BADGER INSTITUTE INC (EIN 391592727) - Form 990 Financial Analysis & Trantor Score

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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

1987

Legal Domicile

Principal Officer

MIKE NICHOLS

Phone

4142259940

Tax Period

2024-04-01 to 2025-03-31

BADGER INSTITUTE INC, founded in 1987, is a small nonprofit in the Public & Societal Benefit sector that reported $867K in total revenue in fiscal year 2024. Revenue fell 35% from the prior year — a significant decline worth monitoring. Expenses of $1.2M exceeded revenue, resulting in a 39% operating deficit.

Mission

PUBLIC POLICY RESEARCH.

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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 $818,760

Program Service Revenue $0

Investment Income $72,148

Other Revenue $-23,590

TOTAL REVENUE $867,318

Expense Breakdown

Grants Paid $0

Salaries & Benefits $714,240

Fundraising Expenses $154,390

Program Expenses $758,964

Other Expenses $487,110

TOTAL EXPENSES $1,201,350

Year-over-Year Comparison

	2024	2023	Change
Revenue	$867,318	$1,336,844	-0.4%
Expenses	$1,201,350	$1,303,450	-0.1%
Net Income	$-334,032	$33,394	-11.0%

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

$259,212

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
AVE BIE	CHAIR	1.00	Officer Director	$0	$0	$0
LISA MAUER	VICE CHAIR	1.00	Officer Director	$0	$0	$0
JASON KOHOUT	SECRETARY	1.00	Officer Director	$0	$0	$0
COREY HOZE	DIRECTOR	1.00	Director	$0	$0	$0
ELLEN NOWAK	DIRECTOR	1.00	Director	$0	$0	$0
MATT ROWE	DIRECTOR	1.00	Officer Director	$0	$0	$0
NICHOLAS BAUER	DIRECTOR	1.00	Director	$0	$0	$0
SHANNON WHITWORTH	DIRECTOR	1.00	Director	$0	$0	$0
SHANNON SWEEK	DIRECTOR	0.00	Director	$0	$0	$0
ROBERT DOAR	DIRECTOR	0.00	Director	$0	$0	$0
MIKE NICHOLS	PRESIDENT	40.00	Officer	$242,708	$16,504	$259,212
PATRICK A MCILHERAN	DIRECTOR OF POLICY	40.00	Highest	$121,274	$8,246	$129,520
ANGELA SMITH	EXECUTIVE VICE PRESIDENT	40.00	Highest	$115,926	$8,051	$123,977

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	$867,318	$1,201,350	$3,298,040	$-334,032
2024	$1,336,844	$1,303,450	$3,552,632	$33,394
2023	$1,417,962	$1,393,624	$3,357,615	$24,338
2022	$1,376,464	$1,354,555	$3,409,728	$21,909
2021	$1,186,292	$1,135,848	$3,562,597	$50,444
2020	$960,504	$1,145,144	$2,720,002	$-184,640
2019	$988,146	$1,001,100	$3,084,860	$-12,954

BADGER INSTITUTE INC