Civic Intelligence

Happy Hearts Fund Inc

990 • Fiscal year 2016 • EIN 20-5072728

Jul 01, 2015 to Jun 30, 2016 • Filed on Dec 14, 2016

Organization Profilewww.happyheartsfund.org
PO Box 725New York, NY 10014

(212) 488-2602

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

44th percentile

0.07x

Higher debt load relative to assets than 44% of similar nonprofits.

2016 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2016

Liabilities / Revenue

37th percentile

0.05x

Higher debt load relative to revenue than 37% of similar nonprofits.

2016 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2016

Net Margin

67th percentile

9.2%

Higher net margin than 67% of similar nonprofits.

2016 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2016

Top Officer Pay

76th percentile

$118,489

Higher top officer pay than 76% of similar nonprofits.

Top officer pay equals 3.9% of source-year revenue.

2016 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2016

Asset Growth

76th percentile

13%

Faster asset growth than 76% of similar nonprofits.

2016 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2015 to 2016

Revenue Growth

90th percentile

59%

Faster revenue growth than 90% of similar nonprofits.

2016 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2015 to 2016

Balance Sheet
Liabilities / Assets44th percentile

Assets

Up

$2,469,133

Up $289,915 (+13%) from 2015

Net Assets

Up

$2,302,007

Up $283,326 (+14%) from 2015

Liabilities

Up

$167,126

Up $6,589 (+4.1%) from 2015

Revenue And Expenses
Liabilities / Revenue37th percentileNet Margin67th percentile

Revenue

Up

$3,046,980

Up $1,125,702 (+59%) from 2015

Expenses

Down

$2,765,958

Down $241,392 (-8.0%) from 2015

Net Income

Up

$281,022

Up $1,367,094 (+126%) from 2015

Historical Trend

Balance Sheet Trend

Asset Growth76th percentile

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$4.0M$3.0M$2.0M$1.0M$0Assets 2010: $3,177,120Liabilities 2010: $103,781Net Assets 2010: $3,073,3392010Assets 2011: $2,690,097Liabilities 2011: $102,858Net Assets 2011: $2,587,2392011Assets 2012: $3,111,585Liabilities 2012: $44,343Net Assets 2012: $3,067,2422012Assets 2013: $3,504,463Liabilities 2013: $132,481Net Assets 2013: $3,371,9822013Assets 2014: $3,891,317Liabilities 2014: $282,844Net Assets 2014: $3,608,4732014Assets 2015: $2,179,218Liabilities 2015: $160,537Net Assets 2015: $2,018,6812015Assets 2016: $2,469,133Liabilities 2016: $167,126Net Assets 2016: $2,302,0072016Assets 2017: $2,995,332Liabilities 2017: $190,970Net Assets 2017: $2,804,3622017

Highlighted filing

2016

Assets$2,469,133
Liabilities$167,126
Net Assets$2,302,007
Open 2016 Filing

Operations Trend

Revenue Growth90th percentile

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$4.0M$2.0M$0-$2.0MRevenue 2010: $2,403,651Expenses 2010: $1,505,420Net Income 2010: $898,2312010Revenue 2011: $581,288Expenses 2011: $1,068,788Net Income 2011: -$487,5002011Expenses 2012: $2,429,4692012Expenses 2013: $2,737,1722013Revenue 2014: $3,050,062Expenses 2014: $2,815,220Net Income 2014: $234,8422014Revenue 2015: $1,921,278Expenses 2015: $3,007,350Net Income 2015: -$1,086,0722015Revenue 2016: $3,046,980Expenses 2016: $2,765,958Net Income 2016: $281,0222016Revenue 2017: $2,616,150Expenses 2017: $2,118,808Net Income 2017: $497,3422017

Highlighted filing

2016

Revenue$3,046,980
Expenses$2,765,958
Net Income$281,022
Open 2016 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2015 to Jun 30, 2016
Signed
Dec 14, 2016
Return Version
2015v2.0
Gross Receipts
$3,140,945
Mission and Program Overview

Mission

Happy Hearts Fund is a non-profit organization dedicated to rebuilding safe,resilient schools in areas impacted by natural disasters. We work during the gap period when children are forgotten after emergency response is complete, bringing hope and empowerment to generations of children and entire communities.

Happy Hearts Fund is a non-profit organization dedicated to rebuilding safe, resilient schools in areas impacted by natural disasters. We work during the gap period when children are forgotten after emergency response is complete, bringing hope and empowerment to generations of children and entire communities.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$1,178,493$1,087,339▼ $91,154
Savings and Temporary Cash Investments$933,765$931,710▼ $2,055
Pledges and Grants Receivable$21,901$417,951▲ $396,050
Investments in Publicly Traded Securities$20,093$21,156▲ $1,063
Prepaid Expenses and Deferred Charges$12,456$0▼ $12,456
Land, Buildings, and Equipment, Net$5,260$3,727▼ $1,533
Accounts Receivable-$0-
Other Notes and Loans Receivable, Net-$0-
Receivable From Disqualified Prsn-$0-
Receivables From Officers Etc-$0-
Investments Other Securities-$0-
Investments Program Related-$0-
Intangible Assets-$0-
Inventories for Sale or Use-$0-
Total Assets$2,179,218$2,469,133▲ $289,915
Other Assets Total$7,250$7,250→ $0
Liabilities
Grants Payable-$147,994-
Accounts Payable and Accrued Expenses$160,537$19,132▼ $141,405
Total Liabilities$160,537$167,126▲ $6,589
Net Assets / Fund Balance
Unrestricted Net Assets$1,465,359$2,302,007▲ $836,648
Temporarily Rstr Net Assets$553,322--
Total Net Assets Fund Balance$2,018,681$2,302,007▲ $283,326
Total Liabilities and Net Assets / Fund Balance$2,179,218$2,469,133▲ $289,915

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$3,727$3,940$7,667
Compensation and Service Providers
Top Officer Pay76th percentile

Employees

NameTitleFull / Part TimeBaseTotal
Olga RuggieroExecutive DirectorFT$118,489$118,489

Board Members and Trustees

NameTitle
David HryckChairman
Philipee KjellgrenTrustee
Pierre AndurandTrustee
Sophie LasryTrustee
Yulianna AnikieievaTrustee
Petra NemcovaFounder
Kathleen KelleyTreasurer

Highest Paid Contractors

ContractorServicesLocationCompensation
Fondation Digicel HaitiConstruction-$364,949
Inter-American Development BankConstruction1300 New York Avenue NW, Washington, DC 20577, Pe$316,735
Constructora Mera SA DE CVConstruction-$158,909
Manhattan Center Studios IncVenue/Event Services311 W 34th St, New York, NY 10001, Ha$126,985
AFP Integra SAConstructionCarretera Estatal Amatitan-Galeana, Hermenegildo, Oc$102,230
Revenue and Support

Revenue Composition

Contributions and Grants
$3,046,466
Program Service Revenue
$0
Investment Income
$514
Other Revenue
$0
All Other Contributions
$3,046,466
Change in Net Assets
$281,022

Audited Revenue Reconciliation

Revenue per Audited Statements
$3,046,980
Revenue Not Reported on Form 990
$159,743
Total Revenue per Audited Statements
$3,206,723
Total Revenue per Form 990
$3,046,980
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$1,671,263
Other Expenses$574,035
Salaries, Compensation, and Employee Benefits$520,660
Total Fundraising Expense$246,800
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Foreign Grants$1,671,263--$1,671,263
Other Salaries and Wages$184,574$60,980$81,701$327,255
Current Officers, Directors, Trustees, and Key Employees$59,245$35,546$23,698$118,489
Payroll Taxes$26,979$8,866$11,879$47,724
Occupancy-$36,962-$36,962
Other Employee Benefits$15,585$4,961$6,646$27,192
Travel$22,982-$3,851$26,833
Advertising$18,314$1,592-$19,906
Fees for Services Accounting$4,982$9,109$4,982$19,073
Office Expenses-$17,703-$17,703
Insurance$10,042$4,608-$14,650
Other Expenses$30,418$13,470$16,763$13,470
All Other Expenses$1,188$6,646$2,951$10,785
Depreciation Depletion$1,533--$1,533
Fees for Services Legal$364$666$364$1,394
Total Functional Expenses$226,076$201,109$96,890$322,966

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$2,925,701
Expenses per Audited Statements$2,765,958
Total Expenses per Form 990$2,765,958
Expenses Not Reported on Form 990$159,743
International Activity

International Summary

Spending
$1,671,263

International Compliance

Foreign grant records maintained
Yes
Activity in boycott countries
No
Foreign corporation ownership
No
Foreign partnership interest
No
Interest in foreign trust
No
Passive foreign investment company interest
No
Transfers to foreign corporations
No

International Activities

RegionActivityServicesOfficesEmployeesSpending
Central America and the CaribbProgram servicesFunding construction00$895,586
East Asia and the PacificProgram servicesFunding construction00$641,675
South East AsiaProgram servicesFunding construction00$101,145
South AmericaProgram servicesFunding construction00$32,857
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$93,965
Fundraising Gross Income$93,965
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Fundraising Event - Fight For Education$93,965$93,965$9,788$84,177
Total Events$93,965$93,965$93,965-
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Insider Transactions and Loans

Interested-Person Transactions

Interested PartyRelationshipDescriptionShared RevenueAmount
David HryckTrusteeIn Kind Lgl SvsNo$127,036
Olga NemcovaFamily memberSalary & BenefitsNo$118,489

Loans and Receivables

Line ItemBeginningEndChange
Receivables from Disqualified Persons-$0-
Receivables from Officers, Directors, Trustees, and Key Employees-$0-
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
No
Audit committee
Yes
Backup withholding compliance
No
Business relationship with family members
Yes
Business relationship with organization members
Yes
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Line 2: Description of Business or Family Relationship of Officers, Directors, Et

“The executive director and founder are sisters.”

Form 990, Part VI, Line 11B: Form 990 Review Process

“The Form 990 was distributed to each board member for review. All issues were then discussed and clarified.”

Form 990, Part VI, Line 15A: Compensation Review & Approval Process - CEO, Top Management

“The executive director receives a management fee that is determined by the board and agreed upon by a written contract.”

Form 990, Part VI, Line 18: Explanation of Other Means Forms Available For Public Inspection

“Form 1023 is available upon request. Form 990 is provided on the Organization web site.”

Form 990, Part VI, Line 19: Other Organization Documents Publicly Available

“The documents in question are provided by the Organization upon request. The financial statements are also provided on the Organization's web site.”

Filing and Contact Details

Filer

Filer Name
Happy Hearts Fund Inc
EIN
20-5072728
Phone
2124882602
Address
PO Box 725, New York, NY 10014

Signing Officer

Name
Olga Ruggiero
Title
Executive Director
Signed
2016-12-14
Discuss with paid preparer
Yes

Organization Details

Formed
2006
Legal Domicile
De
Voting Board Members
7
Independent Board Members
7
Employees
9
Volunteers
580

Preparer

Firm
Lear & Pannepacker LLP
Address
791 Alexander Road, Princeton, NJ 08540-6325
Preparer
Scot D Pannepacker CPA
Phone
6094522200
Supplemental Narrative

Additional Explanations

Form 990, Part III, Line 4D: Other Program Services Description

“OTHER PROGRAM SERVICES 4: Indonesia: Funding to rebuild impacted schools due to annual flooding and the 2009 earthquake in Indeonesia. OTHER PROGRAM SERVICES 5: Haiti: Funding to rebuild destroyed schools after the 2010 earthquake as well as providing educaional materials for schools in Haiti. OTHER PROGRAM SERVICES 6: Mexico: Funding to rebuild flood-affected schools in Mexico. OTHER PROGRAM SERVICES 7: Nepal: Funding of 7 schools being rebuilt after the 2015 earthquake in Nepal. OTHER PROGRAM SERVICES 8: Peru: Funding for schools maintenance and educational materials to support rebuilt schools after a 2007 earthquake as well as 2012 and 2013 flooding in Peru. OTHER PROGRAM SERVICES 9: Philippines: Funding to rebuild schools destroyed by Typhoon Haiyan in 2013 in the Philippines. OTHER PROGRAM SERVICES 10: Thailand: Funding to support an IT teacher and a hospitalized orphaned child who suffered from Anoxic brain damage in Thailand.”

Form 990, Part XII, Line 2: Change of Oversight or Selection Process

“The board of directors assumes responsibility and oversight of the audit. The board reviews the financial statement before issuing.”

Financial Statement Notes

Part X : FIN48 Footnote

“The Organization's federal exempt returns for fiscal years ended before June 30, 2013 are no longer subject to examination by the Internal Revenue Service. The statute of limitations does not apply to unfiled returns. The Organization believes that all required returns have been filed.At this time, management believes there are no uncertain tax positions which would not be sustained upon examination; therefore, the Organization did not have a liability for any unrecognized tax benefits. The Organization recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the statement of functional expenses. During the years ending June 30, 2015 and June 30, 2014, the Organization did not incur any interest or penalties.”

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IRS990/MissionDesc0Happy Hearts Fund is a non-profit organization dedicated to rebuilding safe, resilient schools in areas impacted by natural disasters. We work during the gap period when children are forgotten after emergency response is complete, bringing hope and empowerment to generations of children and entire communities.
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IRS990/ProgSrvcAccomActy2Grp/Desc0Funding to rebuild schools in the Nuwakot District in Nepal destroyed by the 2015 earthquake which devastated the country. These schools provide a safe, quality education to over 1500 children each year.
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IRS990/ProgSrvcAccomActy3Grp/Desc0Philippines: Funding to rebuild schools destroyed by Typhoon Haiyan in 2013 in the Philippines.
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IRS990ScheduleA/Form990ScheduleAPartVIGrp/ExplanationTxt0Schedule A - Part II - Section AIn 2011, the Organization decided to change to a June 30th fiscal year end to coincide with it's programs and contributions. This will better match income and expenses in the proper year.In 2011, the Organization changed to a fiscal year. Therefore, fiscal year end 6/30/2011 is a six month short year.
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Document Assets

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Filings

Displayed year

2016 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$2,469,133
Liabilities
$167,126
Net assets
$2,302,007
Revenue
$3,046,980
Expenses
$2,765,958
Net income
$281,022
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2017Detailed filing. Detailed filing data is available for this year.$3.00$0.19$2.80$2.62$2.12$0.50
2016Detailed filing. Detailed filing data is available for this year.$2.47$0.17$2.30$3.05$2.77$0.28
2015Detailed filing. Detailed filing data is available for this year.$2.18$0.16$2.02$1.92$3.01$1.09
2014Detailed filing. Detailed filing data is available for this year.$3.89$0.28$3.61$3.05$2.82$0.23
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$3.50$0.13$3.37$2.74
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$3.11$0.04$3.07$2.43
2011Summary only. Only limited summary data is available for this year.$2.69$0.10$2.59$0.58$1.07$0.49
2010Summary only. Only limited summary data is available for this year.$3.18$0.10$3.07$2.40$1.51$0.90