BRIDGEPORT ECONOMIC DEVELOPMENT CORP (EIN 237374878) - 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

1974

Legal Domicile

Principal Officer

EDWARD LAVERNOICH

Phone

2033353800

Tax Period

2023-01-01 to 2023-12-31

BRIDGEPORT ECONOMIC DEVELOPMENT CORP, founded in 1974, is a small nonprofit that reported $247K in total revenue in fiscal year 2023. Revenue fell 29% from the prior year — a significant decline worth monitoring. Expenses of $760K exceeded revenue, resulting in a 208% operating deficit.

Mission

IS A COMMUNITY BASED ORGANIZATION THAT DEVELOPS AND MANAGES PROGRAMS AND PROJECTS THAT FOSTER BUSINESS DEVELOPMENT, COMMUNITY REINVESTMENT, AND NEIGHBORHOOD REVITALIZATION. BEDCO WORKS COLLABORATIVELY TO SERVE THE BUSINESS COMMUNITY, NEIGHBORHOOD ORGANIZATIONS, AND THE PUBLIC SECTOR FOR THE BENEFIT OF THE BRIDGEPORT ECONOMIC REGION. THE MAJORITY OF BEDCO REVENUES RESULT FROM THE ADMINISTRATION OF BRIDGEPORT AREA INDUSTRIAL AND COMMERCIAL DEVELOPMENT PROJECTS AND RELATED ECOMONIC DEVELOPMENT STUDIES. THE MAJOR SERVICES BEDCO PROVIDES ARE SITE ACQUISITION, SITE ASSEMBLY, REMEDIATION OF ENVIRONMENTALLY CONTAMINATED PROPERTY, AND INFRASTUCTURE DEVELOPEMENT, AND OTHER ACTIVITIES ASSOCIATED WITH REMOVING IMPEDIMENTS TO NEW PRIVATE INVESTMENT.

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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 $221,715

Program Service Revenue $1,047

Investment Income $24,202

Other Revenue $2

TOTAL REVENUE $246,966

Expense Breakdown

Grants Paid $0

Salaries & Benefits $83,966

Fundraising Expenses $0

Program Expenses $722,460

Other Expenses $676,015

TOTAL EXPENSES $759,981

Year-over-Year Comparison

	2023	2022	Change
Revenue	$246,966	$347,886	-0.3%
Expenses	$759,981	$483,965	+0.6%
Net Income	$-513,015	$-136,079	+2.8%

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

$83,966

Total Directors

$83,966

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
MAUREEN FUNKE	BOARD MEMBER	1.00	Director	$0	$0	$0
CAROLYN GONZALEZ	BOARD MEMBER	1.00	Director	$0	$0	$0
WILLIAM COLEMAN	BOARD MEMBER	1.00	Director	$0	$0	$0
ANDRE BAKER	BOARD MEMBER	1.00	Director	$0	$0	$0
JOHN BUNDSCHUH	BOARD MEMBER	1.00	Director	$0	$0	$0
CHARLES SCOTT	BOARD MEMBER	1.00	Director	$0	$0	$0
GEORGE ESTRADA	VICE CHAIR	1.00	Officer Director	$0	$0	$0
ALBERT CARBONE	BOARD MEMBER	1.00	Director	$0	$0	$0
JANENE HAWKINS	BOARD MEMBER	1.00	Director	$0	$0	$0
PAUL TIMPANELLI	TREASURER	1.00	Officer Director	$0	$0	$0
EDWARD LAVERNOICH	PRESIDENT AND SECRETARY	25.00	Officer Director	$0	$0	$83,966
DAVID LEVINE	BOARD CHAIR	1.00	Officer 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	No data	No data	No data	No data
2023	$246,966	$759,981	$1,549,138	$-513,015
2022	$347,886	$483,965	$1,928,557	$-136,079
2021	$2,092,707	$189,045	$2,035,701	$1,903,662
2020	$105,928	$182,854	$143,969	$-76,926
2019	$207,210	$177,798	$209,687	$29,412
2018	$235,223	$120,130	$673,024	$115,093

BRIDGEPORT ECONOMIC DEVELOPMENT CORP