WATERBURY DEVELOPMENT CORPORATION

EIN: 061549006 501(c)(3) Community Improvement

WATERBURY, CT

Total Revenue
$4,665,443
Total Expenses
$4,792,526
Total Assets
$8,356,685
Net Assets
$890,268
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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
CT
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

LONG RANGE PLANNING FOR ECONOMIC DEVELOPMENT

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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%)

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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

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Governance

Voting Members
21
Independent Members
21
Employees
16
Volunteers
20

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
7
$269,552
Total Directors
20
$0
Key Employees
0
$0
Highest Compensated
2
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
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