2024-10-15T10:09:25-05:00 2023-12-31 810333198 NEWLAND AND COMPANY PC PO BOX 3006 BUTTE MT 597023006 990 2023-01-01 237380551 HEADWATERS RESOURCE CONSERVATION AND DEVELOPMENT AREA INC HEAD 4065336781 65 E BROADWAY BUTTE MT 59701 KELLY SULLIVAN EXECUTIVE DIRECTOR 4065336765 2024-10-14 1 1 DEBBIE OUELLETTE P00174388 4064944754 2024-10-14 2023 2024-10-15 13:58:12Z KELLY SULLIVAN 65 EAST BROADWAY BUTTE MT 59701 1088951 0 X WWW.HEADWATERSRCD.ORG X 1987 MT CONSERVATION AND IMPROVEMENT OF HUMAN AND NATURAL RESOURCES AND LOCAL ECONOMIC DEVELOPMENT. 19 19 7 0 0 0 0 0 1497485 1076761 721 12190 0 0 1498206 1088951 0 0 0 0 460342 434866 0 0 0 933758 468471 1394100 903337 104106 185614 5662056 5470118 2514882 2095832 3147174 3374286 TO MEET THE NEEDS OF THE PEOPLE, ACHIEVE THE OBJECTIVES AND GOALS OF THE AREA PLAN/COMPREHENSIVE ECONOMIC STRATEGY; A COMMUNITY OR GROUP APPROACH IN SOLVING CULTURAL, SOCIAL, AND ECONOMIC PROBLEMS IS ENCOURAGED. 0 0 872800 1076761 THE ORGANIZATION IMPROVES HUMAN AND NATURAL RESOURCES, AND ENHANCES THE ENVIRONMENT AND STANDARD OF LIVING IN SEVEN COUNTIES IN SOUTHWEST MONTANA THROUGH CONSERVATION, ECONOMIC DEVELOPMENT, AND EDUCATION. HEADWATERS OFFERS THE FOLLOWING SERVICES: GRANT ADMINISTRATION, ORGANIZATIONAL DEVELOPMENT WORKSHOPS, CONSENSUS BUILDING, SMALL BUSINESS TECHNICAL ASSISTANCE, SMALL BUSINESS DEVELOPMENT CENTER, SMALL BUSINESS ADMINISTRATION, LOAN PACKAGING, FINANCE PROGRAMS, REVOLVING LOAN FUNDS, TECHNICAL ASSISTANCE FOR BOARD AND COMMITTEE APPROVED PROJECTS, HOMEBUYER EDUCATION CLASS, ENTRY LEVEL ENTREPRENEUR INFORMATION AND EDUCATION AND FOOD AND AGRICULTURAL DEVELOPMENT CENTER. 872800 1 0 0 0 0 0 0 0 0 0 1 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 1 7 1 0 0 0 0 0 0 0 0 0 0 0 0 X 19 19 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 X SUSAN OSSELLO 4065336781 65 EAST BROADWAY 2ND FLOOR BUTTE MT 59701 AMANDA COOLEY MEMBER 2.00 X 0 0 0 BLANCHE MCLURE MEMBER 2.00 X 0 0 0 CARL HAMMING MEMBER 2.00 X 0 0 0 CORY KIRSCH MEMBER 2.00 X 0 0 0 DAN SAGER MEMBER 2.00 X 0 0 0 DAVE OLSEN MEMBER 2.00 X 0 0 0 GERRY KEOGH MEMBER 2.00 X 0 0 0 JOHN BANCROFT MEMBER 2.00 X 0 0 0 JORDAN GREEN MEMBER 2.00 X 0 0 0 JP GALLAGHER MEMBER 2.00 X 0 0 0 KAREN BYRNES MEMBER 2.00 X 0 0 0 KATHLEEN TARKALSON MEMBER 2.00 X 0 0 0 LINDSEY GRAHAM MEMBER 2.00 X 0 0 0 MIKE MCGINLEY MEMBER 2.00 X 0 0 0 RAY ANN SUTTON MEMBER 2.00 X 0 0 0 RON NYE MEMBER 2.00 X 0 0 0 TERRY VERMIER MEMBER 2.00 X 0 0 0 RICK EDWARDS CHAIRMAN 2.00 X X 0 0 0 GAIL LEEPER SECRETARY/TREASURER 2.00 X X 0 0 0 KELLY SULLIVAN EXECUTIVE DIRECTOR 40.00 X 46200 0 0 46200 0 0 0 0 0 0 0 CONTRIBUTIONS AND GRAN 541900 683269 683269 FEES FOR SERVICE 541900 231126 231126 INTEREST FROM LOANS 541900 161147 161147 1219 1219 1076761 12190 12190 1088951 1076761 0 12190 46200 45599 601 328836 324562 4274 14321 14135 186 16611 16395 216 28898 28522 376 30899 29399 1500 57752 51245 6507 28213 27007 1206 3675 3675 24630 24630 6130 4141 1989 GRANT EXPENSE 135717 135717 0 IN-KIND EXPENSE 60000 60000 0 PROGRAM EXPENSE 57125 57125 0 CONTRACT EXPENSE 53845 43704 10141 10485 6944 3541 903337 872800 30537 0 13606 55498 3466097 1819971 216966 144433 1946551 3437595 5085 5000 47214 39593 13751 7621 5662056 5470118 174687 11775 2032519 1818614 307676 265443 2514882 2095832 X 45951 223959 3101223 3150327 3147174 3374286 5662056 5470118 X 185614 41498 X X 0 1 X 1 1 1 X 60305 43235 45205 44434 27782 220961 680806 952168 1568976 1453051 1048979 5703980 741111 995403 1614181 1497485 1076761 5924941 0 0 0 5924941 2925 863 637 721 12190 17336 2925 863 637 721 12190 17336 744036 996266 1614818 1498206 1088951 5942277 0.99710 0.99880 0.00290 0.00120 X 47214 39593 7621 7621 PAYROLL LIABILITIES 14134 AGENCY FUNDS PAYABLE 239152 ACCRUED COMPENSATED ABSENCES 9407 ACCRUED INTEREST PAYABLE 2750 265443 1088951 0 1088951 0 1088951 903337 0 903337 0 903337 FORM 990, PART VI, SECTION B, LINE 11B A (PDF) ELECTRONIC COPY OF FORM 990 WILL BE E-MAILED TO BOARD MEMBERS FOR REVIEW AND DISCUSSION BEFORE THE RETURN IS FILED. FORM 990, PART VI, SECTION B, LINE 12C EACH BOARD MEMBER SIGNS A COPY AT THE BEGINNING OF EACH YEAR. FORM 990, PART VI, SECTION B, LINE 15 WHEN ESTABLISHING THE SALARY OF THE EXECUTIVE DIRECTOR'S OFFICE PEER AGENCIES WILL BE CONSULTED IN ORDER TO DETERMINE THAT THE SALARY IS NOT CONSIDERED EXCESSIVE. FORM 990, PART VI, SECTION C, LINE 19 THE FINANCIAL STATEMENTS, AUDIT REPORT, ALL SUPPORTING DOCUMENTATION, AND GOVERNING DOCUMENTS ARE AVAILABLE IN PRINT AND COPIES ARE AVAILABLE UPON REQUEST. FORM 990, PART VI, SECTION C, LINE 18 THE AUDIT REPORT, FORM 990, ALL SUPPORTING DOCUMENTATION AND ORGANIZATIONAL DOCUMENTS ARE KEPT AT THE HRDC OFFICE. ALL DOCUMENTS ARE AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, PART XII, LINE 2C THERE HAVE BEEN NO CHANGES TO THE PROCESS FROM THE PRIOR YEAR. FORM 990, PART XI, LINE 9 ON JANUARY 1, 2023, THE ORGANIZATION ADOPTED THE PROVISIONS OF FASB ASU 2016-13, FINANCIAL INSTRUMENTS-CREDIT LOSSES (TOPIC 326): MEASUREMENT OF CREDIT LOSSES ON FINANCIAL INSTRUMENTS, AND ALL RELATED AMENDMENTS THERETO. THIS ASU REPLACED THE INCURRED LOSS METHOD OF MEASURING FINANCIAL ASSETS WITH AN EXPECTED LOSS METHOD, WHICH IS REFERRED TO AS THE CURRENT EXPECTED CREDIT LOSS (CECL) METHOD. CECL REQUIRES AN ESTIMATE OF CREDIT LOSSES OVER THE LIFE OF THE FINANCIAL ASSET USING HISTORICAL EXPERIENCE, CURRENT CONDITIONS, AND REASONABLE AND SUPPORTABLE FORECASTS. FOR THE ORGANIZATION, THE ASU APPLIES TO THE MEASUREMENT OF ITS ACCOUNTS RECEIVABLE AND LOANS RECEIVABLE. ACCOUNT RECEIVABLE IS NOW ANALYZED USING HISTORICAL LOSS DATA COMBINED WITH CURRENT CONDITIONS AND REASONABLE FORECASTS OF FUTURE LOSSES TO DETERMINE ESTIMATED CREDIT LOSSES. LOAN RECEIVABLES ARE COLLATERALIZED BY PERSONAL GUARANTEES, PERSONAL PROPERTY, REAL ESTATE, OR A COMBINATION OF ALL THREE. CALCULATING THE ALLOWANCE FOR CREDIT LOSSES UNDER THE CECL MODEL INVOLVES EVALUATING THE CREDIT WORTHINESS OF THE GUARANTOR AND THE REALIZABLE VALUE OF THE PERSONAL PROPERTY OR REAL ESTATE IF LIQUIDATED. THE ORGANIZATION ADOPTED THE NEW STANDARD USING THE MODIFIED RETROSPECTIVE APPROACH. THE CUMULATIVE EFFECT OF INITIALLY APPLYING THE CECL MEASUREMENT IS REPORTED BY RESTATING THE RETAINED EARNINGS AT JANUARY 1. THE TRANSITION ADJUSTMENT OF THE ADOPTION OF CECL DECREASED THE ALLOWANCE FOR CREDIT LOSSES ON LOAN RECEIVABLES AND INCREASED THE CUMULATIVE EXCESS OF REVENUES OVER EXPENSES BY $41,498.