HARTFORD AREA DEVELOPMENT CORP (EIN 391304250) - 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

1977

Legal Domicile

Tax Period

2023-01-01 to 2023-12-31

HARTFORD AREA DEVELOPMENT CORP, founded in 1977, is a micro nonprofit that reported $19K in total revenue in fiscal year 2023. Revenue fell 87% from the prior year — a significant decline worth monitoring. Expenses of $89K exceeded revenue, resulting in a 375% operating deficit.

Mission

TO ENCOURAGE THE RETENTION AND EXPANSION OF EXISTING INDUSTRY AND COMMERCE WITHIN THE CITY OF HARTFORD AND TO ATTRACT ADDITIONAL INDUSTRIAL, COMMERCIAL AND RESIDENTIAL DEVELOPMENT

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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 $11,311

Program Service Revenue $0

Investment Income $1,021

Other Revenue $6,329

TOTAL REVENUE $18,661

Expense Breakdown

Grants Paid $0

Salaries & Benefits $44,195

Fundraising Expenses $0

Program Expenses $44,536

Other Expenses $44,536

TOTAL EXPENSES $88,731

Year-over-Year Comparison

	2023	2022	Change
Revenue	$18,661	$144,143	-0.9%
Expenses	$88,731	$98,345	-0.1%
Net Income	$-70,070	$45,798	-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

$41,000

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
THOMAS HOSTAD	EXECUTIVE DIRECTOR	25.00	Officer	$41,000	$0	$41,000
PAUL LUDWIG	DIRECTOR	0.00	Director	$0	$0	$0
TOM DOTTL	DIRECTOR	0.00	Director	$0	$0	$0
AARON LENSINK	DIRECTOR	0.00	Director	$0	$0	$0
DOUG LEHRER	DIRECTOR	0.00	Director	$0	$0	$0
AL LAUEFER	DIRECTOR	2.00	Director	$0	$0	$0
NATE MARSHALL	PRESIDENT	5.00	Officer	$0	$0	$0
STEPHEN HANSEN	VICE PRESIDENT	2.00	Officer	$0	$0	$0
MATT SCHWECHEL	SECRETARY	2.00	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
2023	$18,661	$88,731	$1,646,899	$-70,070
2022	$144,143	$98,345	$1,718,492	$45,798
2019	$63,060	$84,130	$1,778,024	$-21,070

HARTFORD AREA DEVELOPMENT CORP