HARNETT ECONOMIC DEVELOPMENT CORPORATION (EIN 561924426) - 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

1994

Legal Domicile

Principal Officer

JEFF WHITTINGTON

Phone

9108937524

Tax Period

2024-07-01 to 2025-06-30

HARNETT ECONOMIC DEVELOPMENT CORPORATION, founded in 1994, is a micro nonprofit in the Community Improvement sector that reported $58K in total revenue in fiscal year 2024. Revenue fell 98% from the prior year — a significant decline worth monitoring. Expenses of $136K exceeded revenue, resulting in a 136% operating deficit.

Mission

PROMOTE HARNETT COUNTY ECONOMIC DEVELOPMENT.

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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 (2024)

Revenue Breakdown

Contributions & Grants $3,500

Program Service Revenue $0

Investment Income $51,479

Other Revenue $2,800

TOTAL REVENUE $57,779

Expense Breakdown

Grants Paid $0

Salaries & Benefits $0

Fundraising Expenses $0

Program Expenses $97,804

Other Expenses $136,211

TOTAL EXPENSES $136,211

Year-over-Year Comparison

	2024	2023	Change
Revenue	$57,779	$3,097,065	-1.0%
Expenses	$136,211	$1,665,904	-0.9%
Net Income	$-78,432	$1,431,161	-1.1%

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

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
LISA CHAPMAN	EX-OFFICIO B	N/A	Director	$0	$0	$0
WILLIAM DOWNS	EX-OFFICIO B	N/A	Director	$0	$0	$0
JEFFREY DUNN	BOARD MEMBER	N/A	Director	$0	$0	$0
PHYLLIS GODWIN	SECRETARY/TR	N/A	Officer Director	$0	$0	$0
W BROOKS MATTHEWS	COUNTY COMMI	N/A	Director	$0	$0	$0
JERRY MILTON	CHAIR	N/A	Officer Director	$0	$0	$0
WILLIAM MORRIS	COUNTY COMMI	N/A	Director	$0	$0	$0
SCOTT NELSON	BOARD MEMBER	N/A	Director	$0	$0	$0
CATHY O'DELL	BOARD MEMBER	N/A	Director	$0	$0	$0
BRENT TROUT	EX-OFFICIO B	N/A	Director	$0	$0	$0
ERIC WHITE	BOARD MEMBER	N/A	Director	$0	$0	$0
JEFF WHITTINGTON	VICE CHAIR	N/A	Officer 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	$57,779	$136,211	$2,742,845	$-78,432
2024	$3,097,065	$1,665,904	$2,800,323	$1,431,161
2023	$7,333	$85,718	$3,063,683	$-78,385
2022	$2,352	$72,149	$3,142,068	$-69,797

HARNETT ECONOMIC DEVELOPMENT CORPORATION