Northern Lakes Economic Alliance

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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

1985

Legal Domicile

Principal Officer

Payton Heins

Phone

2315826482

Tax Period

2024-10-01 to 2025-09-30

Northern Lakes Economic Alliance, founded in 1985, is a small nonprofit in the Unknown sector that reported $696K in total revenue in fiscal year 2024. Revenue surged 34% from the prior year, signaling strong growth momentum. Expenses of $613K left a modest 12% surplus.

Mission

Conduct programs to foster development and retain and attract jobs in Antrim, Charlevoix, Cheboygan and Emmet counties.

Program Service Accomplishments

Program 1

Expenses: $46,987 Revenue: $46,987

To support talent attraction activities and enhance economic competitiveness of the area. (MEDC Talent)

Program 2

Expenses: $46,115 Revenue: $46,115

To accelerate growth of entrepreneurs in the region by delivering essential start up services, providing community workspace, and connecting entrepreneurs with crucial resources that facilitate...

To accelerate growth of entrepreneurs in the region by delivering essential start up services, providing community workspace, and connecting entrepreneurs with crucial resources that facilitate business growth. (SBSH)

Program 3

Expenses: $42,523 Revenue: $42,523

To conduct activities on or related to strategic sites to create an inventory of development ready sites. (SSRP)

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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 $591,933

Program Service Revenue $90,458

Investment Income $14,040

Other Revenue $0

TOTAL REVENUE $696,431

Expense Breakdown

Grants Paid $0

Salaries & Benefits $425,738

Fundraising Expenses $30,650

Program Expenses $148,285

Other Expenses $187,494

TOTAL EXPENSES $613,232

Year-over-Year Comparison

	2024	2023	Change
Revenue	$696,431	$518,068	+0.3%
Expenses	$613,232	$463,839	+0.3%
Net Income	$83,199	$54,229	+0.5%

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

$116,032

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
PAYTON HEINS	PresidentCEO	40.00	Officer	$103,003	$13,029	$116,032
JIM RUMMER	Director	1.00	Director	$0	$0	$0
JEFF LAWSON	Secretary	1.00	Officer Director	$0	$0	$0
THOMAS DAVIDSON	Treasurer	1.00	Officer Director	$0	$0	$0
KEVIN SHEPARD	Director	1.00	Director	$0	$0	$0
TAYLAR SIDES	Vice Chair	1.00	Officer Director	$0	$0	$0
MARK HEYDLAUFF	Director	1.00	Director	$0	$0	$0
SHAREN LANGE	Director	1.00	Director	$0	$0	$0
ADAM KOIVISTO	Director	1.00	Director	$0	$0	$0
NATE SWAILES	Director	1.00	Director	$0	$0	$0
CARLIN SMITH	Immediate Past Chair	1.00	Officer Director	$0	$0	$0
TERRY VANALSTINE	Director	1.00	Director	$0	$0	$0
DAVID ROLAND FINLEY PHD	Director	1.00	Director	$0	$0	$0
ROBERT JESS	Director	1.00	Director	$0	$0	$0
DAVE CLULEY	Board Chair	1.00	Officer Director	$0	$0	$0
CHRIS HACKBARTH	Director	1.00	Director	$0	$0	$0
BILL MARSHALL	Director	1.00	Director	$0	$0	$0
TOM EUSTICE	Director	1.00	Director	$0	$0	$0
NEIL AHRENS	Director	1.00	Director	$0	$0	$0
JOANNE SCHROEDER	Director	1.00	Director	$0	$0	$0
JEREMY SCOTT	Director	1.00	Director	$0	$0	$0
DAVID BOYER	Director	1.00	Director	$0	$0	$0
GREG SHOOKS	Director	1.00	Director	$0	$0	$0
DAWN BODNAR	Director	1.00	Director	$0	$0	$0
DAVE WHITE	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	$696,431	$613,232	$538,922	$83,199
2024	$518,068	$463,839	$492,085	$54,229
2023	$468,906	$557,848	$440,695	$-88,942
2022	$444,068	$452,909	$533,401	$-8,841
2021	$429,968	$426,544	$510,948	$3,424
2020	$554,203	$529,636	$541,633	$24,567
2019	$547,907	$671,893	$509,310	$-123,986
2018	$660,941	$619,539	$595,087	$41,402