WATERFORD INSTITUTE INC

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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

1976

Legal Domicile

Phone

8015764900

Tax Period

2023-09-01 to 2024-08-31

WATERFORD INSTITUTE INC, founded in 1976, is a mid-sized nonprofit in the Science & Technology sector that reported $46.2M in total revenue in fiscal year 2023. Revenue fell 37% from the prior year — a significant decline worth monitoring. Expenses of $59.4M exceeded revenue, resulting in a 28% operating deficit.

Mission

WATERFORD PROVIDES PRE-K THROUGH 2ND-GRADE READING, MATH, AND SCIENCE PROGRAMS THAT CHILDREN CAN USE WHEREVER THEY LEARN. OUR PROGRAMS HELP CHILDREN REACH CRITICAL MILESTONES BY THE 3RD GRADE, LAYING THE FOUNDATION FOR THEIR FUTURE SUCCESS.

Program Service Accomplishments

Program 1

Expenses: $53,374,083 Revenue: $38,158,791

WATERFORD SUPPORTS NEARLY 200,000 CHILDREN PRE-K - 2ND GRADE ANNUALLY THROUGH ITS HOME-BASED AND PLACE-BASED PROGRAMS (UPSTART AND WATERFORD EARLY LEARNING) THAT TEACH STUDENTS FOUNDATIONAL EARLY...

WATERFORD SUPPORTS NEARLY 200,000 CHILDREN PRE-K - 2ND GRADE ANNUALLY THROUGH ITS HOME-BASED AND PLACE-BASED PROGRAMS (UPSTART AND WATERFORD EARLY LEARNING) THAT TEACH STUDENTS FOUNDATIONAL EARLY LEARNING SKILLS IN READING, MATH, AND SCIENCE. WATERFORD HAS STRONG EVIDENCE OF THE IMPACT OF ITS PROGRAMS ON CHILDREN'S LEARNING OUTCOMES WHEN IMPLEMENTED WITH FIDELITY, AS DEMONSTRATED VIA MULTIPLE ESSA TIER 1 RESEARCH STUDIES USING WATERFORD PROGRAMS. ON AVERAGE, STUDENTS ADVANCE A FULL YEAR OR MORE BEYOND EXPECTED GROWTH, AND THOSE GAINS CONTINUE TO BENEFIT THEM IN THE LONG TERM.

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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 $6,494,367

Program Service Revenue $38,137,533

Investment Income $1,543,571

Other Revenue $21,258

TOTAL REVENUE $46,196,729

Expense Breakdown

Grants Paid $0

Salaries & Benefits $39,390,997

Fundraising Expenses $532,241

Program Expenses $53,374,083

Other Expenses $19,970,782

TOTAL EXPENSES $59,361,779

Year-over-Year Comparison

	2023	2022	Change
Revenue	$46,196,729	$73,532,657	-0.4%
Expenses	$59,361,779	$60,437,827	0.0%
Net Income	$-13,165,050	$13,094,830	-2.0%

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

406

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

$1,493,989

Total Directors

Key Employees

$1,182,250

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
DAVID MYERS	CEO CHIEF EXECUTIVE OFFICER	40.00		$590,536	$37,125	$627,661
JODI SOHRT	DIRECTOR OF SCHOOL RELATIONS	40.00	Highest	$359,008	$22,500	$381,508
EDWARD HEUSTON	EXECUTIVE DIRECTOR	40.00	Highest	$348,787	$24,586	$373,373
SHERI BLACK	VICE PRESIDENT OF SCHOOL RELATIONS	40.00		$345,215	$31,210	$376,425
DANIEL NEWBOLD	DIRECTOR OF SCHOOL RELATIONS	40.00	Highest	$275,278	$7,200	$282,478
THOMAS NESS	CHIEF FINANCIAL OFFICER	40.00	Officer	$272,903	$36,300	$309,203
CLAUDIA MINER	EXECUTIVE DIRECTOR & CO-FOUNDER OF UPSTART	40.00	Key Emp	$270,967	$24,718	$295,685
CLARK BEAL	SVP SCHOOL RELATIONS	40.00	Key Emp	$252,436	$29,250	$281,686
REBECCA KELLEY	CHIEF OF ADVOCACY AND COMMUNITY ENGAGEMENT	40.00	Officer	$236,633	$19,546	$256,179
BRECK NIELSEN	DIRECTOR OF SCHOOL RELATIONS	40.00	Highest	$235,889	$4,951	$240,840
LORI PUGH	CHIEF PEOPLE OFFICER	40.00	Officer	$217,655	$16,872	$234,527
KATHY LANDON	CHIEF OPERATING OFFICER	40.00	Officer	$217,401	$29,290	$246,691
MICHAEL HIGHT	CHIEF TECHNOLOGY OFFICER	40.00	Officer	$217,008	$16,317	$233,325
LEAH WALKER	EVP, EQUITY AND INCLUSION	40.00	Highest	$216,627	$22,866	$239,493
JENNI TORRES	EXECUTIVE VP & CHIEF ACADEMIC OFFICER	40.00	Officer	$191,564	$22,500	$214,064
KIM FISCHER	VICE PRESIDENT, MARKETING	40.00	Key Emp	$190,836	$30,250	$221,086
JAMES LUND	EVP, PROGRAM SUCCESS	40.00	Key Emp	$186,056	$13,275	$199,331
MICHAEL HUDSON	VP, IT & SECURITY	40.00	Key Emp	$175,470	$8,992	$184,462
ERNEST BLACKWELL	BOARD CHAIR	2.00	Director	$0	$0	$0
ALLISON GUSHEE MOLKENTHIN	BOARD MEMBER	5.00	Director	$0	$0	$0
JAMES HOLBROOK	BOARD MEMBER, SECRETARY, TREASURER	2.00	Officer Director	$0	$0	$0
WAYNE YSAGUIRRE	BOARD MEMBER	2.00	Director	$0	$0	$0
STEPHANIE MONROE	BOARD MEMBER	2.00	Director	$0	$0	$0
MATT GRIMES	BOARD MEMBER	2.00	Director	$0	$0	$0
JACK RYAN	BOARD MEMBER	2.00	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
2025	No data	No data	No data	No data
2024	$46,196,729	$59,361,779	$52,688,300	$-13,165,050
2023	$73,532,657	$60,437,827	$72,458,924	$13,094,830
2022	$59,028,188	$57,748,598	$68,734,767	$1,279,590
2021	$58,080,601	$47,412,035	$69,642,790	$10,668,566
2020	$50,700,399	$42,677,643	$37,694,597	$8,022,756
2019	$32,670,428	$31,816,159	$23,879,656	$854,269
2018	$26,341,309	$25,255,133	$13,905,997	$1,086,176