HEADWATERS LAND CONSERVANCY

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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

1993

Legal Domicile

Principal Officer

FRANK RUSWICK

Phone

9897310573

Tax Period

2024-01-01 to 2024-12-31

HEADWATERS LAND CONSERVANCY, founded in 1993, is a small nonprofit in the Environment sector that reported $257K in total revenue in fiscal year 2024. Revenue fell 63% from the prior year — a significant decline worth monitoring. Expenses of $320K exceeded revenue, resulting in a 24% operating deficit.

Mission

THE PURPOSE OF HEADWATERS LAND CONSERVANCY IS TO PROTECT THE NATURAL BEAUTY OF NORTHEAST MICHIGAN BY PRESERVING SIGNIFICANT LANDS AND SCENIC AREAS, ADVANCING STEWARDSHIP OF LAND HELD AS PRESERVES AND IN CONSERVATION EASEMENTS, AND FOSTERING APPRECIATION AND UNDERSTANDING OF THE ENVIRONMENT. HEADWATERS LAND CONSERVANCY HOLDS 97 CONSERVATION EASEMENTS.

Program Service Accomplishments

Program 1

Expenses: $210,491

HEADWATERS LAND CONSERVANCY MONITORED 97 CONSERVATION EASEMENTS AND 8 NATURE PRESERVES WE HOLD IN OUR 11 COUNTY SERVICE AREA OF NORTHEAST MICHIGAN. THESE PROPERTIES PROTECT OVER 12,500 ACRES OF LAND AND 37 MILES OF WATERFRONT. WE WORKED WITH THE LANDOWNERS IN OUR SERVICE AREA TO EDUCATE AND ENCOURAGE RESPONSIBLE STEWARDSHIP OF THEIR PROPERTIES.

Program 2

Expenses: $11,151

HEADWATERS FACILITATED A FOREST SCHOOL PROGRAM WHICH EDUCATED 45 CHILDREN AND 12 ADULTS IN OUR COMMUNITY ABOUT THE ENVIRONMENT AND THE IMPORTANCE OF PROTECTING NATURAL AREAS. WE FACILITATED ONGOING ADULT ENVIRONMENTAL EVENTS WHICH EDUCATED 94 INDIVIDUALS ABOUT ASPECTS OF CONSERVATION AND IMPLEMENTATION PRACTICES.

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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 $229,105

Program Service Revenue $0

Investment Income $28,312

Other Revenue $0

TOTAL REVENUE $257,417

Expense Breakdown

Grants Paid $0

Salaries & Benefits $211,952

Fundraising Expenses $16,834

Program Expenses $221,642

Other Expenses $106,808

TOTAL EXPENSES $320,112

Year-over-Year Comparison

	2024	2023	Change
Revenue	$257,417	$694,478	-0.6%
Expenses	$320,112	$782,010	-0.6%
Net Income	$-62,695	$-87,532	-0.3%

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

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
MARTHA EBERLY	MEMBER	2.00	Director	$0	$0	$0
ROBB SMITH	MEMBER	2.00	Director	$0	$0	$0
JAMES SUPINA	MEMBER	2.00	Director	$0	$0	$0
SCOT EGLESTON	MEMBER	2.00	Officer Director	$0	$0	$0
DAVID BOWMAN	MEMBER	2.00	Director	$0	$0	$0
JEFF TWYMAN	MEMBER	2.00	Director	$0	$0	$0
ERIK SNYDER	MEMBER	2.00	Director	$0	$0	$0
FRANK RUSWICK	CHAIRPERSON	2.00	Officer	$0	$0	$0
THOMAS SCHUPBACH	SECRETARY	2.00	Officer	$0	$0	$0
ELAINE GOTTSCHALK	TREASURER	2.00	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
2025	No data	No data	No data	No data
2024	$257,417	$320,112	$2,022,158	$-62,695
2023	$694,478	$782,010	$1,956,056	$-87,532
2022	$651,210	$762,117	$1,886,620	$-110,907
2021	$514,913	$273,324	$1,999,161	$241,589
2020	$497,361	$251,704	$1,753,327	$245,657
2019	$461,622	$252,464	$1,505,236	$209,158
2018	$363,922	$250,017	$1,295,282	$113,905