Passaic Enterprise Zone Development Corporation (EIN 223382424) - 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

1994

Legal Domicile

Principal Officer

RICARDO FERNANDEZ

Phone

9733655520

Tax Period

2024-01-01 to 2024-12-31

Passaic Enterprise Zone Development Corporation, founded in 1994, is a small nonprofit that reported $674K in total revenue in fiscal year 2024. Revenue surged 37% from the prior year, signaling strong growth momentum. The organization ran a surplus of $158K, a strong 23% operating margin.

Mission

TO ADMINISTER THE STATES URBAN ENTERPRISE ZONE IN THE CITY OF PASSAIC

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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 $381,415

Program Service Revenue $24,900

Investment Income $9,148

Other Revenue $258,697

TOTAL REVENUE $674,160

Expense Breakdown

Grants Paid $0

Salaries & Benefits $174,645

Fundraising Expenses $0

Program Expenses $467,475

Other Expenses $341,628

TOTAL EXPENSES $516,273

Year-over-Year Comparison

	2024	2023	Change
Revenue	$674,160	$492,072	+0.4%
Expenses	$516,273	$365,936	+0.4%
Net Income	$157,887	$126,136	+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

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
RICARDO FERNANDEZ	DIRECTOR	0.50	Officer Director	$0	$0	$0
HECTOR LORA	TRUSTEE	0.50	Director	$0	$0	$0
MS Madona	TRUSTEE	0.50	Director	$0	$0	$0
SERVANDO FERNANDEZ JR	TRUSTEE	0.50	Director	$0	$0	$0
KENNETH SIMPSON	TRUSTEE	0.50	Director	$0	$0	$0
GARY SCHAER	TRUSTEE	0.50	Director	$0	$0	$0
JOYCE GREGORY-HUNT	TRUSTEE	0.50	Director	$0	$0	$0
OMAR GARCIA	TREASURER	1.00	Officer Director	$0	$0	$0
ANGEL J CASTILLO	TRUSTEE	0.50	Director	$0	$0	$0
LESLIE E ZUNIGA	TRUSTEE	0.50	Director	$0	$0	$0
ABRIL BARRALES	TRUSTEE	0.50	Director	$0	$0	$0
RENE RIOUX	PRESIDENT	1.00	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	$674,160	$516,273	$1,476,502	$157,887
2023	$492,072	$365,936	$1,264,087	$126,136
2022	$49,526	$593,333	$1,070,438	$-543,807
2021	$794,799	$1,290,784	$1,676,696	$-495,985
2020	$36,968	$494,492	$2,214,433	$-457,524
2019	$62,057	$534,791	$2,586,447	$-472,734
2018	$60,411	$525,831	$3,086,583	$-465,420

Passaic Enterprise Zone Development Corporation