Pittsfield Development Corporation

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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

1975

Legal Domicile

Principal Officer

Peter G Vigue

Phone

2074873121

Tax Period

2020-09-08 to 2020-12-31

Pittsfield Development Corporation, founded in 1975, is a community nonprofit that reported $1.5M in total revenue in fiscal year 2020. Expenses of $1.3M left a modest 11% surplus.

Mission

To assist new businesses, to support expanding existing businesses, and to promote economic development and jobs for the betterment of Pittsfield, Maine.

Program Service Accomplishments

Program 1

Expenses: $1,344,000 Revenue: $0

The Pittsfield Development Corporation has been aware for years that mitigation of wetlands issues has limited the expansion of the Pittsfield Industrial Park and that most of the functional lots...

The Pittsfield Development Corporation has been aware for years that mitigation of wetlands issues has limited the expansion of the Pittsfield Industrial Park and that most of the functional lots have been sold and developed. Therefore, new suitable land must be found within the town limits in order to facilitate future industrial development and to ensure the continued economic growth and prosperity of the Town. The Organization received as a donation a 29 plus acre site located in Pittsfield on the condition that an 11.5 acre parcel (including all buildings) be conveyed by the Organization to Puritan Medical Products for the purpose of allowing Puritan to expand its production capacity of flocked nasal swabs which are specifically used in the testing of COVID-19. The remaining 18 acres of vacant land will be retained by the Pittsfield Development Corporation for future industrial development by new businesses, in order to insure the continued economic viability of the Town.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

Financial Overview (2020)

Revenue Breakdown

Contributions & Grants $1,510,876

Program Service Revenue $0

Investment Income $6

Other Revenue $0

TOTAL REVENUE $1,510,882

Expense Breakdown

Grants Paid $1,344,000

Salaries & Benefits $0

Fundraising Expenses $0

Program Expenses $1,344,000

Other Expenses $68

TOTAL EXPENSES $1,344,068

Year-over-Year Comparison

	2020	2019	Change
Revenue	$1,510,882	N/A	N/A
Expenses	$1,344,068	N/A	N/A
Net Income	$166,814	N/A	N/A

Key Indicators

✓ Grants to Organizations ✗ Grants to Individuals ✗ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✓ Schedule B Required

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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

Employees

N/A

Volunteers

Governance Policies

✗ Conflict of Interest Policy

✗ Whistleblower Policy

✗ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School

✗ Operated a Hospital

✗ Provided First Class Travel

⚠ Reported Conflict of Interest

✗ Reported Asset Diversion

✗ Excess Benefit Transaction

✗ Made Political Expenditures

✗ Engaged in Lobbying

✗ Operated Donor Advised Fund

✗ Maintained Art Collections

✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
Peter G Vigue	President	1.00	Officer Director	$0	$0	$0
Donald V Woodruff	Vice-President/Treasurer/Secretary	1.00	Officer Director	$0	$0	$0
Alfred Bachrach	Clerk	1.00	Officer Director	$0	$0	$0
Michael Fendler	Director	1.00	Director	$0	$0	$0
Thomas Gordon	Director	1.00	Director	$0	$0	$0
Jane Woodruff	Director	1.00	Director	$0	$0	$0
Ray Berthelette	Director	1.00	Director	$0	$0	$0

Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year	Revenue	Expenses	Assets	Net Income
2020	$1,510,882	$1,344,068	$166,814	$166,814