TRI-COUNTY ECONOMIC DEVELOPMENT CO… - 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

1987

Legal Domicile

Principal Officer

LEE CRUME

Phone

8593440040

Tax Period

2024-07-01 to 2025-06-30

TRI-COUNTY ECONOMIC DEVELOPMENT CORPORATION, founded in 1987, is a community nonprofit that reported $5.5M in total revenue in fiscal year 2024. Revenue surged 43% from the prior year, signaling strong growth momentum. The organization ran a surplus of $2.3M, a strong 41% operating margin.

Mission

BUILD A WORLD-CLASS ECONOMY IN NORTHERN KENTUCKY THROUGH THE EXPANSION OF EXISTING BUSINESSES AND THE CREATION AND ATTRACTION OF HIGH QUALITY, PRIMARY INDUSTRY EMPLOYERS.

Program Service Accomplishments

Program 1

PROVISION OF ECONOMIC DEVELOPMENT SERVICES TO BOONE, CAMPBELL AND KENTON COUNTIES AND THE MUNICIPALITIES AND BUSINESS INTERESTS THEREIN COMPRISED OF MARKETING, ATTRACTION, BUSINESS RETENSION &...

PROVISION OF ECONOMIC DEVELOPMENT SERVICES TO BOONE, CAMPBELL AND KENTON COUNTIES AND THE MUNICIPALITIES AND BUSINESS INTERESTS THEREIN COMPRISED OF MARKETING, ATTRACTION, BUSINESS RETENSION & EXPANSION AND ENTREPRENEURIAL SUPPORT ON A REGIONAL, COOPERATIVE AND UNIFIED BASIS.

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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 $4,674,346

Program Service Revenue $0

Investment Income $846,854

Other Revenue $0

TOTAL REVENUE $5,521,200

Expense Breakdown

Grants Paid $497,500

Salaries & Benefits $1,474,746

Fundraising Expenses $0

Other Expenses $1,267,080

TOTAL EXPENSES $3,239,326

Year-over-Year Comparison

	2024	2023	Change
Revenue	$5,521,200	$3,868,470	+0.4%
Expenses	$3,239,326	$2,730,865	+0.2%
Net Income	$2,281,874	$1,137,605	+1.0%

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

$395,767

Total Directors

Key Employees

$347,536

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
ANNA WRIGHT	DIRECTOR	1.00	Director	$0	$0	$0
GARY MOORE	DIRECTOR	1.00	Director	$0	$0	$0
STEVE PENDERY	DIRECTOR	1.00	Director	$0	$0	$0
KRIS KNOCHELMANN	DIRECTOR	1.00	Director	$0	$0	$0
JAMES DRESSMAN	PAST CHAIRMAN	1.00	Director	$0	$0	$0
JULIE METZGER AUBUCHON	DIRECTOR	1.00	Director	$0	$0	$0
BRIAN CARR	DIRECTOR	1.00	Director	$0	$0	$0
CADY SHORT-THOMPSON	DIRECTOR	1.00	Director	$0	$0	$0
FERNANDO FIGUEROA	DIRECTOR	1.00	Director	$0	$0	$0
KIMM LAUTERBACH	DIRECTOR	1.00	Director	$0	$0	$0
GARREN COLVIN	DIRECTOR	1.00	Director	$0	$0	$0
PHILIPPE GARNIER	DIRECTOR	1.00	Director	$0	$0	$0
NORMAND DESMARAIS	SECRETARY	1.00	Officer Director	$0	$0	$0
ADRIAN HOTHEM	TREASURER	1.00	Officer Director	$0	$0	$0
BEN BRANDSTETTER	VICE CHAIR	1.00	Officer Director	$0	$0	$0
CAREY SANDERS	CHAIR	1.00	Officer Director	$0	$0	$0
TARA HALPIN	DIRECTOR	1.00	Director	$0	$0	$0
JIM HENNING	DIRECTOR	1.00	Director	$0	$0	$0
DAN RUH	DIRECTOR	1.00	Director	$0	$0	$0
JOSEPH CHILLO	DIRECTOR	1.00	Director	$0	$0	$0
RICHARD ELWELL	DIRECTOR	1.00	Director	$0	$0	$0
LEE A CRUME	PRESIDENT & CEO	29.00	Officer	$380,540	$15,227	$395,767
KIMBERLY ROSSETTI	VICE PRESIDENT OF ECONOMIC	34.00	Key Emp	$150,865	$8,100	$158,965
CHRISTINE RUSSELL	VICE PRESIDENT OF STRATEGY	6.00	Key Emp	$182,011	$6,560	$188,571
ANGELA MULBERRY	VP OF BUSINESS RETENTION	40.00	Highest	$113,477	$4,160	$117,637
CHERY BESL	VP OF MARKETING & CUMMINCATIONS	28.00	Highest	$121,845	$7,514	$129,359
DAVID MCALEESE	RESEARCH DIRECTOR	24.00	Highest	$108,639	$4,280	$112,919

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	$5,521,200	$3,239,326	$14,430,781	$2,281,874
2024	No data	No data	No data	No data
2023	$3,967,048	$2,368,189	$22,520,353	$1,598,859
2022	$3,157,156	$2,381,999	$3,479,036	$775,157
2021	$1,412,054	$2,028,753	$3,178,931	$-616,699
2020	$2,157,929	$2,361,433	$3,382,807	$-203,504
2019	$3,570,200	$3,167,488	$3,891,359	$402,712
2018	$2,411,945	$2,368,321	$3,116,765	$43,624

TRI-COUNTY ECONOMIC DEVELOPMENT CORPORATION