CITY OF SUMTER HOUSING AND ECONOMI… - 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

1997

Legal Domicile

Principal Officer

DERON MCCORMICK

Phone

8034362685

Tax Period

2024-07-01 to 2025-06-30

CITY OF SUMTER HOUSING AND ECONOMIC DEVELOPMENT CORPORATION, founded in 1997, is a community nonprofit in the Housing & Shelter sector that reported $2.0M in total revenue in fiscal year 2024. Revenue surged 53% from the prior year, signaling strong growth momentum. The organization ran a surplus of $1.4M, a strong 71% operating margin.

Mission

TO SUPPORT / CONDUCT ACTIVITIES THAT MAY PROVIDE HOUSING, ECONOMIC DEVELOPMENT, DOWNTOWN REVITALIZATION, HISTORIC PRESERVATION AND COMMUNITY DEVELOPMENT.

Program Service Accomplishments

Program 1

Expenses: $569,041

TO COMBAT COMMUNITY DETERIORATION THROUGH RESIDENTIAL AND COMMERCIAL DEVELOPMENT AND REVITALIZATION, ECONOMIC DEVELOPMENT AND HISTORIC PRESERVATION.

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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 $1,707,168

Program Service Revenue $0

Investment Income $279,046

Other Revenue $0

TOTAL REVENUE $1,986,214

Expense Breakdown

Grants Paid $537,345

Salaries & Benefits $0

Fundraising Expenses $50

Program Expenses $569,041

Other Expenses $32,398

TOTAL EXPENSES $569,743

Year-over-Year Comparison

	2024	2023	Change
Revenue	$1,986,214	$1,299,448	+0.5%
Expenses	$569,743	$446,750	+0.3%
Net Income	$1,416,471	$852,698	+0.7%

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
DAVID P MERCHANT	BOARD MEMBER	1.00	Officer Director	$0	$0	$0
COLIN DAVIS	BOARD MEMBER	1.00	Director	$0	$0	$0
DERON MCCORMICK	TREASURER	1.00	Officer	$0	$0	$0
APRIL WOODS	CHAIR PERSON	1.00	Officer Director	$0	$0	$0
VERNON J DISNEY	BOARD MEMBER	1.00	Director	$0	$0	$0
MICHAEL WALTERS	BOARD MEMBER	1.00	Director	$0	$0	$0
AUSTIN FLOYD	BOARD MEMBER	1.00	Director	$0	$0	$0
MARY BLANDING	BOARD MEMBER	1.00	Director	$0	$0	$0
LATOYA MOORE	BOARD MEMBER	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	$1,986,214	$569,743	$7,970,024	$1,416,471
2024	$1,299,448	$446,750	$6,386,459	$852,698
2023	$2,391,474	$1,186,345	$5,656,069	$1,205,129
2022	$2,384,397	$2,191,044	$4,664,908	$193,353
2021	$1,654,734	$427,636	$4,133,754	$1,227,098
2020	$1,302,308	$1,127,265	$2,906,656	$175,043
2019	$2,137,027	$520,773	$2,746,725	$1,616,254
2018	$80,955	$114,156	$1,115,359	$-33,201

CITY OF SUMTER HOUSING AND ECONOMIC DEVELOPMENT CORPORATION