PHEASANTS FOREVER INC (EIN 411429149) - 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

1982

Legal Domicile

Principal Officer

Marilyn Vetter

Phone

6517732000

Tax Period

2024-07-01 to 2025-06-30

PHEASANTS FOREVER INC, founded in 1982, is a major nonprofit that reported $118.6M in total revenue in fiscal year 2024. Revenue decreased 11% compared to the prior year.

Mission

Pheasants Forever and Quail Forever's mission is to conserve pheasants, quail, and other wildlife through habitat improvements, public access, education, and conservation advocacy.

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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 $97,950,187

Program Service Revenue $4,775,772

Investment Income $3,694,755

Other Revenue $12,178,832

TOTAL REVENUE $118,599,546

Expense Breakdown

Grants Paid $0

Salaries & Benefits $46,432,221

Fundraising Expenses $11,500,315

Program Expenses $100,351,918

Other Expenses $69,984,298

TOTAL EXPENSES $116,416,519

Year-over-Year Comparison

	2024	2023	Change
Revenue	$118,599,546	$132,707,799	-0.1%
Expenses	$116,416,519	$125,555,728	-0.1%
Net Income	$2,183,027	$7,152,071	-0.7%

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

769

Volunteers

4000

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

$1,491,965

Total Directors

$398,075

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
Marilyn Vetter	President and CEO	50	Officer Director	$366,374	$31,701	$398,075
James M Koerber	Chief Financial Officer & Asst. Secretary	50	Officer	$307,380	$22,921	$330,301
David Bue	Chief Development Officer	50	Officer	$265,026	$30,124	$295,150
Ron Leathers	Chief Conservation Officer	50	Officer	$228,141	$21,038	$249,179
Robert St Pierre	Chief Marketing & Communications Officer	50	Officer	$199,696	$19,564	$219,260
Ariel Wiegard	Vice President of Government Affairs	50	Highest	$203,897	$9,610	$213,507
Mark Curwick	Director of IT	50	Highest	$162,710	$35,326	$198,036
Richard Wissink	Vice President of Conservation Programs	50	Highest	$155,540	$27,348	$182,888
Joseph Eisenmenger	Director of Application Development	50	Highest	$165,743	$8,184	$173,927
Andrew Schmidt	Director of Government Affairs	50	Highest	$148,601	$7,329	$155,930
Jerrod Burke	Chairman	5	Officer Director	$0	$0	$0
Keith Schopp	Secretary	5	Officer Director	$0	$0	$0
Brett Reber	Treasurer	5	Officer Director	$0	$0	$0
Daniel Forster	Vice-Chairman	5	Officer Director	$0	$0	$0
Ashley Langen	Director	3	Director	$0	$0	$0
Jon Kohler	Director	3	Director	$0	$0	$0
John Beall	Director	3	Director	$0	$0	$0
Dax Hayden	Director	3	Director	$0	$0	$0
Susan Felege	Director	3	Director	$0	$0	$0
Douglas Spale	Director	3	Director	$0	$0	$0
Evan Carruthers	Director	3	Director	$0	$0	$0
Thomas Harris	Director	3	Director	$0	$0	$0
Owen Stockdale	Director	3	Director	$0	$0	$0
Larry Voyles	Director	3	Director	$0	$0	$0
David Zellmer	Director	3	Director	$0	$0	$0
Lynn Tjeerdsma	Director	3	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	$118,599,546	$116,416,519	$83,380,132	$2,183,027
2024	$132,707,799	$125,555,728	$80,971,314	$7,152,071
2023	$89,635,688	$85,314,691	$70,830,793	$4,320,997
2022	$87,003,226	$80,212,273	$64,541,610	$6,790,953
2021	$80,454,099	$73,227,322	$58,234,567	$7,226,777
2020	$67,643,527	$68,004,998	$51,710,315	$-361,471
2019	$62,741,195	$60,903,669	$47,065,428	$1,837,526
2018	$76,082,998	$75,117,807	$46,291,693	$965,191

PHEASANTS FOREVER INC