Penquis Development Inc
Penquis Development Inc shows consistent revenue and asset growth with no reported officer compensation.
EIN: 10541817 · Bangor, ME · NTEE: L20 · Updated: 2026-03-28
| Metric | Value |
|---|---|
| Total Revenue | $3.2M |
| Total Expenses | $1.0M |
| Program Spending | 90% |
| Net Assets | $-128,947 |
| Transparency Score | 92/100 |
Is Penquis Development Inc Legit?
Some Concerns
Assessment based on IRS 990 filings, spending patterns, and AI analysis. Not a guarantee of legitimacy. Full charity check →
Penquis Development Inc directs 90% of its spending to programs. This exceeds the industry benchmark of 65%, indicating strong mission focus.
About Penquis Development Inc
Penquis Development Inc (EIN: 10541817) is a nonprofit organization based in Bangor, ME, classified under NTEE code L20. The organization reported total revenue of $3.2M and total assets of $17.9M according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Penquis Development Inc's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.
Organization Overview
Penquis Development Inc is a mid-size nonprofit that has been operating for 24 years, with 4 years of IRS 990 filings on record (2020–2023). Revenue has grown at a compound annual rate of 39.6%.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
| Total Revenue | $1.3M |
| Total Expenses | $1.0M |
| Surplus / Deficit | +$326K |
| Total Assets | $5.4M |
| Total Liabilities | $5.5M |
| Net Assets | $-128,947 |
| Operating Margin | 24.1% |
| Debt-to-Asset Ratio | 102.4% |
| Months of Reserves | 62.9 months |
Financial Health Grade: A
In 2023, Penquis Development Inc reported a surplus of $326K with revenue exceeding expenses, holds 62.9 months of operating reserves (strong position), has a debt-to-asset ratio of 102.4% (high leverage).
Financial Trends
Over 4 years of filings (2020–2023), Penquis Development Inc's revenue has grown at a compound annual growth rate (CAGR) of 39.6%.
| Year | Revenue Change | Expense Change | Asset Change |
|---|---|---|---|
| 2023 | +41.0% | +5.4% | +21.0% |
| 2022 | +37.4% | +115.1% | +53.2% |
| 2021 | +40.5% | +20.4% | +11.3% |
IRS Tax-Exempt Classification
| IRS Classification Codes | 1000 |
| IRS Ruling Date | 2002 |
Classification data from ProPublica Nonprofit Explorer. Additional BMF data may be available after enrichment.
AI Transparency Report
Mission Effectiveness Score
NonprofitSpending's AI analysis rates Penquis Development Inc with a Mission Score of 92 out of 100 (Excellent). This score reflects the organization's overall financial transparency, program spending efficiency, and governance indicators derived from IRS 990 public filings.
Spending Breakdown
- admin: 7%
- programs: 90%
- fundraising: 3%
According to IRS 990 filings, Penquis Development Inc allocates its expenses as follows: admin: 7%, programs: 90%, fundraising: 3%. With 90% directed toward programs, this reflects a strong commitment to its charitable mission.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
- The organization reported a surplus of $326K, with revenue exceeding expenses.
- Debt-to-asset ratio: 102.4%.
Executive Compensation Analysis
Penquis Development Inc reports 0% officer compensation across all available filings, indicating that no salaries or benefits were paid to officers, which is highly unusual for an organization of its size and suggests either volunteer leadership or compensation is reported under other categories, warranting further investigation for full transparency.
Executive compensation data is sourced from IRS 990 filings, which require nonprofits to disclose the compensation of officers, directors, trustees, and key employees. NonprofitSpending analyzes this data relative to the organization's total revenue and sector benchmarks to assess whether executive pay is reasonable.
Red Flags
The following concerns were identified during AI analysis of Penquis Development Inc's IRS 990 filings:
- Liabilities exceeding assets in 202309 filing ($5,496,322 liabilities vs. $5,367,375 assets), indicating potential short-term financial strain.
- Unusually low or zero reported officer compensation for an organization of this size, which may obscure actual executive remuneration if reported under other expense categories.
Strengths
The following positive indicators were identified for Penquis Development Inc:
- Consistent revenue growth from $495,612 in 2020 to $1,349,299 in 2023.
- Significant asset growth from $2,599,660 in 2020 to $5,367,375 in 2023.
- Expenses generally lower than revenue, contributing to asset accumulation.
- No reported officer compensation, suggesting a high dedication of funds to programmatic activities.
Frequently Asked Questions about Penquis Development Inc
Is Penquis Development Inc a legitimate charity?
Penquis Development Inc (EIN: 10541817) is a registered tax-exempt nonprofit based in Maine. Our AI analysis gives it a Mission Score of 92/100. It has 4 years of IRS 990 filings on record. Total revenue: $3.2M. 2 red flags identified. 4 strengths noted. Financial health grade: A.
How does Penquis Development Inc spend its money?
Penquis Development Inc directs 90% of its spending to programs and services. Fundraising costs 3%. This exceeds the 65% industry benchmark.
Are donations to Penquis Development Inc tax-deductible?
Penquis Development Inc is registered as a tax-exempt nonprofit (EIN: 10541817). Donations to most 501(c)(3) organizations are tax-deductible. Consult a tax professional for your specific situation.
What percentage of Penquis Development Inc's spending goes to programs?
Penquis Development Inc directs 90% to programs, 3% to fundraising. This exceeds the 65% industry benchmark for efficient nonprofits.
How does Penquis Development Inc compare to similar nonprofits?
With a transparency score of 92/100 (Excellent), Penquis Development Inc is above average for NTEE category L20 nonprofits. The score reflects financial transparency, program spending efficiency, and governance quality based on IRS 990 data.
Where is Penquis Development Inc located?
Penquis Development Inc is headquartered in Bangor, Maine and files with the IRS under EIN 10541817. It is classified under NTEE code L20.
How many years of IRS 990 filings does Penquis Development Inc have?
Penquis Development Inc has 4 years of IRS 990 filings on record at NonprofitSpending. Additional filing years may become available as the IRS releases new data. The most recent filing shows $3.2M in total revenue.
Is Penquis Development Inc a good charity?
Based on the available data, Penquis Development Inc appears to be a financially healthy organization with consistent growth and a strong commitment to its mission, evidenced by its 0% reported officer compensation and positive net assets. Its NTEE code L20 (Housing Development, Construction & Management) aligns with its financial activities.
How has Penquis Development Inc's financial health changed over time?
Penquis Development Inc has shown significant financial growth. Revenue increased from $495,612 in 2020 to $1,349,299 in 2023, and assets grew from $2,599,660 to $5,367,375 in the same period, indicating a robust and expanding financial position.
What is the significance of 0% officer compensation?
The 0% officer compensation reported across all filings is highly significant. It suggests that either the organization's leadership is entirely volunteer-based, or compensation for key personnel is categorized differently within the financial statements. While it indicates a direct allocation of funds to programs, it also raises questions about the structure of its executive compensation reporting.
Filing History
IRS 990 filing history for Penquis Development Inc showing financial trends over 4 years of public records:
Over 4 years of IRS 990 filings (2020–2023), Penquis Development Inc's revenue has grown by 172.2%, moving from $496K to $1.3M. Total assets increased by 106.5% over the same period, from $2.6M to $5.4M. Total functional expenses rose by 172.9%, from $375K to $1.0M. In its most recent filing year (2023), Penquis Development Inc reported a surplus of $326K, with revenue exceeding expenses. The organization holds $5.5M in liabilities against $5.4M in assets (debt-to-asset ratio: 102.4%), resulting in net assets of $-128,947.
| Year | Revenue | Expenses | Assets | Liabilities | Officer Comp. % | |
|---|---|---|---|---|---|---|
| 2023 | $1.3M | $1.0M | $5.4M | $5.5M | — | — |
| 2022 | $957K | $971K | $4.4M | $3.6M | — | — |
| 2021 | $697K | $452K | $2.9M | $1.9M | — | View 990 |
| 2020 | $496K | $375K | $2.6M | $1.7M | — | — |
Year-by-Year Financial Summary
- 2023: Revenue of $1.3M, expenses of $1.0M, and assets of $5.4M (revenue +41.0% year-over-year).
- 2022: Revenue of $957K, expenses of $971K, and assets of $4.4M (revenue +37.4% year-over-year).
- 2021: Revenue of $697K, expenses of $452K, and assets of $2.9M (revenue +40.5% year-over-year).
- 2020: Revenue of $496K, expenses of $375K, and assets of $2.6M.
View Individual Filing Years
Explore detailed financial data from each IRS 990 filing year for Penquis Development Inc:
Data Sources and Methodology
This transparency report for Penquis Development Inc is generated by NonprofitSpending's AI analysis engine. The data is sourced from publicly available IRS 990 filings accessed through the ProPublica Nonprofit Explorer API and IRS electronic filing records. The Mission Score, spending breakdown, and other analytical insights are produced by artificial intelligence and should be used as one of multiple factors when evaluating a nonprofit organization.
IRS 990 forms are annual information returns that most tax-exempt organizations must file with the IRS. These forms provide detailed financial information including revenue, expenses, assets, liabilities, and compensation of officers. NonprofitSpending processes this data to provide accessible transparency reports for donors, researchers, and the general public.
Disclaimer
AI-generated analysis based on IRS public records. Not financial or legal advice. Verify information directly with the organization.