Civic Intelligence

Happy Hearts Fund Inc

990 • Fiscal year 2017 • EIN 20-5072728

Jul 01, 2016 to Jun 30, 2017 • Filed on Jan 29, 2018

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

0.06x

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

2017 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2017

Liabilities / Revenue

44th percentile

0.07x

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

2017 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2017

Net Margin

77th percentile

19%

Higher net margin than 77% of similar nonprofits.

2017 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2017

Top Officer Pay

72nd percentile

$107,824

Higher top officer pay than 72% of similar nonprofits.

Top officer pay equals 4.1% of source-year revenue.

2017 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2017

Asset Growth

81st percentile

21%

Faster asset growth than 81% of similar nonprofits.

2017 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2016 to 2017

Revenue Growth

16th percentile

-14%

Faster revenue growth than 16% of similar nonprofits.

2017 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2016 to 2017

Balance Sheet
Liabilities / Assets45th percentile

Assets

Up

$2,995,332

Up $526,199 (+21%) from 2016

Net Assets

Up

$2,804,362

Up $502,355 (+22%) from 2016

Liabilities

Up

$190,970

Up $23,844 (+14%) from 2016

Revenue And Expenses
Liabilities / Revenue44th percentileNet Margin77th percentile

Revenue

Down

$2,616,150

Down $430,830 (-14%) from 2016

Expenses

Down

$2,118,808

Down $647,150 (-23%) from 2016

Net Income

Up

$497,342

Up $216,320 (+77%) from 2016

Historical Trend

Balance Sheet Trend

Asset Growth81st 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

2017

Assets$2,995,332
Liabilities$190,970
Net Assets$2,804,362
Open 2017 Filing

Operations Trend

Revenue Growth16th 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

2017

Revenue$2,616,150
Expenses$2,118,808
Net Income$497,342
Open 2017 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2016 to Jun 30, 2017
Signed
Jan 29, 2018
Return Version
2016v3.0
Gross Receipts
$2,829,041
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$1,087,339$1,125,349▲ $38,010
Savings and Temporary Cash Investments$931,710$935,653▲ $3,943
Pledges and Grants Receivable$417,951$898,717▲ $480,766
Investments in Publicly Traded Securities$21,156$26,169▲ $5,013
Land, Buildings, and Equipment, Net$3,727$2,194▼ $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-
Prepaid Expenses and Deferred Charges-$0-
Total Assets$2,469,133$2,995,332▲ $526,199
Other Assets Total$7,250$7,250→ $0
Liabilities
Grants Payable$147,994$166,419▲ $18,425
Accounts Payable and Accrued Expenses$19,132$24,551▲ $5,419
Total Liabilities$167,126$190,970▲ $23,844
Net Assets / Fund Balance
Unrestricted Net Assets$2,302,007$2,146,581▼ $155,426
Temporarily Rstr Net Assets-$657,781-
Total Net Assets Fund Balance$2,302,007$2,804,362▲ $502,355
Total Liabilities and Net Assets / Fund Balance$2,469,133$2,995,332▲ $526,199

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$2,194$5,473$7,667
Compensation and Service Providers
Top Officer Pay72nd percentile

Employees

NameTitleFull / Part TimeBaseTotal
Olga RuggieroExecutive DirectorFT$107,824$107,824

Board Members and Trustees

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

Highest Paid Contractors

ContractorServicesLocationCompensation
All HandsConstruction6 County Rd Suite 6, Mattapoisett, MA 02739, Rp$307,522
Fondation Digicel HaitiConstruction-$293,959
Constructora Mera SA DE CVConstruction-$188,273
Philam Foundation IncConstructionCarretera Estatal Amatitan-Galeana, Hermenegildo, Oc$170,075
Manhattan Center Studios IncVenue/Event Services311 W 34th St, New York, NY 10001, Ha$129,200
Revenue and Support

Revenue Composition

Contributions and Grants
$2,613,736
Program Service Revenue
$0
Investment Income
$2,414
Other Revenue
$0
All Other Contributions
$872,094
Change in Net Assets
$497,342

Audited Revenue Reconciliation

Revenue per Audited Statements
$2,616,150
Revenue Not Reported on Form 990
$339,012
Total Revenue per Audited Statements
$2,955,162
Total Revenue per Form 990
$2,616,150
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$1,341,472
Salaries, Compensation, and Employee Benefits$530,637
Other Expenses$246,699
Total Fundraising Expense$172,777
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Foreign Grants$1,341,472--$1,341,472
Other Salaries and Wages$193,956$33,900$99,919$327,775
Current Officers, Directors, Trustees, and Key Employees$50,886$30,532$20,354$101,772
Other Employee Benefits$35,677$9,388$17,525$62,590
Occupancy-$42,162-$42,162
Payroll Taxes$21,945$5,775$10,780$38,500
Fees for Services Accounting$4,655$24,712$1,769$31,136
Travel$19,172-$2,131$21,303
Office Expenses-$18,602-$18,602
Insurance$6,772$2,902-$9,674
Other Expenses$5,882$5,199$2,521$8,403
All Other Expenses$527$5,370$66$5,963
Advertising$4,305$374-$4,679
Fees for Services Other$852$1,317$414$2,583
Depreciation Depletion-$1,533-$1,533
Total Functional Expenses$154,906$181,766$66,388$221,294

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$2,452,807
Expenses per Audited Statements$2,118,808
Total Expenses per Form 990$2,118,808
Expenses Not Reported on Form 990$333,999
International Activity

International Summary

Spending
$1,341,472

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
South East AsiaProgram servicesFunding construction00$876,449
Central America and the CaribbProgram servicesFunding construction00$267,677
South AmericaProgram servicesFunding construction00$145,000
East Asia and the PacificProgram servicesFunding construction00$52,346
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$212,891
Fundraising Gross Income$212,891
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Graduation Gala$1,954,533$212,891$51,202$161,689
Total Events$1,954,533$212,891$212,891-
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 memberSalary & BenefitsNo$101,772

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
2018-01-29
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Petra Nemcova
Formed
2006
Legal Domicile
De
Voting Board Members
6
Independent Board Members
6
Employees
7
Volunteers
590

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: OTHER PROGRAM SERVICES 6: Mexico: Funding to rebuild flood-affected schools in Mexico. OTHER PROGRAM SERVICES 7:”

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.”

Part XI, Line 2D: Other revenue amounts included in F/S but not included on form 990

“Special event expenses in net revenues $212891”

Part XII, Line 2D: Other expenses and losses per audited F/S

“Special event expenses in net revenues $212891”

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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/PrincipalOfficerNm0Petra Nemcova
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IRS990/ProgSrvcAccomActy2Grp/Desc0Provide assistance to children through the construction of a school in Haiti, Foyer Culturel du Mexique located in Port au Prince. Also, provided services (books, teacher training, and other educational materials) to Prodev schools.
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IRS990/ProgSrvcAccomActy3Grp/Desc0Funding to rebuild Puerta Peluche school after a 2017 flooding in Peru. Additionally, implemented Empowered Young Women Project in Peru.
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Document Assets

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Filings

Displayed year

2017 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$2,995,332
Liabilities
$190,970
Net assets
$2,804,362
Revenue
$2,616,150
Expenses
$2,118,808
Net income
$497,342
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
Peer Organizations

Similar nonprofits based on the same Siviq industry and scale cohort. 2017 filings • 501(c)3 • $1M-$5M nonprofits