ECONOMIC 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

1992

Legal Domicile

Principal Officer

JAMES SIPLON

Phone

5187616007

Tax Period

2024-01-01 to 2024-12-31

ECONOMIC DEVELOPMENT CORPORATION, founded in 1992, is a small nonprofit in the Community Improvement sector that reported $718K in total revenue in fiscal year 2024. Revenue grew 13% year-over-year, indicating healthy expansion.

Mission

EDC IS THE CENTRAL SOURCE FOR WARREN COUNTY ECONOMIC DEVELOPMENT EFFORTS, AS IT GUIDES PROGRAMS AND PROJECTS THROUGHOUT THE SOUTHERN ADIRONDACK REGION. EDC ACHIEVES RESULTS THROUGH COLLABORATIVE PUBLIC-PRIVATE PARTNERSHIPS DESIGNED TO ENCOURAGE NEW INVESTMENT OPPORTUNITIES THAT CREATE JOBS AND CREATE A SUSTAINABLE COMMUNITY AND AREA ECONOMY.

Program Service Accomplishments

Program 1

Expenses: $520,823 Revenue: $94,228

ECONOMIC DEVELOPMENT:ACHIEVED CERTAIN CHARITABLE OBJECTIVES AND PUBLIC PURPOSES OF RELIEVING AND REDUCING ADULT UNEMPLOYMENT, PROMOTING AND PROVIDING FOR QUALITY JOBS FOR WARREN COUNTY CITIZENS AND LESSENING THE BURDENS OF GOVERNMENT WITHIN THE WARREN COUNTY REGION OF NEW YORK BY THE FOLLOWING ACTIVITIES: ENCOURAGING THE RETENTION AND EXPANSION OF VARIOUS BUSINESS ENTERPRISES IN THE WARREN COUNTY REGION; PROVIDING MANAGERIAL, TECHNICAL, AND ADMINISTRATIVE ADVICE TO ASSIST LOCAL BUSINESS ENTERPRISES; ATTRACTING THE LOCATION OF BUSINESS ENTERPRISES TO THE WARREN COUNTY REGION.

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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 $610,068

Program Service Revenue $94,273

Investment Income $13,655

Other Revenue $-45

TOTAL REVENUE $717,951

Expense Breakdown

Grants Paid $0

Salaries & Benefits $466,034

Fundraising Expenses $0

Program Expenses $520,823

Other Expenses $262,954

TOTAL EXPENSES $728,988

Year-over-Year Comparison

	2024	2023	Change
Revenue	$717,951	$637,594	+0.1%
Expenses	$728,988	$715,135	+0.0%
Net Income	$-11,037	$-77,541	-0.9%

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

$172,757

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
MIKE WILD	BOARD MEMBER	1.00	Director	$0	$0	$0
JOHN STROUGH	BOARD MEMBER	1.00	Director	$0	$0	$0
SUSAN CORNEY	BOARD MEMBER	1.00	Director	$0	$0	$0
JUDY CALOGERO	BOARD MEMBER	1.00	Director	$0	$0	$0
MELANIE FRONHOFER WEBER	BOARD MEMBER	1.00	Director	$0	$0	$0
MICHAEL MCLARTY	BOARD MEMBER	1.00	Director	$0	$0	$0
ASHLEY WALDEN	BOARD MEMBER	1.00	Director	$0	$0	$0
JIM MARCO	BOARD MEMBER	1.00	Director	$0	$0	$0
PAUL WERSTEN	BOARD MEMBER	1.00	Director	$0	$0	$0
KRISTINE DUFFY	INTERIM CHAIR	2.00	Officer	$0	$0	$0
MATTHEW FULLER	PAST-CHAIR	2.00	Officer	$0	$0	$0
MITCH AMADO	PAST-CHAIR	2.00	Officer	$0	$0	$0
KATHRYN MUNCIL	VICE CHAIR/TREASURER	2.00	Officer	$0	$0	$0
LAURA LADU	SECRETARY	2.00	Officer	$0	$0	$0
JIM SIPLON	PRESIDENT/CEO	55.00	Officer	$134,738	$38,019	$172,757

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
2024	$717,951	$728,988	$1,023,640	$-11,037
2023	$637,594	$715,135	$1,060,806	$-77,541
2022	$576,742	$832,694	$1,176,192	$-255,952
2022	$576,742	$832,694	$1,176,192	$-255,952
2021	$540,715	$677,640	$1,175,986	$-136,925
2020	$522,446	$605,700	$1,303,870	$-83,254
2019	$618,344	$524,273	$1,378,203	$94,071
2018	$724,842	$615,438	$1,421,222	$109,404