SITKA ECONOMIC DEVELOPMENT ASSOCIATION INC (EIN 911786756) - Form 990 Financial Analysis & Trantor Score

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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

1998

Legal Domicile

Principal Officer

CORY BAGGEN

Phone

9077472660

Tax Period

2024-07-01 to 2025-06-30

SITKA ECONOMIC DEVELOPMENT ASSOCIATION INC, founded in 1998, is a small nonprofit in the Community Improvement sector that reported $241K in total revenue in fiscal year 2024. Revenue grew 14% year-over-year, indicating healthy expansion.

Mission

TO PROMOTE ECONOMIC DEVELOPMENT IN SITKA, ALASKA.

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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 $117,550

Program Service Revenue $122,116

Investment Income $1,434

Other Revenue $0

TOTAL REVENUE $241,100

Expense Breakdown

Grants Paid $0

Salaries & Benefits $190,784

Fundraising Expenses $0

Program Expenses $264,910

Other Expenses $74,126

TOTAL EXPENSES $264,910

Year-over-Year Comparison

	2024	2023	Change
Revenue	$241,100	$211,897	+0.1%
Expenses	$264,910	$216,390	+0.2%
Net Income	$-23,810	$-4,493	+4.3%

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

$146,662

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
CORY BAGGEN	PRESIDENT	N/A	Officer Director	$0	$0	$0
TREVOR HARANG	VICE PRESIDE	N/A	Officer Director	$0	$0	$0
PTARMICA GARNICK	SECRETARY/TR	N/A	Officer Director	$0	$0	$0
ZAIDE ALLEN	BOARD MEMBER	N/A	Director	$0	$0	$0
KEN CAMERON	BOARD MEMBER	N/A	Director	$0	$0	$0
ADORA DUMAG	BOARD MEMBER	N/A	Director	$0	$0	$0
ROGER HAMES	BOARD MEMBER	N/A	Director	$0	$0	$0
RICHARD RIGGS	BOARD MEMBER	N/A	Director	$0	$0	$0
MIKE VENNEBERG	BOARD MEMBER	N/A	Director	$0	$0	$0
JOE WILLIAMS	BOARD MEMBER	N/A	Director	$0	$0	$0
GARRY WHITE	EXECUTIVE DI	40.00	Officer	$112,042	$34,620	$146,662

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	$241,100	$264,910	$64,842	$-23,810
2024	$211,897	$216,390	$88,657	$-4,493
2023	$187,982	$208,628	$92,818	$-20,646
2022	$180,359	$186,397	$113,558	$-6,038
2021	$184,793	$212,418	$119,620	$-27,625
2020	$200,800	$172,459	$147,066	$28,341
2019	$173,427	$197,978	$118,989	$-24,551

SITKA ECONOMIC DEVELOPMENT ASSOCIATION INC