HEADWATERS SCHOOL OF MUSIC AND ARTS

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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

1992

Legal Domicile

Principal Officer

PATRICIA ANDREWS

Phone

2184445606

Tax Period

2024-01-01 to 2024-12-31

HEADWATERS SCHOOL OF MUSIC AND ARTS, founded in 1992, is a small nonprofit that reported $461K in total revenue in fiscal year 2024. Revenue grew 17% year-over-year, indicating healthy expansion. Expenses of $396K left a modest 14% surplus.

Mission

TO PROVIDE OPPORTUNITIES FOR CREATIVITY THROUGH INSTRUCTION AND INSPIRE THE COMMUNITY THROUGH MUSIC AND THE ARTS.

Program Service Accomplishments

Program 1

We provide private and group lessons in musical instruments, voice, art and pottery. We gave lessons to approximately 180 students in the past year.

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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 $143,467

Program Service Revenue $233,754

Investment Income $7,632

Other Revenue $75,898

TOTAL REVENUE $460,751

Expense Breakdown

Grants Paid $0

Salaries & Benefits $254,064

Fundraising Expenses $0

Other Expenses $142,182

TOTAL EXPENSES $396,246

Year-over-Year Comparison

	2024	2023	Change
Revenue	$460,751	$392,681	+0.2%
Expenses	$396,246	$377,733	+0.0%
Net Income	$64,505	$14,948	+3.3%

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

N/A

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

$56,449

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
PATRICIA ANDREWS	EXECUTIVE DIRECTOR	40.00	Officer	$56,449	$0	$56,449
EMILY PILLER	PRESIDENT	4.00	Officer Director	$0	$0	$0
LINDA ROGERS	DIRECTOR	4.00	Director	$0	$0	$0
SACHEL JOSEFSON	PRESIDENT ELECT	4.00	Officer Director	$0	$0	$0
CRYSTAL NOBLE	SECRETARY	8.00	Officer Director	$0	$0	$0
ASPEN EASTERLING	DIRECTOR	4.00	Director	$0	$0	$0
LEAH CORCORAN	DIRECTOR	4.00	Director	$0	$0	$0
JULIE HANSON	DIRECTOR	4.00	Director	$0	$0	$0
MIKE NAYLOR	DIRECTOR	4.00	Director	$0	$0	$0
TRACI SCHANKE	DIRECTOR	4.00	Director	$0	$0	$0
KEN MCDONALD	TREASURER	4.00	Officer 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
2024	$460,751	$396,246	$338,506	$64,505
2023	$392,681	$377,733	$265,652	$14,948
2022	$351,618	$377,819	$271,659	$-26,201
2021	$358,935	$370,238	$312,172	$-11,303
2020	$358,583	$317,470	$303,767	$41,113
2019	$371,355	$332,652	$248,051	$38,703
2018	$315,582	$276,121	$224,478	$39,461