LEWIS & CLARK RURAL WATER 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

1990

Legal Domicile

Principal Officer

TROY LARSON

Phone

6053682400

Tax Period

2024-10-01 to 2025-09-30

LEWIS & CLARK RURAL WATER SYSTEM, founded in 1990, is a mid-sized nonprofit in the Public & Societal Benefit sector that reported $67.9M in total revenue in fiscal year 2024. Revenue surged 38% from the prior year, signaling strong growth momentum. The organization ran a surplus of $40.9M, a strong 60% operating margin.

Mission

TO DEVELOP AND OPERATE A HIGH QUALITY THREE STATE WATER SUPPLY SYSTEM TO SERVE THE GROWING NEEDS OF THE REGION.

Program Service Accomplishments

Program 1

Expenses: $8,430,079 Revenue: $16,414,886

TO IMPROVE WATER SUPPLIES TO RESIDENTS OF SE SOUTH DAKOTA AND THE ADJACENT AREAS OF SW MINNESOTA AND NW IOWA INCLUDING CONSTRUCTION OF THE WATER 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 $50,603,484

Program Service Revenue $16,414,886

Investment Income $838,808

Other Revenue $0

TOTAL REVENUE $67,857,178

Expense Breakdown

Grants Paid $0

Salaries & Benefits $2,691,676

Fundraising Expenses $0

Program Expenses $8,430,079

Other Expenses $24,271,815

TOTAL EXPENSES $26,963,491

Year-over-Year Comparison

	2024	2023	Change
Revenue	$67,857,178	$49,167,083	+0.4%
Expenses	$26,963,491	$23,986,384	+0.1%
Net Income	$40,893,687	$25,180,699	+0.6%

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

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

$247,543

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
TROY LARSON	EXECUTIVE DI	40.00	Officer	$217,043	$30,500	$247,543
PAT BAUSTIAN	DIRECTOR	1.00	Director	$0	$0	$0
SCOTT BUSS	AT-LARGE DIR	1.00	Director	$0	$0	$0
ROBIN DYKSTRA	DIRECTOR	1.00	Director	$0	$0	$0
SCOTT HAIN	VICE CHAIR	1.00	Officer Director	$0	$0	$0
RALPH HAMMER	DIRECTOR	1.00	Director	$0	$0	$0
RYAN HEGG	DIRECTOR	1.00	Director	$0	$0	$0
JEFF HEIDEBRECHT	DIRECTOR	1.00	Director	$0	$0	$0
RYAN HOLTZ	DIRECTOR	1.00	Director	$0	$0	$0
MURRAY HULSTEIN	CHAIR	1.00	Officer Director	$0	$0	$0
ADAM JANS	DIRECTOR	1.00	Director	$0	$0	$0
RYAN JOHNSON	DIRECTOR	1.00	Director	$0	$0	$0
HEIDI KRAMER	DIRECTOR	1.00	Director	$0	$0	$0
JERRY LONNEMAN	AT-LARGE DIR	1.00	Director	$0	$0	$0
NOLAN MEYER	DIRECTOR	1.00	Director	$0	$0	$0
SID MUNSON	DIRECTOR	1.00	Director	$0	$0	$0
LARRY PEDLEY	DIRECTOR	1.00	Director	$0	$0	$0
NATE VANDER PLAATS	TREASURER	1.00	Officer Director	$0	$0	$0
BRAD PREHEIM	DIRECTOR	1.00	Director	$0	$0	$0
TODD UHL	SECRETARY	1.00	Officer Director	$0	$0	$0
JEN WIPPERT	DIRECTOR	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	$67,857,178	$26,963,491	$622,361,762	$40,893,687
2024	$49,167,083	$23,986,384	$595,798,323	$25,180,699
2023	$72,672,604	$20,531,143	$547,497,822	$52,141,461
2022	$36,252,772	$19,731,405	$463,567,795	$16,521,367
2021	$39,792,007	$18,032,757	$426,307,061	$21,759,250
2020	$28,533,212	$23,263,363	$420,418,046	$5,269,849
2019	$36,773,660	$18,049,316	$413,064,100	$18,724,344
2018	$32,942,850	$18,496,802	$402,653,053	$14,446,048