MCDOWELL ECONOMIC DEVELOPMENT ASSO… - 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

1982

Legal Domicile

Tax Period

2022-07-01 to 2023-06-30

MCDOWELL ECONOMIC DEVELOPMENT ASSOCIATION INC, founded in 1982, is a small nonprofit in the Community Improvement sector that reported $228K in total revenue in fiscal year 2022. The organization ran a surplus of $47K, a strong 20% operating margin.

Program Service Accomplishments

Program 1

Expenses: $144,177 Revenue: $227,897

TO IMPROVE THE ECONOMIC CONDITIONS FOR THE PEOPLE OF MCDOWELL COUNTY THROUGH THE RECRUITMENT OF NEW BUSINESSES AND THE EXPANSION OF EXISTING BUSINESSESS IN THE COUNTY

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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 (2022)

Revenue Breakdown

Contributions & Grants $227,886

Program Service Revenue $0

Investment Income $11

Other Revenue $0

TOTAL REVENUE $227,897

Expense Breakdown

Grants Paid $0

Salaries & Benefits $121,924

Fundraising Expenses $0

Program Expenses $144,177

Other Expenses $59,395

TOTAL EXPENSES $181,319

Year-over-Year Comparison

	2022	2021	Change
Revenue	$227,897	$227,897	N/A
Expenses	$181,319	$181,320	0.0%
Net Income	$46,578	$46,577	+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

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
DAVID WOOTEN	CHAIRPERSON	5.00	Officer	$0	$0	$0
ANDREW TYE	SECRETARY TREASURER	5.00	Officer	$0	$0	$0
CHARLES ABERNATHY	EXECUTIVE DIRECTOR	40.00	Officer	$0	$0	$0
DENNIS WHITSON	VICE CHAIRPERSON	5.00	Officer	$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
2023	$227,897	$181,319	$86,104	$46,578
2022	$127,122	$136,831	$39,372	$-9,709
2021	$154,501	$139,007	$49,086	$15,494
2020	$180,858	$170,739	$33,470	$10,119
2019	$244,244	$233,173	$23,346	$11,071

MCDOWELL ECONOMIC DEVELOPMENT ASSOCIATION INC