revenue

93rd percentile

10.07x

Higher debt load relative to revenue than 93% of similar nonprofits.

2021 filings • 501(c)4 • $10M-$25M nonprofits • Source year 2021

Net Margin

7th percentile

-33%

Higher net margin than 7% of similar nonprofits.

2021 filings • 501(c)4 • $10M-$25M nonprofits • Source year 2021

Top Officer Pay

60th percentile

$185,951

Higher top officer pay than 60% of similar nonprofits.

Top officer pay equals 38.8% of source-year revenue.

2021 filings • 501(c)4 • $10M-$25M nonprofits • Source year 2021

Asset Growth

6th percentile

-17%

Faster asset growth than 6% of similar nonprofits.

2021 filings • 501(c)4 • $10M-$25M nonprofits • Annualized from 2020 to 2021

Revenue Growth

65th percentile

18%

Faster revenue growth than 65% of similar nonprofits.

2021 filings • 501(c)4 • $10M-$25M nonprofits • Annualized from 2020 to 2021

Balance Sheet
Liabilities / Assets75th percentile

Assets

Down

$10,834,613

Down $2,142,565 (-17%) from 2020

Net Assets

Down

$6,006,651

Down $160,532 (-2.6%) from 2020

Liabilities

Down

$4,827,962

Down $1,982,033 (-29%) from 2020

Revenue And Expenses
Liabilities / Revenue93rd percentileNet Margin7th percentile

Revenue

Up

$479,487

Up $73,782 (+18%) from 2020

Expenses

Down

$640,019

Down $10,886 (-1.7%) from 2020

Net Income

Up

-$160,532

Up $84,668 (+35%) from 2020

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

2021

Assets$10,834,613
Liabilities$4,827,962
Net Assets$6,006,651
Open 2021 Filing

Operations Trend

Revenue Growth65th 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

2021

Revenue$479,487
Expenses$640,019
Net Income-$160,532
Open 2021 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2021 to Dec 31, 2021
Signed
May 12, 2022
Return Version
2021v4.0
Gross Receipts
$479,487
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$4,933,066$5,190,442▲ $257,376
Other Notes and Loans Receivable, Net$1,484,788$1,075,575▼ $409,213
Prepaid Expenses and Deferred Charges$18,919$19,050▲ $131
Land, Buildings, and Equipment, Net$6,790$3,934▼ $2,856
Total Assets$12,977,178$10,834,613▼ $2,142,565
Other Assets Total$6,533,615$4,545,612▼ $1,988,003
Liabilities
Mortgage Notes Payable Secured by Investment Property$6,533,615$4,545,612▼ $1,988,003
Unsecured Notes Loans Payable$262,661$267,963▲ $5,302
Accounts Payable and Accrued Expenses$9,922$12,344▲ $2,422
Deferred Revenue$3,797$2,043▼ $1,754
Total Liabilities$6,809,995$4,827,962▼ $1,982,033
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$6,167,183$6,006,651▼ $160,532
Total Net Assets Fund Balance$6,167,183$6,006,651▼ $160,532
Total Liabilities and Net Assets / Fund Balance$12,977,178$10,834,613▼ $2,142,565

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$2,887$14,963$17,850
Other Land Buildings$1,047$13,127$14,174
Other Assets Org$4,545,612--
Compensation and Service Providers
Top Officer Pay60th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Robert F CormackExecutive DiFT$178,795$7,156$185,951
Robert F CormackExecutive Direc-$178,795$7,156$185,951

Board Members and Trustees

NameTitle
James BleaklyPresident
Christopher GoshallDirector
David R BreidingerDirector
Ed LydonDirector
George NiblockDirector
Gregory F KrugDirector
Jackie FaheyDirector
James LoweDirector
Keith RichardsonDirector
Michael Borski SrDirector
Richard B Millham SrDirector
Susan McdonaldDirector
Tom KrolDirector
Michael TurAsst. Treasu
Robert SteinhartMember at La
James TyrrellPast Preside
Phil EastmanSecretary
Karen LasordaTreasurer/as
Gerald C ForestVice Preside
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$428,864
Investment Income
$26,613
Other Revenue
$24,010
Change in Net Assets
$-160,532

Audited Revenue Reconciliation

Revenue per Audited Statements
$479,487
Revenue Not Reported on Form 990
$-11,724
Total Revenue per Audited Statements
$467,763
Total Revenue per Form 990
$479,487
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$474,701
Other Expenses$165,318
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$128,205$80,487-$208,692
Current Officers, Directors, Trustees, and Key Employees$148,761$37,190-$185,951
Occupancy$41,116$22,121-$63,237
Other Employee Benefits$30,727$13,168-$43,895
Payroll Taxes$19,473$8,346-$27,819
Insurance$16,020$6,866-$22,886
Fees for Services Legal$15,000--$15,000
Office Expenses$9,545$5,170-$14,715
Pension Plan Contributions$5,125$3,219-$8,344
Fees for Services Accounting$550$6,725-$7,275
Travel$4,743$1,687-$6,430
Interest$5,302--$5,302
Advertising-$5,239-$5,239
Information Technology$1,444$3,754-$5,198
Depreciation Depletion-$3,745-$3,745
Fees for Services Other$140$1,646-$1,786
Other Expenses$509$1,189-$1,698
Conferences and Meetings$737$346-$1,083
Total Functional Expenses$439,121$200,898$0$640,019

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$640,019
Expenses per Audited Statements$628,295
Total Expenses per Audited Statements$628,295
Expenses Not Reported on Financial Statements$11,724
Other Expense Adjustments$11,724
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 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
2022-05-12
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
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.”

Financial Statement Notes

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

“Annual dinner expenses -11,724”

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

“Annual dinner expenses 11,724”

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IRS990/Form990PartVIISectionAGrp/TitleTxt3SECRETARY
IRS990/Form990PartVIISectionAGrp/TitleTxt4DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt5VICE PRESIDE
IRS990/Form990PartVIISectionAGrp/TitleTxt6DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt7DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt8DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt9TREASURER/AS
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IRS990/Form990PartVIISectionAGrp/TitleTxt14DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt15DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt16DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt17MEMBER AT LA
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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/ExplanationTxt0ANNUAL DINNER EXPENSES -11,724
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt1ANNUAL DINNER EXPENSES 11,724
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE D, PAGE 4, PART XI, LINE 2D
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Document Assets

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Filings

Displayed year

2021 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$10,834,613
Liabilities
$4,827,962
Net assets
$6,006,651
Revenue
$479,487
Expenses
$640,019
Net income
-$160,532
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