IGNITE PRESQUE ISLE

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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

2020

Principal Officer

LERAE KINNEY

Phone

2077643747

Tax Period

2024-01-01 to 2024-12-31

IGNITE PRESQUE ISLE, founded in 2020, is a community nonprofit in the Community Improvement sector that reported $3.9M in total revenue in fiscal year 2024. Revenue fell 25% from the prior year — a significant decline worth monitoring. Expenses of $3.6M left a modest 8% surplus.

Mission

INSPIRE COMMUNITY REVITALIZATION AND INNOVATION BY PROMOTING ENTREPRENEURSHIP IN PRESQUE ISLE

Program Service Accomplishments

Program 1

Expenses: $1,889 Revenue: $19,936

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...

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.

Program 2

Expenses: $2,905,550 Revenue: $3,099,054

HOTEL AND RESTAURANT OPERATIONS SUPPORT INNOVATION CENTER.

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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 (2024)

Revenue Breakdown

Contributions & Grants $750,694

Program Service Revenue $3,118,990

Investment Income $47,433

Other Revenue $0

TOTAL REVENUE $3,917,117

Expense Breakdown

Grants Paid $0

Salaries & Benefits $1,710,577

Fundraising Expenses $0

Program Expenses $2,907,439

Other Expenses $1,895,810

TOTAL EXPENSES $3,606,387

Year-over-Year Comparison

	2024	2023	Change
Revenue	$3,917,117	$5,228,714	-0.3%
Expenses	$3,606,387	$3,653,438	0.0%
Net Income	$310,730	$1,575,276	-0.8%

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

Volunteers

N/A

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

$132,970

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
LERAE KINNEY	CEO	40.00	Officer	$132,970	$0	$132,970
KALLIE BARD	SECRETARY	1.00	Officer Director	$0	$0	$0
CATHY BEAULIEU	BOARD CHAIR	1.00	Officer Director	$0	$0	$0
CHRIS CONDON	DIRECTOR	1.00	Director	$0	$0	$0
ANGIE HELTON	DIRECTOR	1.00	Director	$0	$0	$0
JULIE LIBBY	VICE CHAIR	1.00	Officer Director	$0	$0	$0
JAMES NELSON	TREASURER	1.00	Officer Director	$0	$0	$0
BRUCE SARGENT	DIRECTOR	1.00	Director	$0	$0	$0
PATRICIA SUTHERLAND	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
2024	$3,917,117	$3,606,387	$9,121,582	$310,730
2023	$5,228,714	$3,653,438	$8,852,197	$1,575,276
2023	$5,228,714	$3,653,438	$8,852,197	$1,575,276
2022	$4,298,460	$2,564,428	$7,391,898	$1,734,032
2021	$5,265,872	$865,038	$4,447,439	$4,400,834