LAKELAND ECONOMIC DEVELOPMENT COUNCIL INC (EIN 454919549) - 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

2012

Legal Domicile

Principal Officer

STEVEN J SCRUGGS

Phone

8636873788

Tax Period

2023-01-01 to 2023-12-31

LAKELAND ECONOMIC DEVELOPMENT COUNCIL INC, founded in 2012, is a community nonprofit that reported $1.4M in total revenue in fiscal year 2023. Revenue grew 9% year-over-year, indicating healthy expansion.

Mission

THE LAKELAND ECONOMIC DEVELOPMENT COUNCIL (LEDC) IS A PRIVATE, NON-PROFIT ORGANIZATION WITH APPROXIMATELY 135+ MEMBER COMPANIES. THE LEDC'S PRIMARY ROLE IS TO HELP CREATE JOBS AND CAPITAL INVESTMENT BY ATTRACTING NEW COMPANIES AS WELL AS FACILITATING THE EXPANSION OF EXISTING COMPANIES IN THE LAKELAND AREA.

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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 $1,309,460

Program Service Revenue $0

Investment Income $71,400

Other Revenue $0

TOTAL REVENUE $1,380,860

Expense Breakdown

Grants Paid $0

Salaries & Benefits $1,222,309

Fundraising Expenses $0

Program Expenses $795,410

Other Expenses $214,149

TOTAL EXPENSES $1,436,458

Year-over-Year Comparison

	2023	2022	Change
Revenue	$1,380,860	$1,262,320	+0.1%
Expenses	$1,436,458	$1,217,110	+0.2%
Net Income	$-55,598	$45,210	-2.2%

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

$976,251

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
STEVEN J SCRUGGS	PRESIDENT	60.00	Officer	$689,035	$0	$689,035
TODD BAYLIS	PAST CHAIRMA	2.00	Director	$0	$0	$0
WILLIAM HARRELL	DIRECTOR	2.00	Director	$0	$0	$0
KAREN TURNER	DIRECTOR	2.00	Director	$0	$0	$0
CORY PETCOFF	CHAIRMAN	3.00	Director	$0	$0	$0
CALLIE NESLUND	DIRECTOR	2.00	Director	$0	$0	$0
MARK CABRERA	VICE CHAIRMA	2.00	Director	$0	$0	$0
DANIELLE DRUMMOND	SECRETARY	2.00	Officer	$0	$0	$0
MICHAEL SMITH	TREASURER	2.00	Officer	$0	$0	$0
KATIE WORTHINGTON DECKER	SENIOR VICE	50.00	Officer	$155,704	$0	$155,704
LAURA TAYLOR	VP OPERATION	50.00	Officer	$131,512	$0	$131,512

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	$1,380,860	$1,436,458	$1,517,010	$-55,598
2022	$1,262,320	$1,217,110	$1,568,909	$45,210
2021	$1,257,011	$1,048,612	$1,566,246	$208,399
2020	$1,270,496	$1,086,042	$1,363,912	$184,454
2019	$1,275,637	$1,019,934	$1,110,497	$255,703
2018	$1,241,270	$1,196,095	$850,089	$45,175

LAKELAND ECONOMIC DEVELOPMENT COUNCIL INC