Civic Intelligence

Happy Hearts Fund Inc

990 • Fiscal year 2015 • EIN 20-5072728

Jul 01, 2014 to Jun 30, 2015 • Filed on Mar 07, 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

45th percentile

0.07x

Higher debt load relative to assets than 45% of similar nonprofits.

2015 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2015

Liabilities / Revenue

45th percentile

0.08x

Higher debt load relative to revenue than 45% of similar nonprofits.

2015 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2015

Net Margin

6th percentile

-57%

Higher net margin than 6% of similar nonprofits.

2015 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2015

Top Officer Pay

76th percentile

$117,000

Higher top officer pay than 76% of similar nonprofits.

Top officer pay equals 6.1% of source-year revenue.

2015 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2015

Asset Growth

2nd percentile

-44%

Faster asset growth than 2% of similar nonprofits.

2015 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2014 to 2015

Revenue Growth

8th percentile

-37%

Faster revenue growth than 8% of similar nonprofits.

2015 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2014 to 2015

Balance Sheet
Liabilities / Assets45th percentile

Assets

Down

$2,179,218

Down $1,712,099 (-44%) from 2014

Net Assets

Down

$2,018,681

Down $1,589,792 (-44%) from 2014

Liabilities

Down

$160,537

Down $122,307 (-43%) from 2014

Revenue And Expenses
Liabilities / Revenue45th percentileNet Margin6th percentile

Revenue

Down

$1,921,278

Down $1,128,784 (-37%) from 2014

Expenses

Up

$3,007,350

Up $192,130 (+6.8%) from 2014

Net Income

Down

-$1,086,072

Down $1,320,914 (-562%) from 2014

Historical Trend

Balance Sheet Trend

Asset Growth2nd 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

2015

Assets$2,179,218
Liabilities$160,537
Net Assets$2,018,681
Open 2015 Filing

Operations Trend

Revenue Growth8th 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

2015

Revenue$1,921,278
Expenses$3,007,350
Net Income-$1,086,072
Open 2015 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2014 to Jun 30, 2015
Signed
Mar 7, 2016
Return Version
2014v6.0
Gross Receipts
$2,517,614
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$1,095,980$1,178,493▲ $82,513
Savings and Temporary Cash Investments$834,553$933,765▲ $99,212
Pledges and Grants Receivable$1,409,054$21,901▼ $1,387,153
Investments in Publicly Traded Securities$520,177$20,093▼ $500,084
Prepaid Expenses and Deferred Charges$6,417$12,456▲ $6,039
Accounts Receivable$11,093$0▼ $11,093
Land, Buildings, and Equipment, Net$6,793$5,260▼ $1,533
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$3,891,317$2,179,218▼ $1,712,099
Other Assets Total$7,250$7,250→ $0
Liabilities
Accounts Payable and Accrued Expenses$282,844$160,537▼ $122,307
Total Liabilities$282,844$160,537▼ $122,307
Net Assets / Fund Balance
Unrestricted Net Assets$3,533,473$1,465,359▼ $2,068,114
Temporarily Rstr Net Assets$75,000$553,322▲ $478,322
Total Net Assets Fund Balance$3,608,473$2,018,681▼ $1,589,792
Total Liabilities and Net Assets / Fund Balance$3,891,317$2,179,218▼ $1,712,099

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$5,260$2,407$7,667
Compensation and Service Providers
Top Officer Pay76th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Sue Veres Royal through 714Executive DirectorFT$117,000-$117,000
Olga Ruggiero began 415Executive DirectorFT$73,621$14,988$88,609

Board Members and Trustees

NameTitle
Petra Nemcova until 12015Chairman
David LeppanTrustee
Michael Carley resigned 415Trustee
Philippe KjellgrenTrustee
Pierre Andurand began 615Trustee
Ron Wahid resigned 615Trustee
Sophia Corona resigned 615Trustee
David Hryck Chair 12015Secretary
Kathleen KelleyTreasurer

Highest Paid Contractors

ContractorServicesLocationCompensation
Inter-American Development BankConstructio in Haiti1300 New York Avenue NW, Washington, DC 20577, Rp$320,964
Architecture for HumanityConstruc in Columbia26 OFarrell Street Suite 310, San Francisco, CA 94108, Pe$230,122
Philam FoundationConstructionCarretera Estatal Amatitan-Galeana, Hermenegildo, Oc$225,150
ING AFP IntegraConstruction-$188,998
Constructora Mera SA DE CVConstruction-$122,141
Revenue and Support

Revenue Composition

Contributions and Grants
$1,918,430
Program Service Revenue
$0
Investment Income
$2,848
Other Revenue
$0
All Other Contributions
$1,918,430
Change in Net Assets
$-1,086,072

Audited Revenue Reconciliation

Revenue per Audited Statements
$1,921,278
Revenue Not Reported on Form 990
$268,965
Total Revenue per Audited Statements
$2,190,243
Total Revenue per Form 990
$1,921,278
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$1,856,753
Other Expenses$719,133
Salaries, Compensation, and Employee Benefits$431,464
Total Fundraising Expense$224,235
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Foreign Grants$1,856,753--$1,856,753
Other Salaries and Wages$163,664$24,276$52,219$240,159
Current Officers, Directors, Trustees, and Key Employees$59,440$35,664$23,776$118,880
Advertising$35,143$3,056-$38,199
Other Employee Benefits$25,816$3,639$8,203$37,658
Occupancy-$35,700-$35,700
Payroll Taxes$21,816$5,572$7,379$34,767
Travel$29,102-$4,349$33,451
Fees for Services Other-$29,177$2,139$31,316
Fees for Services Accounting-$21,475-$21,475
Office Expenses-$20,255-$20,255
Other Expenses$54,579$19,800$23,738$19,800
All Other Expenses$7,294$10,941-$18,235
Insurance$9,809$4,204-$14,013
Fees for Services Legal$3,689$6,149$2,460$12,298
Depreciation Depletion-$1,533-$1,533
Total Functional Expenses$2,500,374$282,741$224,235$3,007,350

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$3,280,035
Expenses per Audited Statements$3,007,350
Total Expenses per Form 990$3,007,350
Expenses Not Reported on Form 990$272,685
International Activity

International Summary

Spending
$1,855,000

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$622,000
East Asia and the PacificProgram servicesFunding construction00$617,000
South AmericaProgram servicesFunding construction00$371,000
North AmericaProgram servicesFunding construction00$245,000
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$99,972
Fundraising Gross Income$99,972
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Fundraising Events$99,972$99,972$16,284$83,688
Total Events$99,972$99,972$99,972-
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
Olga NemcovaFamily membeSalaryNo$81,731

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
2016-03-07
Discuss with paid preparer
Yes

Organization Details

Principal Officer
David Hryck Chair 12015
Formed
2006
Legal Domicile
De
Voting Board Members
9
Independent Board Members
9
Employees
9
Volunteers
661

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: Funding of an opening of a flood-damaged school in Colombia. OTHER PROGRAM SERVICES 5: Funding to rebuild schools destroyed by Typhoon Haiyan in Philippines. OTHER PROGRAM SERVICES 6: Funding to support a hospitalized orphaned child who suffered from Anoxic brain damage and English teacher in Thailand. OTHER PROGRAM SERVICES 7: OTHER PROGRAM SERVICES 8: Funding to rebuild earthquake-impacted schools primarily in Bandung region and flood-impacted schools primarily in Jakarta in Indonesia.”

Financial Statement Notes

Part X : FIN48 Footnote

“The Organization's federal exempt returns for fiscal years ended before June 30, 2012 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 year ending June 30, 2015, the Organization did not incur any interest or penalties.”

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IRS990/Form990PartVIISectionAGrp/PersonNm9Olga Ruggiero began 415
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IRS990/Form990PartVIISectionAGrp/TitleTxt5Trustee
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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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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. The revenues in the 2010 column include both the calendar year end 12/31/2010 and the short year end 6/30/2011.
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Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

2015 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$2,179,218
Liabilities
$160,537
Net assets
$2,018,681
Revenue
$1,921,278
Expenses
$3,007,350
Net income
-$1,086,072
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