GARDNER INDUSTRIAL DEVELOPMENT CORP

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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

1962

Legal Domicile

Principal Officer

JOSEPH SOVA

Phone

9785673669

Tax Period

2023-08-01 to 2024-07-31

GARDNER INDUSTRIAL DEVELOPMENT CORP, founded in 1962, is a micro nonprofit that reported $18K in total revenue in fiscal year 2023. Revenue decreased 9% compared to the prior year. The organization ran a surplus of $17K, a strong 91% operating margin.

Mission

TO PROMOTE, STIMULATE, DEVELOP, AND ADVANCE THE BUSINESS PROSPERITY AND ECONOMIC WELFARE OF THE CITY OF GARDNER AND ITS VICINITY AND THE CITIZENS THEREOF.

Program Service Accomplishments

Program 1

TO PROMOTE JOB OPPORTUNITIES FOR AREA RESIDENTS BY ATTRACTING AND EXPANDING EXISTING BUSINESSES.

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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 $0

Program Service Revenue $0

Investment Income $18,475

Other Revenue $0

TOTAL REVENUE $18,475

Expense Breakdown

Grants Paid $0

Salaries & Benefits $0

Fundraising Expenses $0

Other Expenses $1,715

TOTAL EXPENSES $1,715

Year-over-Year Comparison

	2023	2022	Change
Revenue	$18,475	$20,272	-0.1%
Expenses	$1,715	$865	+1.0%
Net Income	$16,760	$19,407	-0.1%

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

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
JOSEPH SOVA	TREASURER	1.00	Officer Director	$0	$0	$0
HENRI L SANS JR	SECRETARY	1.00	Officer Director	$0	$0	$0
JAY DAVIS DRAKE	PRESIDENT	1.00	Officer Director	$0	$0	$0
CHARLES E MARTEL	DIRECTOR	1.00	Director	$0	$0	$0
CALVIN BROOKS	DIRECTOR	1.00	Director	$0	$0	$0
PATRICIA BERGSTROM	DIRECTOR	1.00	Director	$0	$0	$0
RICHARD E PERRY	DIRECTOR	1.00	Director	$0	$0	$0
ELLIOTT DAVIS DRAKE	DIRECTOR	0.00	Director	$0	$0	$0
GERALD L BANKOWSKI	DIRECTOR	0.00	Director	$0	$0	$0
JAMES L FLETCHER	DIRECTOR	1.00	Director	$0	$0	$0
BRIAN M SZOC	DIRECTOR	1.00	Director	$0	$0	$0
PETER J RUSSO	DIRECTOR	1.00	Director	$0	$0	$0
JAMES A CARPENTER	DIRECTOR	1.00	Director	$0	$0	$0
JAMES M WALSH ESQ	DIRECTOR	1.00	Director	$0	$0	$0
KAREN A KOLLER	DIRECTOR	1.00	Director	$0	$0	$0
RAYMOND F LAFOND	DIRECTOR	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	$18,475	$1,715	$878,388	$16,760
2023	$20,272	$865	$824,682	$19,407
2022	$31,829	$865	$787,085	$30,964
2021	$16,154	$865	$858,428	$15,289
2020	$19,257	$15	$746,949	$19,242
2019	$21,599	$865	$711,608	$20,734