Greater Norfolk Economic Developme… - 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

1986

Legal Domicile

Principal Officer

Jim Bradford Jr

Phone

4028442264

Tax Period

2024-01-01 to 2024-12-31

Greater Norfolk Economic Development Foundation, founded in 1986, is a small nonprofit that reported $549K in total revenue in fiscal year 2024. Revenue fell 57% from the prior year — a significant decline worth monitoring. Expenses of $807K exceeded revenue, resulting in a 47% operating deficit.

Mission

Provide support to develop education, recreation, the local economy and other issues affecting the community in the future.

Program Service Accomplishments

Program 1

Expenses: $799,566 Revenue: $310,454

Provide support to develop education, recreation, the local economy and other issues affecting the community in the future.

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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 $237,908

Program Service Revenue $310,454

Investment Income $734

Other Revenue $0

TOTAL REVENUE $549,096

Expense Breakdown

Grants Paid $145,250

Salaries & Benefits $0

Fundraising Expenses $0

Program Expenses $799,566

Other Expenses $661,565

TOTAL EXPENSES $806,815

Year-over-Year Comparison

	2024	2023	Change
Revenue	$549,096	$1,274,311	-0.6%
Expenses	$806,815	$1,364,423	-0.4%
Net Income	$-257,719	$-90,112	+1.9%

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
Russ Wilcox	Director	0.00	Director	$0	$0	$0
Jim Bradford Jr	Chair	1.00	Officer Director	$0	$0	$0
Ron Schmidt	Director	0.00	Director	$0	$0	$0
Doug Johnson	Director	0.00	Director	$0	$0	$0
Stephen Sunderman	Past Chair	0.00	Officer Director	$0	$0	$0
Arnold Robinson	Vice Chair	0.00	Officer Director	$0	$0	$0
Dan Spray	Director	0.00	Director	$0	$0	$0
Tim Tighe	Director	0.00	Director	$0	$0	$0
Andy Colvin	Ex-Officio	0.00	Director	$0	$0	$0
Candice Alder	Ex-Officio	0.00	Director	$0	$0	$0
Leah Barrett	Ex-Officio	0.00	Director	$0	$0	$0
Shane Clausen	Director	0.00	Director	$0	$0	$0
David Copple	Ex-Officio	0.00	Director	$0	$0	$0
Austen Hagood	Secretary	0.00	Officer Director	$0	$0	$0
Angie Stenger	Director	0.00	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	$549,096	$806,815	$8,974,752	$-257,719
2023	$1,274,311	$1,364,423	$9,312,439	$-90,112
2022	$800,725	$2,185,125	$9,485,734	$-1,384,400
2021	$1,617,503	$430,741	$11,167,245	$1,186,762
2020	$952,985	$591,594	$6,705,552	$361,391
2019	$616,545	$184,899	$5,838,815	$431,646
2018	$196,011	$46,893	$1,948,856	$149,118

Greater Norfolk Economic Development Foundation