ECONOMIC DEVELOPMENT COUNCIL OF THE BLOOMINGTON-NORMAL AREA (EIN 371169886) - 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

1984

Legal Domicile

Principal Officer

PATRICK HOBAN

Phone

3094528437

Tax Period

2023-01-01 to 2023-12-31

ECONOMIC DEVELOPMENT COUNCIL OF THE BLOOMINGTON-NORMAL AREA, founded in 1984, is a small nonprofit that reported $742K in total revenue in fiscal year 2023. Revenue fell 24% from the prior year — a significant decline worth monitoring. Expenses of $1.1M exceeded revenue, resulting in a 42% operating deficit.

Mission

TO HELP BUSINESSES AND COMMUNITIES IN THE MCLEAN COUNTY AREA PROSPER BY ATTRACTING NEW BUSINESSES AIDING THE DEVELOPMENT OF EXISTING BUSINESSES WITHIN THE COMMUNITY. THE EDC IS A LEADERSHIP ORGANIZATION, INVESTING IN THE COMMUNITY'S ASSETS TO PROSPER AND IMPROVE THE QUALITY OF LIFE.

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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 $563,850

Program Service Revenue $167,942

Investment Income $1,361

Other Revenue $9,151

TOTAL REVENUE $742,304

Expense Breakdown

Grants Paid $0

Salaries & Benefits $609,262

Fundraising Expenses $0

Program Expenses $858,627

Other Expenses $447,518

TOTAL EXPENSES $1,056,780

Year-over-Year Comparison

	2023	2022	Change
Revenue	$742,304	$981,896	-0.2%
Expenses	$1,056,780	$1,072,023	0.0%
Net Income	$-314,476	$-90,127	+2.5%

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

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

$237,018

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
DAN STEPHENS	BOARD MEMBER	1.00	Director	$0	$0	$0
RYAN GAMMELGARD	BOARD MEMBER	1.00	Director	$0	$0	$0
NEIL FINLEN	BOARD MEMBER	1.00	Director	$0	$0	$0
RYAN WHITEHOUSE	BOARD MEMBER	1.00	Director	$0	$0	$0
PUNEET LEEKHA	BOARD MEMBER	1.00	Director	$0	$0	$0
KEITH CORNILLE	BOARD MEMBER	1.00	Director	$0	$0	$0
CHRIS KOOS	BOARD MEMBER	1.00	Director	$0	$0	$0
MBOKA MWILAMBWE	BOARD MEMBER	1.00	Director	$0	$0	$0
ZACH DIETEMEIER	VICE CHAIR	1.00	Officer Director	$0	$0	$0
J PHILLIPS	CHAIR	1.00	Officer Director	$0	$0	$0
ANDY SHIRK	TREASURER	1.00	Officer Director	$0	$0	$0
JOHN PENN	BOARD MEMBER	1.00	Director	$0	$0	$0
KRISTEN FIRKINS	BOARD MEMBER	1.00	Director	$0	$0	$0
SETH ZELLER	BOARD MEMBER	1.00	Director	$0	$0	$0
JOHN MCINTYRE	BOARD MEMBER	1.00	Director	$0	$0	$0
PATRICK HOBAN	CEO	40.00	Officer	$211,554	$25,464	$237,018

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	$742,304	$1,056,780	$1,057,647	$-314,476
2022	$981,896	$1,072,023	$1,341,348	$-90,127
2021	$930,075	$777,817	$1,349,335	$152,258
2020	$1,149,476	$713,488	$1,197,082	$435,988
2019	$808,001	$737,768	$748,269	$70,233
2018	$1,025,901	$840,112	$669,930	$185,789

ECONOMIC DEVELOPMENT COUNCIL OF THE BLOOMINGTON-NORMAL AREA