ECONOMIC DEVELOPMENT ASSOCIATION

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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

1969

Legal Domicile

Principal Officer

JEREMY W NAILS

Phone

2563531213

Tax Period

2024-10-01 to 2025-09-30

ECONOMIC DEVELOPMENT ASSOCIATION, founded in 1969, is a small nonprofit that reported $510K in total revenue in fiscal year 2024. Revenue grew 9% year-over-year, indicating healthy expansion. Expenses of $445K left a modest 13% surplus.

Mission

ECONOMIC DEVELOPMENT IN MORGAN COUNTY, ALABAMA

Program Service Accomplishments

Program 1

Expenses: $222,750 Revenue: $364,370

THE STIMULATION AND PROMOTION OF THE AREA PROVIDES EXISTING BUSINESS AND NEW BUSINESSES OPPORTUNITIES TO EXPAND AND LOCATE IN THE AREA WHICH BENEFITS EVERYONE IN THE COMMUNITY BY BRINGING JOBS AND...

THE STIMULATION AND PROMOTION OF THE AREA PROVIDES EXISTING BUSINESS AND NEW BUSINESSES OPPORTUNITIES TO EXPAND AND LOCATE IN THE AREA WHICH BENEFITS EVERYONE IN THE COMMUNITY BY BRINGING JOBS AND REVENUE.

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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 $47,442

Program Service Revenue $364,370

Investment Income $82,182

Other Revenue $15,634

TOTAL REVENUE $509,628

Expense Breakdown

Grants Paid $0

Salaries & Benefits $189,854

Fundraising Expenses $76,049

Program Expenses $222,750

Other Expenses $255,637

TOTAL EXPENSES $445,491

Year-over-Year Comparison

	2024	2023	Change
Revenue	$509,628	$467,770	+0.1%
Expenses	$445,491	$335,909	+0.3%
Net Income	$64,137	$131,861	-0.5%

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

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
CRYSTAL BROWN	NON-VOTING M	N/A	Director	$0	$0	$0
GREG CLEMONS	TREASURER	N/A	Officer Director	$0	$0	$0
KEVIN CORUM	VICE CHAIRMA	N/A	Officer Director	$0	$0	$0
KENT CHAMBERS	MEMBER	N/A	Director	$0	$0	$0
TY CHANCELOR	MEMBER	N/A	Director	$0	$0	$0
RAY HARDIN	MEMBER	N/A	Director	$0	$0	$0
JOHN HOLLEY	MEMBER	N/A	Director	$0	$0	$0
CHRIS HOWARD	MEMBER	N/A	Director	$0	$0	$0
GENE KANIKOVSKY	MEMBER	N/A	Director	$0	$0	$0
ARTHUR ORR	CHAIRMAN	N/A	Officer Director	$0	$0	$0
KELLI POWERS	MEMBER	N/A	Director	$0	$0	$0
JASMINE SANDERFER	NON-VOTING M	N/A	Director	$0	$0	$0
STEWART SMALLWOOD	MEMBER	N/A	Director	$0	$0	$0
JIMMY RAY SMITH	MEMBER	N/A	Director	$0	$0	$0
WADE WEAVER	MEMBER	N/A	Director	$0	$0	$0
MARY ILA WARD	SECRETARY	N/A	Officer Director	$0	$0	$0
JEREMY W NAILS	PRESIDENT	N/A	Officer	$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	$509,628	$445,491	$2,425,618	$64,137
2024	$467,770	$335,909	$2,593,491	$131,861
2023	$448,217	$346,336	$2,461,274	$101,881
2022	$382,417	$300,911	$2,122,081	$81,506
2021	$395,859	$273,811	$2,039,638	$122,048
2020	$409,829	$270,349	$1,915,305	$139,480
2019	$398,749	$276,270	$1,781,068	$122,479
2018	$351,877	$309,998	$1,655,147	$41,879