M-1 RAIL (EIN 262310566) - 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

2007

Legal Domicile

Principal Officer

MATTHEW P CULLEN

Phone

3135283044

Tax Period

2024-10-01 to 2025-08-06

M-1 RAIL, founded in 2007, is a micro nonprofit that reported $16K in total revenue in fiscal year 2024. Revenue fell 100% from the prior year — a significant decline worth monitoring. Expenses of $6.7M exceeded revenue, resulting in a 40962% operating deficit.

Mission

TO PLAN, DESIGN, CONSTRUCT, EQUIP, FURNISH, AND OPERATE A PUBLIC TRANSPORTATION SYSTEM

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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 $0

Program Service Revenue $0

Investment Income $6,383

Other Revenue $10,000

TOTAL REVENUE $16,383

Expense Breakdown

Grants Paid $6,285,046

Salaries & Benefits $219,802

Fundraising Expenses $0

Program Expenses $6,286,848

Other Expenses $222,265

TOTAL EXPENSES $6,727,113

Year-over-Year Comparison

	2024	2023	Change
Revenue	$16,383	$11,194,338	-1.0%
Expenses	$6,727,113	$59,406,976	-0.9%
Net Income	$-6,710,730	$-48,212,638	-0.9%

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

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
ROGER S PENSKE	CHAIR AND DIRECTOR	1.00	Officer Director	$0	$0	$0
DANIEL B GILBERT	VICE-CHAIR AND DIRECTOR	1.00	Officer Director	$0	$0	$0
DARRELL BURKS	TREASURER AND DIRECTOR	1.00	Officer Director	$0	$0	$0
DAVID BLASZKIEWICZ	SECRETARY AND DIRECTOR	1.00	Officer Director	$0	$0	$0
MATTHEW P CULLEN	CHIEF EXECUTIVE OFFICER AND DIRECTOR	1.00	Officer Director	$0	$0	$0
GEORGE W JACKSON JR	DIRECTOR	1.00	Director	$0	$0	$0
KEVIN JOHNSON	DIRECTOR	1.00	Director	$0	$0	$0
ERIC B LARSON	DIRECTOR	1.00	Director	$0	$0	$0
SARAH MCCLELLAND	DIRECTOR	1.00	Director	$0	$0	$0
MICHAEL MCLAUCHLAN	DIRECTOR	1.00	Director	$0	$0	$0
SUSAN MOSEY	DIRECTOR	1.00	Director	$0	$0	$0
FAYE ALEXANDER NELSON	DIRECTOR	1.00	Director	$0	$0	$0
RICHARD RAPSON	DIRECTOR	1.00	Director	$0	$0	$0
ROBERT G RINEY	DIRECTOR	1.00	Director	$0	$0	$0
PAUL TRULIK	ASSISTANT TREASURER	1.00	Officer Director	$0	$0	$0
LISA NUSZKOWSKI	PRESIDENT, C.O.O., AND ASST. SEC.	40.00	Officer	$0	$0	$0
KENNETH DILAURA	VICE-PRESIDENT AND C.F.O.	40.00	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	$16,383	$6,727,113	No data	$-6,710,730
2024	$11,194,338	$59,406,976	$6,862,203	$-48,212,638
2023	$6,856,847	$10,927,868	$60,610,067	$-4,071,021
2022	$7,448,768	$39,667,382	$64,388,109	$-32,218,614
2021	$11,689,811	$7,636,090	$97,362,094	$4,053,721
2020	$12,173,588	$8,301,288	$94,875,508	$3,872,300
2019	$7,591,402	$9,306,108	$92,868,802	$-1,714,706
2018	$5,591,755	$8,608,548	$95,804,675	$-3,016,793

M-1 RAIL