Penquis Development Inc

Overview

Mission

To promote and provide affordable housing for low and moderate income residents in the state of Maine.

What it reported doing in 2023

Low income housing.

Operating model

Revenue model
Other-operating. 82% of the money available for current operations came from other operating revenue.
Distribution model
Direct operator. The filing allocates 100% of reported program-service expenses outside its grant, affiliate-payment, and member-benefit lines. This expense classification does not rule out separately announced grant awards.

Nonprofit profile at a glance

EIN
010541817
IRS 990 coverage
2019–2023
Forms available
Form 990 2023, Form 990-N 2018
Headquarters
Bangor, ME, USA
Phone
2079733500
Rating
79
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Housing Development, Construction, Management

Official website

The verdict

SUPPORTED - A large share of available resources goes toward mission work and the filed numbers largely add up. Few specific pay-setting methods are documented in the filing; unanswered boxes are not proof of absence and some filing-based governance responses are negative or unanswered.

Rating breakdown

  • Financial Efficiency: 79
  • Transparency & Controls: 69
  • Accountability: 91
  • Sustainability: 71
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 82.7%; rating input score 83
  • Program expense ratio: 100%; rating input score 100
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: 0 of 6 controls in place; rating input score 0
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Missing
    • Board or committee approval: Missing
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 64th percentile among comparable filings
  • Governance controls: 7 of 9 controls in place; rating input score 78
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Fail
    • Other executive compensation review process: Fail
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 17.4%; rating input score 75; 75th percentile among comparable filings
  • Total-asset coverage ratio: 6.78; rating input score 88; 88th percentile among comparable filings
  • Liabilities to assets ratio: 0.8; rating input score 11; 11th percentile among comparable filings
  • Officer compensation ratio: 2.4%; rating input score 73; 73rd percentile among comparable filings

Growth

  • Program expense growth: 49.2% per year; rating input score 100; 97th percentile among comparable filings
  • Revenue growth: 45.2% per year; rating input score 100; 97th percentile among comparable filings
  • Asset growth: 49.9% per year; rating input score 100; 97th percentile among comparable filings

Details

  • Where the money goes: 82.7% of revenue deployed · 100% of spending went to programs
  • Governance: 6 of 6 board members independent · 7 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $2.6M in reported program spending
  • Leadership: top reported pay $285K · 9 people listed · 0 of 6 pay-setting controls reported
  • Highest-paid contractors: 2 contractors listed · $617K reported
  • Consistency: 30 of 30 current checks pass
  • Schedules: 6 filed schedules · includes major donors and executive pay
  • Filing history: 5 annual filings from 2019 to 2023
  • Contacts: How to reach this organization
  • Related organizations: 21 filed related-organization links
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.

Leadership & pay

9 people listed

Highest reported compensation

  • KARA HAY (CHIEF EXECUTIVE OFFICER): $285,136 total reported compensation
  • DENICE CONARY (CHIEF FINANCIAL OFFICER): $209,560 total reported compensation
  • HEIDI LEBLANC (CHIEF OPERATING OFFICER): $167,786 total reported compensation

Source: IRS Form 990. Selected filing: FY2023.