ITASCA ECONOMIC DEVELOPMENT CORPOR (EIN 411413301) - 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

1981

Principal Officer

TAMARA LOWNEY

Phone

2183269411

Tax Period

2023-01-01 to 2023-12-31

ITASCA ECONOMIC DEVELOPMENT CORPOR, founded in 1981, is a community nonprofit in the Community Improvement sector that reported $2.4M in total revenue in fiscal year 2023. Revenue surged 88% from the prior year, signaling strong growth momentum. The organization ran a surplus of $1.1M, a strong 47% operating margin.

Mission

TO GROW THE ITASCA COUNTY ECONOMY THROUGH EDUCATION, RESEARCH AND OUTREACH THAT CREATES BUSINESS OPPORTUNITIES

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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 $2,263,052

Program Service Revenue $63,507

Investment Income $18,964

Other Revenue $30,772

TOTAL REVENUE $2,376,295

Expense Breakdown

Grants Paid $0

Salaries & Benefits $531,005

Fundraising Expenses $0

Program Expenses $1,120,881

Other Expenses $736,227

TOTAL EXPENSES $1,267,232

Year-over-Year Comparison

	2023	2022	Change
Revenue	$2,376,295	$1,261,748	+0.9%
Expenses	$1,267,232	$1,290,331	0.0%
Net Income	$1,109,063	$-28,583	-39.8%

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

$134,692

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
BRAD DOLINKSI	CHAIR	1.00	Director	$0	$0	$0
JODI PIEKARSKI	VICE-CHAIR	1.00	Director	$0	$0	$0
KIRK ADAMS	TREASURER	1.00	Director	$0	$0	$0
JEAN MACDONELL	SECRETARY	1.00	Director	$0	$0	$0
BART JOHNSON	BOARD MEMBER	1.00	Director	$0	$0	$0
KATIE GLORVIGEN TIERNEY	BOARD MEMBER	1.00	Director	$0	$0	$0
BURL IVES	BOARD MEMBER	1.00	Director	$0	$0	$0
MEGAN KELLIN	BOARD MEMBER	1.00	Director	$0	$0	$0
ISAAC MEYER	BOARD MEMBER	1.00	Director	$0	$0	$0
BEN BENOIT	BOARD MEMBER	1.00	Director	$0	$0	$0
TAMARA LOWNEY	PRESIDENT	40.00	Officer	$127,097	$7,595	$134,692

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	$2,376,295	$1,267,232	$4,533,913	$1,109,063
2022	$1,261,748	$1,290,331	$3,630,643	$-28,583
2021	$1,851,180	$1,533,383	$3,743,708	$317,797
2020	$1,346,358	$1,075,677	$3,315,967	$270,681
2019	$891,583	$622,180	$2,483,494	$269,403
2018	$606,161	$540,791	$2,352,917	$65,370

ITASCA ECONOMIC DEVELOPMENT CORPOR