FORWARD DEVILS LAKE CORP

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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

CHACE ENGSTROM-AUSTVOLD

Phone

7016627600

Tax Period

2023-01-01 to 2023-12-31

FORWARD DEVILS LAKE CORP, founded in 1992, is a small nonprofit that reported $586K in total revenue in fiscal year 2023. Revenue surged 144% from the prior year, signaling strong growth momentum.

Mission

TO FOSTER AND DEVELOP EXISTING AND NEW BUSINESS AND INDUSTRY IN THE LAKE REGION

Program Service Accomplishments

Program 1

FORWARD DEVILS LAKE IS THE CITY OF DEVILS LAKE'S ECONOMIC DEVELOPMENT PROMOTER. THEREBY, FORWARD DEVILS LAKE MARKETS THE CITY OF DEVILS LAKE AND PROVIDES LOCATION INCENTIVES TO ATTRACT BUSINESSES TO DEVILS LAKE. THERE ARE A NUMBER OF GRANTS AND PROGRAMS THAT FORWARD DEVILS LAKE ADMINISTERS SUCH AS THE 20X20 SKILLED WORKFORCE RECRUITMENT AND RETENTION PROGRAM, CHILDCARE INCENTIVE PROGRAM, AND GRANTS FOR THE MOBILE CAREER EXPLORATION CLASSROOM.

Program 2

FORWARD DEVILS LAKE ALSO PARTNERS WITH THE CITY OF DEVILS LAKE TO HELP ADMINISTER THE CITY OF DEVILS LAKE GROWTH FUND PROGRAMS THAT ARE NEEDED IN THE COMMUNITY AND CONSIDER APPLICATIONS FOR THE USE OF FUNDS THAT ACCUMULATE BASED ON COMMUNITY NEED. ADDITIONALLY FORWARD DEVILS LAKE HAS PARTNERED WITH THE BANK OF NORTH DAKOTA IN ADMINISTERING THE INTEREST BUY DOWN PROGRAMS SUCH AS PACE LOAN AND FLEX-PACE LOANS. IN 2024, FORWARD DEVILS LAKE WILL REMAIN AN ADVISORY BOARD BUT WILL NOT LONG ADMINISTER THESE LOANS. THEY WILL ALL BE MOVED TO THE JOB DEVELOPMENT AUTHORITY ESTABLISHED BY THE CITY OF DEVILS LAKE. LASTLY, THERE ARE THE SMALL BUSINESS REVOLVING LOAN FUND AND FACADE IMPROVEMENT PROGRAM PROVIDING LOANS FOR NEW AND EXPANDING BUSINESSES IN THE DEVILS LAKE REGION. THESE WILL ALSO BE MOVED TO THE JOB DEVELOPMENT AUTHORITY ESTABLISHED BY THE CITY OF DEVILS LAKE IN 2024.

Program 3

FORWARD DEVILS LAKE'S OFFICE USE IS DONATED BY THE CITY OF DEVILS LAKE WITH AN APPROXIMATE RENTAL VALUE OF 1,000/MONTH FOR A TOTAL OF 12,000/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 (2023)

Revenue Breakdown

Contributions & Grants $585,297

Program Service Revenue $0

Investment Income $0

Other Revenue $224

TOTAL REVENUE $585,521

Expense Breakdown

Grants Paid $100,329

Salaries & Benefits $116,423

Fundraising Expenses $0

Other Expenses $393,876

TOTAL EXPENSES $610,628

Year-over-Year Comparison

	2023	2022	Change
Revenue	$585,521	$239,899	+1.4%
Expenses	$610,628	$231,388	+1.6%
Net Income	$-25,107	$8,511	-3.9%

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

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

Total Directors

$108,818

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
BRAD BARTH	EXECUTIVE DI	40.00	Director	$96,218	$12,600	$108,818
JIM ALVESTAD	PAST PRESDIE	1.00	Director	$0	$0	$0
DOUG DARLING	PAST PRESIDE	1.00	Director	$0	$0	$0
CHACE ENGSTROM-AUSTVOLD	PRESIDENT	1.00	Officer Director	$0	$0	$0
ROB HACH	DIRECTOR	1.00	Director	$0	$0	$0
SPENCER HALVERSON	EX OFFICIO	1.00	Director	$0	$0	$0
RYAN HANSON	VICE PRESIDE	1.00	Officer Director	$0	$0	$0
SUZIE KENNER	EX OFFICIO	1.00	Director	$0	$0	$0
SHERRI MEZERA	SECRETARY/TR	1.00	Officer Director	$0	$0	$0
JIM MOE	DIRECTOR	1.00	Director	$0	$0	$0
PAUL WILHELMI	DIRECTOR	1.00	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
2023	$585,521	$610,628	$1,231,251	$-25,107
2022	$239,899	$231,388	$1,065,786	$8,511
2021	$268,472	$257,183	$1,146,555	$11,289
2020	$198,717	$170,153	$1,345,424	$28,564