Civic Intelligence

Second Heart Homes Inc

EIN 84-1848246 • 501(c)3 • Sarasota, FL

Profile

The mission of second heart homes is to revive the dignity of homeless adults with mental illnesses through housing, support, and love.

PO Box 3886Sarasota, FL 34230-3886

www.secondhearthomes.org

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

50th percentile

0.07x

Higher debt load relative to assets than 50% of similar nonprofits.

501(c)3 • $1M-$5M nonprofits • Source year 2024

Liabilities / Revenue

55th percentile

0.11x

Higher debt load relative to revenue than 55% of similar nonprofits.

501(c)3 • $1M-$5M nonprofits • Source year 2024

Net Margin

92nd percentile

59%

Higher net margin than 92% of similar nonprofits.

501(c)3 • $1M-$5M nonprofits • Source year 2024

Top Officer Pay

Score unavailable

No value available

No filing with officer rows is available for this organization yet.

Asset Growth

90th percentile

50%

Faster asset growth than 90% of similar nonprofits.

501(c)3 • $1M-$5M nonprofits • Annualized from 2023 to 2024

Revenue Growth

86th percentile

56%

Faster revenue growth than 86% of similar nonprofits.

501(c)3 • $1M-$5M nonprofits • Annualized from 2023 to 2024

Assets

Up

$4,806,966

Up $1,610,336 (+50%) from 2023

Liabilities

Down

$323,507

Down $152,116 (-32%) from 2023

Net Assets

Up

$4,483,459

Up $1,762,452 (+65%) from 2023

Revenue

Up

$2,960,130

Up $1,067,045 (+56%) from 2023

Expenses

Up

$1,209,423

Up $345,494 (+40%) from 2023

Net Income

Up

$1,750,707

Up $721,551 (+70%) from 2023

Trend Graphs

Balance Sheet Trend

Grouped bars show assets, liabilities, and net assets across loaded filings.

$6.0M$4.0M$2.0M$0Assets 2019: $14,234Liabilities 2019: $5,4502019Assets 2020: $614,893Liabilities 2020: $474,774Net Assets 2020: $140,1192020Assets 2021: $1,699,598Liabilities 2021: $730,252Net Assets 2021: $969,3462021Assets 2022: $2,193,628Liabilities 2022: $522,402Net Assets 2022: $1,671,2262022Assets 2023: $3,196,630Liabilities 2023: $475,623Net Assets 2023: $2,721,0072023Assets 2024: $4,806,966Liabilities 2024: $323,507Net Assets 2024: $4,483,4592024

Highlighted filing

2024

Assets$4,806,966
Liabilities$323,507
Net Assets$4,483,459

Operations Trend

Revenue, expenses, and net income by year, with the latest filing highlighted.

$3.0M$2.0M$1.0M$0Revenue 2019: $9,680Expenses 2019: $896Net Income 2019: $8,7842019Revenue 2020: $315,883Expenses 2020: $184,528Net Income 2020: $131,3552020Revenue 2021: $1,159,715Expenses 2021: $333,245Net Income 2021: $826,4702021Revenue 2022: $1,321,310Expenses 2022: $619,430Net Income 2022: $701,8802022Revenue 2023: $1,893,085Expenses 2023: $863,929Net Income 2023: $1,029,1562023Revenue 2024: $2,960,130Expenses 2024: $1,209,423Net Income 2024: $1,750,7072024

Highlighted filing

2024

Revenue$2,960,130
Expenses$1,209,423
Net Income$1,750,707

Filings

Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jan 1, 2024 to Dec 31, 2024
Signed
Aug 12, 2025
Return Version
2024v5.0
Gross Receipts
$2,960,130
Mission and Program Overview

Mission

The mission of second heart homes is to revive the dignity of homeless adults with mental illnesses through housing, support, and love.

To revive the dignity of homeless adults with mental illnesses through housing, support, and love.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$2,818,821$3,196,128▲ $377,307
Savings and Temporary Cash Investments$189,404$1,238,085▲ $1,048,681
Cash and Non-Interest-Bearing Accounts$39,176$238,635▲ $199,459
Loans From Officers Directors$201,666$149,445▼ $52,221
Prepaid Expenses and Deferred Charges$14,571$26,361▲ $11,790
Accounts Receivable$2,957$13,231▲ $10,274
Investments in Publicly Traded Securities-$5,009-
Intangible Assets$4,085$1,021▼ $3,064
Pledges and Grants Receivable$22,251$1,020▼ $21,231
Total Assets$3,196,630$4,806,966▲ $1,610,336
Other Assets Total$105,365$87,476▼ $17,889
Liabilities
Unsecured Notes Loans Payable$156,667$78,333▼ $78,334
Other Liabilities$97,054$66,429▼ $30,625
Accounts Payable and Accrued Expenses$20,236$29,300▲ $9,064
Total Liabilities$475,623$323,507▼ $152,116
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$2,651,882$4,158,159▲ $1,506,277
Net Assets With Donor Restrictions$69,125$325,300▲ $256,175
Total Net Assets Fund Balance$2,721,007$4,483,459▲ $1,762,452
Total Liabilities and Net Assets / Fund Balance$3,196,630$4,806,966▲ $1,610,336

Asset Categories

AssetBook ValueDepreciationBasis
Other Land Buildings$2,466,971$209,525$2,676,496
Land$729,157-$729,157
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseTotal
Megan HowellExecutive DiFT$100,000$100,000

Board Members and Trustees

NameTitle
Cheri CoryeaDirector
Claudia BarnettDirector
David LyonsDirector
David WelleDirector
Erika QuartermaineDirector
James CoxDirector
Jim DoyleDirector
Robert W RosinskyDirector
Thomas TryonDirector
Revenue and Support

Revenue Composition

Contributions and Grants
$2,376,811
Program Service Revenue
$484,429
Investment Income
$30,479
Other Revenue
$68,411
All Other Contributions
$2,376,811
Change in Net Assets
$1,750,707
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$612,721
Other Expenses$596,702
Total Fundraising Expense$78,148
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$242,182$121,091$40,364$403,637
Current Officers, Directors, Trustees, and Key Employees$60,000$30,000$10,000$100,000
Depreciation Depletion$76,475$8,497-$84,972
Other Employee Benefits$41,634$20,817$6,939$69,390
All Other Expenses$30,422$12,394$10,567$53,383
Insurance$41,784$4,643-$46,427
Payroll Taxes$23,816$11,908$3,970$39,694
Other Expenses$31,296$2,452$2,452$31,296
Occupancy$27,000$3,000-$30,000
Fees for Services Other$9,005$15,398$1,924$26,327
Fees for Services Accounting-$22,135-$22,135
Travel$21,870--$21,870
Advertising-$7,730$1,932$9,662
Interest$1,381$153-$1,534
Conferences and Meetings-$1,214-$1,214
Total Functional Expenses$869,843$261,432$78,148$1,209,423
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Gross Income$65,072
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Art Auction$65,072$65,072-$65,072
Total Events$65,072$65,072-$65,072
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 WelleDirectorLoan ProvidedNo-
Wendy CoxDIRECTOR'S WIFELoan ProvidedNo-
Wendy CoxDIRECTOR'S WIFELoan ForgivenNo-

Loans and Receivables

Line ItemBeginningEndChange
Loans from Officers, Directors, Trustees, and Key Employees$201,666$149,445▼ $52,221
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Operating Lease Laibility$66,429
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Business relationship with 35% controlled entity
Yes
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
No
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, Page 6, Part VI, Line 11B

The 990 was reviewed by two members of our board of directors.

Form 990, Page 6, Part VI, Line 12C

All directors, officers and key employees are required to annually review our conflict of interest policy. All are required to disclose any potential conflicts of interest to the board. The board will then review and approve or disapprove of the activity at a regular schedule or special meeting.

Form 990, Page 6, Part VI, Line 15A

The compensation process of the executive director and key employees is determined by the board. Compensation is based upon merit and successful outcomes. Performance reviews are utilitzed for this purpose.

Form 990, Page 6, Part VI, Line 18

The 990 is available on guide star and the community foundation of sarasota.

Form 990, Page 6, Part VI, Line 19

The governning documents are available to the public by providing them to guidestar and the giving partner through the community foundation of sarasota. These are also available upon request.

Filing and Contact Details

Filer

Filer Name
Second Heart Homes Inc
EIN
84-1848246
Phone
9412019353
Address
PO BOX 3886, SARASOTA, FL 34230-3886

Signing Officer

Name
Megan Howell
Title
Executive Director
Phone
9412019353
Signed
2025-08-12
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Megan Howell
Formed
2019
Voting Board Members
9
Independent Board Members
9
Employees
14
Volunteers
140

Preparer

Firm
Miller & Miller Pa CPA
Address
5660 MARQUESAS CIR, SARASOTA, FL 34233
Preparer
Marc a Miller
Phone
9413664152
Supplemental Narrative

Additional Explanations

Form 990, Part XI, Line 9

IN KIND SERVICES -79,830

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IRS990/PrincipalOfficerNm0MEGAN HOWELL
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IRS990/ReportLandBuildingEquipmentInd0true
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IRS990ScheduleA/GiftsGrantsContrisRcvd509Grp/CurrentTaxYearMinus3YearsAmt0980821
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IRS990ScheduleA/InvestmentIncomePYPct00.00000
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IRS990ScheduleA/TotalSupportCalendarYearGrp/TotalAmt07524767
IRS990ScheduleB/ContributorInformationGrp/ContributorBusinessName/BusinessNameLine10RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorNum0RESTRICTED
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IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/State0RESTRICTED
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IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt066429
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0OPERATING LEASE LAIBILITY
IRS990ScheduleD/TotalBookValueLandBuildingsAmt03196128
IRS990ScheduleD/TotalLiabilityAmt066429
IRS990ScheduleG/FundraisingEventInformationGrp/Event1Nm0ART AUCTION
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IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/NameOfInterested/PersonNm0DAVID WELLE
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/NameOfInterested/PersonNm1WENDY COX
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/NameOfInterested/PersonNm2WENDY COX
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/RelationshipDescriptionTxt0DIRECTOR
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/RelationshipDescriptionTxt1DIRECTOR'S WIFE
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/RelationshipDescriptionTxt2DIRECTOR'S WIFE
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IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/TransactionDesc0LOAN PROVIDED
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/TransactionDesc1LOAN PROVIDED
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/TransactionDesc2LOAN FORGIVEN
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IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/BalanceDueAmt145000
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IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/LoanPurposeTxt0ACQUIRE PROPERTY
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/LoanPurposeTxt1ACQUIRE PROPERTY
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IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/OriginalPrincipalAmt152000
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/PersonNm0DAVID WELLE
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/PersonNm1DAVID WELLE
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/RelationshipWithOrgTxt0DIRECTOR
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/RelationshipWithOrgTxt1DIRECTOR
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IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/WrittenAgreementInd1true
IRS990ScheduleL/SupplementalInformationDetail/ExplanationTxt0DURING 2023 THE ORGANIZATION HAD A 230,000 4.2% INTEREST-ONLY MORTGAGE NOTE AND A 240,000 2.5% INTEREST-ONLY MORTGAGE NOTE OUTSTANDING TO MWR, LLC. MWR, LLC WAS 33.3% OWNED BY DIRECTOR DAVID WELLE, 33.3% OWNED BY WENDY COX, A SPOUSE OF DIRECTOR JAMES COX, AND 33.3% OWNED BY AND UNRELATED INDIVIDUAL. EACH MORTGAGE WAS ENTERED INTO AFTER DISCLOSURE OF THE RELATED-PARTY TRANSACTION TO THE ORGANIZATION'S BOARD OF DIRECTORS WHO DEEMED THE TRANSACTIONS PRUDENT, SUPERIOR TO AVAILABLE UNRELATED-PARTY TRANSACTIONS, AND IN ACCORDANCE WITH THE ORGANIZATION'S POLICIES. PRIOR TO DECEMBER 31, 2023 MWR, LLC VOLUNTARILY EXTINGUISHED THE TWO MORTGAGES AND THE DEBT WAS TRANSFERRED TO THREE 156,667 0% UNSECURED NOTES DUE TO DAVID WELLE, JAMES COX'S SPOUSE AND THE UNRELATED THIRD PARTY. JAMES COX'S SPOUSE CONTRIBUTED HER NOTE TO THE ORGANIZATION. THE TWO REMAINING 156,667 0% UNSECURED NOTES WERE OUTSTANDING AS OF DECEMBER 31, 2023.
IRS990ScheduleL/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE L, PART V
IRS990ScheduleL/TotalBalanceDueAmt0149445
IRS990/ScheduleORequiredInd0true
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THE 990 WAS REVIEWED BY TWO MEMBERS OF OUR BOARD OF DIRECTORS.

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