ECONOMIC DEVELOPMENT CORPORATION O… - 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

2021

Legal Domicile

Principal Officer

SCOTT CUTHBERTSON

Phone

8013288824

Tax Period

2022-07-01 to 2023-06-30

ECONOMIC DEVELOPMENT CORPORATION OF UTAH FOUNDATION, founded in 2021, is a small nonprofit in the Community Improvement sector that reported $465K in total revenue in fiscal year 2022. Revenue surged 158% from the prior year, signaling strong growth momentum.

Mission

TO SERVE AS A CATALYST FOR QUALITY JOB GROWTH AND INCREASED CAPITAL INVESTMENT IN THE STATE.

Program Service Accomplishments

Program 1

Expenses: $449,212

THE CENTER FOR ECONOMIC OPPORTUNITY AND BELONGING SERVES AS THE PRIVATE SECTOR COMMITMENT TO WORK ALONGSIDE GOVERNMENT AND COMMUNITIES OF COLOR TO ADVANCE THE PRINCIPLES OUTLINED IN THE UTAH COMPACT ON RACIAL EQUITY, DIVERSITY, AND INCLUSION. THE CENTER FOCUSES ON ADVANCING ECONOMIC EQUITY AND STRENGTHENING COMMUNITY COHESIVENESS BY FOSTERING AN ENVIRONMENT OF BELONGING FOR ALL UTAHNS.

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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 (2022)

Revenue Breakdown

Contributions & Grants $465,280

Program Service Revenue $0

Investment Income $0

Other Revenue $0

TOTAL REVENUE $465,280

Expense Breakdown

Grants Paid $144,401

Salaries & Benefits $178,701

Fundraising Expenses $5,712

Program Expenses $449,212

Other Expenses $174,997

TOTAL EXPENSES $498,099

Year-over-Year Comparison

	2022	2021	Change
Revenue	$465,280	$180,000	+1.6%
Expenses	$498,099	$196,760	+1.5%
Net Income	$-32,819	$-16,760	+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

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

$107,039

Total Directors

$254,620

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
THERESA FOXLEY	BOARD MEMBER	2.00	Director	$0	$12,868	$254,620
ZE MIN XIAO	DIRECTOR	40.00	Officer	$92,592	$14,447	$107,039
SCOTT CUTHBERTSON	BOARD MEMBER	1.00	Director	$0	$0	$0
TOM MORGAN	BOARD MEMBER	1.00	Director	$0	$0	$0
MICHELLE SMITH	BOARD MEMBER	1.00	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
2023	$465,280	$498,099	$20,413	$-32,819

ECONOMIC DEVELOPMENT CORPORATION OF UTAH FOUNDATION