SHENANDOAH ECONOMIC DEVELOPMENT CO… - Form 990 Financial Data

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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

1991

Legal Domicile

Principal Officer

GREGG CONNELL

Phone

7122463455

Tax Period

2023-01-01 to 2023-12-31

SHENANDOAH ECONOMIC DEVELOPMENT CORPORATION, founded in 1991, is a small nonprofit that reported $283K in total revenue in fiscal year 2023. Expenses of $336K exceeded revenue, resulting in a 19% operating deficit.

Mission

THE MISSION OF SHENANDOAH CHAMBER & INDUSTRY ASSOCIATION IS TO IMPROVE THE ECONOMIC VITALITY, TO EXPAND HIGH PAYING EMPLOYMENT OPPORTUNITIES, ENHANCE RETAIL SHOPPING, AND TO SUPPORT MAJOR

Program Service Accomplishments

Program 1

SHENFEST, FARMERS MARKET, CHRISTMAS, SNO DOUGH, LEGISLATIVE COFFEES, CHOCOLATE WALK, SIDEWALK SALE, MARATHON, MOONLIGHT MADNESS, DISABILITY AWARENESS WALK, EVERLY HERITAGE DAY AND CHAMBER COFFEES - PROMOTE COMMUNITY DEVELOPMENT AND TO SHOWCASE AREA BUSINESSESS AND ACTIVITIES AVAILABLE IN THE COMMUNITY

Program 2

ANNUAL MEETING - AN EVENT TO PROMOTE NEW ECONOMIC DEVELOPMENT AND EXSISTING RETAIL BUSINESSES AND COMMUNITY SUPPORT AND INVOLVEMENT

Program 3

BUSINESS & INDUSTRY RECRUITMENT AND RETENTION - BOTH SMALL AND LARGE BUSINESS - ATTRACT BUSINESS & INDUSTRIES TO AID IN ECONOMIC DEVELOPMENT FOR PURPOSE OF PROVIDING EMPLOYMENT 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 $283,069

Program Service Revenue $0

Investment Income $110

Other Revenue $-498

TOTAL REVENUE $282,681

Expense Breakdown

Grants Paid $56,838

Salaries & Benefits $147,634

Fundraising Expenses $0

Other Expenses $131,381

TOTAL EXPENSES $335,853

Year-over-Year Comparison

	2023	2022	Change
Revenue	$282,681	$269,727	+0.0%
Expenses	$335,853	$285,088	+0.2%
Net Income	$-53,172	$-15,361	+2.5%

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

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

$128,369

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
MATT SELLS	PRESIDENT	1.00	Officer Director	$0	$0	$0
STEPHANIE OSBORN	TREASURER	1.00	Officer Director	$0	$0	$0
BILL DITMARS	VICE PRESIDENT	1.00	Officer Director	$0	$0	$0
KERRI NELSON	DIRECTOR	1.00	Director	$0	$0	$0
AMY ZWICKEL	DIRECTOR	1.00	Director	$0	$0	$0
BECKY LEPORTE	DIRECTOR	1.00	Director	$0	$0	$0
JULIE O'HARA	DIRECTOR	1.00	Director	$0	$0	$0
JOHN FINN	DIRECTOR	1.00	Director	$0	$0	$0
CORY SCAMMAN	DIRECTOR	1.00	Director	$0	$0	$0
AARON O'BRIEN	DIRECTOR	1.00	Director	$0	$0	$0
LANCE CORNELIUS	DIRECTOR	1.00	Director	$0	$0	$0
GREGG CONNELL	EXECUTIVE VICE PRESIDENT	40.00	Officer	$77,795	$0	$77,795
CHRIS CLARK	DIRECTOR	1.00	Director	$0	$0	$0
EARL HENDRICKSON	DIRECTOR	1.00	Director	$0	$0	$0
SHELLY WARNER	SECRETARY	40.00	Officer	$50,574	$0	$50,574
MARGARET BRADY	DIRECTOR	1.00	Director	$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
2025	No data	No data	No data	No data
2024	No data	No data	No data	No data
2023	$282,681	$335,853	$55,645	$-53,172
2022	$269,727	$285,088	$108,043	$-15,361
2021	$261,624	$308,063	$116,536	$-46,439
2020	$298,160	$250,238	$162,928	$47,922
2019	$302,750	$271,384	$116,568	$31,366
2018	$273,928	$269,929	$98,877	$3,999

SHENANDOAH ECONOMIC DEVELOPMENT CORPORATION