Headwaters Economics Inc
Headwaters Economics, inc. Is an independent, nonprofit research group. Our mission is to improve community development and land management decisions.
Headwaters Economics Inc at a glance
In short: Headwaters Economics Inc gave $10K across 1 grant in 2025 (avg $10K), mostly in Montana. Source: 2025 IRS Form 990.
- Annual giving (2025)
- $10,000
- Grants made (2025)
- 1
- Average grant
- $10,000
- Median grant
- $10,000
- Total assets
- $4,242,050
- +4.0% vs 2024
- Primary geography
- Montana (100% of itemized 2025 grant dollars)
- Latest 990 filing
- Form 990, 2025 View filing
Data from IRS Form 990, 2025; updated September 2026.
Who Headwaters Economics Inc funds
How this funder distributes its grants
Top Recipients
Top recipient in 2025
The largest 2025 recipient was City of Miles City ($10K).
Grant Size Distribution
5 grants across all recorded years
The most common grant size was under $50K: 3 grants of 5 (60%).
Geographic Focus
Where this funder awards grants
Grant Distribution by State
Share of the 2025 grant dollars on its one itemized grant.
Cities
How Headwaters Economics Inc gives
- Giving fell 80% from 2022 to 2025. Method
From the foundation's IRS Form 990 filings. Methodology.
Giving History
Giving Over Time
Total grant dollars and number of grants per year
From 2021 to 2025, annual grant giving ranged from $10K (2025) to $100K (2021). In 2025 it made 1 grant totaling $10K.
Grants by year
Grant recipients and amounts by year
| Recipient | Purpose | Amount |
|---|---|---|
| City of Miles City Miles City, MT | floodplain management program grant | $10,000 |
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Financial History
Multi-year comparison from IRS filings
| Filing year | Total Assets | Revenue | Expenses | Grants paid | Grants | Net Investment Income |
|---|---|---|---|---|---|---|
| 2025 | $4,242,050 | $3,143,592 | $3,075,096 | $10,000 | 1 | $66,199 |
| 2024 | $4,080,627 | $4,899,075 | $3,755,526 | — | — | $48,162 |
| 2023 | $3,064,344 | $3,166,391 | $2,852,439 | — | — | $39,807 |
| 2022 | $2,622,842 | $2,599,465 | $2,872,944 | $50,000 | 2 | $1,942 |
| 2021 | $2,869,856 | $3,423,228 | $2,381,010 | $100,000 | 2 | $601 |
| 2020 | $1,848,397 | $2,461,809 | $2,439,811 | — | — | $1,966 |
| 2019 | $1,793,967 | $2,661,663 | $2,381,853 | — | — | $5,952 |
About Headwaters Economics Inc
Based on IRS filings
Headwaters Economics Inc is a public charity focused on Environment & Animals, based in Bozeman, MT. IRS filing data is available from 2019 through 2025. As of 2025, the organization holds $4.2M in total assets. In 2025, it awarded 1 grant totaling $10K. Net investment income was $66K.
Focus Areas
Leadership & Key People
Officers and directors from IRS filings
Headwaters Economics Inc is led by Patricia Hernandez, Executive Director on every filing since 2021; 7 of 14 officers listed in 2025 are compensated.
Officers on the 2025 filing
Patricia Hernandez
Executive Director
On filings since 2021
40 hrs/week
$148K (2021) → $177K (2025)
Carmen McSpadden
President
On filings since 2019
1 hr/week
No compensation reported
Bill Stoddart
Director
On filings since 2019
No compensation reported
Bob Buzzas
Director
On filings since 2019
No compensation reported
Cathy Costakis
Director
On filings since 2019
No compensation reported
Joe McCarty
Director
On filings since 2019
No compensation reported
Lisa Stoeffler
Director
New on the 2025 filing
No compensation reported
Meryl Harrell
Director
New on the 2025 filing
No compensation reported
Kelly Pohl
Associate Director
Secretary & Treasurer → Associate Director, 2024
On filings since 2021
40 hrs/week
$109K (2021) → $134K (2025)
Douglas Green
Program Manager
On filings since 2024
40 hrs/week
$111K (2024) → $109K (2025)
Kimiko Barrett
Researcher
On filings since 2024
40 hrs/week
$117K (2024) → $116K (2025)
Megan Lawson
Researcher
On filings since 2024
40 hrs/week
$102K (2024) → $101K (2025)
Nathan Kommers
Media Relations
New on the 2025 filing
40 hrs/week
$122K (2025)
Ryan Handy
Program Manager
New on the 2025 filing
40 hrs/week
$104K (2025)
Former officers (4)
- Former: Kristin Smith (2024) — Researcher
- Former: Ray Rasker (2019–2020) — Executive Director
- Former: Patty Hernandez (2020) — Treasurer & Secretary
- Former: Patty Gude (2019) — Treasurer & Secretary
Data from IRS Form 990 filings, 2019–2025. "On filings since" is the earliest filing we hold that lists the person; hours are average hours per week as reported.
Compensation Overview
From 2025 IRS filing
The highest reported compensation on the 2025 filing was $177K, to Patricia Hernandez (Executive Dir.). 7 officers or directors reported compensation on that filing.
Frequently asked questions about Headwaters Economics Inc
How much does Headwaters Economics Inc give each year?
Headwaters Economics Inc gave $10K across 1 grant in 2025, according to its 2025 IRS Form 990.
How large is Headwaters Economics Inc?
Headwaters Economics Inc reported $4.2M in total assets on its 2025 IRS Form 990. Its revenue that year was $3.1M.
What is Headwaters Economics Inc?
Headwaters Economics Inc is a public charity focused on Environment & Animals, based in Bozeman, MT. It holds $4.2M in total assets as of 2025.
Where does Headwaters Economics Inc operate?
Headwaters Economics Inc has awarded grants in California, Montana, North Dakota.
What is Headwaters Economics Inc's EIN?
Headwaters Economics Inc's EIN (Employer Identification Number) is 74-3171967. IRS Form 990 filing data is available on this page for 2019–2025.
Data last updated September 2026. Sourced from IRS Form 990 filings.
Data update history
(3)
When this profile's IRS filing data changed on Grantable
- Added Form 990 for fiscal year 2019 (received by the IRS May 5, 2020)
- Added Form 990 for fiscal year 2025 (received by the IRS July 28, 2026)
- IRS filings on file for fiscal years 2020–2024
Live grants for the work Headwaters Economics Inc funds
Environment & Animals Open opportunities, soonest deadline first.
Explore Open Grants
Browse active grant opportunities in Headwaters Economics Inc's focus areas in our free grants database
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The filing figures on this page are open data under CC BY 4.0. About GrantGraph Open
Figures come from Headwaters Economics Inc's IRS filings (methodology). AI-written summaries, news items and logos are not covered by the open licence. Spot an error? Email hello@grantable.co.
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