LAKE VERMILION RESORT ASSOCIATION (EIN 411481722) - 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

2003

Legal Domicile

Principal Officer

KYLE COLBERT

Phone

2186665850

Tax Period

2024-10-01 to 2025-09-30

LAKE VERMILION RESORT ASSOCIATION, founded in 2003, is a small nonprofit in the Community Improvement sector that reported $351K in total revenue in fiscal year 2024. Revenue grew 18% year-over-year, indicating healthy expansion. Expenses of $393K exceeded revenue, resulting in a 12% operating deficit.

Mission

TO INCREASE TOURISM AND SUPPORT COMMERCE IN THE GREATER COOK AND TOWER MINNESOTA AREA

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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 $12,200

Program Service Revenue $337,087

Investment Income $1,599

Other Revenue $0

TOTAL REVENUE $350,886

Expense Breakdown

Grants Paid $0

Salaries & Benefits $68,915

Fundraising Expenses $0

Program Expenses $393,185

Other Expenses $324,270

TOTAL EXPENSES $393,185

Year-over-Year Comparison

	2024	2023	Change
Revenue	$350,886	$297,471	+0.2%
Expenses	$393,185	$410,740	0.0%
Net Income	$-42,299	$-113,269	-0.6%

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

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
BRIAN ANDERSON	VICE PRESIDENT	2.00	Officer	$0	$0	$0
JOSH GILLSON	DIRECTOR	2.00	Officer	$0	$0	$0
KYLE COLBERT	PRESIDENT	3.00	Officer	$0	$0	$0
CURT LUCHI	DIRECTOR	2.00	Officer	$0	$0	$0
FRED BRETT	DIRECTOR	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	$350,886	$393,185	$154,593	$-42,299
2024	$297,471	$410,740	$196,697	$-113,269
2023	$325,549	$503,493	$310,192	$-177,944
2022	$319,574	$368,823	$488,044	$-49,249
2021	$318,382	$161,020	$537,198	$157,362
2020	$300,978	$174,449	$373,309	$126,529
2019	$172,887	$245,362	$243,702	$-72,475

LAKE VERMILION RESORT ASSOCIATION