FLUSHING WILLETS POINT CORONA LOCA… - Form 990 Financial Data

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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

2007

Legal Domicile

Principal Officer

JOHN RACANELLI

Phone

5163362223

Tax Period

2021-05-01 to 2022-04-30

FLUSHING WILLETS POINT CORONA LOCAL DEVELOPMENT CORPORATION, founded in 2007, is a small nonprofit that reported $190K in total revenue in fiscal year 2021. Revenue decreased 8% compared to the prior year. Expenses of $258K exceeded revenue, resulting in a 35% operating deficit.

Mission

TO CONDUCT OUTREACH AND TO FOCUS ON ECONOMIC INITIATIVES IN THE REDEVELOPMENT OF WILLETS POINT, FLUSHING AND CORONA.

Program Service Accomplishments

Program 1

Expenses: $92,432

TO CONDUCT OUTREACH AND TO FOCUS ON ECONOMIC INITIATIVES IN THE REDEVELOPMENT OF WILLETS POINT, FLUSHING AND CORONA.

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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 (2021)

Revenue Breakdown

Contributions & Grants $63,835

Program Service Revenue $0

Investment Income $11

Other Revenue $126,420

TOTAL REVENUE $190,266

Expense Breakdown

Grants Paid $0

Salaries & Benefits $136,126

Fundraising Expenses $0

Program Expenses $92,432

Other Expenses $121,544

TOTAL EXPENSES $257,670

Year-over-Year Comparison

	2021	2020	Change
Revenue	$190,266	$207,521	-0.1%
Expenses	$257,670	$254,934	+0.0%
Net Income	$-67,404	$-47,413	+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

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
EILEEN AULD	BOARD MEMBER	2.00	Director	$0	$0	$0
MICHAEL BINGOLD	BOARD MEMBER	2.00	Director	$0	$0	$0
DAVID BRICKMAN	BOARD MEMBER	2.00	Director	$0	$0	$0
JOSEPH FICALORA	2ND VICE-CHA	5.00	Officer Director	$0	$0	$0
FRED FU	BOARD MEMBER	2.00	Director	$0	$0	$0
HOWARD GRAF	BOARD MEMBER	2.00	Director	$0	$0	$0
MYRA BAIRD HERCE	TREASURER	5.00	Officer Director	$0	$0	$0
DR MARGARET HONEY	BOARD MEMBER	2.00	Director	$0	$0	$0
MARK KUPFERBERG	BOARD MEMBER	2.00	Director	$0	$0	$0
MICHAEL MEYER	BOARD MEMBER	2.00	Director	$0	$0	$0
JOHN RACANELLI	CHAIRMAN	5.00	Officer Director	$0	$0	$0
VINCENT L RISO	BOARD MEMBER	2.00	Director	$0	$0	$0
MARK SCHIENBERG	SECRETARY	5.00	Officer Director	$0	$0	$0
JOSEPH MATTONE SR	BOARD MEMBER	2.00	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
2022	$190,266	$257,670	No data	$-67,404
2021	$207,521	$254,934	$183,605	$-47,413
2020	$390,651	$367,199	$303,816	$23,452
2019	$431,743	$411,949	$326,965	$19,794

FLUSHING WILLETS POINT CORONA LOCAL DEVELOPMENT CORPORATION