PRIOR LAKE WATER SKI ASSOCIATION

EIN: 411779890 501(c)(3) Recreation & Sports

PRIOR LAKE, MN

Total Revenue
$353,342
Total Expenses
$210,321
Total Assets
$913,187
Net Assets
$829,234
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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
1957
Legal Domicile
MN
Principal Officer
TIM FITZGIBBONS
Phone
9524572723
Tax Period
2024-01-01 to 2024-12-31

PRIOR LAKE WATER SKI ASSOCIATION, founded in 1957, is a small nonprofit in the Recreation & Sports sector that reported $353K in total revenue in fiscal year 2024. Revenue surged 37% from the prior year, signaling strong growth momentum. The organization ran a surplus of $143K, a strong 40% operating margin.

Mission

TO PROMOTE AMATEUR WATER SKIING THROUGH WATER SKI EXIBITIONS, TOURNAMENTS, AND TRAINING CLINICS AVAILABLE TO THE GENERAL PUBLIC.

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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%)

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Financial Overview (2024)

Revenue Breakdown

Contributions & Grants $215,040
Program Service Revenue $94,875
Investment Income $42,427
Other Revenue $1,000
TOTAL REVENUE $353,342

Expense Breakdown

Grants Paid $0
Salaries & Benefits $0
Fundraising Expenses $0
Program Expenses $209,356
Other Expenses $210,321
TOTAL EXPENSES $210,321

Year-over-Year Comparison

2024 2023 Change
Revenue $353,342 $257,713 +0.4%
Expenses $210,321 $246,793 -0.1%
Net Income $143,021 $10,920 +12.1%
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

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Governance

Voting Members
11
Independent Members
12
Employees
1
Volunteers
170

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
3
$0
Total Directors
12
$0
Key Employees
0
$0
Highest Compensated
0
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
TIM FITZGIBBONS PRESIDENT 10.00
Officer Director
$0 $0 $0
PETE GLASHAGEL SECRETARY N/A
Officer Director
$0 $0 $0
JEFF HUSS TREASURER N/A
Officer Director
$0 $0 $0
KENT JOHNSON FINANCE DIRE N/A
Director
$0 $0 $0
STEVE MELCHER QUARRY LAKE N/A
Director
$0 $0 $0
DENISE HENNEN SAFETY N/A
Director
$0 $0 $0
ROCHELLE OSGAR MARKETING N/A
Director
$0 $0 $0
BRENT EDWARDSJULIE JAMES SHOW DIRECTO N/A
Director
$0 $0 $0
MIKE THIBAULT MEMBERSHIP D N/A
Director
$0 $0 $0
NICK BROWNPAUL MCGINTY ADAPTIVE DIR N/A
Director
$0 $0 $0
BRENNON O'CALLAGHANKENNY BERENS MUCBP N/A
Director
$0 $0 $0
JAKE ARTANG JUNIOR DEVEL N/A
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 $353,342 $210,321 $913,187 $143,021
2023 $257,713 $246,793 $812,656 $10,920
2022 $320,625 $133,224 $761,966 $187,401
2021 $238,872 $137,262 $591,610 $101,610
2020 $149,172 $94,509 $491,745 $54,663
2019 $163,433 $152,717 $462,464 $10,716
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