Tovey Water Department

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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

1997

Legal Domicile

Principal Officer

James Harrison

Phone

2172372112

Tax Period

2024-05-01 to 2025-04-30

Tovey Water Department, founded in 1997, is a small nonprofit that reported $212K in total revenue in fiscal year 2024. Revenue grew 15% year-over-year, indicating healthy expansion. The organization ran a surplus of $41K, a strong 19% operating margin.

Mission

Water services to members

Program Service Accomplishments

Program 1

Expenses: $167,273 Revenue: $210,906

The Department provides water services to approximately 200 members in the Village of Tovey, Illinois. Members pay monthly fees to cover the cost of operating the 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 $210,906

Investment Income $925

Other Revenue $0

TOTAL REVENUE $211,831

Expense Breakdown

Grants Paid $0

Salaries & Benefits $11,340

Fundraising Expenses $0

Program Expenses $167,273

Other Expenses $159,533

TOTAL EXPENSES $170,873

Year-over-Year Comparison

	2024	2023	Change
Revenue	$211,831	$183,417	+0.2%
Expenses	$170,873	$206,575	-0.2%
Net Income	$40,958	$-23,158	-2.8%

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

$2,820

Total Directors

$9,840

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
Michael Gross	Trustee	2.00	Director	$720	$0	$720
Virginia Hayter	Trustee	2.00	Director	$720	$0	$720
James Harrison	Chairman	2.00	Officer Director	$2,820	$0	$2,820
Jeff Tumiati	Trustee	2.00	Director	$720	$0	$720
Josh Prince	Trustee	2.00	Director	$720	$0	$720
Michelle Lumb	Treasurer	10.00	Director	$3,420	$0	$3,420
Mike Duckworth	Trustee	2.00	Director	$720	$0	$720

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	$211,831	$170,873	$915,786	$40,958
2024	$183,417	$206,575	$872,656	$-23,158
2023	$195,150	$174,423	$917,060	$20,727
2022	$192,006	$124,584	$888,713	$67,422
2021	$132,191	$92,346	$815,727	$39,845
2020	$138,453	$154,869	$780,909	$-16,416
2019	$137,109	$168,063	$799,820	$-30,954