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Headwaters North Corporation EIN 93-2480558

Headwaters North Corporation

EIN  93-2480558 Public charity (501(c)(3)) Sault Sainte Marie, MI Founded 2023
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Size
$100K–1M
What they do
a community improvement nonprofit
Leadership
Nevin Buconjic · Director
Money in and out
$337K revenue, $208K expenses
Bottom line
99% program efficiency

Headwaters North Corporation is a community improvement nonprofit based in Sault Sainte Marie, MI, formed in 2023. For fiscal year 2024 it reported $337K in revenue, $208K in expenses, and $169K in net assets.Pt I

Where the money goes · FY2024
Total revenue
$337K
Pt VIII · Ln 12
Total expenses
$208K
Pt IX · Ln 25
Net assets
$169K
Pt X · Ln 32
Revenue less expenses (Pt I · Ln 19): $129K
Where spending went · Part IX cols B–D
Program services $0.99 Management & general $0.01
Program efficiency
99%
of spending reaches programs
Operating runway
9.7mo
months of highly liquid reserves at operating expense rate▲ +41% vs prior filing year
Surplus margin
+38%
revenue over expenses, this year▲ +5% vs prior filing year

Summary of the Filing

Part I · fiscal year 2024 · Form 990
Revenue
$337K
FY2024▲ +206%
Total revenue
$337K
Pt VIII · Ln 12
Total expenses
$208K
Pt IX · Ln 25
Net assets
$169K
Pt X · Ln 32
Revenue less expensesPt I · Ln 19$129K
Total assetsPt X · Ln 16$169K
Program-expense ratioPt IX · col B99%
Voting members of governing bodyPt I · Ln 37
Independent voting membersPt I · Ln 47
Mission & Programs · Part III

Where the work happens

1 program service account for $205K of program spending, described in the organization's own filed words · FY2024.
01

Assisting, supporting, deveolping and helping grow businesses in the local community.

$205Kprogram expense

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Identity & Classification

Form 990 Header · IRS Business Master File
Legal nameHdr · item CHeadwaters North Corporation
EINHdr · item D93-2480558
Principal addressHdr · item CSault Sainte Marie, MI
WebsiteHdr · item Jwww.headwatersnorth.org
Year of formationHdr · item L2023
State of legal domicileHdr · item MMI
Exempt statusHdr · item I501(c)(3) · active
NTEE classificationIRS BMFCommunity Development (S30)
Ruling yearIRS BMFMar 2024

Governance & Policies

Part VI
Voting members of the governing bodyPt VI · Ln 1a7
Independent voting membersPt VI · Ln 1b7
Conflict-of-interest policyPt VI · Ln 12aNo
Whistleblower policyPt VI · Ln 13No
Document retention policyPt VI · Ln 14No
CEO/top-official compensation independently reviewedPt VI · Ln 15aNo
Family or business relationships among officers/directorsPt VI · Ln 2No

Officers, Directors & Key Employees

Part VII, Section A · reportable compensation
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
Jeff Hagan
Director
$0Pt VII · Sec A
Steve Johnson
Secretary
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
Fred Molnar
Director
$0Pt VII · Sec A
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Statement of Revenue

Part VIII
Contributions & grants100%$337K
— government grantsLn 1e$335K
Total revenueLn 12$337K

Statement of Functional Expenses

Part IX · allocated across program, management, and fundraising
Allocation · columns B–D
Program services $0.99 Management & general $0.01
Program services99%$205K
Management & general1%$3K
Total functional expensesLn 25$208K

Balance Sheet

Part X · end of year
CashLn 1$169K
Total assetsLn 16$169K
Total liabilitiesLn 26$0
Total net assetsLn 32$169K
Months of cash on handcomputed9.7

Financial Metrics

Form 990 · FY2024 · each ratio shown with the dollars behind it
Liquidity & Payout
Operating runway
Highly liquid reserves $169K · Operating expenses/yr $208K
9.7 months
Where the money goes
Program services
Program services $205K · Total expenses $208K
99%
Management & General
Management & general $3K · Total expenses $208K
1%
Fundraising
Fundraising $0 · Total expenses $208K
0%
Cost to raise $1
Fundraising expense $0 · Solicited contributions $2K
Solicited contributions below reporting floor
Where the money comes from
Contribution dependence
Contributions & grants $337K · Total revenue $337K
100%
Government reliance
Government grants $335K · Total revenue $337K
99%
Earned-income share
Program service revenue $0 · Total revenue $337K
0%
Investment reliance
Investment income $0 · Total revenue $337K
0%
Program self-sufficiency
Program service revenue $0 · Total expenses $208K
0%
Growth & trend
Revenue growth (YoY)
This year $337K · Prior year $110K
+206%
Net-asset trend (YoY)
End of year $169K · Beginning of year —
Beginning net assets not meaningfully positive — showing dollar change
Balance sheet
Surplus Margin
Revenue $337K · Expenses $208K
+38%
Liabilities-to-Assets
Total liabilities — · Total assets $169K
—
Net-asset ratio
Net assets $169K · Total assets $169K
100%
Marketable Investment Share
Publicly traded securities (Pt X, ln 11) — · Other securities (Pt X, ln 12) — · Total assets (Pt X, ln 16) $169K
Excludes program-related investments (Pt X, ln 13)
People & payroll
Highest Reported Total Compensation
Individual Nevin Buconjic · Reported title DIRECTOR · Highest reported compensation $0 · Total expenses $208K
0%
Personnel share
Salaries, benefits & payroll (Pt IX 5-10) — · Total expenses $208K
—
Peer comparison

Same NTEE category, revenue band, and state where available. Descriptive — not a grade.

MetricThis orgPeer medianPercentile
Program ratio 99%——
Overhead ratio 1%——
Revenue growth 206%——

Straight from the Form 990 — descriptive, not an evaluation. A ratio is hidden when its base is zero or too small to be meaningful; the dollars are always shown.

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Filings & Schedule Manifest

Part IV
III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash
FY2024$110K revenue · ⤓ 990 PDF

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Sources

Every figure above is drawn from these filings
Form 990 e-file (XML) · FY2024IRS
Classification, formation year, addressIRS Business Master File
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