Nonprofit · EIN 74-3171967
HEADWATERS ECONOMICS INC
Tax-exempt · BOZEMAN, MT 59771
Financials
| Year ended | Form | Revenue | Expenses | Net income | Total assets | Liabilities | Net assets |
|---|---|---|---|---|---|---|---|
| December 31, 2025 | 990 | $3,143,592 | $3,075,096 | $68,496 | $4,242,050 | $238,411 | $4,003,639 |
| December 31, 2024 | 990 | $4,899,075 | $3,755,526 | $1,143,549 | $4,080,627 | $145,484 | $3,935,143 |
| December 31, 2023 | 990 | $3,166,391 | $2,852,439 | $313,952 | $3,064,344 | $272,750 | $2,791,594 |
Financial details: 990 for the year ended December 31, 2025
Revenue
- Contributions, gifts and grants
- $2,821,175
- of which government grants
- $1,370,170
- Program service revenue
- $246,079
- Investment income
- $66,199
- Other revenue
- $10,139
Expenses
- Grants and similar amounts paid
- $10,000
- Compensation of officers, directors and key employees
- $334,129
- Other salaries and wages
- $1,312,192
- Salaries, compensation and benefits (total)
- $1,921,371
- Professional fundraising fees
- $0
- Legal fees
- $1,975
- Accounting fees
- $48,619
- Occupancy
- $44,818
- Travel
- $45,383
- Depreciation
- $27,320
- Program services (functional)
- $2,782,257
- Management and general (functional)
- $277,565
- Fundraising (functional)
- $15,274
Balance sheet and other
- Total assets, start of year
- $4,080,627
- Total assets, end of year
- $4,242,050
- Total liabilities, end of year
- $238,411
- Net assets, end of year
- $4,003,639
- Land, buildings and equipment
- $1,017,526
- Net assets without donor restrictions
- $2,793,358
- Net assets with donor restrictions
- $1,210,281
- Gross receipts
- $3,143,592
- Employees
- 15
- Year formed
- 2006
- State of legal domicile
- MT
From the e-filed returns the IRS publishes as XML (latest three processing years; amended returns replace the original). PDF copies at the IRS.
Officers, directors and key employees
As listed on the 990 for the year ended December 31, 2025, highest compensation first.
| Name | Title | Hours / week | Compensation | Other / benefits |
|---|---|---|---|---|
| PATRICIA HERNANDEZ | Executive Dir. Trustee or director, Officer | 40 | $176,603 | $6,227 |
| KELLY POHL | ASSOC. DIRECTOR Trustee or director, Officer | 40 | $133,642 | $20,411 |
| NATHAN KOMMERS | MEDIA RELATIONS | 40 | $121,812 | $19,796 |
| KIMIKO BARRETT | RESEARCHER | 40 | $116,032 | $19,600 |
| MEGAN LAWSON | RESEARCHER | 40 | $101,252 | $14,249 |
| DOUGLAS GREEN | PROGRAM MANAGER | 40 | $108,819 | $3,548 |
| RYAN HANDY | PROGRAM MANAGER | 40 | $104,333 | $0 |
| CARMEN MCSPADDEN | President Trustee or director, Officer | 1 | $0 | $0 |
| BOB BUZZAS | Director Trustee or director | 0 | $0 | $0 |
| CATHY COSTAKIS | Director Trustee or director | 0 | $0 | $0 |
| JOE MCCARTY | Director Trustee or director | 0 | $0 | $0 |
| BILL STODDART | Director Trustee or director | 0 | $0 | $0 |
| MERYL HARRELL | Director Trustee or director | 0 | $0 | $0 |
| LISA STOEFFLER | Director Trustee or director | 0 | $0 | $0 |
990 for the year ended December 31, 2024: 11 people
| Name | Title | Hours / week | Compensation | Other / benefits |
|---|---|---|---|---|
| PATRICIA HERNANDEZ | Executive Dir. Trustee or director, Officer | 40 | $178,729 | $5,362 |
| KELLY POHL | ASSOC. DIRECTOR Trustee or director, Officer | 40 | $136,241 | $16,831 |
| KIMIKO BARRETT | RESEARCHER | 40 | $117,177 | $16,184 |
| KRISTIN SMITH | RESEARCHER | 40 | $100,580 | $14,950 |
| DOUGLAS GREEN | PROGRAM MANAGER | 40 | $110,927 | $4,123 |
| MEGAN LAWSON | RESEARCHER | 40 | $102,347 | $11,844 |
| CARMEN MCSPADDEN | President Trustee or director, Officer | 1 | $0 | $0 |
| BOB BUZZAS | Director Trustee or director | 0 | $0 | $0 |
| CATHY COSTAKIS | Director Trustee or director | 0 | $0 | $0 |
| JOE MCCARTY | Director Trustee or director | 0 | $0 | $0 |
| BILL STODDART | Director Trustee or director | 0 | $0 | $0 |
990 for the year ended December 31, 2023: 7 people
| Name | Title | Hours / week | Compensation | Other / benefits |
|---|---|---|---|---|
| PATRICIA HERNANDEZ | Executive Dir. Trustee or director, Officer | 40 | $166,598 | $4,998 |
| KELLY POHL | Secr/Treas Trustee or director, Officer | 40 | $134,325 | $17,412 |
| CARMEN MCSPADDEN | President Trustee or director, Officer | 1 | $0 | $0 |
| BOB BUZZAS | Director Trustee or director | 0 | $0 | $0 |
| CATHY COSTAKIS | Director Trustee or director | 0 | $0 | $0 |
| JOE MCCARTY | Director Trustee or director | 0 | $0 | $0 |
| BILL STODDART | Director Trustee or director | 0 | $0 | $0 |
Address and contacts
- Address (IRS master file)
- PO BOX 7059, BOZEMAN, MT 59771-7059
- In care of
- % RAY RASKER
- Signed the 990
- PATRICIA HERNANDEZ, Executive Director
- Phone
- (406) 599-7425
- Website
- HEADWATERSECONOMICS.ORG
- Return prepared by
- Rudd & Company PLLC
Mission
HEADWATERS ECONOMICS, INC. IS AN INDEPENDENT, NONPROFIT RESEARCH GROUP. OUR MISSION IS TO IMPROVE COMMUNITY DEVELOPMENT AND LAND MANAGEMENT DECISIONS.
Program accomplishments
- Headwaters Economics conducts independent research, develops practical tools, and works directly with communities to advance data-driven solutions for economic resilience and risk reduction. In 2025, our team delivered more than 65 briefings and presentations to elected officials, agencies, and community leaders, directly reaching more than 6,000 people. Our research was featured in more than 2,100 media stories and disseminated through dozens of original reports, peer-reviewed publications, interactive data tools, podcasts, and newsletters. See more at www.headwaterseconomics.org. Providing Economic Insights for Stronger CommunitiesClear, accessible economic data helps local leaders make better decisions. In 2025, we:Updated and maintained the Economic Profile System (EPS), a free tool delivering customized economic and demographic reports for communities, counties, Tribal areas, states, and regions used by planners, agencies, and local governments nationwide.Enhanced the Rural Capacity Map, an interactive tool identifying where staffing and expertise gaps limit communities' ability to pursue infrastructure and risk-reduction projects, and published peer-reviewed research on its utility for improving access to grants.Published a report identifying concrete strategies for rural communities to secure local benefits from large-scale development projects.Published a synthesis documenting how Montana Community Foundation used data to expand outreach to rural and Tribal communities.Strengthening the Outdoor Recreation Economy & Public LandsOutdoor recreation and public lands are significant economic drivers in communities across the West and beyond. In 2025, we:Delivered localized economic analyses and recommendations for economic development and outdoor recreation projects in Idaho, Montana, New Mexico, and Vermont.Published a report examining how wildfire risk and development constraints will limit housing options on public lands.Updated two widely used data visualizations illustrating visitation trends and economic contributions of national parks and outdoor recreation at the state level.Maintained three web-based data tools used by the U.S. Fish & Wildlife Service, Bureau of Land Management, and U.S. Forest Service to support land management, planning, and community engagement.Reducing Risk and Increasing Community StabilityAs disasters grow more frequently and costly, communities need rigorous, independent analysis to make informed decisions. In 2025, we:Provided technical assistance to 40 communities in 14 states to support wildfire and flood risk-reduction.Published a report finding that more than 1,100 communities across the U.S. face wildfire risk comparable to recent urban disasters, equipping planners and policymakers with data to prioritize action.Published a peer-reviewed journal article and companion report documenting how wildfire insurance market disruptions cascade into local and state budget pressures research informing legislative and regulatory discussions.Published analyses showing that building wildfire-resistant structures after disasters could save billions of dollars, and that next-generation wildfire risk models must account for the built environment.Released a report demonstrating that reclaiming abandoned mines can reduce harmful and costly flood disasters, providing a concrete strategy for community protection.Published findings that states must modernize stream crossing standards to protect communities from flooding, and a separate report on wildfire strategies for historic buildings.Co-hosted a Tribal Emergency Manager Summit convening leaders from a five-state region to strengthen cross-jurisdictional coordination.Conducted an independent evaluation of the USDA Forest Service's Community Wildfire Defense Grants (CWDG), assessing its effectiveness in reaching high-need communities.Maintained and expanded widely used public data tools, including Wildfire Risk to Communities (in partnership with the U.S. Forest Service), Neighborhoods at Risk, grant funding dashboards for CWDG and Slip-On Tanker programs, and data visualizations tracking wildfire structure losses and ignition causes.Expenses $2,782,257 · grants $10,000 · revenue $246,079
What it must file and when
IRS records say it files Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N. Its accounting year ends in December, so each return is due on the 15th day of the 5th month after that.
| Tax year | Year ended | Due | IRS public records |
|---|---|---|---|
| 2025 | December 31, 2025 | May 15, 2026 | 990 on file |
| 2024 | December 31, 2024 | May 15, 2025 | 990 on file |
| 2023 | December 31, 2023 | May 15, 2024 | 990 on file |
IRS record
- EIN
- 74-3171967
- Tax-exempt status
- 501(c)(3): Charitable, religious, educational or scientific organization
- Foundation status
- Publicly supported organization (170(b)(1)(A)(vi))
- Donations deductible (Pub 78)
- Public charity, 50% deduction limit
- Exempt since
- 2006
- Accounting year ends
- December
- Files
- Form 990 or 990-EZ
- Category (NTEE)
- Environment (C34)
- Assets (IRS master file)
- $4,242,050
- Income (IRS master file)
- $3,143,592
Filing history
| Form | Year ended | Revenue | Expenses | Assets | Return |
|---|---|---|---|---|---|
| 990 | December 2025 | $3,143,592 | $3,075,096 | $4,242,050 | XML |
| 990 | December 2024 | $4,899,075 | $3,755,526 | $4,080,627 | XML |
| 990 | December 2023 | $3,166,391 | $2,852,439 | $3,064,344 | XML |
| 990 | December 2022 | $2,599,465 | $2,872,944 | $2,622,842 | IRS |
| 990 | December 2021 | – | – | – | IRS |
| 990 | December 2020 | – | – | – | IRS |
| 990 | December 2019 | – | – | – | IRS |
| 990 | December 2018 | – | – | – | IRS |
990-N: the IRS bulk file holds only the latest e-Postcard per organization; earlier years come from archived copies of that file since 2020 and can have gaps (the IRS e-Postcard search lists every one). 990, 990-EZ, 990-PF, 990-T: every e-filed return in the IRS e-file index since 2019; XML for the latest three processing years, amounts from the IRS Statistics of Income extracts before that. PDF copies and determination letters at the IRS (search EIN 74-3171967).
Questions about HEADWATERS ECONOMICS INC
- What is the EIN of HEADWATERS ECONOMICS INC?
- The employer identification number (EIN) of HEADWATERS ECONOMICS INC is 74-3171967.
- Is HEADWATERS ECONOMICS INC tax-exempt?
- Yes. The IRS lists it as tax-exempt under section 501(c)(3) since 2006.
- Are donations to HEADWATERS ECONOMICS INC tax-deductible?
- Yes. It is listed in IRS Publication 78 (Public charity, 50% deduction limit).
- Which annual return does HEADWATERS ECONOMICS INC file?
- Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N.
- When is the next return of HEADWATERS ECONOMICS INC due?
- The return for tax year 2026 (the year ending December 31, 2026) is due May 17, 2027. Form 8868 extends it by six months; the 990-N cannot be extended.
- When did HEADWATERS ECONOMICS INC last file with the IRS?
- The latest return in the IRS public files is the 990 for the year ended December 2025.
- Who are the officers and directors of HEADWATERS ECONOMICS INC?
- The 990 for the year ended December 31, 2025 lists 14 people; 7 received compensation from the organization, the highest $176,603 (PATRICIA HERNANDEZ, Executive Dir.).
- How much revenue does HEADWATERS ECONOMICS INC have?
- On its 990 for the year ended December 31, 2025 it reported revenue of $3,143,592, expenses of $3,075,096 and total assets of $4,242,050 at year end.
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