ADIRONDACK ECONOMIC DEVELOPMENT CO… - 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

1986

Legal Domicile

Phone

5188915523

Tax Period

2024-01-01 to 2024-12-31

ADIRONDACK ECONOMIC DEVELOPMENT CORP, founded in 1986, is a small nonprofit in the Community Improvement sector that reported $727K in total revenue in fiscal year 2024. Revenue fell 23% from the prior year — a significant decline worth monitoring. Expenses of $893K exceeded revenue, resulting in a 23% operating deficit.

Mission

To foster and support the growth of sustainable North Country communities through providing assistance to aspiring entrepreneurs and existing small business owners.

Program Service Accomplishments

Program 1

Expenses: $704,712

Provide technical business assistance to small businesses; provide consultations to local municipalities for economic development planning and projects.

Program 2

Provide loan funds for small businesses via SBA and US Department of Agriculture programs and local loan assistance programs.

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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 $586,877

Program Service Revenue $137,895

Investment Income $2,170

Other Revenue $0

TOTAL REVENUE $726,942

Expense Breakdown

Grants Paid $0

Salaries & Benefits $416,927

Fundraising Expenses $0

Program Expenses $704,712

Other Expenses $476,016

TOTAL EXPENSES $892,943

Year-over-Year Comparison

	2024	2023	Change
Revenue	$726,942	$950,209	-0.2%
Expenses	$892,943	$757,038	+0.2%
Net Income	$-166,001	$193,171	-1.9%

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

$217,959

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
Victoria Duley	Executive Dir.	37.50	Officer	$111,225	$18,922	$130,147
KEVIN WILSON	FINANCE DIRECT.	37.50	Officer	$73,337	$14,475	$87,812
Cedric Carter	Director	0.20	Director	$0	$0	$0
Heather Couture	Treasurer	0.30	Officer Director	$0	$0	$0
Robert Aiken	Chairperson	0.30	Officer Director	$0	$0	$0
Patricia Wilson	Director	0.20	Director	$0	$0	$0
JAMES LAZORE	Vice Chair	0.30	Officer Director	$0	$0	$0
Molly Ryan	Director	0.20	Director	$0	$0	$0
James Rucker	Secretary	0.30	Officer Director	$0	$0	$0
Amber Stevens	Director	0.20	Director	$0	$0	$0
MIKE KINNIE	Director	0.20	Director	$0	$0	$0
Timothy Kononan	Director	0.20	Director	$0	$0	$0
John Piseck Jr	Director	0.20	Director	$0	$0	$0
Tori Riley	Director	0.20	Director	$0	$0	$0
Kelly Gonyo	Director	0.20	Director	$0	$0	$0
MICHELLE CAPONE	Director	0.20	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	$726,942	$892,943	$3,885,012	$-166,001
2023	$950,209	$757,038	$3,712,856	$193,171
2022	$1,080,225	$672,424	$2,960,837	$407,801
2021	$614,778	$526,118	$3,274,343	$88,660
2020	$492,216	$429,727	$2,806,610	$62,489

ADIRONDACK ECONOMIC DEVELOPMENT CORP