WEST HARLEM DEVELOPMENT CORPORATION

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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

2011

Legal Domicile

Principal Officer

ZEAD RAMADAN

Phone

6464763394

Tax Period

2024-01-01 to 2024-12-31

WEST HARLEM DEVELOPMENT CORPORATION, founded in 2011, is a community nonprofit in the Community Improvement sector that reported $2.0M in total revenue in fiscal year 2024. Revenue surged 53% from the prior year, signaling strong growth momentum. Expenses of $4.0M exceeded revenue, resulting in a 99% operating deficit.

Mission

WEST HARLEM DEVELOPMENT CORPORATION'S MISSION INCLUDES IMPLEMENTING THE COMMUNITY BENEFITS AGREEMENT BY PROVIDING AND SUPPORTING PROGRAMS THAT PROMOTE ECONOMIC DEVELOPMENT, EDUCATION, ENVIRONMENTAL PROTECTION, TRANSPORTATION, EMPLOYMENT, AFFORDABLE HOUSING, ARTS & CULTURE, COMMUNITY FACILITIES, HISTORICAL PRESERVATION AND THE OVERALL ECONOMIC AND SOCIAL IMPROVEMENT OF THE COMMUNITY AND RESIDENTS OF MANHATTAN COMMUNITY DISTRICT 9 (MCD9), OTHERWISE KNOWN AS WEST HARLEM.

Program Service Accomplishments

Program 1

Expenses: $2,781,780

GRANTS AND COMMUNITY SERVICES - WEST HARLEM DEVELOPMENT'S PRIORITY IS TO SUPPORT WEST HARLEM-BASED COMMUNITY PROJECTS BY DEPLOYING FUNDS CONTRIBUTED BY COLUMBIA UNIVERSITY PURSUANT TO THE CBA THROUGH ITS ANNUAL COMMUNITY BENEFITS GRANT (CBG) AND OTHER ACTIVITIES. WHDC'S STRATEGY IS TO ADDRESS THE NEEDS OF WEST HARLEM THROUGH COLLABORATIONS AND CAPACITY ENHANCEMENTS OF COMMUNITY BASED ORGANIZATIONS AND INSTITUTIONS.

Program 2

Expenses: $287,105

YOUTH SERVICES - THROUGH ITS YOUTH DEVELOPMENT PROGRAM, ARISE!, THAT EXCLUSIVELY SERVICES MCD9, HIGH SCHOOL STUDENTS (14-18 YEARS) GET PAID EACH SUMMER FOR PARTICIPATION IN BOTH EMPLOYMENT AND...

YOUTH SERVICES - THROUGH ITS YOUTH DEVELOPMENT PROGRAM, ARISE!, THAT EXCLUSIVELY SERVICES MCD9, HIGH SCHOOL STUDENTS (14-18 YEARS) GET PAID EACH SUMMER FOR PARTICIPATION IN BOTH EMPLOYMENT AND ACADEMIC ENRICHMENT ACTIVITIES. THE LATTER AIMS TO ADDRESS THE "SUMMER SLIDE" THAT AFFECTS SOME STUDENTS AFTER THE SCHOOL YEAR HAS ENDED.

Program 3

Expenses: $230,767

HOUSING SERVICES - THE NEWLY FORMED WEST HARLEM DEVELOPMENT CORPORATION (WHDC) HOUSING DEVELOPMENT FUND CORPORATION (HDFC) RESOURCE CENTER IS DEDICATED TO THE SUPPORT OF THE IMPORTANT WEST HARLEM...

HOUSING SERVICES - THE NEWLY FORMED WEST HARLEM DEVELOPMENT CORPORATION (WHDC) HOUSING DEVELOPMENT FUND CORPORATION (HDFC) RESOURCE CENTER IS DEDICATED TO THE SUPPORT OF THE IMPORTANT WEST HARLEM HOUSING SEGMENT, AND ITS GOAL OF PROVIDING INFORMATION AND LEVERAGING RESOURCES TO STRENGTHEN HOUSING DEVELOPMENT FUND CORPORATION COOPERATIVES IN OUR COMMUNITY.

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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 $0

Program Service Revenue $0

Investment Income $1,747,064

Other Revenue $269,853

TOTAL REVENUE $2,016,917

Expense Breakdown

Grants Paid $2,541,728

Salaries & Benefits $808,999

Fundraising Expenses $0

Program Expenses $3,507,679

Other Expenses $653,655

TOTAL EXPENSES $4,004,382

Year-over-Year Comparison

	2024	2023	Change
Revenue	$2,016,917	$1,319,248	+0.5%
Expenses	$4,004,382	$3,665,076	+0.1%
Net Income	$-1,987,465	$-2,345,828	-0.2%

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

$225,770

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
MILTON A TINGLING	BOARD CHAIR	5.00	Officer Director	$0	$0	$0
ARMOND ADAMS	VICE CHAIR	5.00	Officer Director	$0	$0	$0
DARLENE BRUCE ESQ	SECRETARY	5.00	Officer Director	$0	$0	$0
GREGORY O WATSON	TREASURER	1.00	Officer Director	$0	$0	$0
GEOFFREY EATON	TRUSTEE (THRU 07/24)	1.00	Director	$0	$0	$0
LARRY ENGLISH ESQ	TRUSTEE	1.00	Director	$0	$0	$0
ANGELA FERNANDEZ ESQ	TRUSTEE (AS OF 02/24)	1.00	Director	$0	$0	$0
TED P KOVALEFF PHD	TRUSTEE	3.00	Director	$0	$0	$0
REV GEORGIETTE MORGAN-THOMAS	TRUSTEE	1.00	Director	$0	$0	$0
DAMON G MUNCHUS ESQ	TRUSTEE (AS OF 02/24)	1.00	Director	$0	$0	$0
JALISSA QUIGLEY	TRUSTEE	1.00	Director	$0	$0	$0
MARIANNE SPRAGGINS ESQ	TRUSTEE	1.00	Director	$0	$0	$0
PATRICIA WATLER-JOHNSON	TRUSTEE	1.00	Director	$0	$0	$0
ZEAD RAMADAN	EXECUTIVE DIRECTOR	40.00	Officer	$216,921	$8,849	$225,770
VINCENT S MORGAN	HDFC DIRECTOR	40.00	Highest	$148,131	$7,755	$155,886

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	$2,016,917	$4,004,382	$56,153,063	$-1,987,465
2023	$1,319,248	$3,665,076	$57,171,726	$-2,345,828
2022	$728,466	$3,172,710	$55,894,614	$-2,444,244
2021	$1,156,663	$3,591,849	$61,321,755	$-2,435,186
2020	$1,981,477	$3,283,280	$62,475,639	$-1,301,803
2019	$1,226,221	$3,267,182	$63,045,982	$-2,040,961
2018	$2,170,748	$2,987,228	$63,810,567	$-816,480