THIRD WAY (EIN 201734070) - 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

2004

Legal Domicile

Principal Officer

JONATHAN COWAN

Phone

2023841700

Tax Period

2023-01-01 to 2023-12-31

THIRD WAY, founded in 2004, is a mid-sized nonprofit in the Civil Rights & Advocacy sector that reported $27.2M in total revenue in fiscal year 2023. The organization ran a surplus of $5.9M, a strong 22% operating margin.

Mission

TO RESEARCH AND DEVELOP CENTRIST POLICY IDEAS.

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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 $25,482,854

Program Service Revenue $0

Investment Income $1,669,331

Other Revenue $0

TOTAL REVENUE $27,152,185

Expense Breakdown

Grants Paid $537,910

Salaries & Benefits $10,540,409

Fundraising Expenses $329,269

Program Expenses $18,623,475

Other Expenses $9,930,715

TOTAL EXPENSES $21,266,704

Year-over-Year Comparison

	2023	2022	Change
Revenue	$27,152,185	$27,422,767	0.0%
Expenses	$21,266,704	$23,095,434	-0.1%
Net Income	$5,885,481	$4,327,333	+0.4%

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

106

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

$1,323,894

Total Directors

$452,478

Key Employees

$421,659

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
JONATHAN COWAN	PRESIDENT	36.00	Officer Director	$413,528	$38,950	$452,478
MATTHEW BENNETT SECRETARY AND	EXE. VP OF PUBLIC AFFAIRS	38.00	Officer	$379,363	$44,808	$424,171
JAMES KESSLER	EXE. VP OF POLICY	40.00	Key Emp	$377,318	$44,341	$421,659
JOSHUA FREED	SVP, CLEAN ENERGY	40.00	Highest	$295,072	$40,202	$335,274
GABRIEL A HORWITZ	SVP, ECON PROGRAM	40.00	Highest	$296,335	$31,494	$327,829
LANAE M ERICKSON SR VP FOR	SOCIAL POLICY & POLITICS	40.00	Highest	$299,964	$20,543	$320,507
BRENDA BETHEA TREASURER COO	UNTIL APRIL, THEN CONSULTANT	38.00	Officer	$252,701	$11,195	$263,896
EMILY STERNFELD	SR. VP OF DEV. & EXTERNAL AFFAIRS	40.00	Highest	$215,814	$25,619	$241,433
RYAN FITZPATRICK	SENIOR DIRECTOR	40.00	Highest	$173,675	$14,869	$188,544
STEVE J DIETERLE CFO	BOARD TREASURER AS OF JUNE	38.00	Officer	$175,594	$7,755	$183,349
JOHN L VOGELSTEIN CHAIR	UNTIL JUNE, THEN CHAIR EMERITUS	3.00	Officer Director	$0	$0	$0
RACHEL PRITZKER TRUSTEE	UNTIL JUNE, THEN CHAIR	2.00	Officer Director	$0	$0	$0
GEORGETTE BENNETT	TRUSTEE	2.00	Director	$0	$0	$0
WILLIAM BUDINGER	TRUSTEE	2.00	Director	$0	$0	$0
DAVID COULTER	TRUSTEE	2.00	Director	$0	$0	$0
WILLIAM DALEY	TRUSTEE	2.00	Director	$0	$0	$0
JOHN DYSON	TRUSTEE	2.00	Director	$0	$0	$0
MIKE EDWARDS	TRUSTEE	2.00	Director	$0	$0	$0
BRIAN FRANK	TRUSTEE	2.00	Director	$0	$0	$0
DAVID HELLER	TRUSTEE	2.00	Director	$0	$0	$0
PETER JOSEPH	TRUSTEE	2.00	Director	$0	$0	$0
DEREK KAUFMAN	TRUSTEE	2.00	Director	$0	$0	$0
DEREK KIRKLAND	TRUSTEE	2.00	Director	$0	$0	$0
DANIEL LEWIS	TRUSTEE	2.00	Director	$0	$0	$0
THURGOOD MARSHALL JR	TRUSTEE	2.00	Director	$0	$0	$0
SUSAN MCCUE	TRUSTEE	2.00	Director	$0	$0	$0
DAVID HORVITZ	TRUSTEE	2.00	Director	$0	$0	$0
WILLIAM REEVES	TRUSTEE	2.00	Director	$0	$0	$0
BERNARD SCHWARTZ	TRUSTEE	2.00	Director	$0	$0	$0
ALIX BURNS	TRUSTEE	2.00	Director	$0	$0	$0
CHRISTINE VARNEY	TRUSTEE	2.00	Director	$0	$0	$0
MARC SPILKER	TRUSTEE	2.00	Director	$0	$0	$0
TED TRIMPA	TRUSTEE	2.00	Director	$0	$0	$0
BARBARA MANFREY VOGELSTEIN	TRUSTEE	2.00	Director	$0	$0	$0
DOUGLAS LAWRENCE	TRUSTEE	2.00	Director	$0	$0	$0
JOSEPH ZIMLICH	TRUSTEE	2.00	Director	$0	$0	$0
BOB GOODMAN	TRUSTEE	2.00	Director	$0	$0	$0
RAY ROTHROK	TRUSTEE	2.00	Director	$0	$0	$0
STEVEN GALBRAITH	TRUSTEE	2.00	Director	$0	$0	$0
ALISON KAY	TRUSTEE	2.00	Director	$0	$0	$0
GRAVES TOMPKINS	TRUSTEE	2.00	Director	$0	$0	$0
RAJ DATE	TRUSTEE AS OF JUNE	2.00	Director	$0	$0	$0
STRAUSS ZELNICK	TRUSTEE AS OF DECEMBER	2.00	Director	$0	$0	$0
STEVE BENJAMIN	TRUSTEE UNTIL DECEMBER	2.00	Director	$0	$0	$0
ANDREW FELDSTEIN	TRUSTEE UNTIL DECEMBER	2.00	Director	$0	$0	$0
ROBERT DYSON	TRUSTEE UNTIL DECEMBER	2.00	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
2024	No data	No data	No data	No data
2023	$27,152,185	$21,266,704	$57,624,634	$5,885,481
2022	$27,422,767	$23,095,434	$48,609,569	$4,327,333
2021	$24,133,713	$18,395,269	$46,405,531	$5,738,444
2020	$18,388,215	$15,511,587	$38,888,126	$2,876,628
2019	$16,165,124	$14,002,839	$29,348,907	$2,162,285
2018	$3,252,353	$11,170,460	$24,868,933	$-7,918,107

THIRD WAY