SHORE AREA COMMUNITY DEVELOPMENT C… - Form 990 Financial Data

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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

1994

Legal Domicile

Principal Officer

MELISSA KESSELL

Phone

2037779622

Tax Period

2023-01-01 to 2023-12-31

SHORE AREA COMMUNITY DEVELOPMENT CORPORATION, founded in 1994, is a community nonprofit in the Housing & Shelter sector that reported $3.9M in total revenue in fiscal year 2023. Revenue grew 14% year-over-year, indicating healthy expansion. Expenses of $5.0M exceeded revenue, resulting in a 30% operating deficit.

Mission

TO PROVIDE AND SPONSOR, FOR THE BENEFIT OF THE PUBLIC, PROGRAMS TO DEVELOP AFFORDABLE HOUSING LOCATIONS THROUGHOUT SOUTHERN CONNECTICUT

Program Service Accomplishments

Program 1

Expenses: $5,037,600 Revenue: $3,417,655

TO IMPROVE THE LIVES OF INDIVIDUALS AND FAMILIES BY ENSURING AFFORDABLE QUALITY HOUSING, BY IMPROVING THE SOCIAL AND ECONOMIC STABILITY OF NEIGHBORHOODS AND BY EXPANDING LOCALLY BASED COMMUNITY...

TO IMPROVE THE LIVES OF INDIVIDUALS AND FAMILIES BY ENSURING AFFORDABLE QUALITY HOUSING, BY IMPROVING THE SOCIAL AND ECONOMIC STABILITY OF NEIGHBORHOODS AND BY EXPANDING LOCALLY BASED COMMUNITY DEVELOPMENT EFFORTS. (APPROX 1,400 PEOPLE)

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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 (2023)

Revenue Breakdown

Contributions & Grants $0

Program Service Revenue $3,417,655

Investment Income $457,546

Other Revenue $0

TOTAL REVENUE $3,875,201

Expense Breakdown

Grants Paid $0

Salaries & Benefits $0

Fundraising Expenses $0

Program Expenses $5,037,600

Other Expenses $5,037,600

TOTAL EXPENSES $5,037,600

Year-over-Year Comparison

	2023	2022	Change
Revenue	$3,875,201	$3,387,286	+0.1%
Expenses	$5,037,600	$4,590,306	+0.1%
Net Income	$-1,162,399	$-1,203,020	0.0%

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

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

$939,635

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
LOUIS PROCACCINI	CHAIR	1.00	Officer Director	$0	$0	$0
MICHAEL LEONE	TREASURER	1.00	Officer Director	$0	$0	$0
SABINE KUCZO	SECRETARY	1.00	Officer Director	$0	$0	$0
JACOB CEDUSKY	DIRECTOR	1.00	Director	$0	$0	$0
STEVEN CHIN	DIRECTOR	1.00	Director	$0	$0	$0
MELANIA M FALCON	DIRECTOR	1.00	Director	$0	$0	$0
WILL FARMER	DIRECTOR	1.00	Director	$0	$0	$0
PAUL HIRSCH	DIRECTOR	1.00	Director	$0	$0	$0
CHRISTOPHER ROSARIO	DIRECTOR	1.00	Director	$0	$0	$0
TYRONE MCCLAIN	DIRECTOR	1.00	Director	$0	$0	$0
PAM RALSTON	DIRECTOR	1.00	Director	$0	$0	$0
TIMOTHY ROMANO	DIRECTOR	1.00	Director	$0	$0	$0
JASON SCHECHTMAN	DIRECTOR	1.00	Director	$0	$0	$0
BARBARA SZABO	DIRECTOR	1.00	Director	$0	$0	$0
LAURA WILKINS	DIRECTOR	1.00	Director	$0	$0	$0
DAVID STEVENSON	PRESIDENT/CEO (THRU 12.31.23)	1.00	Officer	$0	$29,132	$352,817
MELISSA KESSELL	SR VP/CFO	10.00	Officer	$0	$15,677	$194,565
CARMEN COLON-MARRERO	VP OF BRIDGEPORT Y'S	20.00	Officer	$0	$21,512	$173,965
TIMOTHY BARTLETT	SR VP/COO (CEO EFFECTIVE 1.1.24)	1.00	Officer	$0	$18,024	$218,288

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	No data	No data	No data	No data
2023	$3,875,201	$5,037,600	$28,736,242	$-1,162,399
2022	$3,387,286	$4,590,306	$29,270,650	$-1,203,020
2021	$2,914,306	$4,581,006	$31,609,662	$-1,666,700
2020	$3,641,809	$4,079,515	$29,098,989	$-437,706
2019	$2,510,921	$3,914,320	$28,319,458	$-1,403,399
2018	$2,827,747	$4,063,363	$28,933,127	$-1,235,616

SHORE AREA COMMUNITY DEVELOPMENT CORPORATION