WOODWARD DEVELOPMENT CORPORATION

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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

1998

Legal Domicile

Principal Officer

LARRY GRINDLE

Phone

7403975262

Tax Period

2023-01-01 to 2023-12-31

WOODWARD DEVELOPMENT CORPORATION, founded in 1998, is a small nonprofit in the Arts, Culture & Humanities sector that reported $245K in total revenue in fiscal year 2023. Revenue fell 22% from the prior year — a significant decline worth monitoring. Expenses of $711K exceeded revenue, resulting in a 191% operating deficit.

Mission

TO SUPPORT THE PERFORMING ARTS AND THE HERITAGE OF KNOX COUNTY BEGINNING WITH THE RENOVATION, RESTORATION AND OPERATION OF THE WOODWARD OPERA HOUSE AND TO ENGAGE IN ANY LAWFUL ART OR ACTIVITY PERMITTED UNDER THE OHIO REVISED CODE SECTION 1702.1 TO 1202.87 INCLUSIVE.

Program Service Accomplishments

Program 1

Expenses: $297,378 Revenue: $37,709

CREATED A COMMUNITY AND INSTITUTIONAL PARTNERSHIP THAT FORMED THE BASIS OF FUNDING A DOWNTOWN HISTORIC PRESERVATION AND ECONOMIC DEVELOPMENT PROGRAM FOR THE RESTORATION OF THE 2ND OLDEST THEATER IN...

Program 2

INITIATED A MULTI-MILLION DOLLAR RESTORATION PROJECTED FOR THE 2ND OLDEST THEATER IN THE UNITED STATES - THE WOODWARD OPERA HOUSE CIR 1851, THAT WILL HOUSE A HEALTHY LOCAL FOODS INITIATIVE STORE AND CAFE IN A FOOD DEFICIENT NEIGHBORHOOD AS WELL AS ARTS AND CONFERENCE SPACE TO SUPPORT THE WOODWARD ARTS AND COMMUNITY DEVELOPMENT INITIATIVE.

Program 3

INITIATED A MULTI-MILLION DOLLAR RESTORATION PROJECT FOR THE 1885 C.G. COOPER BUILDING THAT WILL HOUSE A HEALTHY LOCAL FOODS INITIATIVE COMMUNITY KITCHEN PROCESSING FACILITY IN A FOOD DEFICIENT...

INITIATED A MULTI-MILLION DOLLAR RESTORATION PROJECT FOR THE 1885 C.G. COOPER BUILDING THAT WILL HOUSE A HEALTHY LOCAL FOODS INITIATIVE COMMUNITY KITCHEN PROCESSING FACILITY IN A FOOD DEFICIENT NEIGHBORHOOD AS WELL AS ARTS AND CONFERENCE SPACE TO SUPPORT THE WOODWARD ARTS AND COMMUNITY DEVELOPMENT INITIATIVE.

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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 $206,830

Program Service Revenue $37,709

Investment Income $25

Other Revenue $0

TOTAL REVENUE $244,564

Expense Breakdown

Grants Paid $0

Salaries & Benefits $0

Fundraising Expenses $0

Program Expenses $297,378

Other Expenses $711,272

TOTAL EXPENSES $711,272

Year-over-Year Comparison

	2023	2022	Change
Revenue	$244,564	$312,242	-0.2%
Expenses	$711,272	$300,289	+1.4%
Net Income	$-466,708	$11,953	-40.0%

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
LARRY GRINDLE	CHAIR	15.00	Officer Director	$0	$0	$0
MAUREEN BUCHWALD	VICE-CHAIR	0.00	Officer Director	$0	$0	$0
CHARLES KINDEL	SECRETARY	0.00	Officer Director	$0	$0	$0
SUSAN RAMSER	TRUSTEE	0.00	Director	$0	$0	$0
ANN LAUDEMAN	TRUSTEE	0.00	Director	$0	$0	$0
BARRY LESTER	TRUSTEE	0.00	Director	$0	$0	$0
DAVID STULLER	TRUSTEE	10.00	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	No data	No data	No data	No data
2023	$244,564	$711,272	$17,828,511	$-466,708
2022	$312,242	$300,289	$17,860,799	$11,953
2021	$469,326	$307,237	$17,881,692	$162,089
2020	$459,573	$286,057	$17,715,328	$173,516
2019	$1,282,938	$343,314	$17,541,812	$939,624
2018	$3,248,536	$121,095	$16,594,175	$3,127,441