Civic Intelligence

Ignite Presque Isle

990 • Fiscal year 2021 • EIN 86-1274227

Jan 01, 2021 to Dec 31, 2021 • Filed on Oct 28, 2022

Organization ProfileIGNITEPI.ORG
436 Main StreetPresque Isle, ME 04769

(207) 764-3747

Siviq Scores

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

Liabilities / Assets

20th percentile

0.01x

Higher debt load relative to assets than 20% of similar nonprofits.

2021 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2021

Liabilities / Revenue

14th percentile

0.01x

Higher debt load relative to revenue than 14% of similar nonprofits.

2021 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2021

Net Margin

96th percentile

84%

Higher net margin than 96% of similar nonprofits.

2021 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2021

Top Officer Pay

22nd percentile

$0

Higher top officer pay than 22% of similar nonprofits.

Top officer pay equals 0.0% of source-year revenue.

2021 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2021

Asset Growth

Score unavailable

No value available

No earlier valid filing was available within the previous three public years.

Source year 2021

Revenue Growth

Score unavailable

No value available

No earlier valid filing was available within the previous three public years.

Source year 2021

Balance Sheet
Liabilities / Assets20th percentile

Assets

$4,447,439

No earlier filing loaded for comparison.

Net Assets

$4,400,838

No earlier filing loaded for comparison.

Liabilities

$46,601

No earlier filing loaded for comparison.

Revenue And Expenses
Liabilities / Revenue14th percentileNet Margin96th percentile

Revenue

$5,265,872

No earlier filing loaded for comparison.

Expenses

$865,038

No earlier filing loaded for comparison.

Net Income

$4,400,834

No earlier filing loaded for comparison.

Historical Trend

Balance Sheet Trend

Asset GrowthScore unavailable

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

$10M$5.0M$0Assets 2021: $4,447,439Liabilities 2021: $46,601Net Assets 2021: $4,400,8382021Assets 2022: $7,391,898Liabilities 2022: $1,257,028Net Assets 2022: $6,134,8702022Assets 2023: $8,852,197Liabilities 2023: $1,142,052Net Assets 2023: $7,710,1452023Assets 2024: $9,121,582Liabilities 2024: $1,100,707Net Assets 2024: $8,020,8752024

Highlighted filing

2021

Assets$4,447,439
Liabilities$46,601
Net Assets$4,400,838
Open 2021 Filing

Operations Trend

Revenue GrowthScore unavailable

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$6.0M$4.0M$2.0M$0Revenue 2021: $5,265,872Expenses 2021: $865,038Net Income 2021: $4,400,8342021Revenue 2022: $4,298,460Expenses 2022: $2,564,428Net Income 2022: $1,734,0322022Revenue 2023: $5,228,714Expenses 2023: $3,653,438Net Income 2023: $1,575,2762023Revenue 2024: $3,917,117Expenses 2024: $3,606,387Net Income 2024: $310,7302024

Highlighted filing

2021

Revenue$5,265,872
Expenses$865,038
Net Income$4,400,834
Open 2021 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2021 to Dec 31, 2021
Signed
Oct 28, 2022
Return Version
2021v4.0
Gross Receipts
$5,740,872
Mission and Program Overview

Mission

Inspire community revitalization and innovation by promoting entrepreneurship in presque isle

Our mission is to inspire community revitalization and innovation by promoting entrepreneurship in presque isle. We've created a non-traditional approach to serving the community in an innovative and creative way. We're bringing together a service based nonprofit and restoring the iconic northeastland hotel to help the revitalization of the downtown.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net-$2,456,944-
Savings and Temporary Cash Investments-$1,830,592-
Cash and Non-Interest-Bearing Accounts-$118,229-
Accounts Receivable-$41,674-
Total Assets$0$4,447,439▲ $4,447,439
Liabilities
Accounts Payable and Accrued Expenses-$46,601-
Total Liabilities$0$46,601▲ $46,601
Net Assets / Fund Balance
Net Assets With Donor Restrictions-$3,420,000-
Net Assets Without Donor Restrictions-$980,838-
Total Net Assets Fund Balance$0$4,400,838▲ $4,400,838
Total Liabilities and Net Assets / Fund Balance$0$4,447,439▲ $4,447,439

Asset Categories

AssetBook ValueDepreciationBasis
Other Land Buildings$2,176,548$91,943$2,268,491
Buildings$280,396-$280,396
Compensation and Service Providers
Top Officer Pay22nd percentile

Board Members and Trustees

NameTitle
Ryan PelletierChair
Julie FrenchVice Chair/t
Bruce SargentBoard Member
Cathy BeaulieuBoard Member
Julie LibbyBoard Member
Kallie BardBoard Member
Patricia SutherlandSecretary
Revenue and Support

Revenue Composition

Contributions and Grants
$4,652,606
Program Service Revenue
$612,674
Investment Income
$592
Other Revenue
$0
All Other Contributions
$4,652,606
Change in Net Assets
$4,400,834
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$438,956
Salaries, Compensation, and Employee Benefits$426,082
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$193,436$141,598-$335,034
Payroll Taxes$64,183$20,617-$84,800
Fees for Services Accounting-$58,994-$58,994
Insurance$28,890$10,027-$38,917
Depreciation Depletion$38,180--$38,180
All Other Expenses$16,098$18,769-$34,867
Other Expenses$31,353$787-$31,353
Advertising-$8,038-$8,038
Other Employee Benefits-$6,248-$6,248
Office Expenses-$4,768-$4,768
Interest$1,653--$1,653
Total Functional Expenses$595,192$269,846$0$865,038
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
Lobbying activity
No
Subject to proxy tax
No
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
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
No
Other officer compensation reviewed
No
Conflict-of-interest policy
No
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 11B

“No review was or will be conducted.”

Form 990, Page 6, Part VI, Line 19

“No documents available to the public”

Filing and Contact Details

Filer

Filer Name
Ignite Presque Isle
EIN
86-1274227
Phone
2077643747
Address
436 MAIN STREET, PRESQUE ISLE, ME 04769

Signing Officer

Name
Lerae Kinney
Title
CEO
Phone
2077643747
Signed
2022-10-28

Organization Details

Principal Officer
Lerae Kinney
Formed
2020
Voting Board Members
7
Independent Board Members
7
Employees
26

Preparer

Firm
Chester M Kearney Pa
Address
PO BOX 1550, PRESQUE ISLE, ME 04769
Preparer
Timothy P Poitras
Phone
2077643171
Supplemental Narrative

Additional Explanations

Form 990, Page 2, Part III, Line 4D

“Our innovation center is ignite pi's inaugural project. We've created a store front space as an entrepreneurial nexus with the most innovative co- workspace in new england. We've just begun an impressive renovation plan to transform the store front property into the next generation of business in the heart of presque isle. Our center compliments existing businesses and services in the downtown district. We're promoting an entrepreneurial spirit to bring the community together for generations to come.”

Form 990, Part XI, Line 9

“Book / tax depreciation difference 1 rounding 3 total 4”

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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0OUR INNOVATION CENTER IS IGNITE PI'S INAUGURAL PROJECT. WE'VE CREATED A STORE FRONT SPACE AS AN ENTREPRENEURIAL NEXUS WITH THE MOST INNOVATIVE CO- WORKSPACE IN NEW ENGLAND. WE'VE JUST BEGUN AN IMPRESSIVE RENOVATION PLAN TO TRANSFORM THE STORE FRONT PROPERTY INTO THE NEXT GENERATION OF BUSINESS IN THE HEART OF PRESQUE ISLE. OUR CENTER COMPLIMENTS EXISTING BUSINESSES AND SERVICES IN THE DOWNTOWN DISTRICT. WE'RE PROMOTING AN ENTREPRENEURIAL SPIRIT TO BRING THE COMMUNITY TOGETHER FOR GENERATIONS TO COME.
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IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt0592
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IRS990/UponRequestInd0X
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IRS990/VotingMembersIndependentCnt07
IRS990/WebsiteAddressTxt0IGNITEPI.ORG
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ReturnHeader/BuildTS02022-09-23 18:48:47Z
ReturnHeader/BusinessOfficerGrp/PersonNm0LERAE KINNEY
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0CEO
ReturnHeader/BusinessOfficerGrp/PhoneNum02077643747
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ReturnHeader/PreparerPersonGrp/PreparationDt02022-11-14
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0TIMOTHY P POITRAS
ReturnHeader/ReturnTs02022-11-15T08:16:43-05:00
ReturnHeader/ReturnTypeCd0990
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ReturnHeader/TaxPeriodEndDt02021-12-31
ReturnHeader/TaxYr02021

Document Assets

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Filings

Displayed year

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

Open filing
Assets
$4,447,439
Liabilities
$46,601
Net assets
$4,400,838
Revenue
$5,265,872
Expenses
$865,038
Net income
$4,400,834
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$9.12$1.10$8.02$3.92$3.61$0.31
2023Detailed filing. Detailed filing data is available for this year.$8.85$1.14$7.71$5.23$3.65$1.58
2022Detailed filing. Detailed filing data is available for this year.$7.39$1.26$6.13$4.30$2.56$1.73
2021Detailed filing. Detailed filing data is available for this year.$4.45$0.05$4.40$5.27$0.87$4.40