Ignite Presque Isle
- Assets
- $8.9m
- Revenue
- $5.2m
- Investments
- $0.0
- Employees
- 117
- Location
- Presque Isle, ME
- Founding
- Data as of
- 12/2023
- EIN
- 86-1274227
Organization Overview
Ignite Presque Isle is located in Presque Isle, ME. According to its NTEE Classification (S32) the organization is classified as: Rural Economic Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 12/2023, Ignite Presque Isle employed 117 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Ignite Presque Isle is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 12/2023, Ignite Presque Isle generated $5.2m in total revenue. The organization has seen a slow decline revenue. Over the past 3 years, revenues have fallen by an average of (0.2%) each year. All expenses for the organization totaled $3.7m during the year ending 12/2023. You can explore the organizations financials more deeply in the financial statements section below.
Form
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
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.
Describe the Organization's Program Activity:
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.
HOTEL AND RESTAURANT OPERATIONS SUPPORT INNOVATION CENTER.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Lerae Kinney CEO | Officer | 40 | $128,002 |
Kallie Bard Secretary | OfficerTrustee | 1 | $0 |
Cathy Beaulieu Board Chair | OfficerTrustee | 1 | $0 |
Angie Helton Director | Trustee | 1 | $0 |
Julie Libby Vice Chair | OfficerTrustee | 1 | $0 |
James Nelson Treasurer | OfficerTrustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Nickerson O'day Contractor | 12/30/23 | $954,564 |
Otis Elevator Company Contractor | 12/30/23 | $162,210 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $780,957 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,630,545 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $2,411,502 |
| Total Program Service Revenue | $2,811,577 |
| Investment income | $5,635 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $5,228,714 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,608,729 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $137,221 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $23,327 |
| Advertising and promotion | $41,131 |
| Office expenses | $55,428 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $257,201 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $49,267 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $266,009 |
| Insurance | $75,852 |
| All other expenses | $126,818 |
| Total functional expenses | $3,653,438 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $89,789 |
| Savings and temporary cash investments | $1,375,208 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $108,241 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $30,432 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $7,248,527 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $8,852,197 |
| Accounts payable and accrued expenses | $38,584 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $1,068,724 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $34,744 |
| Total liabilities | $1,142,052 |
| Net assets without donor restrictions | $7,710,145 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $8,852,197 |