BUFFALO URBAN DEVELOPMENT CORPORAT… - 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

1978

Legal Domicile

Principal Officer

BRANDYE MERRIWEATHER

Phone

7168566525

Tax Period

2023-01-01 to 2023-12-31

BUFFALO URBAN DEVELOPMENT CORPORATION, founded in 1978, is a mid-sized nonprofit in the Community Improvement sector that reported $32.5M in total revenue in fiscal year 2023. Revenue surged 286% from the prior year, signaling strong growth momentum. Net assets of $80.4M represent 30 months of operating reserves.

Mission

SUPPORT THE URBAN ECONOMIC DEVELOPMENT EFFORTS OF THE REGION THROUGH THE ACQUISITION, REMEDIATION AND MANAGEMENT OF DISTRESSED PROPERTIES

Program Service Accomplishments

Program 1

Expenses: $32,570,688 Revenue: $273,808

THE MISSION OF BUFFALO URBAN DEVELOPMENT (BUDC) IS TO SUPPORT THE URBAN ECONOMIC DEVELOPMENT EFFORTS OF THE REGION THROUGH THE ACQUISITION, REMEDIATION AND MANAGEMENT OF DISTRESSED PROPERTIES, AND TO ENGAGE IN RELATED REAL ESTATE DEVELOPMENT ACTIVITIES FOR THE PURPOSE OF ATTRACTING AND/OR RETAINING NEW AND EXISTING BUSINESSES TO THE CITY AS PART OF THE REGION. THE MISSION OF BUDC ALSO INCLUDES SUPPORTING THE REVITALIZATION OF DOWNTOWN BUFFALO BY SERVING AS THE LEAD MANAGEMENT ENTITY FOR BUFFALO BUILDING REUSE PROJECT (BBRP) INITIATIVES, WORKING IN COLLABORATION WITH THE CITY OF BUFFALO, INCLUDING THE COORDINATION OF FINANCIAL ASSISTANCE FOR DOWNTOWN ADAPTIVE RE-USE PROJECTS AND PUBLIC RIGHT-OF-WAY IMPROVEMENTS.

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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 $31,596,675

Program Service Revenue $132,487

Investment Income $670,797

Other Revenue $141,321

TOTAL REVENUE $32,541,280

Expense Breakdown

Grants Paid $26,468,084

Salaries & Benefits $442,319

Fundraising Expenses $0

Program Expenses $32,570,688

Other Expenses $6,156,248

TOTAL EXPENSES $33,066,651

Year-over-Year Comparison

	2023	2022	Change
Revenue	$32,541,280	$8,441,091	+2.9%
Expenses	$33,066,651	$10,138,633	+2.3%
Net Income	$-525,371	$-1,697,542	-0.7%

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

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

$294,368

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
HON BYRON BROWN	CHAIRMAN	1.00	Officer Director	$0	$0	$0
DENNIS PENMAN	DIRECTOR	1.00	Director	$0	$0	$0
CATHERINE AMDUR	DIRECTOR	1.00	Director	$0	$0	$0
DOTTIE GALLAGHER	DIRECTOR	1.00	Director	$0	$0	$0
JANIQUE CURRY	DIRECTOR	1.00	Director	$0	$0	$0
DENNIS ELSENBECK	DIRECTOR	1.00	Director	$0	$0	$0
DARBY FISHKIN	DIRECTOR	1.00	Director	$0	$0	$0
THOMAS KUCHARSKI	DIRECTOR	1.00	Director	$0	$0	$0
BRENDAN MEHAFFY	DIRECTOR	1.00	Director	$0	$0	$0
KIMBERLEY MINKEL	DIRECTOR	1.00	Director	$0	$0	$0
DAVID NASCA	DIRECTOR	1.00	Director	$0	$0	$0
TRINA BURRUSS	DIRECTOR	1.00	Director	$0	$0	$0
THOMAS HALLIGAN	DIRECTOR	1.00	Director	$0	$0	$0
ELIZABETH HOLDEN	DIRECTOR	1.00	Director	$0	$0	$0
DANIEL CASTLE	DIRECTOR	1.00	Director	$0	$0	$0
NATHAN MARTON	DIRECTOR	1.00	Director	$0	$0	$0
KAREN UTZ	DIRECTOR	1.00	Director	$0	$0	$0
SCOTT BYLEWSKI	DIRECTOR	1.00	Director	$0	$0	$0
CHRISTOPHER SCANLON	DIRECTOR	1.00	Director	$0	$0	$0
BRANDYE MERRIWEATHER	PRESIDENT	37.50	Officer	$124,484	$24,706	$149,190
REBECCA GANDOUR	EXECUTIVE VICE PRESIDENT	37.50	Officer	$107,344	$37,834	$145,178
MOLLIE PROFIC	TREASURER	9.00	Officer	$0	$0	$0
KEVIN ZANNER	SECRETARY	7.25	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
2024	No data	No data	No data	No data
2023	$32,541,280	$33,066,651	$185,671,246	$-525,371
2022	$8,441,091	$10,138,633	$135,361,384	$-1,697,542
2021	$5,250,163	$6,562,772	$98,495,982	$-1,312,609
2020	$9,769,050	$8,043,490	$100,186,156	$1,725,560
2019	$33,578,696	$5,030,965	$94,819,965	$28,547,731

BUFFALO URBAN DEVELOPMENT CORPORATION