WATERBURY DEVELOPMENT CORPORATION

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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

2004

Legal Domicile

Principal Officer

CATHERINE AWWAD

Phone

2033462607

Tax Period

2024-07-01 to 2025-06-30

WATERBURY DEVELOPMENT CORPORATION, founded in 2004, is a community nonprofit in the Community Improvement sector that reported $4.7M in total revenue in fiscal year 2024. Revenue surged 40% from the prior year, signaling strong growth momentum.

Mission

TO STIMULATE AND SUPPORT ECONOMIC AND HOUSING DEVELOPMENT WITHIN THE COMMUNITIES OF THE CITY OF WATERBURY.

Program Service Accomplishments

Program 1

Expenses: $4,547,232 Revenue: $639,839

TO STIMULATE AND SUPPORT ECONOMIC AND HOUSING DEVELOPMENT WITHIN THE COMMUNITIES OF THE CITY OF WATERBURY.

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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 $3,856,870

Program Service Revenue $420,665

Investment Income $168,734

Other Revenue $219,174

TOTAL REVENUE $4,665,443

Expense Breakdown

Grants Paid $0

Salaries & Benefits $1,690,057

Fundraising Expenses $0

Program Expenses $4,547,232

Other Expenses $3,102,469

TOTAL EXPENSES $4,792,526

Year-over-Year Comparison

	2024	2023	Change
Revenue	$4,665,443	$3,325,742	+0.4%
Expenses	$4,792,526	$3,523,046	+0.4%
Net Income	$-127,083	$-197,304	-0.4%

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

$269,552

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
CATHERINE AWWAD	CHAIRMAN	0.50	Officer Director	$0	$0	$0
LYNN G WARD	SECRETARY	0.50	Officer Director	$0	$0	$0
WILLIAM RYBCZYK	TREASURER	0.50	Officer Director	$0	$0	$0
JOSEPH R MCGRATH	VICE- CHAIRMAN	0.50	Officer Director	$0	$0	$0
JOSEPH DORSO	BOARD MEMBER	0.50	Director	$0	$0	$0
SUSAN SPRANO	BOARD MEMBER	0.50	Director	$0	$0	$0
MICHAEL DIGIOVANCARLO	BOARD MEMBER	0.50	Director	$0	$0	$0
WILLIAM PALOMBA	BOARD MEMBER	0.50	Director	$0	$0	$0
MARY M ROSENGRANT-CHIAPPALONE	BOARD MEMBER	0.50	Director	$0	$0	$0
ROBERT BURNS DIRECTOR	BOARD MEMBER	0.50	Director	$0	$0	$0
STEPHEN A DOHONEY	BOARD MEMBER	0.50	Director	$0	$0	$0
ARTHUR DENZE	BOARD MEMBER	0.50	Director	$0	$0	$0
DOMENIC GIGLIO	BOARD MEMBER	0.50	Director	$0	$0	$0
RUBEN RODRIGUEZ	BOARD MEMBER	0.50	Director	$0	$0	$0
JACK TRAVER JR	BOARD MEMBER	0.50	Director	$0	$0	$0
KENNETH COOK	BOARD MEMBER	0.50	Director	$0	$0	$0
DAVID LEPORE	BOARD MEMBER	0.50	Director	$0	$0	$0
MATT BYRNE	BOARD MEMBER	0.50	Director	$0	$0	$0
GEORGE TIRADO JR	BOARD MEMBER	0.50	Director	$0	$0	$0
CARMEN ROMEO	BOARD MEMBER	0.50	Director	$0	$0	$0
JAMES NARDOZZI	EXECUTIVE DIRECTOR	37.50	Officer	$0	$0	$0
JAMES NEALON	CFO	37.50	Officer	$90,389	$0	$90,389
THOMAS HYDE	FORMER EXECUTIVE DIRECTOR	37.50	Officer	$179,163	$0	$179,163
RONALD CASSELLA	VP OF OPERATIONS	37.50	Highest	$181,076	$0	$181,076
THOMAS FAVAZZO	PROJECT MANAGER	37.50	Highest	$122,497	$0	$122,497

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
2025	$4,665,443	$4,792,526	$8,356,685	$-127,083
2024	$3,325,742	$3,523,046	$8,089,974	$-197,304
2023	$3,731,866	$3,808,209	$8,144,248	$-76,343
2022	$2,421,027	$2,694,678	$8,604,069	$-273,651
2021	$4,863,505	$4,991,162	$8,851,216	$-127,657
2020	$4,487,317	$4,304,328	$9,912,324	$182,989
2019	$9,141,713	$8,991,357	$10,336,496	$150,356