LAKE NORMAN REGIONAL ECONOMIC DEVELOPMENT CORPORATION (EIN 510463069) - 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

2003

Legal Domicile

Principal Officer

JACKIE HUFFMAN

Phone

7046596587

Tax Period

2023-07-01 to 2024-06-30

LAKE NORMAN REGIONAL ECONOMIC DEVELOPMENT CORPORATION, founded in 2003, is a small nonprofit that reported $478K in total revenue in fiscal year 2023. Revenue surged 33% from the prior year, signaling strong growth momentum. Expenses of $616K exceeded revenue, resulting in a 29% operating deficit.

Mission

THE ORGANIZATION'S MISSION IS TO FACILITATE AND ENHANCE THE ECONOMIC DEVELOPMENT OF THE LAKE NORMAN AREA AND SURROUNDING COMMUNITIES AND TO PROMOTE JOB GROWTH IN THE 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 $468,942

Program Service Revenue $0

Investment Income $9,056

Other Revenue $0

TOTAL REVENUE $477,998

Expense Breakdown

Grants Paid $0

Salaries & Benefits $404,174

Fundraising Expenses $6,345

Program Expenses $365,291

Other Expenses $211,401

TOTAL EXPENSES $615,575

Year-over-Year Comparison

	2023	2022	Change
Revenue	$477,998	$358,071	+0.3%
Expenses	$615,575	$420,691	+0.5%
Net Income	$-137,577	$-62,620	+1.2%

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

N/A

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

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
AMANDA DUMAS	BOARD OF DIRECTORS	2.00	Director	$0	$0	$0
ANTHONY ROBERTS	BOARD OF DIRECTORS	2.00	Officer Director	$0	$0	$0
ANDY MYERS	BOARD OF DIRECTORS	2.00	Director	$0	$0	$0
MIKE GRIFFIN	SECRETARY/TREASURER	2.00	Officer Director	$0	$0	$0
KATRINA KING	BOARD OF DIRECTORS	2.00	Director	$0	$0	$0
JAMIE JUSTICE	BOARD OF DIRECTORS	2.00	Director	$0	$0	$0
WOODY WASHAM	BOARD OF DIRECTORS	2.00	Director	$0	$0	$0
ROBERT CARNEY	BOARD OF DIRECTORS	2.00	Director	$0	$0	$0
BRETT ALKINS	BOARD OF DIRECTORS	2.00	Director	$0	$0	$0
ANDREW GRANT	BOARD OF DIRECTORS	2.00	Director	$0	$0	$0
SLOAN KORMELINK	BOARD OF DIRECTORS	2.00	Director	$0	$0	$0
RICHARD ANDERSON	BOARD CHAIR	2.00	Officer Director	$0	$0	$0
KERI CANTRELL	BOARD OF DIRECTORS	2.00	Director	$0	$0	$0
RYAN FAY	BOARD OF DIRECTORS	2.00	Director	$0	$0	$0
JIM COMBS	BOARD OF DIRECTORS	2.00	Director	$0	$0	$0
DAVID KEITH	BOARD OF DIRECTORS	2.00	Director	$0	$0	$0
BILL RUSSELL	BOARD OF DIRECTORS	2.00	Director	$0	$0	$0
NANCY PERRI	CHAIR ELECT	2.00	Officer Director	$0	$0	$0
MARCUS SMITH	BOARD OF DIRECTORS	2.00	Director	$0	$0	$0
SALLY ASHWORTH	BOARD OF DIRECTORS	2.00	Director	$0	$0	$0
SUSAN JOHNSON	BOARD OF DIRECTORS	2.00	Director	$0	$0	$0
RYAN MCDANIELS	FORMER EXECUTIVE DIRECTOR	40.00		$127,313	$0	$127,313

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	$477,998	$615,575	$274,100	$-137,577
2023	$358,071	$420,691	$374,344	$-62,620
2022	$373,255	$392,152	$330,972	$-18,897
2021	$339,586	$334,447	$348,284	$5,139
2020	$342,594	$374,414	$332,285	$-31,820
2019	$339,956	$358,788	$367,098	$-18,832
2018	$321,403	$312,482	$386,868	$8,921

LAKE NORMAN REGIONAL ECONOMIC DEVELOPMENT CORPORATION