STEUBEN AREA ECONOMIC DEVELOPMENT CORP (EIN 161245812) - Form 990 Financial Analysis & Trantor Score

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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

1984

Legal Domicile

Principal Officer

DEAN STROBEL

Phone

6077763316

Tax Period

2024-01-01 to 2024-12-31

STEUBEN AREA ECONOMIC DEVELOPMENT CORP, founded in 1984, is a micro nonprofit in the Community Improvement sector that reported $5K in total revenue in fiscal year 2024. Revenue surged 533% from the prior year, signaling strong growth momentum. Expenses of $11K exceeded revenue, resulting in a 117% operating deficit.

Mission

THE PURPOSE OF THE STEUBEN AREA ECONOMIC DEVELOPMENT CORPORATION IS TO PROMOTE THE GENERAL WELFARE OF THE RESIDENTS OF STEUBEN COUNTY, LESSEN THE BURDEN TO GOVERNMENT ENTITIES, AID IN RELIEVING AND REDUCING ADULT UNEMPLOYMENT, AND ACT OTHERWISE IN THE PUBLIC INTEREST.THE CORPORATION'S GOAL IS TO STIMULATE THE ECONOMY AND IMPROVE THE QUALITY OF LIFE IN STEUBEN COUNTY BY STRENGTHENING THE WORKFORCE, CREATING JOBS, ENCOURAGING AND LEVERAGING INVESTMENT IN THE COUNTY'S ECONOMIC DEVELOPMENT INFRASTRUCTURE, AND INCREASING THE TAX BASE.THE CORPORATION WILL ASSIST AND PARTICIPATE IN THE PLANNING, FUNDING, AND DEVELOPMENT OF SITES, BUILDINGS, INFRASTRUCTURE, AND OTHER PROGRAMS AND ACTIVITIES NECESSARY TO STIMULATE ECONOMIC DEVELOPMENT ACTIVITIES, ATTRACT NEW BUSINESSES, AND EXPAND AND DEVELOP EXISTING BUSINESSES. IT ALSO WILL INSTRUCT OR TRAIN INDIVIDUALS TO IMPROVE OR DEVELOP THEIR CAPACITY FOR EMPLOYMENT, CARRY ON RESEARCH, AND OWN AND DEVELOP PROPERTY AND OTHER ASSETS.

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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 $0

Program Service Revenue $0

Investment Income $4,982

Other Revenue $0

TOTAL REVENUE $4,982

Expense Breakdown

Grants Paid $0

Salaries & Benefits $0

Fundraising Expenses $0

Program Expenses $3,600

Other Expenses $10,817

TOTAL EXPENSES $10,817

Year-over-Year Comparison

	2024	2023	Change
Revenue	$4,982	$787	+5.3%
Expenses	$10,817	$8,701	+0.2%
Net Income	$-5,835	$-7,914	-0.3%

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

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
DEAN STROBEL	CHAIRMAN	0.30	Officer Director	$0	$0	$0
KELLY FITZPATRICK	VICE CHAIR	0.30	Officer Director	$0	$0	$0
MIKE DAVIDSON	SECRETARY	0.30	Officer Director	$0	$0	$0
ANTHONY RUSSO	TREASURER	0.30	Officer Director	$0	$0	$0
MICHELLE CAULFIELD	MEMBER	0.30	Director	$0	$0	$0
SARAH CREATH	MEMBER	0.30	Director	$0	$0	$0
MARK ALGER	MEMBER	0.30	Director	$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
2024	$4,982	$10,817	$223,974	$-5,835
2023	$787	$8,701	$229,809	$-7,914
2022	$147	$6,848	$237,723	$-6,701
2021	$118	$7,265	$244,424	$-7,147
2020	$319	$9,950	$251,571	$-9,631
2019	$801,862	$810,387	$261,202	$-8,525
2018	$696,698	$712,978	$269,727	$-16,280

STEUBEN AREA ECONOMIC DEVELOPMENT CORP