BUSINESS DEVELOPMENT CORPORATION (EIN 351548607) - 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

1983

Legal Domicile

Principal Officer

CARRIE KOSAC

Phone

5742885758

Tax Period

2024-01-01 to 2024-12-31

BUSINESS DEVELOPMENT CORPORATION, founded in 1983, is a community nonprofit that reported $1.0M in total revenue in fiscal year 2024. Revenue grew 13% year-over-year, indicating healthy expansion. The organization ran a surplus of $330K, a strong 33% operating margin.

Mission

TO FURTHER ECONOMIC DEVELOPMENT,PRINCIPALLY WITHIN ANY AND ALL COUNTIES LOCATED IN NORTH CENTRAL INDIANA AND SOUTHWEST MICHIGAN.

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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 $0

Program Service Revenue $655,870

Investment Income $345,849

Other Revenue $0

TOTAL REVENUE $1,001,719

Expense Breakdown

Grants Paid $7,500

Salaries & Benefits $450,016

Fundraising Expenses $0

Program Expenses $452,532

Other Expenses $214,579

TOTAL EXPENSES $672,095

Year-over-Year Comparison

	2024	2023	Change
Revenue	$1,001,719	$887,630	+0.1%
Expenses	$672,095	$620,367	+0.1%
Net Income	$329,624	$267,263	+0.2%

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

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

$337,955

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
CARRIE KOSAC	PRESIDENT	40.00	Officer	$31,635	$0	$31,635
ELIZABETH J WITTLING	PRESIDENT/CO	40.00	Officer	$169,880	$34,758	$204,638
KALIN MILLER	ACCOUNTANT/C	40.00	Officer	$82,600	$19,082	$101,682
PETER GILLIN	DIRECTOR	1.00	Director	$0	$0	$0
RYAN HOFFMAN	DIRECTOR	1.00	Director	$0	$0	$0
NICK MATTHEWS	DIRECTOR	1.00	Director	$0	$0	$0
JILL SCICCHITANO	DIRECTOR	1.00	Director	$0	$0	$0
ALAN STEELE	DIRECTOR	1.00	Director	$0	$0	$0
BRYAN OLUND	DIRECTOR	1.00	Director	$0	$0	$0
PATTY MCNARNEY	DIRECTOR	1.00	Director	$0	$0	$0
HEATHER OBERMEYER	DIRECTOR	1.00	Director	$0	$0	$0
MATT WETZEL	DIRECTOR	1.00	Director	$0	$0	$0
PATTY WHEELER	DIRECTOR	1.00	Director	$0	$0	$0
WILLIAM HEFFELFINGER CPA	TREASURER	2.00	Officer Director	$0	$0	$0
RYAN BELL	SECRETARY	2.00	Officer Director	$0	$0	$0
TOM ROSS	CHAIRMAN	2.00	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
2025	No data	No data	No data	No data
2024	$1,001,719	$672,095	$6,491,579	$329,624
2023	$887,630	$620,367	$6,012,715	$267,263
2022	$816,472	$699,236	$4,829,222	$117,236
2021	$872,254	$611,577	$5,106,992	$260,677
2020	$952,041	$576,261	$4,739,263	$375,780
2019	$664,581	$517,072	$4,385,229	$147,509
2018	$763,667	$561,886	$4,135,430	$201,781

BUSINESS DEVELOPMENT CORPORATION