MID STATE DEVELOPMENT CORPORATION

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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

1980

Legal Domicile

Principal Officer

FRANK C GALLEGOS

Phone

6613224241

Tax Period

2023-10-01 to 2024-09-30

MID STATE DEVELOPMENT CORPORATION, founded in 1980, is a small nonprofit that reported $150K in total revenue in fiscal year 2023. Revenue fell 82% from the prior year — a significant decline worth monitoring. Expenses of $249K exceeded revenue, resulting in a 66% operating deficit.

Mission

TO STIMULATE ECONOMIC DEVELOPMENT AND CREATE (OR RETAIN) JOBS IN THE REGION BY HELPING SMALL AND MEDIUM - SIZE BUSINESSES OBTAIN FINANCING.

Program Service Accomplishments

Program 1

Expenses: $182,970 Revenue: $149,647

THE CORPORATIONS GOAL IS TO CREATE JOBS AND STIMULATE ECONOMIC DEVELOPMENT IN KERN COUNTY BY OFFERING THE SBA LOAN PROGRAM TO SMALL BUSINESS OWNERS IN KERN COUNTY.

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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 (2023)

Revenue Breakdown

Contributions & Grants $0

Program Service Revenue $149,590

Investment Income $57

Other Revenue $0

TOTAL REVENUE $149,647

Expense Breakdown

Grants Paid $0

Salaries & Benefits $147,634

Fundraising Expenses $0

Program Expenses $182,970

Other Expenses $101,151

TOTAL EXPENSES $248,785

Year-over-Year Comparison

	2023	2022	Change
Revenue	$149,647	$821,922	-0.8%
Expenses	$248,785	$773,562	-0.7%
Net Income	$-99,138	$48,360	-3.1%

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

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
MARK AUGUSTINE	BOARD MEMBER	N/A	Director	$0	$0	$0
DEANNA BLAISE	BOARD MEMBER	N/A	Director	$0	$0	$0
MORGAN CLAYTON	BOARD MEMBER	N/A	Director	$0	$0	$0
PATRICK COLLINS	BOARD MEMBER	N/A	Director	$0	$0	$0
RICHARD FANUCCHI	BOARD MEMBER	N/A	Director	$0	$0	$0
STEPHEN HAUPT	BOARD MEMBER	N/A	Director	$0	$0	$0
BART HILL	SECRETARY	N/A	Director	$0	$0	$0
WAYNE KRESS	BOARD MEMBER	N/A	Director	$0	$0	$0
NICK ORTIZ	BOARD MEMBER	N/A	Director	$0	$0	$0
JOHN PRYOR	BOARD MEMBER	N/A	Director	$0	$0	$0
MARK SMITH	BOARD MEMBER	N/A	Director	$0	$0	$0
FRANK C GALLEGOS	CENCAL EXEC	N/A	Officer	$0	$0	$0
TROY GRANT	TREASURER	N/A	Officer	$0	$0	$0
ANTHONY OLIVIERI	CHAIR	N/A	Officer	$0	$0	$0
CHERYL SCOTT	PAST CHAIR	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
2024	$149,647	$248,785	No data	$-99,138
2023	$821,922	$773,562	$1,111,122	$48,360
2022	$777,454	$813,447	$1,160,589	$-35,993
2021	$507,057	$673,233	$1,346,116	$-166,176
2020	$693,820	$806,036	$1,311,136	$-112,216
2019	$656,650	$778,968	$1,429,039	$-122,318
2018	$724,047	$746,675	$1,470,146	$-22,628