ROCHESTER ECONOMIC DEVELOPMENT COR… - 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

1983

Legal Domicile

Principal Officer

KEITH CLEARY

Phone

5859210500

Tax Period

2023-10-01 to 2024-09-30

ROCHESTER ECONOMIC DEVELOPMENT CORPORATION, founded in 1983, is a small nonprofit in the Community Improvement sector that reported $652K in total revenue in fiscal year 2023. Revenue fell 61% from the prior year — a significant decline worth monitoring. Expenses of $1.2M exceeded revenue, resulting in a 86% operating deficit.

Mission

ROCHESTER ECONOMIC DEVELOPMENT CORPORATION (ROCEDC) IS A PRIVATE NOT-FOR-PROFIT ORGANIZATION THAT EXISTS TO STIMULATE EQUITABLE ECONOMIC GROWTH THAT IMPROVES THE QUALITY OF LIFE IN THE CITY OF ROCHESTER, NEW YORK.

Program Service Accomplishments

Program 1

Expenses: $335,161 Revenue: $270,862

TO REDUCE WEALTH DISPARITIES IN MIDDLE INCOME AND POOR ROCHESTER NEIGHBORHOODS BY CREATING AND SUPPORTING LOCALLY OWNED MICRO AND SMALL NEIGHBORHOOD BUSINESSES AND URBAN ENTREPRENEURS.

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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 $227,531

Program Service Revenue $270,862

Investment Income $151,987

Other Revenue $1,394

TOTAL REVENUE $651,774

Expense Breakdown

Grants Paid $217,810

Salaries & Benefits $338,953

Fundraising Expenses $0

Program Expenses $335,161

Other Expenses $657,716

TOTAL EXPENSES $1,214,479

Year-over-Year Comparison

	2023	2022	Change
Revenue	$651,774	$1,673,115	-0.6%
Expenses	$1,214,479	$2,677,210	-0.5%
Net Income	$-562,705	$-1,004,095	-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

N/A

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

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
DANA MILLER	CHAIR	1.00	Officer Director	$0	$0	$0
DR DT OGILVIE	VICE CHAIR	1.00	Officer Director	$0	$0	$0
KEITH CLEARY	TREASURER	1.00	Officer Director	$0	$0	$0
MICHAEL A PATTERSON	SECRETARY	1.00	Officer Director	$0	$0	$0
SERGIO ESTEBAN	BOARD MEMBER	1.00	Director	$0	$0	$0
CHENOA MAYE	BOARD MEMBER	1.00	Director	$0	$0	$0
ALLIE SACKS	BOARD MEMBER	1.00	Director	$0	$0	$0
GENE DEPREZ	BOARD MEMBER	1.00	Director	$0	$0	$0
KIMBERLY MITCHELL	BOARD MEMBER	1.00	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
2024	$651,774	$1,214,479	$12,244,297	$-562,705
2023	$1,673,115	$2,677,210	$13,306,580	$-1,004,095
2022	$1,537,376	$2,868,909	$12,826,853	$-1,331,533
2021	$1,690,653	$2,631,250	$15,049,866	$-940,597
2020	$434,623	$2,250,522	$16,814,300	$-1,815,899
2019	$2,110,748	$440,795	$16,618,422	$1,669,953
2018	$793,325	$384,959	$14,775,899	$408,366

ROCHESTER ECONOMIC DEVELOPMENT CORPORATION