BRAINERD LAKES AREA DEVELOPMENT CORP (EIN 411543292) - 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

1985

Legal Domicile

Principal Officer

JIM HAAKONSON

Phone

2188280096

Tax Period

2023-01-01 to 2023-12-31

BRAINERD LAKES AREA DEVELOPMENT CORP, founded in 1985, is a small nonprofit in the Community Improvement sector that reported $535K in total revenue in fiscal year 2023. Revenue decreased 10% compared to the prior year. Net assets of $2.3M represent 52 months of operating reserves.

Mission

GENERAL ECONOMIC DEVELOPMENT ACTIVITIES

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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 (2023)

Revenue Breakdown

Contributions & Grants $378,330

Program Service Revenue $88,122

Investment Income $65,803

Other Revenue $3,100

TOTAL REVENUE $535,355

Expense Breakdown

Grants Paid $0

Salaries & Benefits $380,278

Fundraising Expenses $0

Program Expenses $482,183

Other Expenses $204,641

TOTAL EXPENSES $584,919

Year-over-Year Comparison

	2023	2022	Change
Revenue	$535,355	$593,859	-0.1%
Expenses	$584,919	$538,034	+0.1%
Net Income	$-49,564	$55,825	-1.9%

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

$142,949

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
TERRY MCFARLIN	PRESIDENT	1.00	Officer Director	$0	$0	$0
JOHN OHLIN	VICE PRESIDENT	0.50	Officer Director	$0	$0	$0
JULIE ANDERHOLM	SECRETARY/TREASURER	1.00	Officer Director	$0	$0	$0
JIM HAAKONSON	PAST PRESIDENT	0.50	Director	$0	$0	$0
TOM HAGLIN	PAST PRESIDENT	1.00	Director	$0	$0	$0
MIKE DILLON	PAST PRESIDENT	1.00	Director	$0	$0	$0
JANELLE RILEY	DIRECTOR	0.50	Director	$0	$0	$0
KARLO GOERGES	DIRECTOR	0.50	Director	$0	$0	$0
SANDY ZUTZ-WICZEK	DIRECTOR	1.00	Director	$0	$0	$0
TYLER GLYNN	EXECUTIVE DIRECTOR	40.00	Officer	$139,978	$2,971	$142,949

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
2024	No data	No data	No data	No data
2023	$535,355	$584,919	$2,361,590	$-49,564
2022	$593,859	$538,034	$2,443,437	$55,825
2021	$474,971	$490,519	$2,329,380	$-15,548
2020	$633,672	$456,138	$2,323,413	$177,534
2019	$474,219	$526,355	$2,116,002	$-52,136
2018	$464,136	$488,910	$2,094,561	$-24,774

BRAINERD LAKES AREA DEVELOPMENT CORP