Burlington Development Corporation

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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

Legal Domicile

Principal Officer

Veronica Revels

Phone

3362268421

Tax Period

2023-10-01 to 2024-09-30

Burlington Development Corporation is a community nonprofit in the Housing & Shelter sector that reported $3.2M in total revenue in fiscal year 2023. Revenue surged 2016% from the prior year, signaling strong growth momentum. The organization ran a surplus of $871K, a strong 27% operating margin.

Mission

BDC's goals and objectives are to engage in or assist in development, financing and/or the operation of housing for low-income people and families and to provide supportive services necessary for the residents to become academically successful and economically self-sufficient. BDC strives to change the public housing culture, values and behavior through positive incentives doe resident self-sufficiency, providing programs and services that empower residents and collaboration and partnerships throughout the community to meet that end.

Program Service Accomplishments

Program 1

Expenses: $2,083,045

Provide scholarships and other programs and learning experiences to continue education for low and very-low income persons. Provide opportunities for low and very-low income families to move from...

Provide scholarships and other programs and learning experiences to continue education for low and very-low income persons. Provide opportunities for low and very-low income families to move from assisted housing. In addition, the Burlington Housing Authority converted using HUD's RAD program at the end of this fiscal year.

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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 $2,302,441

Program Service Revenue $818,923

Investment Income $88,635

Other Revenue $0

TOTAL REVENUE $3,209,999

Expense Breakdown

Grants Paid $0

Salaries & Benefits $0

Fundraising Expenses $0

Program Expenses $2,083,045

Other Expenses $2,338,581

TOTAL EXPENSES $2,338,581

Year-over-Year Comparison

	2023	2022	Change
Revenue	$3,209,999	$151,732	+20.2%
Expenses	$2,338,581	$187,650	+11.5%
Net Income	$871,418	$-35,918	-25.3%

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
Veronica Revels	President	2.00	Officer Director	$0	$0	$0
Charles Carter	Trustee	0.50	Director	$0	$0	$0
Millicent Cash	Trustee	0.50	Director	$0	$0	$0
Reggie Wilson	Trustee	0.50	Director	$0	$0	$0
Michael Graves	Trustee	0.50	Director	$0	$0	$0
Melinda Freeman	Vice President	0.50	Officer Director	$0	$0	$0
Patrick Mills	Trustee	0.50	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
2024	$3,209,999	$2,338,581	$20,255,187	$871,418
2023	$151,732	$187,650	$13,823,097	$-35,918
2022	$143,413	$107,902	$2,066,987	$35,511
2021	$472,843	$102,634	$2,030,756	$370,209
2020	$198,042	$168,588	$1,659,028	$29,454
2019	$153,013	$220,992	$1,657,822	$-67,979
2018	$132,734	$129,339	$1,700,928	$3,395