Civic Intelligence

Ignite Presque Isle

990 • Fiscal year 2023 • EIN 86-1274227

Jan 01, 2023 to Dec 31, 2023 • Filed on Sep 18, 2024

Organization ProfileIGNITEPI.ORG
436 Main StreetPresque Isle, ME 04769

(207) 764-3747

Siviq Scores

Scores are not available for this record yet.

Balance Sheet

Assets

Flat

$8,852,197

Flat from 2023

Net Assets

Flat

$7,710,145

Flat from 2023

Liabilities

Flat

$1,142,052

Flat from 2023

Revenue And Expenses

Revenue

Flat

$5,228,714

Flat from 2023

Expenses

Flat

$3,653,438

Flat from 2023

Net Income

Flat

$1,575,276

Flat from 2023

Historical Trend

Balance Sheet Trend

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 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

2023

Assets$8,852,197
Liabilities$1,142,052
Net Assets$7,710,145
Open 2023 Filing

Operations Trend

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 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

2023

Revenue$5,228,714
Expenses$3,653,438
Net Income$1,575,276
Open 2023 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2023 to Dec 31, 2023
Signed
Sep 18, 2024
Return Version
2023v5.0
Gross Receipts
$5,228,714
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$2,482,174$7,248,527▲ $4,766,353
Savings and Temporary Cash Investments$350,597$1,375,208▲ $1,024,611
Accounts Receivable$47,141$108,241▲ $61,100
Cash and Non-Interest-Bearing Accounts$469,931$89,789▼ $380,142
Inventories for Sale or Use$18,651$30,432▲ $11,781
Total Assets$7,391,898$8,852,197▲ $1,460,299
Other Assets Total$4,023,404--
Liabilities
Mortgage Notes Payable Secured by Investment Property-$1,068,724-
Accounts Payable and Accrued Expenses$139,280$38,584▼ $100,696
Other Liabilities$1,117,748$34,744▼ $1,083,004
Total Liabilities$1,257,028$1,142,052▼ $114,976
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$6,036,244$7,710,145▲ $1,673,901
Net Assets With Donor Restrictions$98,626--
Total Net Assets Fund Balance$6,134,870$7,710,145▲ $1,575,275
Total Liabilities and Net Assets / Fund Balance$7,391,898$8,852,197▲ $1,460,299

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$1,764,578$195,485$1,960,063
Buildings$5,483,949$234,913-
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseTotal
Lerae KinneyCEOFT$128,002$128,002

Board Members and Trustees

NameTitle
Cathy BeaulieuBoard Chair
Julie LibbyVice Chair
Angie HeltonDirector
Bruce SargentDirector
Patricia SutherlandDirector
Ryan PelletierDirector
Kallie BardSecretary
James NelsonTreasurer

Highest Paid Contractors

ContractorServicesLocationCompensation
Nickerson O'dayContractor35 AIRPORT ROAD, Brewer, ME 04412$954,564
Otis Elevator CompanyContractor60 FREEDOM PKWY, Hermon, ME 04401$162,210
Revenue and Support

Revenue Composition

Contributions and Grants
$2,411,502
Program Service Revenue
$2,811,577
Investment Income
$5,635
Other Revenue
$0
All Other Contributions
$1,630,545
Change in Net Assets
$1,575,276
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$1,907,488
Salaries, Compensation, and Employee Benefits$1,745,950
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$1,356,599$252,130-$1,608,729
Depreciation Depletion$266,009--$266,009
Occupancy$255,619$1,582-$257,201
Payroll Taxes$115,845$21,376-$137,221
All Other Expenses$86,564$40,254-$126,818
Insurance$34,027$41,825-$75,852
Other Expenses$64,935$9,213-$74,148
Office Expenses$8,247$47,181-$55,428
Interest$5,428$43,839-$49,267
Advertising$13,440$27,691-$41,131
Fees for Services Other-$23,327-$23,327
Total Functional Expenses$2,995,996$657,442$0$3,653,438
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
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Gift Card Liability$34,744
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
2024-09-18

Organization Details

Principal Officer
Lerae Kinney
Formed
2020
Voting Board Members
8
Independent Board Members
8
Employees
117

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, Part XI, Line 9

“Book / tax depreciation difference -1”

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IRS990ScheduleD/BuildingsGrp/InvestmentCostOrOtherBasisAmt05718862
IRS990ScheduleD/EquipmentGrp/BookValueAmt01764578
IRS990ScheduleD/EquipmentGrp/DepreciationAmt0195485
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0NO REVIEW WAS OR WILL BE CONDUCTED.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1NO DOCUMENTS AVAILABLE TO THE PUBLIC
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2BOOK / TAX DEPRECIATION DIFFERENCE -1
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PAGE 6, PART VI, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PAGE 6, PART VI, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PART XI, LINE 9
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IRS990/UponRequestInd0X
IRS990/VotingMembersGoverningBodyCnt08
IRS990/VotingMembersIndependentCnt08
IRS990/WebsiteAddressTxt0IGNITEPI.ORG
IRS990/WhistleblowerPolicyInd0false
ReturnHeader/BuildTS02024-10-15 13:58:12Z
ReturnHeader/BusinessOfficerGrp/PersonNm0LERAE KINNEY
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0CEO
ReturnHeader/BusinessOfficerGrp/PhoneNum02077643747
ReturnHeader/BusinessOfficerGrp/SignatureDt02024-09-18
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0IGNITE PRESQUE ISLE
ReturnHeader/Filer/BusinessNameControlTxt0IGNI
ReturnHeader/Filer/EIN0861274227
ReturnHeader/Filer/PhoneNum02077643747
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ReturnHeader/Filer/USAddress/CityNm0PRESQUE ISLE
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ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0010411241
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0CHESTER M KEARNEY PA
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ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0PRESQUE ISLE
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0ME
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd004769
ReturnHeader/PreparerPersonGrp/PhoneNum02077643171
ReturnHeader/PreparerPersonGrp/PreparationDt02024-09-19
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0TIMOTHY P POITRAS
ReturnHeader/ReturnTs02024-10-08T13:10:41-04:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02023-01-01
ReturnHeader/TaxPeriodEndDt02023-12-31
ReturnHeader/TaxYr02023

Document Assets

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Filings

Displayed year

2023 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$8,852,197
Liabilities
$1,142,052
Net assets
$7,710,145
Revenue
$5,228,714
Expenses
$3,653,438
Net income
$1,575,276
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
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