HEADWATERS FOUNDATION FOR JUSTICE

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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

1984

Legal Domicile

Principal Officer

BILAL ALKATOUT

Phone

6128790602

Tax Period

2024-07-01 to 2025-06-30

HEADWATERS FOUNDATION FOR JUSTICE, founded in 1984, is a community nonprofit that reported $5.3M in total revenue in fiscal year 2024. Revenue grew 18% year-over-year, indicating healthy expansion. Expenses of $7.9M exceeded revenue, resulting in a 49% operating deficit.

Mission

HEADWATERS FOUNDATION FOR JUSTICE (THE FOUNDATION) IS A COMMUNITY FOUNDATION WHOSE MISSION IS TO AMPLIFY THE POWER OF COMMUNITY TO ADVANCE EQUITY AND JUSTICE.

Program Service Accomplishments

Program 1

Expenses: $2,389,501 Revenue: $0

JUSTICE AND LIBERATION: THE JUSTICE & LIBERATION FUND IS A NEW STRATEGY FOR BUILDING LONG-TERM POLITICAL POWER AND INFRASTRUCTURE IN MINNESOTA. THIS INITIATIVE COMES OUT OF OUR BLACK RADIANCE...

JUSTICE AND LIBERATION: THE JUSTICE & LIBERATION FUND IS A NEW STRATEGY FOR BUILDING LONG-TERM POLITICAL POWER AND INFRASTRUCTURE IN MINNESOTA. THIS INITIATIVE COMES OUT OF OUR BLACK RADIANCE NETWORK. IN FISCAL YEAR 2025, OUR JUSTICE AND LIBERATION FUND AWARDED $2,000,000 TO 40 ORGANIZATIONS.

Program 2

Expenses: $982,077 Revenue: $0

RAPID RESPONSE GRANTMAKING: AT HEADWATERS, WE KNOW THAT THE NATURE OF GRASSROOTS ORGANIZING MEANS THAT OUR FUNDING CYCLES DO NOT ALWAYS ALIGN WITH THE REAL FINANCIAL NEEDS OF ORGANIZATIONS IN MOMENTS OF CRISIS OR OPPORTUNITY. HEADWATERS FOUNDATION AWARDS RAPID RESPONSE DOLLARS TO COMMUNITY GROUPS DURING UNEXPECTED AND CRITICAL MOMENTS. IN FISCAL YEAR 2025, OUR RAPID RESPONSE GRANTMAKING PROGRAM AWARDED $791,500 TO 30 ORGANIZATIONS.

Program 3

Expenses: $978,630 Revenue: $0

THE GIVING PROJECT: SINCE 2015, THIS PROGRAM INVESTS IN ORGANIZATIONS THAT ARE LED BY AND FOR BLACK PEOPLE, INDIGENOUS PEOPLE, AND PEOPLE OF COLOR (BIPOC) THAT ALSO USE A COMMUNITY ORGANIZING...

THE GIVING PROJECT: SINCE 2015, THIS PROGRAM INVESTS IN ORGANIZATIONS THAT ARE LED BY AND FOR BLACK PEOPLE, INDIGENOUS PEOPLE, AND PEOPLE OF COLOR (BIPOC) THAT ALSO USE A COMMUNITY ORGANIZING APPROACH TO ADDRESS ROOT CAUSES OF INJUSTICE. DURING FISCAL YEAR 2025, A COMMUNITY COHORT RAISED MONEY FROM THEIR NETWORKS AND LED THE GRANTMAKING PROCESS. IN THE FISCAL YEAR 2025, OUR GIVING PROJECT PROGRAM AWARDED $480,000 TO 12 ORGANIZATIONS.

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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 $4,905,838

Program Service Revenue $0

Investment Income $365,788

Other Revenue $11,220

TOTAL REVENUE $5,282,846

Expense Breakdown

Grants Paid $3,813,300

Salaries & Benefits $2,731,364

Fundraising Expenses $1,010,868

Program Expenses $5,589,194

Other Expenses $1,307,027

TOTAL EXPENSES $7,851,691

Year-over-Year Comparison

	2024	2023	Change
Revenue	$5,282,846	$4,481,203	+0.2%
Expenses	$7,851,691	$6,868,883	+0.1%
Net Income	$-2,568,845	$-2,387,680	+0.1%

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

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

$335,416

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
BILAL ALKATOUT	CO-EXECUTIVE DIRECTOR	32.00	Officer	$176,596	$24,248	$200,844
EMILY SCOTT	DIRECTOR OF OPERATIONS & F	32.00	Officer	$118,976	$15,596	$134,572
MARY DELORIE	DIRECTOR OF INDIVIDUAL GIV	32.00	Highest	$125,507	$19,831	$145,338
EWAN SCOTTO	DIRECTOR OF COMMUNICATIONS	32.00	Highest	$117,650	$14,249	$131,899
ANITRA COTTLEDGE	DIRECTOR OF PROGRAMS	32.00	Highest	$106,053	$12,542	$118,595
FRAN HUTCHINS	CO-CHAIR	1.00	Director	$0	$0	$0
ERIC HOWARD	VICE CHAIR	1.00	Officer Director	$0	$0	$0
ALEXANDER ROBINSON	TREASURER	1.00	Officer Director	$0	$0	$0
HABON ABDULLE	SECRETARY	1.00	Officer Director	$0	$0	$0
MIA DIVECHA	BOARD MEMBER	1.00	Director	$0	$0	$0
JAMES MILLER	BOARD MEMBER	1.00	Director	$0	$0	$0
NIKKI PIERATOS	BOARD MEMBER	1.00	Director	$0	$0	$0
TEHOUT SELAMEAB	BOARD MEMBER	1.00	Director	$0	$0	$0
AIMEE VUE	BOARD MEMBER	1.00	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
2025	$5,282,846	$7,851,691	$16,898,668	$-2,568,845
2024	$4,481,203	$6,868,883	$18,362,957	$-2,387,680
2023	$3,561,458	$4,763,422	$19,516,733	$-1,201,964
2022	$15,004,954	$6,350,006	$27,986,426	$8,654,948
2021	$13,864,932	$5,774,182	$20,127,206	$8,090,750
2020	$8,568,167	$5,226,778	$10,629,920	$3,341,389
2019	$3,212,274	$3,176,946	$7,821,371	$35,328