Civic Intelligence

Seven Hearts Foundation

990 • Fiscal year 2022 • EIN 83-2830628

Jan 01, 2022 to Dec 31, 2022 • Filed on Aug 18, 2023

Organization ProfileN/A
1520 Bernal AvenueBurlingame, CA 94010

(858) 922-7421

Siviq Scores

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

Liabilities / Assets

31st percentile

0.00x

Tied with the lowest-debt nonprofits in its peer group.

2022 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2022

Liabilities / Revenue

31st percentile

0.00x

Tied with the lowest-debt nonprofits in its peer group.

2022 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2022

Net Margin

91st percentile

57%

Higher net margin than 91% of similar nonprofits.

2022 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2022

Top Officer Pay

53rd percentile

$0

Higher top officer pay than 53% of similar nonprofits.

Top officer pay equals 0.0% of source-year revenue.

2022 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2022

Asset Growth

16th percentile

-14%

Faster asset growth than 16% of similar nonprofits.

2022 filings • 501(c)3 • $500k-$1M nonprofits • Annualized from 2021 to 2022

Revenue Growth

3rd percentile

-74%

Faster revenue growth than 3% of similar nonprofits.

2022 filings • 501(c)3 • $500k-$1M nonprofits • Annualized from 2021 to 2022

Balance Sheet
Liabilities / Assets31st percentile

Assets

Down

$585,311

Down $96,313 (-14%) from 2021

Net Assets

Down

$585,311

Down $96,313 (-14%) from 2021

Liabilities

Flat

$0

Flat from 2021

Revenue And Expenses
Liabilities / Revenue31st percentileNet Margin91st percentile

Revenue

Down

$31,949

Down $91,753 (-74%) from 2021

Expenses

Up

$13,896

Up $11,358 (+448%) from 2021

Net Income

Down

$18,053

Down $103,111 (-85%) from 2021

Historical Trend

Balance Sheet Trend

Asset Growth16th percentile

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

$800K$600K$400K$200K$0Assets 2018: $150,000Liabilities 2018: $0Net Assets 2018: $150,0002018Assets 2019: $294,537Liabilities 2019: $0Net Assets 2019: $294,5372019Assets 2020: $523,902Liabilities 2020: $0Net Assets 2020: $523,9022020Assets 2021: $681,624Liabilities 2021: $0Net Assets 2021: $681,6242021Assets 2022: $585,311Liabilities 2022: $0Net Assets 2022: $585,3112022Assets 2023: $662,398Liabilities 2023: $0Net Assets 2023: $662,3982023Assets 2024: $722,783Liabilities 2024: $0Net Assets 2024: $722,7832024

Highlighted filing

2022

Assets$585,311
Liabilities$0
Net Assets$585,311
Open 2022 Filing

Operations Trend

Revenue Growth3rd percentile

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

$300K$200K$100K$0-$100KRevenue 2018: $150,000Expenses 2018: $0Net Income 2018: $150,0002018Revenue 2019: $150,468Expenses 2019: $815Net Income 2019: $149,6532019Revenue 2020: $222,460Expenses 2020: $303Net Income 2020: $222,1572020Revenue 2021: $123,702Expenses 2021: $2,538Net Income 2021: $121,1642021Revenue 2022: $31,949Expenses 2022: $13,896Net Income 2022: $18,0532022Revenue 2023: $29,819Expenses 2023: $13,549Net Income 2023: $16,2702023Revenue 2024: $51,234Expenses 2024: $55,760Net Income 2024: -$4,5262024

Highlighted filing

2022

Revenue$31,949
Expenses$13,896
Net Income$18,053
Open 2022 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2022 to Dec 31, 2022
Signed
Aug 18, 2023
Return Version
2022v5.0
Gross Receipts
$35,333
Mission and Program Overview

Mission

To provide general charitable, religious, educational and scientific purposes, with a focus on educational matters.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments in Publicly Traded Securities$681,624$585,311▼ $96,313
Rtn Earn Endowment Incm Other Fnds$681,624$585,311▼ $96,313
Pd in Cap Srpls Land Bldg Eqp Fund$0$0→ $0
Cap Stk Tr Prin Current Funds$0$0→ $0
Total Assets$681,624$585,311▼ $96,313
Liabilities
Total Liabilities$0$0→ $0
Net Assets / Fund Balance
Total Net Assets Fund Balance$681,624$585,311▼ $96,313
Total Liabilities and Net Assets / Fund Balance$681,624$585,311▼ $96,313
Compensation and Service Providers
Top Officer Pay53rd percentile

Board Members and Trustees

NameTitle
Frances OlsonPresident
Geraldine OlsonSecretary & Treasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$1,195
Program Service Revenue
$0
Investment Income
$30,754
Other Revenue
$0
All Other Contributions
$1,195
Change in Net Assets
$18,053
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$13,896
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Fees for Service Investment Mgmnt Fees-$12,331-$12,331
Fees for Services Accounting-$1,195-$1,195
Fees for Services Legal-$370-$370
Total Functional Expenses$0$13,896$0$13,896
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
No
Other officer compensation reviewed
No
Conflict-of-interest policy
No
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section A, Line 2

“Frances olson and geraldine olson, the two officers of the organization, are sisters.”

Form 990, Part VI, Section B, Line 11B

“A copy of the organization's form 990 was provided to its governing body for review prior to the return being filed.”

Form 990, Part VI, Section C, Line 19

“All governing documents and tax returns are available upon request.”

Filing and Contact Details

Filer

Filer Name
Seven Hearts Foundation
EIN
83-2830628
Phone
8589227421
Address
1520 BERNAL AVENUE, BURLINGAME, CA 94010

Signing Officer

Name
Frances Olson
Title
President
Phone
8589227421
Signed
2023-08-18
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Frances Olson
Formed
2018
Legal Domicile
CA
Voting Board Members
2
Independent Board Members
0
Employees
0
Volunteers
0

Preparer

Firm
Lavine Lofgren Morris & Engelberg Llp
Address
4180 LA JOLLA VILLAGE DR STE 300, LA JOLLA, CA 92037
Preparer
Jennifer a Glaser
Phone
8584551200
Raw XML Appendix299 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0FRANCES OLSON AND GERALDINE OLSON, THE TWO OFFICERS OF THE ORGANIZATION, ARE SISTERS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1A COPY OF THE ORGANIZATION'S FORM 990 WAS PROVIDED TO ITS GOVERNING BODY FOR REVIEW PRIOR TO THE RETURN BEING FILED.
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ReturnHeader/PreparerPersonGrp/PhoneNum08584551200
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ReturnHeader/ReturnTs02023-09-01T17:32:59-05:00
ReturnHeader/ReturnTypeCd0990
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ReturnHeader/TaxPeriodBeginDt02022-01-01
ReturnHeader/TaxPeriodEndDt02022-12-31
ReturnHeader/TaxYr02022

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

2022 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$585,311
Liabilities
$0
Net assets
$585,311
Revenue
$31,949
Expenses
$13,896
Net income
$18,053
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$7.23$0.00$7.23$0.51$0.56$0.05
2023Detailed filing. Detailed filing data is available for this year.$6.62$0.00$6.62$0.30$0.14$0.16
2022Detailed filing. Detailed filing data is available for this year.$5.85$0.00$5.85$0.32$0.14$0.18
2021Detailed filing. Detailed filing data is available for this year.$6.82$0.00$6.82$1.24$0.03$1.21
2020Detailed filing. Detailed filing data is available for this year.$5.24$0.00$5.24$2.22$0.00$2.22
2019Detailed filing. Detailed filing data is available for this year.$2.95$0.00$2.95$1.50$0.01$1.50
2018Detailed filing. Detailed filing data is available for this year.$1.50$0.00$1.50$1.50$0.00$1.50