NORFOLK INNOVATION CORRIDOR

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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

2019

Legal Domicile

Principal Officer

NICOLE J HARRELL

Phone

7579045753

Tax Period

2024-07-01 to 2025-06-30

NORFOLK INNOVATION CORRIDOR, founded in 2019, is a small nonprofit in the Community Improvement sector that reported $151K in total revenue in fiscal year 2024. Revenue fell 32% from the prior year — a significant decline worth monitoring. Expenses of $146K left a modest 3% surplus.

Mission

THE CORPORATION SHALL SUPPORT THE DEVELOPMENT, MASTER-PLANNING, PROGRAMMING, BRANDING AND MARKETING, PUBLIC AWARENESS, COMMUNITY-BUILDING AND ECONOMIC GROWTH OF THE NORFOLK INNOVATION CORRIDOR OF NORFOLK, VIRGINIA.

Program Service Accomplishments

Program 1

Expenses: $129,687 Revenue: $81,000

THE CORPORATION SHALL SUPPORT THE DEVELOPMENT, MASTER-PLANNING, PROGRAMMING, BRANDING AND MARKETING, PUBLIC AWARENESS, COMMUNITY-BUILDING AND ECONOMIC GROWTH OF THE NORFOLK INNOVATION CORRIDOR OF...

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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 $70,271

Program Service Revenue $81,000

Investment Income $0

Other Revenue $0

TOTAL REVENUE $151,271

Expense Breakdown

Grants Paid $0

Salaries & Benefits $32,180

Fundraising Expenses $0

Program Expenses $129,687

Other Expenses $114,012

TOTAL EXPENSES $146,192

Year-over-Year Comparison

	2024	2023	Change
Revenue	$151,271	$221,725	-0.3%
Expenses	$146,192	$187,580	-0.2%
Net Income	$5,079	$34,145	-0.9%

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

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

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
ALPHONSO ALBERT	DIRECTOR	N/A	Director	$0	$0	$0
ROBERT ARMSTRONG	DIRECTOR	N/A	Director	$0	$0	$0
FRED BABERS	DIRECTOR	N/A	Director	$0	$0	$0
SAVANNAH BOLIN	DIRECTOR	N/A	Director	$0	$0	$0
DR ANDREW CARRINGTON	DIRECTOR	N/A	Director	$0	$0	$0
JAESON DANDALIDES	DIRECTOR	N/A	Director	$0	$0	$0
LUKE DOWNING	DIRECTOR	N/A	Director	$0	$0	$0
COURTNEY R DOYLE	DIRECTOR	N/A	Director	$0	$0	$0
KURT EVERTZ	DIRECTOR	N/A	Director	$0	$0	$0
LARRY FILER	DIRECTOR	N/A	Director	$0	$0	$0
PERRY FRAZER	DIRECTOR	N/A	Director	$0	$0	$0
JENNIFER GEORGE	DIRECTOR	N/A	Director	$0	$0	$0
MARTIN GOOSSEN	DIRECTOR	N/A	Director	$0	$0	$0
NANCY L GRDEN	DIRECTOR	N/A	Director	$0	$0	$0
MARK HIGGINS	DIRECTOR	N/A	Director	$0	$0	$0
TOI HUNTER	DIRECTOR	N/A	Director	$0	$0	$0
MARJORIE MAYFIELD JACKSON	DIRECTOR	N/A	Director	$0	$0	$0
SCOTT JANNEY	DIRECTOR	N/A	Director	$0	$0	$0
RYAN KING	DIRECTOR	N/A	Director	$0	$0	$0
PRATIK KOTHARI	DIRECTOR	N/A	Director	$0	$0	$0
NICK LEONARD	DIRECTOR	N/A	Director	$0	$0	$0
KEVIN LESLIE	DIRECTOR	N/A	Director	$0	$0	$0
CHARLES MCPHILLIPS	FOUNDING DIR	N/A	Director	$0	$0	$0
MARY MILLER	DIRECTOR	N/A	Director	$0	$0	$0
NOEL MITCHELL	DIRECTOR	N/A	Director	$0	$0	$0
PAUL NOLDE	DIRECTOR	N/A	Director	$0	$0	$0
MICHAAEL NUSBAUM	DIRECTOR	N/A	Director	$0	$0	$0
LAVORIS PACE	DIRECTOR	N/A	Director	$0	$0	$0
NANCY PRATHER-JOHNSON	DIRECTOR	N/A	Director	$0	$0	$0
TARA RAMSEY	DIRECTOR	N/A	Director	$0	$0	$0
LELAND REMIAS	DIRECTOR	N/A	Director	$0	$0	$0
PAUL RICE	DIRECTOR	N/A	Director	$0	$0	$0
DR PAUL ROBINSON	DIRECTOR	N/A	Director	$0	$0	$0
MARK ROSENFIELD	DIRECTOR	N/A	Director	$0	$0	$0
CHRIS RUDDICK	DIRECTOR	N/A	Director	$0	$0	$0
TIM RYAN	DIRECTOR	N/A	Director	$0	$0	$0
KATY SCHUCK	DIRECTOR	N/A	Director	$0	$0	$0
ROBERT SHARAK	DIRECTOR	N/A	Director	$0	$0	$0
STACEY SHELNUT-HENDRICK	DIRECTOR	N/A	Director	$0	$0	$0
TONY SPARAGNO	DIRECTOR	N/A	Director	$0	$0	$0
KIM SUDDERTH	DIRECTOR	N/A	Director	$0	$0	$0
BRYANT THOMAS	DIRECTOR	N/A	Director	$0	$0	$0
TYLER TRAPANI	DIRECTOR	N/A	Director	$0	$0	$0
CHRISTOPHER UITERWYK	DIRECTOR	N/A	Director	$0	$0	$0
SEAN WASHINGTON	DIRECTOR	N/A	Director	$0	$0	$0
THOMAS WHITE	DIRECTOR	N/A	Director	$0	$0	$0
JESSICA WHITEHEAD	DIRECTOR	N/A	Director	$0	$0	$0
SCOTT WILLIAMS	DIRECTOR	N/A	Director	$0	$0	$0
ALI GUNBEYI	TREASURER	N/A	Officer	$0	$0	$0
NICOLE J HARRELL	CHAIR	N/A	Officer	$0	$0	$0
RENEE HOWARD	1ND VICE CHA	N/A	Officer	$0	$0	$0
WILL MORRISON	2ND VICE CHA	N/A	Officer	$0	$0	$0
KATHLEEN COMER MOZZI	SECRETARY	N/A	Officer	$0	$0	$0
DONNA PHANEUF	IMMEDIATE PA	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	$151,271	$146,192	$114,080	$5,079
2024	$221,725	$187,580	$111,748	$34,145
2023	$171,800	$159,276	$82,357	$12,524
2022	$106,324	$91,824	$62,579	$14,500
2021	$82,145	$51,983	$48,971	$30,162