WORTHINGTON REGIONAL ECONOMIC DEVE… - Form 990 Financial Data

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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

1984

Legal Domicile

Principal Officer

CINDY ELSING

Phone

5073725515

Tax Period

2024-01-01 to 2024-12-31

WORTHINGTON REGIONAL ECONOMIC DEVELOPMENT CORPORATION, founded in 1984, is a small nonprofit that reported $141K in total revenue in fiscal year 2024. Revenue surged 24% from the prior year, signaling strong growth momentum. The organization ran a surplus of $39K, a strong 28% operating margin.

Mission

TO PROMOTE WORTHINGTON AND NOBLES COUNTY AS THE AREA TO CONDUCT BUSINESS AND TO PROVIDE LEADERSHIP FOR GROWTH AND EXPANSION.

Program Service Accomplishments

Program 1

Expenses: $92,618

ECONOMIC DEVELOPMENT ACTIVITIES DESIGNED TO ENHANCE BUSINESS AND COMMUNITY IN THE GREATER WORTHINGTON AREA.

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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 $103,000

Program Service Revenue $0

Investment Income $37,689

Other Revenue $0

TOTAL REVENUE $140,689

Expense Breakdown

Grants Paid $0

Salaries & Benefits $0

Fundraising Expenses $0

Program Expenses $92,618

Other Expenses $101,742

TOTAL EXPENSES $101,742

Year-over-Year Comparison

	2024	2023	Change
Revenue	$140,689	$113,287	+0.2%
Expenses	$101,742	$63,446	+0.6%
Net Income	$38,947	$49,841	-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

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
CINDY ELSING	TREASURER	1.00	Officer Director	$0	$0	$0
JILL CUPERUS	DIRECTOR	1.00	Director	$0	$0	$0
MATT ALTMAN	DIRECTOR	1.00	Director	$0	$0	$0
MELISSA GEHL	VICE CHAIR	1.00	Officer Director	$0	$0	$0
MINILIK MERSHA	DIRECTOR	1.00	Director	$0	$0	$0
PAIGE KINLEY	DIRECTOR	1.00	Director	$0	$0	$0
MARK VIS	CHAIR	1.00	Officer Director	$0	$0	$0
JON STANDAFER	DIRECTOR	1.00	Director	$0	$0	$0
ROBIN MOSER	DIRECTOR	1.00	Director	$0	$0	$0
SCOTT HAIN	STAKEHOLDER	1.00	Director	$0	$0	$0
BOB DEMUTH JR	STAKEHOLDER	1.00	Director	$0	$0	$0
STEVE ROBINSON	STAKEHOLDER	1.00	Director	$0	$0	$0
JAIME SALINAS	EXECUTIVE DI	10.00	Officer	$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	$140,689	$101,742	$1,706,433	$38,947
2023	$113,287	$63,446	$1,659,843	$49,841
2022	$218,077	$63,422	$1,599,553	$154,655
2021	$119,491	$76,774	$1,452,329	$42,717
2020	$128,674	$53,299	$1,391,557	$75,375
2019	$228,542	$140,860	$1,339,076	$87,682
2018	$210,728	$188,360	$1,235,718	$22,368

WORTHINGTON REGIONAL ECONOMIC DEVELOPMENT CORPORATION