FIRGROVE MUTUAL 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

1952

Legal Domicile

Principal Officer

LARRY D JONES

Phone

2538451542

Tax Period

2024-04-01 to 2025-03-31

FIRGROVE MUTUAL INC, founded in 1952, is a community nonprofit that reported $7.1M in total revenue in fiscal year 2024. Expenses of $8.3M exceeded revenue, resulting in a 17% operating deficit.

Mission

FIRGROVE MUTUAL INC. IS A WASHINGTON CORPORATION ESTABLISHED FOR THE PURPOSE OF INSTALLING, MAINTAINING, AND OPERATING A WATER SUPPLY SYSTEM FOR ITS MEMBERSHIP.

Program Service Accomplishments

Program 1

FIRGROVE AGGRESSIVELY SAFEGUARDS ITS WATER SUPPLY IN ORDER TO PROVIDE A SAFE AND RELIABLE SUPPLY OF WATER. FIRGROVE UPHOLDS THE STANDARDS SET BY THE WASHINGTON STATE DEPARTMENT OF HEALTH AND THE...

FIRGROVE AGGRESSIVELY SAFEGUARDS ITS WATER SUPPLY IN ORDER TO PROVIDE A SAFE AND RELIABLE SUPPLY OF WATER. FIRGROVE UPHOLDS THE STANDARDS SET BY THE WASHINGTON STATE DEPARTMENT OF HEALTH AND THE UNITED STATES ENVIRONMENTAL PROTECTION AGENCY. THE MUTUAL IS PROUD OF ITS RECORD OF PROVIDING HIGH QUALITY OF WATER AND SERVICE TO ITS CUSTOMERS.THE COMPANY HAS GROWN TO EMBRACE A POPULATION OF ABOUT 28,000 RESIDENTS AND CONTINUES TO EXPAND AS NEW DEVELOPMENTS ARE ADDED WITHIN THE SERVICE AREA. THE ORGANIZATION PROVIDED WATER SERVICE TO APPROXIMATELY 11,252 MEMBERS.

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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 $1,327

Program Service Revenue $6,650,069

Investment Income $363,139

Other Revenue $123,368

TOTAL REVENUE $7,137,903

Expense Breakdown

Grants Paid $0

Salaries & Benefits $2,376,781

Fundraising Expenses $0

Other Expenses $5,956,484

TOTAL EXPENSES $8,333,265

Year-over-Year Comparison

	2024	2023	Change
Revenue	$7,137,903	$7,474,431	0.0%
Expenses	$8,333,265	$7,820,750	+0.1%
Net Income	$-1,195,362	$-346,319	+2.5%

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

$442,987

Total Directors

$14,400

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
SCOTT WILLIAMS	TRUSTEE/VP	0.70	Officer Director	$2,700	$0	$2,700
AUSTIN FISHER	TRUSTEE/SECRETARY	0.70	Officer Director	$2,700	$0	$2,700
DONALD ROSE	PRESIDENT/TRUSTEE	0.80	Officer Director	$3,000	$0	$3,000
MITCHELL HINDS	SECRETARY/TRUSTEE	0.70	Officer Director	$2,700	$0	$2,700
ERIC OTT	VP/PRESIDENT	0.80	Officer Director	$3,300	$0	$3,300
LARRY JONES	GENERAL MANAGER	40.00	Officer	$185,154	$39,274	$224,428
LORI TRIPLETT	FINANCE DIRECTOR	40.00	Officer	$167,395	$36,764	$204,159
RYAN LANTZ	SUPERINTENDENT	40.00	Highest	$107,605	$52,303	$159,908
KIM GLASER	FINANCE SUPERVISOR	40.00	Highest	$130,589	$31,359	$161,948
MARK ZIMMERMAN	OPERATIONS LEAD	40.00	Highest	$105,948	$27,547	$133,495

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	$7,137,903	$8,333,265	$51,449,018	$-1,195,362
2024	$7,474,431	$7,820,750	$51,711,974	$-346,319
2023	$6,603,602	$7,545,070	$50,326,737	$-941,468
2022	$6,249,375	$7,008,654	$48,743,649	$-759,279
2021	$6,250,055	$6,530,075	$47,021,775	$-280,020
2020	$5,911,561	$5,462,383	$45,321,397	$449,178
2019	$6,092,535	$5,226,652	$41,985,559	$865,883
2018	$5,861,655	$5,066,184	$39,098,901	$795,471