CARTHAGE ECONOMIC DEVELOPMENT CORP

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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

1992

Legal Domicile

Principal Officer

STEPHEN K WILLIAMS

Phone

9036933868

Tax Period

2024-10-01 to 2025-09-30

CARTHAGE ECONOMIC DEVELOPMENT CORP, founded in 1992, is a community nonprofit that reported $1.0M in total revenue in fiscal year 2024. Revenue grew 14% year-over-year, indicating healthy expansion. The organization ran a surplus of $824K, a strong 81% operating margin.

Mission

TO BENEFIT AND ACCOMPLISH PUBLIC PURPOSES FOR THE CITY OF CARTHAGE, TEXAS BY PROMOTING, ASSISTING AND ENHANCING ECONOMIC DEVELOPMENT ACTIVITIES FOR THE CITY AS PROVIDED BY THE STATE OF TEXAS DEVELOPMENT CORPORATION ACT OF 1979, LOCAL GOVERNMENT CODE, CHAPTER 504.

Program Service Accomplishments

Program 1

Expenses: $28,700

THE ORGANIZATION PURSUED ONGOING EFFORTS TO PROMOTE THE CITY OF CARTHAGE AS A BUSINESS DESTINATION AND TO SUPPORT THE OPERATIONS OF EXISTING BUSINESSES IN THE CARTHAGE COMMUNITY. THE ORGANIZATION...

THE ORGANIZATION PURSUED ONGOING EFFORTS TO PROMOTE THE CITY OF CARTHAGE AS A BUSINESS DESTINATION AND TO SUPPORT THE OPERATIONS OF EXISTING BUSINESSES IN THE CARTHAGE COMMUNITY. THE ORGANIZATION CONTINUES TO PREPARE THE LAND PURCHASED IN FY 2022 FOR FUTURE DEVELOPMENT.

Program 2

Expenses: $80,846

IN PARTNERSHIP WITH THE CARTHAGE IMPROVEMENT CORPORATION, THE ORGANIZATION FUNDED A PLAN TO RECRUIT COMMERCIAL BUSINESSES THAT WILL CREATE PRIMARY JOBS IN AND AROUND THE CITY OF CARTHAGE. THEY ALSO PARTNERED WITH THEM TO RECRUIT RETAIL BUSINESSES TO THE CITY. THESE RECRUITMENT EFFORTS ARE ANTICIPATED TO CREATE ADDITIONAL JOBS WHICH WILL INCREASE SALES TAX AND PROPERTY TAX WITHIN THE CITY.

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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 $0

Investment Income $129,106

Other Revenue $890,330

TOTAL REVENUE $1,019,436

Expense Breakdown

Grants Paid $0

Salaries & Benefits $147,219

Fundraising Expenses $0

Program Expenses $109,546

Other Expenses $48,614

TOTAL EXPENSES $195,833

Year-over-Year Comparison

	2024	2023	Change
Revenue	$1,019,436	$891,960	+0.1%
Expenses	$195,833	$316,855	-0.4%
Net Income	$823,603	$575,105	+0.4%

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

$259,827

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
STEPHEN K WILLIAMS	PRESIDENT	4.00	Officer	$41,012	$2,871	$203,124
TERESA DENNARD	RECORDING SE	40.00	Officer	$56,703	$0	$56,703
TATE BARBER	DIRECTOR	N/A	Director	$0	$0	$0
ISHA BROWN	DIRECTOR	N/A	Director	$0	$0	$0
JOHN COOKE	DIRECTOR	N/A	Director	$0	$0	$0
JERRY HANSZEN	SECRETARY/TR	N/A	Director	$0	$0	$0
OLIN JOFFRION	CHAIRMAN	N/A	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	$1,019,436	$195,833	$5,000,807	$823,603
2024	$891,960	$316,855	$4,177,204	$575,105
2023	$958,428	$305,778	$3,564,028	$652,650
2023	$891,960	$316,855	$4,177,204	$575,105
2022	$781,390	$148,714	$2,864,879	$632,676
2021	$650,150	$360,302	$2,432,203	$289,848
2020	$643,656	$384,261	$1,942,355	$259,395
2019	$654,539	$396,099	$1,682,960	$258,440
2018	$583,868	$483,911	$1,424,520	$99,957