SOMERSET ECONOMIC DEVELOPMENT CORPORATION (EIN 010535534) - Form 990 Financial Analysis & Trantor Score

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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

1999

Legal Domicile

Principal Officer

CHRISTIAN SAVAGE

Phone

2074740166

Tax Period

2024-01-01 to 2024-12-31

SOMERSET ECONOMIC DEVELOPMENT CORPORATION, founded in 1999, is a small nonprofit in the Public & Societal Benefit sector that reported $440K in total revenue in fiscal year 2024. Revenue fell 20% from the prior year — a significant decline worth monitoring. Expenses of $530K exceeded revenue, resulting in a 20% operating deficit.

Mission

TO ASSIST COUNTY BUSINESSES AND LOCAL GOVERNMENTS IN ACCESSING ECONOMIC ASSISTANCE, GRANTS AND LOANS FOR JOB GROWTH AND RETENTION. PROMOTE ECNOMIC DEVELOPMENT TO 400 +/- CLIENTS.

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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 $356,450

Program Service Revenue $1,240

Investment Income $80,388

Other Revenue $1,600

TOTAL REVENUE $439,678

Expense Breakdown

Grants Paid $0

Salaries & Benefits $114,821

Fundraising Expenses $0

Program Expenses $490,301

Other Expenses $414,710

TOTAL EXPENSES $529,531

Year-over-Year Comparison

	2024	2023	Change
Revenue	$439,678	$551,464	-0.2%
Expenses	$529,531	$556,851	0.0%
Net Income	$-89,853	$-5,387	+15.7%

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

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

$95,865

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
VICKI ALWARD	TREASURER	0.25	Officer Director	$0	$0	$0
TIM CURTIS	DIRECTOR	0.25	Director	$0	$0	$0
DESTINY DEMO	PRESIDENT	0.25	Officer Director	$0	$0	$0
MICHELLE FLEWELLING	DIRECTOR	0.25	Director	$0	$0	$0
SAM HIGHT	DIRECTOR	0.25	Director	$0	$0	$0
ERNIE HILTON	DIRECTOR	0.25	Director	$0	$0	$0
JEFF MCGOWN	PAST PRESIDENT	0.25	Director	$0	$0	$0
DON SKILLINGS	VICE PRESIDENT	0.25	Officer Director	$0	$0	$0
STEVE STEWARD	DIRECTOR	0.25	Director	$0	$0	$0
RUSSELL WALTERS	DIRECTOR	0.25	Director	$0	$0	$0
LARRY WARREN	DIRECTOR	0.25	Director	$0	$0	$0
DICK WILLETT	DIRECTOR	0.25	Director	$0	$0	$0
DAVID DORR	DIRECTOR	0.25	Director	$0	$0	$0
JOEL STETKIS	DIRECTOR	0.25	Director	$0	$0	$0
CHRISTIAN SAVAGE	EXECUTIVE DIRECTOR	40.00	Officer	$95,865	$0	$95,865

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	$439,678	$529,531	$6,147,385	$-89,853
2023	$551,464	$556,851	$3,234,142	$-5,387
2022	$1,217,524	$130,299	$3,148,019	$1,087,225
2021	$271,933	$165,952	$1,748,617	$105,981
2020	$172,433	$164,877	$1,099,586	$7,556
2019	$230,458	$206,114	$1,051,157	$24,344
2018	$247,105	$173,182	$920,396	$73,923

SOMERSET ECONOMIC DEVELOPMENT CORPORATION