What the amendment changed
Compared with the return it replaced , filed 18 September 2024. matched by us Only the return's totals, a 990-PF's accounting method and the names listed in Part VII (Part VIII on a 990-PF) are compared. We relate returns by organization, tax year and form, and order them by each return's own timestamp; the filer's own "amended return" checkbox is a separate fact.
Those are the same on the two returns, so the amendment changed something else.
Totals
- Total revenue
- $5,228,714
- Total expenses
- $3,653,438
- Contributions and grants received
- $2,411,502
- Grants paid
- $0
- Program service revenue
- $2,811,577
- Investment income
- $5,635
- Other revenue
- $0
- Total assets, end of year
- $8,852,197
- Total liabilities, end of year
- $1,142,052
- Net assets or fund balances, end of year
- $7,710,145
- Program services expenses (Part IX)
- $2,995,996
- Management and general expenses
- $657,442
- Fundraising expenses
- $0
- Program service expenses (Part III)
- $2,995,996
Program services were 82.0% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.
Line items
Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.
Revenue
Part VIII, the statement of revenue.
-
1e · Government grants (contributions)
$780,957
-
1f · All other contributions, gifts and grants
$1,630,545
-
2a · Program service revenue: HOTEL & EVENT CENTER
total $2,800,826 · unrelated business $2,800,826
-
2b · Program service revenue: INNOVATION CENTER
total $10,751 · related or exempt $10,751
-
3 · Investment income
total $5,635 · related or exempt $5,635
Functional expenses
Part IX, the statement of functional expenses.
-
7 · Other salaries and wages
total $1,608,729 · program services $1,356,599 · management and general $252,130
-
10 · Payroll taxes
total $137,221 · program services $115,845 · management and general $21,376
-
11g · Fees: other
total $23,327 · management and general $23,327
-
12 · Advertising and promotion
total $41,131 · program services $13,440 · management and general $27,691
-
13 · Office expenses
total $55,428 · program services $8,247 · management and general $47,181
-
16 · Occupancy
total $257,201 · program services $255,619 · management and general $1,582
-
20 · Interest
total $49,267 · program services $5,428 · management and general $43,839
-
22 · Depreciation, depletion and amortization
total $266,009 · program services $266,009
-
23 · Insurance
total $75,852 · program services $34,027 · management and general $41,825
-
24a · Other expenses: COGS
total $707,228 · program services $707,228
-
24b · Other expenses: COMPUTER & IT SUPPORT
total $126,504 · program services $13,452 · management and general $113,052
-
24c · Other expenses: REPAIRS AND MAINTENANCE
total $104,575 · program services $68,603 · management and general $35,972
-
24d · Other expenses: DUES & SUBSCRIPTIONS
total $74,148 · program services $64,935 · management and general $9,213
-
24e · All other expenses
total $126,818 · program services $86,564 · management and general $40,254
Balance sheet
Part X, book values.
-
1 · Cash, non-interest-bearing
beginning of year $469,931 · end of year $89,789
-
2 · Savings and temporary cash investments
beginning of year $350,597 · end of year $1,375,208
-
4 · Accounts receivable
beginning of year $47,141 · end of year $108,241
-
8 · Inventories for sale or use
beginning of year $18,651 · end of year $30,432
-
10a · Land, buildings and equipment: cost or other basis
$7,678,925
-
10b · Land, buildings and equipment: accumulated depreciation
$430,398
-
10c · Land, buildings and equipment, net
beginning of year $2,482,174 · end of year $7,248,527
-
15 · Other assets
beginning of year $4,023,404
-
17 · Accounts payable and accrued expenses
beginning of year $139,280 · end of year $38,584
-
23 · Secured mortgages and notes payable
end of year $1,068,724
-
25 · Other liabilities
beginning of year $1,117,748 · end of year $34,744
-
27 · Net assets without donor restrictions
beginning of year $6,036,244 · end of year $6,860,125
-
28 · Net assets with donor restrictions
beginning of year $98,626 · end of year $850,020
Mission and programs · 2023
Mission
INSPIRE COMMUNITY REVITALIZATION AND INNOVATION BY PROMOTING ENTREPRENEURSHIP IN PRESQUE ISLE
Activities or mission (Part I)
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.
-
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.
Expenses $927 · Revenue $10,751
-
HOTEL AND RESTAURANT OPERATIONS SUPPORT INNOVATION CENTER.
Expenses $2,995,069 · Revenue $2,800,826
As filed on the 2023 return.
Listed in Part VII
-
Lerae KinneyLERAE KINNEY
CEO
- Total calculated
- $128,002
- From this org
- $128,002
- From related orgs
- $0
- Other
- $0
- Hours/week
- 40
-
Kallie BardKALLIE BARD
SECRETARY
- Total calculated
- $0
- Hours/week
- 1
-
Cathy BeaulieuCATHY BEAULIEU
BOARD CHAIR
- Total calculated
- $0
- Hours/week
- 1
-
Angie HeltonANGIE HELTON
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Julie LibbyJULIE LIBBY
VICE CHAIR
- Total calculated
- $0
- Hours/week
- 1
-
James NelsonJAMES NELSON
TREASURER
- Total calculated
- $0
- Hours/week
- 1
-
Ryan PelletierRYAN PELLETIER
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Bruce SargentBRUCE SARGENT
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Patricia SutherlandPATRICIA SUTHERLAND
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those.
Grants on this return
No itemized grants to organizations on this return.
Provenance
- Return type
- form_990
- Tax year
- 2023
- Filed
- 7 November 2024
- IRS schema version
- 2023v6.0
- Source object
- 202510229349300311
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