M-2 RAIL (EIN 300783442) - 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

2013

Legal Domicile

Principal Officer

LISA NUSZKOWSKI

Phone

3135283044

Tax Period

2023-10-01 to 2024-09-30

M-2 RAIL, founded in 2013, is a micro nonprofit that reported $56.4M in total revenue in fiscal year 2023. Revenue fell 10315% from the prior year — a significant decline worth monitoring.

Mission

TO SUPPORT AND CARRY OUT THE EXEMPT PURPOSES OF M-1 RAIL, A MICHIGAN NONPROFIT CORPORATION

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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 $47,424,045

Program Service Revenue $540,000

Investment Income $-104,377,676

Other Revenue $0

TOTAL REVENUE $-56,413,631

Expense Breakdown

Grants Paid $0

Salaries & Benefits $0

Fundraising Expenses $304

Program Expenses $5,321,509

Other Expenses $5,322,423

TOTAL EXPENSES $5,322,423

Year-over-Year Comparison

	2023	2022	Change
Revenue	$-56,413,631	$552,285	-103.1%
Expenses	$5,322,423	$5,528,339	0.0%
Net Income	$-61,736,054	$-4,976,054	+11.4%

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

N/A

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

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
MATTHEW P CULLEN	CHAIR AND DIRECTOR	1.00	Officer Director	$0	$0	$0
ROGER S PENSKE	VICE-CHAIR AND DIRECTOR	1.00	Officer Director	$0	$0	$0
DANIEL B GILBERT	DIRECTOR	1.00	Director	$0	$0	$0
GEORGE W JACKSON JR	DIRECTOR	1.00	Director	$0	$0	$0
KEVIN JOHNSON	DIRECTOR	1.00	Director	$0	$0	$0
RICHARD RAPSON	DIRECTOR	1.00	Director	$0	$0	$0
PAUL TRULIK	TREASURER	1.00	Officer	$0	$0	$0
DAVID BLASZKIEWICZ	SECRETARY	1.00	Officer	$0	$0	$0
LISA NUSZKOWSKI	PRESIDENT, C.O.O., AND ASST. SEC.	20.00	Officer	$0	$0	$0
KENNETH DILAURA	VICE-PRESIDENT AND C.F.O.	20.00	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
2024	$-56,413,631	$5,322,423	No data	$-61,736,054
2023	$552,285	$5,528,339	$110,699,910	$-4,976,054
2022	$41,676,501	$6,126,383	$116,029,354	$35,550,118
2021	$410,027	$6,861,943	$122,137,270	$-6,451,916
2020	$410,460	$6,915,677	$128,856,688	$-6,505,217
2019	$3,101,011	$7,066,363	$136,753,928	$-3,965,352
2018	$416,811	$7,201,595	$143,106,375	$-6,784,784

M-2 RAIL