TRI-COUNTY ECONOMIC DEVELOPMENT CHARITABLE CORPORATION

EIN: 832547630 501(c)(3) Community Improvement

COVINGTON, KY

Total Revenue
$168,061
Total Expenses
$1,127,562
Total Assets
$1,667,929
Net Assets
$1,267,728
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Financial Vulnerability Assessment (Tuckman-Chang)

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Financial Trends

Organization Details

Formation Year
2018
Legal Domicile
KY
Principal Officer
LEE CRUME
Phone
8593440040
Tax Period
2024-07-01 to 2025-06-30

TRI-COUNTY ECONOMIC DEVELOPMENT CHARITABLE CORPORATION, founded in 2018, is a small nonprofit in the Community Improvement sector that reported $168K in total revenue in fiscal year 2024. Revenue fell 34% from the prior year — a significant decline worth monitoring. Expenses of $1.1M exceeded revenue, resulting in a 571% operating deficit.

Mission

TO PROVIDE PRIVATE-SECTOR LEADERSHIP AND RESOURCES TO THE TRI-COUNTY ECONOMIC DEVELOPMENT CORPORATION (TRI-ED)

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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%)

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Financial Overview (2024)

Revenue Breakdown

Contributions & Grants $129,174
Program Service Revenue $0
Investment Income $38,887
Other Revenue $0
TOTAL REVENUE $168,061

Expense Breakdown

Grants Paid $279,750
Salaries & Benefits $708,048
Fundraising Expenses $0
Program Expenses $1,127,562
Other Expenses $139,764
TOTAL EXPENSES $1,127,562

Year-over-Year Comparison

2024 2023 Change
Revenue $168,061 $254,784 -0.3%
Expenses $1,127,562 $814,363 +0.4%
Net Income $-959,501 $-559,579 +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

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Liquidity & Cash Position

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Governance

Voting Members
8
Independent Members
8
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
5
$395,767
Total Directors
8
$0
Key Employees
2
$347,536
Highest Compensated
2
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
CAREY SANDERS VICE CHAIR 1.00
Officer Director
$0 $0 $0
BEN BRANDSTETTER CHAIR 1.00
Officer Director
$0 $0 $0
KRIS KNOCHELMANN 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
NORMAND DESMARAIS SECRETARY 1.00
Officer Director
$0 $0 $0
ADRIAN HOTHEM TREASURER 1.00
Officer Director
$0 $0 $0
JIM DRESSMAN FORMER CHAIR 1.00
Director
$0 $0 $0
LEE CRUME PRESIDENT & CEO 11.00
Officer
$0 $15,227 $395,767
CHRISTINE RUSSELL VP OF STRATEGY 34.00
Key Emp
$0 $6,560 $188,571
KIMBERLY ROSSETTI VP OF ECONOMIC DEVELOPMENT 6.00
Key Emp
$0 $8,100 $158,965
CHERLY BESL VP OF MARKETING & COMMUNICATIONS 12.00
Highest
$0 $7,514 $129,359
DAVID MCALEESE RESEARCH DIRECTOR 16.00
Highest
$0 $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 $168,061 $1,127,562 $1,667,929 $-959,501
2024 $254,784 $814,363 $2,414,363 $-559,579
2023 $1,176,302 $564,965 $2,926,916 $611,337
2022 $2,155,761 $15 $2,175,472 $2,155,746
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