City of Gary Economic Development Corporation (EIN 351923681) - 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

1992

Legal Domicile

Principal Officer

William Outlar

Tax Period

2023-01-01 to 2023-12-31

City of Gary Economic Development Corporation, founded in 1992, is a micro nonprofit in the Arts, Culture & Humanities sector that reported $95K in total revenue in fiscal year 2023. Expenses of $385K exceeded revenue, resulting in a 305% operating deficit.

Mission

Gary EDC was formed to provide jobs within the City of Gary, IN, by pursuing business attraction, business expansion, and business retention.

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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 $47,500

Program Service Revenue $38,906

Investment Income $0

Other Revenue $8,619

TOTAL REVENUE $95,025

Expense Breakdown

Grants Paid $0

Salaries & Benefits $0

Fundraising Expenses $0

Program Expenses $351,291

Other Expenses $384,607

TOTAL EXPENSES $384,607

Year-over-Year Comparison

	2023	2022	Change
Revenue	$95,025	$95,838	0.0%
Expenses	$384,607	$1,765,381	-0.8%
Net Income	$-289,582	$-1,669,543	-0.8%

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

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
Ronald Brewer	President	001.00	Officer Director	$0	$0	$0
Oliver Gilliam	Commissioner	001.00	Director	$0	$0	$0
Jackie Rosario-Pirtle	Commissioner	001.00	Director	$0	$0	$0
William Godwin	Commissioner	001.00	Director	$0	$0	$0
Carmelita Perry	Commissioner	001.00	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	$95,025	$384,607	$4,937,479	$-289,582
2022	$95,838	$1,765,381	$5,249,561	$-1,669,543
2019	$248,615	$341,720	$7,348,049	$-93,105
2018	$505,630	$662,634	$7,510,318	$-157,004

City of Gary Economic Development Corporation