Workforce 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

1991

Legal Domicile

Tax Period

2023-07-01 to 2024-06-30

Workforce Development Corporation, founded in 1991, is a community nonprofit in the Education sector that reported $9.9M in total revenue in fiscal year 2023. Revenue surged 32% from the prior year, signaling strong growth momentum.

Mission

Promote workforce development and job creation through activities specifically designed to create skilled workforce in the City of New York.

Program Service Accomplishments

Program 1

Expenses: $6,135,720

Workforce Training Programs:Workforce training programs include Employer-based training, Food and Beverage Industry partnership, Sector based training, Jamaica Now Action Plan, Media and...

Workforce Training Programs:Workforce training programs include Employer-based training, Food and Beverage Industry partnership, Sector based training, Jamaica Now Action Plan, Media and Entertainment training, Manufacturing Industry Partnership, and Tech Industry partnerships - Through major funding source from EDC, the Organization helped connect New Yorkers to sector-based occupational skills training and internship opportunities, and then to full-time jobs. In addition, the organization helped businesses increase their competitiveness by providing skills training for their workers, which also yielded higher wages and transferrable skills for the workers.

Program 2

Expenses: $2,644,092

Business Services:WDC collaborated with an organization to conduct a comprehensive national landscape study and analysis. This study aimed to provide insights to guide New York Citys strategy in...

Business Services:WDC collaborated with an organization to conduct a comprehensive national landscape study and analysis. This study aimed to provide insights to guide New York Citys strategy in fostering equitable development within the emerging legal cannabis industry. The findings from this study will subsequently inform the design and implementation of training programs tailored to this field.

Program 3

Expenses: $773,987

PINCC:Pathways to Industrial and Construction Careers (PINCC) is a new program, funded by the U.S Economic Development Agency under the Good Jobs Challenge Initiative. In the wake of the COVID-19...

PINCC:Pathways to Industrial and Construction Careers (PINCC) is a new program, funded by the U.S Economic Development Agency under the Good Jobs Challenge Initiative. In the wake of the COVID-19 pandemic, the Good Jobs Challenge was created to meet the needs of both American workers and industry by breaking down silos in workforce training systems. By bringing workforce stakeholders together in every step of the process, the Good Jobs Challenge is placing people into quality jobs and spurring equitable economic growth.

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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 $9,759,276

Program Service Revenue $0

Investment Income $106,232

Other Revenue $4,824

TOTAL REVENUE $9,870,332

Expense Breakdown

Grants Paid $6,147,554

Salaries & Benefits $4,094,661

Fundraising Expenses $0

Program Expenses $10,454,401

Other Expenses $220,606

TOTAL EXPENSES $10,462,821

Year-over-Year Comparison

	2023	2022	Change
Revenue	$9,870,332	$7,476,548	+0.3%
Expenses	$10,462,821	$7,853,942	+0.3%
Net Income	$-592,489	$-377,394	+0.6%

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

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

$139,050

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
Chenelle Dennis	Executive Director	35.00	Officer	$139,050	$0	$139,050
Dynishal Gross	Commissioner	0.50	Officer Director	$0	$0	$0
Anthony Dellolio	General Counsel	0.50	Officer Director	$0	$0	$0
Yurij Pawluk	Deputy Commissioner	0.50	Officer Director	$0	$0	$0
Michael Forte	Executive Deputy Commissioner	0.50	Officer Director	$0	$0	$0
Leah Hebert	Deputy Director	0.50	Officer Director	$0	$0	$0
David Berman	Director	0.50	Officer Director	$0	$0	$0
Chris Neal	Senior Advisor	0.50	Officer Director	$0	$0	$0
Abby Jo Sigal	Executive Director	0.50	Officer Director	$0	$0	$0
Calvin Brown	Deputy Commissioner	0.50	Officer Director	$0	$0	$0
Ismail Mohamed	Treasurer	0.50	Officer	$0	$0	$0

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	No data	No data	No data	No data
2025	No data	No data	No data	No data
2024	$9,870,332	$10,462,821	$8,421,801	$-592,489
2023	$6,976,548	$7,853,942	$11,923,419	$-877,394
2022	$9,301,383	$9,671,921	$11,524,641	$-370,538
2021	$12,566,315	$14,376,722	$20,852,099	$-1,810,407
2020	$32,287,764	$35,182,471	$10,698,298	$-2,894,707
2020	$32,287,764	$35,182,471	$10,698,298	$-2,894,707
2019	$7,822,542	$10,940,202	$12,858,096	$-3,117,660
2018	$8,613,505	$10,233,698	$15,463,454	$-1,620,193