FLORIDA DEVELOPMENT FINANCE CORPOR… - 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

1993

Legal Domicile

Principal Officer

ROBERT HARVEY ESQ

Phone

4077126351

Tax Period

2024-07-01 to 2025-06-30

FLORIDA DEVELOPMENT FINANCE CORPORATION, founded in 1993, is a community nonprofit that reported $3.3M in total revenue in fiscal year 2024. Revenue fell 42% from the prior year — a significant decline worth monitoring. The organization ran a surplus of $1.8M, a strong 53% operating margin.

Mission

FDFC IS A STATE AUTHORIZED ISSUER OF INDUSTRIAL REVENUE BONDS AND DOES NOT RECEIVE STATE APPROPRIATIONS. FDFC ISSUES BONDS IN COUNTIES THROUGHOUT FLORIDA THROUGH INTERLOCAL AGREEMENTS. WE SUPPORT ECONOMIC DEVELOPMENT BY ASSISTING FOR-PROFIT AND NOT-FOR-PROFIT BUSINESSES WITH ACCESS TO CAPITAL FOR PROJECT FINANCING. THE PRIMARY MECHANISM FOR ACCESSING THE CAPITAL MARKETS IS TAX-EXEMPT AND TAXABLE BONDS.

Program Service Accomplishments

Program 1

Expenses: $533,614 Revenue: $1,630,917

TRADITIONAL BONDS - THIS PROGRAM IS PROVIDED THROUGH ENABLING LEGISLATION UNDER FL. ST. CHAPTER 288, PART X WHEREBY THE FDFC IS AUTHORIZED AS A "CONDUIT ISSUER" TO ISSUE BONDS THROUGHOUT THE STATE IN CONJUNCTION WITH AN INTERLOCAL AGREEMENT WITH LOCAL GOVERNMENTS WHERE THE PROJECT IS LOCATED. TAX-EXEMPT BONDS ARE ISSUED FOR ELIGIBLE PROJECTS OR BORROWERS THAT MEET CERTAIN ELIGIBILITY REQUIREMENTS UNDER THE IRS TAX CODE. REPAYMENT OF THE BONDS IS THE RESPONSIBLITY OF THE BORROWER AND NOT THE FDFC, STATE, FEDERAL OR LOCAL GOVERNMENTS.

Program 2

Expenses: $582,184 Revenue: $1,127,547

PACE BONDS - THIS PROGRAM IS FOUND UNDER FL. ST. 163.08. UNDER FL. ST. 288.9606 (7)(C), THE FDFC IS AUTHORIZED TO ISSUE PACE BONDS THROUGHOUT THE STATE. THESE BONDS ARE ISSUED TO PAY FOR THE PURCHASE AND INSTALLATION OF ELIGIBLE IMPROVEMENTS TO PROPERTY FOR THE PURPOSE OF ENERGY EFFICIENCY, ENERGY CONSERVATION AND WIND HARDENING. REPAYMENT OF THE BONDS IS THROUGH A VOLUNTARY SPECIAL ASSESSMENT REQUESTED BY THE PROPERTY OWNER AND PLACED ON THE ANNUAL TAX ROLL.

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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 $0

Program Service Revenue $2,758,464

Investment Income $554,501

Other Revenue $13,931

TOTAL REVENUE $3,326,896

Expense Breakdown

Grants Paid $0

Salaries & Benefits $934,132

Fundraising Expenses $0

Program Expenses $1,115,798

Other Expenses $615,232

TOTAL EXPENSES $1,549,364

Year-over-Year Comparison

	2024	2023	Change
Revenue	$3,326,896	$5,739,600	-0.4%
Expenses	$1,549,364	$1,746,925	-0.1%
Net Income	$1,777,532	$3,992,675	-0.6%

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

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

$382,124

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
MICHAEL DINAPOLI	CHAIR (THRU 7/24)	1.00	Officer Director	$0	$0	$0
ALEX KELLY	CHAIR (FROM 7/24)	1.00	Officer Director	$0	$0	$0
CHARBEL BARAKAT	DIRECTOR	1.00	Director	$0	$0	$0
ROBERT PANEPINTO	DIRECTOR	1.00	Director	$0	$0	$0
MOSHE POPACK	DIRECTOR	1.00	Director	$0	$0	$0
J MICHAEL QUIJANO	DIRECTOR	1.00	Director	$0	$0	$0
TAYLOR SMITH	DIRECTOR	1.00	Director	$0	$0	$0
BEN WATKINS	DIRECTOR	1.00	Director	$0	$0	$0
ROBERT HARVEY ESQ	EXECUTIVE DIRECTOR	40.00	Officer	$189,358	$26,914	$216,272
RYAN BARTKUS	SR. DIRECTOR, PROGRAMS	40.00	Officer	$127,643	$38,209	$165,852
JENNIFER JENKINS	SR. DIR., ADMIN.	40.00	Highest	$117,200	$26,957	$144,157
MILDRED MORALES	DIRECTOR, SYSTEMS & IT	40.00	Highest	$120,960	$20,937	$141,897
DAVID LYNN ROGERS	SR. DIR., BUS. DEV. (THRU 2/24)	40.00	Highest	$115,902	$13,396	$129,298

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	$3,326,896	$1,549,364	$14,560,866	$1,777,532
2024	$5,739,600	$1,746,925	$12,338,198	$3,992,675
2023	$2,893,381	$1,492,227	$8,374,240	$1,401,154
2022	$3,600,952	$1,542,604	$7,090,461	$2,058,348
2021	$2,582,006	$1,374,780	$4,673,672	$1,207,226
2020	$1,390,502	$1,322,176	$3,466,366	$68,326
2019	$3,813,725	$1,561,184	$3,393,919	$2,252,541

FLORIDA DEVELOPMENT FINANCE CORPORATION