LUCAS COUNTY ECONOMIC DEVELOPMENT … - Form 990 Financial Data

🔒

Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

Sign in with your work email to view Tuckman-Chang indicators

Financial Trends

Organization Details

Formation Year

1964

Legal Domicile

Principal Officer

MATT HEYRMAN

Phone

4192134604

Tax Period

2023-01-01 to 2023-12-31

LUCAS COUNTY ECONOMIC DEVELOPMENT CORPORATION, founded in 1964, is a community nonprofit in the Community Improvement sector that reported $4.6M in total revenue in fiscal year 2023. Revenue surged 128% from the prior year, signaling strong growth momentum. The organization ran a surplus of $1.4M, a strong 30% operating margin.

Mission

LUCAS COUNTY ECONOMIC DEVELOPMENT CORPORATION WAS ORGANIZED FOR THE PURPOSE OF PROMOTING, ADVANCING, AND ENCOURAGING THE INDUSTRIAL, ECONOMIC, COMMERCIAL, AND CIVIC DEVELOPMENT OF LUCAS COUNTY AND THE SURROUNDING AREA.

Program Service Accomplishments

Program 1

Expenses: $2,454,427 Revenue: $2,596,613

AS THE DESIGNATED COMMUNITY IMPROVEMENT CORPORATION FOR THE LUCAS COUNTY COMMISSIONERS, THE LUCAS COUNTY ECONOMIC DEVELOPMENT CORPORATION (LCEDC) WORKS TO PROMTE THE INDUSTRIAL, ECONOMIC, COMMERCIAL, AND CIVIC DEVELOPMENT OF LUCAS COUNTY. THROUGH STRATEGIC INVESTMENT, THE LCEDC IMPROVES EMPLOYMENT OPPORTUNITIES AND ADVANCES THE INDUSTRIAL AND COMMERCIAL LIFE OF THE COMMUNITY.

Program 2

Expenses: $539,453 Revenue: $161,464

TOLEDO JEEPFEST CONDUCTED A COMMUNITY EVENT TO PROMOTE DECADES OF JEEP'S PARTNERSHIP WITH THE CITY OF TOLEDO.

🔒

Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

Sign in to view Trantor Score and financial metrics

Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

Financial Overview (2023)

Revenue Breakdown

Contributions & Grants $1,904,105

Program Service Revenue $437,969

Investment Income $2,260,894

Other Revenue $5,844

TOTAL REVENUE $4,608,812

Expense Breakdown

Grants Paid $0

Salaries & Benefits $0

Fundraising Expenses $0

Program Expenses $2,993,880

Other Expenses $3,228,643

TOTAL EXPENSES $3,228,643

Year-over-Year Comparison

	2023	2022	Change
Revenue	$4,608,812	$2,020,086	+1.3%
Expenses	$3,228,643	$1,854,572	+0.7%
Net Income	$1,380,169	$165,514	+7.3%

Key Indicators

✗ Grants to Organizations ✗ Grants to Individuals ✗ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✓ Schedule B Required

🔒

Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

Sign in to view all financial metrics

Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

Employees

N/A

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

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
KIMBERLY CUTCHER	VICE PRESIDENT	2.00	Officer Director	$0	$0	$0
LISA SOBECKI	BOARD MEMBER	0.50	Director	$0	$0	$0
NEAL MAHONEY	CHAIRMAN	2.00	Officer Director	$0	$0	$0
PETER GERKEN	BOARD MEMBER	0.50	Director	$0	$0	$0
TERESA MOORE	BOARD MEMBER	0.50	Director	$0	$0	$0
TINA SKELDON WOZNIAK	BOARD MEMBER	0.50	Director	$0	$0	$0
MATTHEW S HEYRMAN	PRESIDENT	2.00	Officer	$0	$0	$0
JESSICA FORD	TREASURER	2.00	Officer	$0	$0	$0
DOUG BORN	OUTGOING PRESIDENT	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
2024	No data	No data	No data	No data
2023	$4,608,812	$3,228,643	$44,374,868	$1,380,169
2022	$2,020,086	$1,854,572	$43,278,006	$165,514
2021	$957,703	$1,001,684	$38,889,448	$-43,981
2020	$542,985	$3,820,734	$40,408,382	$-3,277,749
2019	$3,211,616	$1,333,768	$6,687,964	$1,877,848
2018	$376,137	$238,845	$4,181,047	$137,292

LUCAS COUNTY ECONOMIC DEVELOPMENT CORPORATION