HEADWATERS INC (EIN 262850223) - 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

2005

Legal Domicile

Principal Officer

Courtney Rhoades Mullins

Phone

6063352610

Tax Period

2024-10-01 to 2025-09-30

HEADWATERS INC, founded in 2005, is a micro nonprofit in the Environment sector that reported $89K in total revenue in fiscal year 2024. Revenue decreased 7% compared to the prior year. Expenses of $84K left a modest 6% surplus.

Mission

In response to water-quality concerns, community members formed Headwaters in 2005 to promote local water resource management and encourage the stewardship of Letcher County waterways. Headwaters works with a variety of community members, local educators, elected leaders, researchers and academics to lead water sampling efforts and school and community environmental education.

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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 $50,000

Program Service Revenue $39,266

Investment Income $0

Other Revenue $0

TOTAL REVENUE $89,266

Expense Breakdown

Grants Paid $0

Salaries & Benefits $74,880

Fundraising Expenses $0

Program Expenses $84,169

Other Expenses $9,289

TOTAL EXPENSES $84,169

Year-over-Year Comparison

	2024	2023	Change
Revenue	$89,266	$95,762	-0.1%
Expenses	$84,169	$63,467	+0.3%
Net Income	$5,097	$32,295	-0.8%

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

$149,760

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
Deborah Sexton	Mtn Drinking Water Coordinator	32	Key Emp Highest	$43,680	$43,680	$87,360
Justin Branham	Executive Director	8	Key Emp	$31,200	$31,200	$62,400
Jennifer Honeycutt	Board Member	1	Director	$0	$0	$0
Amelia Pickering	Board Secretary/Treasurer	5	Director	$0	$0	$0
Ron Brunty	Board Member	1	Director	$0	$0	$0
Courtney Rhoades Mullins	Board President	10	Director	$0	$0	$0
Roy Crawford	Board Member	1	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
2025	$89,266	$84,169	$108,802	$5,097

HEADWATERS INC