OAK PARK ECONOMIC 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

1974

Legal Domicile

Principal Officer

AARON JOSEPH

Phone

7083833838

Tax Period

2023-01-01 to 2023-12-31

OAK PARK ECONOMIC DEVELOPMENT CORP, founded in 1974, is a small nonprofit that reported $313K in total revenue in fiscal year 2023. Revenue fell 44% from the prior year — a significant decline worth monitoring.

Mission

THE MISSION OF THE ORGANIZATION IS TO ENHANCE THE QUALITY OF LIFE IN AND THE ECONOMIC HEALTH OF THE VILLAGE OF OAK PARK THROUGH THE EXPANSION OF THE VILLAGE'S PROPERTY TAX BASE, EXPANSION OF THE VILLAGE'S SALES TAX REVENUE AND THE CREATION AND RETENTION OF JOBS IN THE VILLAGE.

Program Service Accomplishments

Program 1

Expenses: $270,416

THE ORGANIZATION'S EFFORTS DURING 2023 RESULTED IN INCREASED SALES TAX REVENUE, OPENING OF NEW BUSINESSES, JOB CREATION AND JOB 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 $312,693

Program Service Revenue $0

Investment Income $14

Other Revenue $548

TOTAL REVENUE $313,255

Expense Breakdown

Grants Paid $0

Salaries & Benefits $194,484

Fundraising Expenses $0

Program Expenses $270,416

Other Expenses $118,771

TOTAL EXPENSES $313,255

Year-over-Year Comparison

	2023	2022	Change
Revenue	$313,255	$558,987	-0.4%
Expenses	$313,255	$558,987	-0.4%
Net Income	$0	$0	N/A

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

$192,748

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
AARON JOSEPH	CHAIR, BOARD OF DIRECTORS	1.00	Officer Director	$0	$0	$0
DAVID KENNEDY	SECRETARY	1.00	Officer Director	$0	$0	$0
SANDEEP SOOD	TREASURER	1.00	Officer Director	$0	$0	$0
MIKE WARREN	DIRECTOR	1.00	Director	$0	$0	$0
JOHN LIPIC	DIRECTOR	1.00	Director	$0	$0	$0
JOHN LYNCH	EXECUTIVE DIRECTOR (THRU MAY-2023)	40.00	Officer	$148,314	$0	$148,314
ERIC MAZELIS	EXECUTIVE DIRECTOR	40.00	Officer	$44,434	$0	$44,434

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
2023	$313,255	$313,255	$295,442	No data
2022	$558,987	$558,987	$285,638	No data
2021	$506,895	$506,895	$212,467	No data
2020	$543,858	$520,732	$229,553	$23,126
2019	$573,453	$546,578	$172,492	$26,875
2018	$676,073	$781,126	$143,510	$-105,053