ICICLE FUND

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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

1998

Legal Domicile

Principal Officer

PHIL LACEY

Phone

5095480429

Tax Period

2023-07-01 to 2024-06-30

ICICLE FUND, founded in 1998, is a community nonprofit in the Arts, Culture & Humanities sector that reported $2.4M in total revenue in fiscal year 2023. Revenue fell 83% from the prior year — a significant decline worth monitoring. Expenses of $3.1M exceeded revenue, resulting in a 32% operating deficit.

Mission

THE MISSION OF THE ICICLE FUND IS TO SUPPORT THE ENVIRONMENT, THE ARTS AND HISTORY THROUGH INNOVATIVE COLLABORATION IN NORTH CENTRAL WASHINGTON.

Program Service Accomplishments

Program 1

Expenses: $2,918,453 Revenue: $87,796

PROTECT THE ENVIRONMENT, ADVANCE THE APPRECIATION OF THE ARTS, AND PROMOTE THE NATURAL AND CULTURAL HISTORY OF THE WENATCHEE RIVER WATERSHED AND THE GREATER NORTH CENTRAL WASHINGTON REGION, BY...

PROTECT THE ENVIRONMENT, ADVANCE THE APPRECIATION OF THE ARTS, AND PROMOTE THE NATURAL AND CULTURAL HISTORY OF THE WENATCHEE RIVER WATERSHED AND THE GREATER NORTH CENTRAL WASHINGTON REGION, BY SUPPORTING CHELAN-DOUGLAS LAND TRUST, THE NATURE CONSERVANCY, THE TRUST FOR PUBLIC LAND, ICICLE CREEK CENTER FOR THE ARTS, WENATCHEE RIVER INSTITUTE, METHOW ARTS ALLIANCE, AND OTHER QUALIFIED NONPROFITS THROUGH OUR COMMUNITY GRANTS PROGRAM.

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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 $0

Program Service Revenue $0

Investment Income $2,686,802

Other Revenue $-317,718

TOTAL REVENUE $2,369,084

Expense Breakdown

Grants Paid $2,703,591

Salaries & Benefits $217,182

Fundraising Expenses $0

Program Expenses $2,918,453

Other Expenses $197,742

TOTAL EXPENSES $3,118,515

Year-over-Year Comparison

	2023	2022	Change
Revenue	$2,369,084	$14,031,984	-0.8%
Expenses	$3,118,515	$2,425,604	+0.3%
Net Income	$-749,431	$11,606,380	-1.1%

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

Governance

Voting Members

Independent Members

Employees

Volunteers

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

$590,984

Total Directors

$658,942

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
MITSU IWASAKI	PRESIDENT	3.00	Officer Director	$0	$15,000	$165,233
PHIL LACEY	VICE PRESIDENT	3.00	Officer Director	$0	$0	$97,700
JAMES SCHROEDER	TREASURER	2.00	Officer Director	$0	$15,622	$210,908
SHARON LUNZ	SECRETARY	2.00	Officer Director	$0	$0	$0
NOELLE O'REILLY	DIRECTOR	1.00	Director	$0	$0	$0
KENI STURGEON	DIRECTOR	2.00	Director	$0	$0	$0
PAUL ISHII	DIRECTOR	3.00	Director	$0	$0	$0
CANUCHE TERRANELLA	DIRECTOR	2.00	Director	$0	$0	$67,586
EUNICE YOUMANS	DIRECTOR	2.00	Director	$0	$12,582	$117,515
MISSI SMITH	DIRECTOR	2.00	Director	$0	$0	$0
SARAH JO LIGHTNER	DIRECTOR	1.00	Director	$0	$0	$0
CHRISTINE MORGAN	EXECUTIVE DIRECTOR	32.00	Officer	$112,000	$5,143	$117,143

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	$368,744	$685,401	$56,722,905	$-316,657
2024	$2,369,084	$3,118,515	$51,444,310	$-749,431
2023	$14,031,984	$2,425,604	$50,061,150	$11,606,380
2022	$2,172,420	$2,801,174	$35,216,436	$-628,754
2021	$1,107,385	$2,515,545	$42,721,868	$-1,408,160
2020	$535,809	$1,559,986	$37,832,903	$-1,024,177
2019	$3,830,233	$1,283,795	$38,451,283	$2,546,438
2018	$862,121	$1,617,028	$34,738,411	$-754,907