Headwaters Trail System

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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

2012

Legal Domicile

Principal Officer

Gene Townsend

Phone

4065803012

Tax Period

2025-01-01 to 2025-12-31

Headwaters Trail System, founded in 2012, is a small nonprofit in the Environment sector that reported $270K in total revenue in fiscal year 2025. Revenue decreased 11% compared to the prior year. The organization ran a surplus of $207K, a strong 77% operating margin.

Mission

To build and maintain trails in the Missouri River Headwaters Area.

Program Service Accomplishments

Program 1

Expenses: $62,501

Expansion and maintenance of trail system in the Three Forks, Montana area.

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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 (2025)

Revenue Breakdown

Contributions & Grants $249,537

Program Service Revenue $0

Investment Income $20,103

Other Revenue $0

TOTAL REVENUE $269,640

Expense Breakdown

Grants Paid $0

Salaries & Benefits $0

Fundraising Expenses $0

Program Expenses $62,501

Other Expenses $62,601

TOTAL EXPENSES $62,601

Year-over-Year Comparison

	2025	2024	Change
Revenue	$269,640	$302,987	-0.1%
Expenses	$62,601	$45,671	+0.4%
Net Income	$207,039	$257,316	-0.2%

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

N/A

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
Dave Andrus	Director	2.00	Director	$0	$0	$0
Diane Phillips	Director	2.00	Director	$0	$0	$0
Jim Phillips	Director	2.00	Director	$0	$0	$0
Karen Walton	Director	2.00	Director	$0	$0	$0
Pam Carey	Director	2.00	Director	$0	$0	$0
Mable Deane	Director	2.00	Director	$0	$0	$0
Gene Townsend	Chairman	5.00	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	$269,640	$62,601	$1,005,170	$207,039
2024	$302,987	$45,671	$798,131	$257,316
2023	$205,652	$47,656	$540,815	$157,996