SODO Business Improvement Area

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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

2014

Legal Domicile

Principal Officer

Erin Goodman

Phone

2069819877

Tax Period

2023-01-01 to 2023-12-31

SODO Business Improvement Area, founded in 2014, is a community nonprofit in the Community Improvement sector that reported $2.0M in total revenue in fiscal year 2023. Revenue surged 30% from the prior year, signaling strong growth momentum. Expenses of $1.9M left a modest 7% surplus.

Mission

To enhance transportation, safety, and cleanliness for the benefit of property owners, tenants, businesses, patrons and employees of the SODO area of Seattle.

Program Service Accomplishments

Program 1

Expenses: $978,908 Revenue: $1,187,559

Clean & Safe SODO: Contract for services to maintain a clean environment for SODO employees. 2023 services included a contract for bi-weekly street sweeping and a contract to conduct quarterly...

Clean & Safe SODO: Contract for services to maintain a clean environment for SODO employees. 2023 services included a contract for bi-weekly street sweeping and a contract to conduct quarterly sidewalk cleanings including illegal dumping removal. In 2023, our contracted service providers pressure washed 92 blocks and removed 96 graffiti tags within our boundaries. Additionally, over 18,500 bags of debris were removed through our contracted service providers. We supported graffiti prevention through funding for public art. We contracted with the Seattle Police Department to provide over 3,500 hours of additional off-duty patrols to address chronic crime and nuisance issues in SODO. (Continued on Schedule O)We also maintain a contract with Evergreen Treatment Services (ETS) for homeless outreach in our geographical district. In 2023, ETS connected with 673 unhoused individuals to help identify resources.

Program 2

Expenses: $259,732 Revenue: $315,093

Engage SODO: Increase communication and interaction within SODO so that the BIA most effectively represents the interests and executes the priorities of SODO BIA Business and property owners...

Engage SODO: Increase communication and interaction within SODO so that the BIA most effectively represents the interests and executes the priorities of SODO BIA Business and property owners. Leverage influence and investments to improve the conditions of the district for commerce to thrive in SODO. In 2023, we launched our Shop SODO marketing campaign to advertise the incredible shopping opportunities SODO has to offer. We launched the new SODO Stories on a weekly basis. SODO Stories feature businesses across the neighborhood in short 20-40 second video features and are published on social media, our monthly newsletter, website, and posted to our YouTube archive. We hosted three business networking events this year at venues across SODO, with an attendance of over 150 people for the three events.

Program 3

Expenses: $231,078 Revenue: $280,332

Move SODO: We continued to advocate for the repair and maintenance of SODO's streets, bicycle and pedestrian safety, and freight businesses in city-wide transportation discussions. Seattle Department of Transportation (SDOT) advanced the design for the Georgetown to Downtown Safety Project, which will install mostly protected bike lanes from Georgetown to the SODO station. We continued to work with SDOT's Vision Zero team and King County Metro to make various safety improvements. Sound Transit is also preparing its Final Environmental Impact Statement for the West Seattle Link Extension. We are coordinating with Sound Transit and other agency partners to mitigate potential impacts to transportation in SODO. (Continued on Schedule O)In September 2023, we hosted our first Greenspace Open House in collaboration with MxM Landscape Architecture. This was an exciting opportunity for community members to share feedback regarding possible greening opportunities including parks, street trees, and green walls in SODO.

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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 $151,648

Program Service Revenue $1,933,132

Investment Income $-37,968

Other Revenue $0

TOTAL REVENUE $2,046,812

Expense Breakdown

Grants Paid $12,634

Salaries & Benefits $688,494

Fundraising Expenses $0

Program Expenses $1,593,485

Other Expenses $1,208,815

TOTAL EXPENSES $1,909,943

Year-over-Year Comparison

	2023	2022	Change
Revenue	$2,046,812	$1,569,704	+0.3%
Expenses	$1,909,943	$1,311,745	+0.5%
Net Income	$136,869	$257,959	-0.5%

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

110

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

$217,728

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
Todd Biesold	President	1.00	Officer Director	$0	$0	$0
Wil Lavaris	Vice President	1.00	Officer Director	$0	$0	$0
Chad Zinda	Secretary Until Aug 2023	1.00	Officer Director	$0	$0	$0
Robin Howard	Treasurer	2.00	Officer Director	$0	$0	$0
Jen Osborn	Secretary	1.00	Officer Director	$0	$0	$0
Daniel Byrne	Director	1.00	Director	$0	$0	$0
Ken Clark	Director	1.00	Director	$0	$0	$0
Alex Cooley	Director	1.00	Director	$0	$0	$0
Sally Del Fierro	Director Until May 2023	1.00	Director	$0	$0	$0
Effie Gleason	Director	2.00	Director	$0	$0	$0
Joe Sievers	Director	1.00	Director	$0	$0	$0
Mark Miller	Director	1.00	Director	$0	$0	$0
Lisa Nitze	Director	1.00	Director	$0	$0	$0
Juan Rodriguez	Director	1.00	Director	$0	$0	$0
Garth Schlemlein	Director	1.00	Director	$0	$0	$0
Andy Gregory	Director As of May 2023	1.00	Director	$0	$0	$0
Christine Beeman	Director	1.00	Director	$0	$0	$0
Erin Goodman	Executive Director	40.00	Officer	$190,227	$27,501	$217,728

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	$2,046,812	$1,909,943	$599,515	$136,869
2022	$1,569,704	$1,311,745	$488,902	$257,959
2021	$1,070,355	$1,072,861	$209,309	$-2,506
2020	$1,024,380	$968,823	$191,395	$55,557
2019	$1,027,485	$1,000,939	$147,655	$26,546
2018	$864,930	$839,766	$118,870	$25,164