LINCOLN ECONOMIC DEVELOPMENT ASSOCI (EIN 561188297) - 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

1996

Legal Domicile

Principal Officer

CLIFF BRUMFIELD

Phone

7047321511

Tax Period

2023-07-01 to 2024-06-30

LINCOLN ECONOMIC DEVELOPMENT ASSOCI, founded in 1996, is a small nonprofit in the Community Improvement sector that reported $939K in total revenue in fiscal year 2023. Revenue grew 13% year-over-year, indicating healthy expansion.

Mission

TO FOSTER AN ECONOMIC ENVIRONMENT THAT PROMOTES AN ENHANCEMENT OF THE STANDARD OF LIVING BY CREATING MORE AND BETTER JOBS FOR THE CITIZENS OF LINCOLNTON AND LINCOLN COUNTY AND AN INCREASED AND DIVERSIFIED TAX BASE TO PROIVDE NEEDED COMMUNITY SERVICES.

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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 $813,081

Program Service Revenue $82,850

Investment Income $16,944

Other Revenue $26,141

TOTAL REVENUE $939,016

Expense Breakdown

Grants Paid $0

Salaries & Benefits $647,455

Fundraising Expenses $0

Program Expenses $775,480

Other Expenses $304,734

TOTAL EXPENSES $952,189

Year-over-Year Comparison

	2023	2022	Change
Revenue	$939,016	$829,669	+0.1%
Expenses	$952,189	$842,459	+0.1%
Net Income	$-13,173	$-12,790	+0.0%

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

$159,373

Total Directors

$159,373

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
CLIFF BRUMFIELD	SECRETARY	40.00	Officer Director	$159,373	$0	$159,373
KELLY ATKINS	DIRECTOR	1.00	Director	$0	$0	$0
BUD CESENA	DIRECTOR	1.00	Director	$0	$0	$0
HENK-JAN VAN ETTEKOVEN	DIRECTOR	1.00	Director	$0	$0	$0
ED HATLEY	DIRECTOR	1.00	Director	$0	$0	$0
MYRA HEAVNER	TREASURER	1.00	Officer Director	$0	$0	$0
DAVID LEE	CHAIR	1.00	Officer Director	$0	$0	$0
MARTY PARIS	CHAIR	1.00	Officer Director	$0	$0	$0
BRENT REYNOLDS	DIRECTOR	1.00	Director	$0	$0	$0
DR JIM WATSON	VICE CHAIR	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	$939,016	$952,189	$906,252	$-13,173
2023	$829,669	$842,459	$892,121	$-12,790
2022	$833,386	$872,356	$906,261	$-38,970
2021	$831,995	$861,092	$984,675	$-29,097
2020	$765,545	$866,181	$1,014,294	$-100,636
2019	$800,551	$871,417	$1,128,285	$-70,866

LINCOLN ECONOMIC DEVELOPMENT ASSOCI