Penquis Development INC: Nonprofit Profile, Financials & Form 990 (EIN 01-0541817)

Revenue by fiscal year
FY2020	$496K
FY2021	$697K
FY2022	$957K
FY2023	$1.3M
FY2024	$3.2M
FY2025	$2.8M

Expenses by fiscal year
FY2020	$375K
FY2021	$452K
FY2022	$971K
FY2023	$1.0M
FY2024	$2.6M
FY2025	$3.1M

Net assets by fiscal year
FY2020	$941K
FY2021	$982K
FY2022	$790K
FY2023	−$129K
FY2024	$3.5M
FY2025	$4.6M

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2025. IRS ruling in Dec 2002.

IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Part of a larger organization · Schedule R

Penquis Development INC files its own Form 990, but Schedule R discloses 23 related entities — figures on this page are for this EIN only, not the whole group.

Penquis Mental Health Association · Rape Response Services INC · Mainestream Finance · Patterson Hill Housing Associates + 19 more · see all

Combined filings · FY2025 · 4 entities with data

Simple sum of each entity's Form 990 headline figures — not audited consolidated financials. This page's EIN is 4% of group revenue.

Group revenue

$74.7M

Group expenses

$71.4M

Group net assets

$55.1M

Penquis Mental Health Association · $171K rev · $1.9M net assets

Mainestream Finance · $505K rev · $2.8M net assets

Penquis C A P INC · $71.2M rev · $45.7M net assets

Where the money goes

100 cents of each dollar spent went to programs.

100%

Program services 100% · $3.1M

Form 990 Part IX, line 25. Every line is in By the numbers.

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Who runs it and what they're paid

9 people listed on the 990.

Part VII, Section A · reportable compensation · most recent filed roster (FY2024); the FY2025 filing did not itemize Part VII

Tyler Collins

Board Chair

$0Pt VII · Sec A

Jack Clukey

Director (thru Sep 2025)

$0Pt VII · Sec A

Rick Harnum

Director

$0Pt VII · Sec A

Mark Leonard

Director

$0Pt VII · Sec A

Catherine Sullivan

Director

$0Pt VII · Sec A

Brian Thibeau

Director

$0Pt VII · Sec A

Kara Hay

Chief Executive Officer

$0Pt VII · Sec A

Denice Conary

Chief Financial Officer

$0Pt VII · Sec A

See Penquis Development INC executive salaries →

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Questions the 990 asks

The form asks each of these directly. These are the filed answers.

Family or business ties among officersPt VI · Ln 2No
Top official's pay set by an independent reviewPt VI · Ln 15aNo

Programs and updates

Develops and offers affordable housing for low and moderate income Mainers.

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1 program · $3.1M · in their own filed words · FY2024

01

Low income housing.

$3.1Mprogram expense

Funders

Who pays for it.

From grant filings on record. Receipts are incomplete: individual donors are never listed.

By the numbers

The FY2025 990, line by line.

Download 990

from philanthropy.org

1The main four

Money inPt VIII

$2.8M

Ln 12

Fees for servicesLn 2g$2.5M

Gifts and grantsLn 1h$254K

Investment incomeLn 3$23K

Money outPt IX

$3.1M

Ln 25

Programscol B$3.1M

Owns and owesPt X

$4.6M

net assets · Ln 32

Cash and savingsLn 1–2$4.0M

Total assetsLn 16$21.7M

LiabilitiesLn 26$17.0M

PeoplePt VI, VII

9

listed · VII A

PaidVII A0

Voting boardVI 1a6

IndependentVI 1b6

2In more detail

Revenue in detailPt VIII

Gifts and grantsLn 1h$254K

Government grantsLn 1e$245K

Fees for servicesLn 2g$2.5M

Investment incomeLn 3$23K

Total revenueLn 12$2.8M

Assets in detailPt X, end of year

CashLn 1$3.4M

SavingsLn 2$596K

Cash and savings togetherLn 1–2$4.0M

InvestmentsLn 11–13$1.0M

Land, buildings, equipmentLn 10c$16.1M

Other assetsLn 15$294K

Total assetsLn 16$21.7M

LiabilitiesLn 26$17.0M

Net assetsLn 32$4.6M

OperationsPt I, VI

EmployeesI 50

VolunteersI 66

Fiscal year endsHeaderSeptember

Conflict-of-interest policyVI 12aYes

Whistleblower policyVI 13Yes

Records policyVI 14Yes

3Year over year

Balance sheet, start vs end of yearPt X · col A, B

Line	Start FY25	End FY25
Cash and savingsLn 1–2	$1.9M	$4.0M
InvestmentsLn 11–13	$1.4M	$1.0M
Land, buildings, equipmentLn 10c	$11.2M	$16.1M
Total assetsLn 16	$17.9M	$21.7M
LiabilitiesLn 26	$14.4M	$17.0M
Net assetsLn 32	$3.5M	$4.6M

4Every line

Statement of functional expensesPt IX · every line

Line	Total	Programs	Management	Fundraising
Grants to domestic individualsLn 2	$2K	$2K
Other salaries and wagesLn 7	$355K	$355K
Other employee benefitsLn 9	$34K	$34K
Management feesLn 11a	$100K	$100K
Legal feesLn 11b	$24K	$24K
Accounting feesLn 11c	$52K	$52K
Other fees for servicesLn 11g	$368K	$368K
Advertising and promotionLn 12	$1K	$1K
Office expensesLn 13	$78K	$78K
Information technologyLn 14	$89	$89
OccupancyLn 16	$1.4M	$1.4M
TravelLn 17	$26K	$26K
InterestLn 20	$197K	$197K
Depreciation, depletion and amortizationLn 22	$154K	$154K
InsuranceLn 23	$218K	$218K
Other expenses (24a–d)Ln 24	$23K	$23K
All other expensesLn 24e	$81K	$81K
Total functional expensesLn 25	$3.1M	$3.1M	$0	$0

Filing history

Year	Money in	Money out	In minus out	Net assets	Download
FY2025 Latest Viewing	$2.8M	$3.1M	−$259K	$4.6M	990 PDF
FY2024	$3.2M	$2.6M	$555K	$3.5M	990 PDF
FY2023	$1.3M	$1.0M	$326K	−$129K	990 PDF
FY2022	$957K	$971K	−$15K	$790K	990 PDF
FY2021	$697K	$452K	$245K	$982K	990 PDF
FY2020	$496K	$375K	$120K	$941K	990 PDF

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Schedules filed Part IV

III · Programs R · Related orgs G · Fundraising L · Interested persons I · Grants A · Public support O · Explanations

See the full FY2025 990 (6 parts)

Part I · Summary $2,813,064 revenue, 12 lines filed

I-8 Contributions and grantsPrior year $294,409$254,019

I-9 Program service revenuePrior year $2,885,983$2,536,357

I-10 Investment incomePrior year $19,182$22,688

I-11 Other revenuePrior year $0$0

I-12 Total revenuePrior year $3,199,574$2,813,064

I-13 Grants and similar amounts paidPrior year $438$2,110

I-14 Benefits paid to membersPrior year $0$0

I-15 Salaries and benefitsPrior year $337,525$389,800

I-16a Professional fundraising feesPrior year $0$0

I-17 Other expensesPrior year $2,306,288$2,679,658

I-18 Total expensesPrior year $2,644,251$3,071,568

I-19 Revenue less expensesPrior year $555,323−$258,504

Part VI · Governance 6 of 6 board members independent, 1 to look at

VI-1a Voting members of the governing body6

VI-1b Independent voting members6

VI-15a Process for setting top official's payNo

VI-2 Family or business relationship among officers or directorsNo

VI-12a Written conflict of interest policyYes

VI-13 Written whistleblower policyYes

VI-14 Document retention and destruction policyYes

Part VIII · Statement of revenue $2,813,064 across 6 lines filed

Lines not itemized here account for $139,382 of total revenue; see the IRS return.

VIII-1e Government grants$245,210

VIII-1f All other contributions, gifts and grants$8,809

VIII-1h Total contributions, gifts and grants$254,019

VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $2,396,975$2,396,975

VIII-3 Investment incomeExcluded from tax $22,688$22,688

VIII-12 Total revenueRelated to mission $2,536,357 · Unrelated business $0 · Excluded from tax $22,688$2,813,064

Part IX · Statement of functional expenses $3,071,568 across 17 lines filed

IX-2 Grants to domestic individualsPrograms $2,110$2,110

IX-7 Other salaries and wagesPrograms $355,436$355,436

IX-9 Other employee benefitsPrograms $34,364$34,364

IX-11a Management feesPrograms $99,618$99,618

IX-11b Legal feesPrograms $23,647$23,647

IX-11c Accounting feesPrograms $51,514$51,514

IX-11g Other fees for servicesPrograms $367,519$367,519

IX-12 Advertising and promotionPrograms $1,082$1,082

IX-13 Office expensesPrograms $78,227$78,227

IX-14 Information technologyPrograms $89$89

IX-16 OccupancyPrograms $1,358,747$1,358,747

IX-17 TravelPrograms $26,419$26,419

IX-20 InterestPrograms $197,100$197,100

IX-22 Depreciation, depletion and amortizationPrograms $154,430$154,430

IX-23 InsurancePrograms $217,659$217,659

IX-24 Other expenses (24a–d)Programs $23,027$23,027

IX-24e All other expensesPrograms $80,580$80,580

IX-25 Total functional expensesPrograms $3,071,568 · Management $0 · Fundraising $0$3,071,568

Part X · Balance sheet $21,654,167 assets, 15 lines filed

Asset lines not itemized here account for $174,828; see the IRS return.

X-1 Cash, non-interest-bearingStart of year $506,201$3,369,208

X-2 Savings and temporary cash investmentsStart of year $1,420,866$596,275

X-4 Accounts receivableStart of year $2,395,228$108,897

X-9 Prepaid expenses and deferred chargesStart of year $35,018$6,465

X-10c Land, buildings and equipment, netStart of year $11,220,720$16,098,943

X-13 Program-related investmentsStart of year $1,399,644$1,005,467

X-15 Other assetsStart of year $759,407$294,084

X-16 Total assetsStart of year $17,936,911$21,654,167

X-17 Accounts payable and accrued expensesStart of year $966,936$851,815

X-19 Deferred revenueStart of year $129,731$136,532

X-25 Other liabilitiesStart of year $1,308,492$3,189,368

X-26 Total liabilitiesStart of year $14,428,064$17,015,374

X-27 Net assets without donor restrictionsStart of year $3,508,847$4,638,793

X-32 Total net assets or fund balancesStart of year $3,508,847$4,638,793

X-33 Total liabilities and net assetsStart of year $17,936,911$21,654,167

Part XI · Reconciliation of net assets $4,638,793 net assets at year end

XI-1 Total revenue$2,813,064

XI-2 Total expenses$3,071,568

XI-3 Revenue less expenses−$258,504

XI-4 Net assets at start of year$3,508,847

XI-9 Other changes in net assets$1,388,450

XI-10 Net assets at end of year$4,638,793

Form 990 e-file (XML) FY2025 from the IRS · Classification, formation year and address from the IRS Business Master File

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Penquis Development INC

Before you give

Is it real?

Where the money goes

Who runs it and what they're paid

Questions the 990 asks

Programs and updates

Questions for Penquis Development INC

Funders

Related Organizations

By the numbers

Filing history

Schedules filed Part IV