Civic Intelligence

Second Heart Homes Inc.

990 • Fiscal year 2022 • EIN 84-1848246

Jan 01, 2022 to Dec 31, 2022 • Filed on Jul 11, 2023

Organization ProfileWWW.SECONDHEARTHOMES.ORG
PO Box 3886Sarasota, FL 34230-3886

(941) 201-9353

Siviq Scores

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

Liabilities / Assets

71st percentile

0.24x

Higher debt load relative to assets than 71% of similar nonprofits.

2022 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2022

Liabilities / Revenue

77th percentile

0.40x

Higher debt load relative to revenue than 77% of similar nonprofits.

2022 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2022

Net Margin

90th percentile

53%

Higher net margin than 90% of similar nonprofits.

2022 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2022

Top Officer Pay

53rd percentile

$65,018

Higher top officer pay than 53% of similar nonprofits.

Top officer pay equals 4.9% of source-year revenue.

2022 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2022

Asset Growth

82nd percentile

29%

Faster asset growth than 82% of similar nonprofits.

2022 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2021 to 2022

Revenue Growth

60th percentile

14%

Faster revenue growth than 60% of similar nonprofits.

2022 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2021 to 2022

Balance Sheet
Liabilities / Assets71st percentile

Assets

Up

$2,193,628

Up $494,030 (+29%) from 2021

Net Assets

Up

$1,671,226

Up $701,880 (+72%) from 2021

Liabilities

Down

$522,402

Down $207,850 (-28%) from 2021

Revenue And Expenses
Liabilities / Revenue77th percentileNet Margin90th percentile

Revenue

Up

$1,321,310

Up $161,595 (+14%) from 2021

Expenses

Up

$619,430

Up $286,185 (+86%) from 2021

Net Income

Down

$701,880

Down $124,590 (-15%) from 2021

Historical Trend

Balance Sheet Trend

Asset Growth82nd percentile

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

$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

2022

Assets$2,193,628
Liabilities$522,402
Net Assets$1,671,226
Open 2022 Filing

Operations Trend

Revenue Growth60th percentile

Revenue, expenses, and net income across loaded years, with this 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

2022

Revenue$1,321,310
Expenses$619,430
Net Income$701,880
Open 2022 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2022 to Dec 31, 2022
Signed
Jul 11, 2023
Return Version
2022v5.0
Gross Receipts
$1,335,963
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 restore dignity and independence to the homeless and mental health population through housing with supportive servies. Provide services that enhance the quality of like through ewellness checks and target skill builing related to job-seeking, cooking, cleaning, art instruciton and community engagement.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$1,339,565$1,630,105▲ $290,540
Loans From Officers Directors$577,000$515,000▼ $62,000
Savings and Temporary Cash Investments$69,542$273,207▲ $203,665
Cash and Non-Interest-Bearing Accounts$272,451$246,578▼ $25,873
Pledges and Grants Receivable-$16,028-
Prepaid Expenses and Deferred Charges$12,202$13,403▲ $1,201
Intangible Assets-$7,149-
Accounts Receivable-$708-
Total Assets$1,699,598$2,193,628▲ $494,030
Other Assets Total$5,838$6,450▲ $612
Liabilities
Mortgage Notes Payable Secured by Investment Property$149,420--
Accounts Payable and Accrued Expenses$2,961$7,402▲ $4,441
Deferred Revenue$871--
Total Liabilities$730,252$522,402▼ $207,850
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$969,346$1,628,516▲ $659,170
Net Assets With Donor Restrictions-$42,710-
Total Net Assets Fund Balance$969,346$1,671,226▲ $701,880
Total Liabilities and Net Assets / Fund Balance$1,699,598$2,193,628▲ $494,030

Asset Categories

AssetBook ValueDepreciationBasis
Other Land Buildings$1,267,299$67,753$1,335,052
Land$362,806-$362,806
Compensation and Service Providers
Top Officer Pay53rd percentile

Employees

NameTitleFull / Part TimeBaseTotal
Megan HowellExecutive DiFT$65,018$65,018

Board Members and Trustees

NameTitle
Claudia BarnettDirector
David LyonsDirector
David WelleDirector
Erika QuartermaineDirector
Jim DoyleDirector
Kurt BonnerDirector
Thomas TryonDirector
Revenue and Support

Revenue Composition

Contributions and Grants
$1,011,879
Program Service Revenue
$300,456
Investment Income
$6,171
Other Revenue
$2,804
All Other Contributions
$1,011,879
Change in Net Assets
$701,880
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$312,643
Salaries, Compensation, and Employee Benefits$306,787
Total Fundraising Expense$42,938
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$111,044$55,522$18,507$185,073
Current Officers, Directors, Trustees, and Key Employees$39,011$19,505$6,502$65,018
Depreciation Depletion$40,090$4,227-$44,317
Other Employee Benefits$21,439$10,720$3,573$35,732
Occupancy$30,142$3,349-$33,491
All Other Expenses$14,697$10,375$5,492$30,564
Insurance$27,031$3,003-$30,034
Payroll Taxes$12,578$6,289$2,097$20,964
Fees for Services Accounting$741$14,893$742$16,376
Interest$13,568$1,508-$15,076
Other Expenses$13,381$1,594$1,593$13,381
Advertising-$8,818$2,205$11,023
Travel$10,614--$10,614
Fees for Services Other$2,502$4,568$552$7,622
Office Expenses--$1,675$1,675
Conferences and Meetings-$204-$204
Total Functional Expenses$431,917$144,575$42,938$619,430
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
Insider Transactions and Loans

Interested-Person Transactions

Interested PartyRelationshipDescriptionShared RevenueAmount
David WelleDirectorLoan ProvidedNo-
Jim DoyleDirectorLoan ProvidedNo-

Loans and Receivables

Line ItemBeginningEndChange
Loans from Officers, Directors, Trustees, and Key Employees$577,000$515,000▼ $62,000
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
No
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 of the executve director and key employees is determined by the board (excluding related family member leslie travis for the executive director). Compensation is based upon merit and sucessful outcomes. Performance reviews are utilitzed for this purpose.”

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
2023-07-11
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Megan Howell
Formed
2019
Voting Board Members
7
Independent Board Members
7
Employees
8
Volunteers
30

Preparer

Firm
Miller & Miller Pa CPA
Address
5660 MARQUESAS CIR, SARASOTA, FL 34233
Preparer
Marc a Miller
Phone
9413664152
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IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/NameOfInterested/PersonNm0DAVID WELLE
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/NameOfInterested/PersonNm1JIM DOYLE
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/RelationshipDescriptionTxt0DIRECTOR
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/RelationshipDescriptionTxt1DIRECTOR
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IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/SharingOfRevenuesInd1false
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/TransactionDesc0LOAN PROVIDED
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/TransactionDesc1LOAN PROVIDED
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IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/BalanceDueAmt245000
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IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/BusinessName/BusinessNameLine1Txt0MWR SARASOTA LLC
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IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/LoanPurposeTxt0ACQUIRE PROPERTY
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IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/LoanPurposeTxt2ACQUIRE PROPERTY
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IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/OriginalPrincipalAmt252000
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/PersonNm0MWR SARASOTA LLC
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/PersonNm1DAVID WELLE
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/RelationshipWithOrgTxt0DIRECTOR
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IRS990ScheduleL/SupplementalInformationDetail/ExplanationTxt0DAVID WELLE, A DIRECTOR, MAINTAINS A 33 1/3% INTEREST IN AN LLC THAT PROPOSED TO PROVIDE TWO MORTGAGES TO SECOND HEART HOMES ALLOWING THE ORGANIZTION TO PURCHASE TWO HOMES TO CARRY OUT THEIR MISSION. WITH MR. WELLE RECUSED, THE REMAINING BOARD MEMBERS MET TO DISCUSS THE POTENTIAL BENEFITS AND DRAWBACKS IN COMBINATION WITH REVIEWING THE ORGANIZATION'S BY-LAWS AND CONFLICT OF INTEREST POLICY. UPON REVIEW OF THE FACTS AND CIRCUMSTANCES OF THE POTENIAL TRANSACTION INVOLVING MR. WELLE, THE REMAINING BOARD MEMBERS UNANIMOUSLY CONCLUDED THE FOLLOWING: A) A MORE ADVANTAGEOUS TRANSACTION OR ARRANGEMENT WAS NOT REASONABLY ATTAINABLE UNDER CIRCUMSTANCES THAT WOULD NOT GIVE RISE TO A CONFLICT OF INTEREST; B) THE TRANSACTIONS WERE IN THE ORGANIZATION'S INTEREST AND FOR ITS OWN BENEFIT AND THE TRANSACTIONS WERE FAIR AND REASONABLE TO SECOND HEART HOMES; C) MR. WELLE DID DISCLOSE A POTENTIAL CONFLICT OF INTEREST TO THE BOARD IN ADVANCE OF THE REMAINDER OF THE BOARD ACTING ON THE PROPOSALS; D) MR. WELLE ONLY OWED ONE-THIRD OF THE LLC THAT IS LENDING THE MONEY FOR THE PURCHASE OF THE PROPERTY; E) MR. WELLE WAS NOT THE MANAGER OF THE LLC THAT IS LENDING THE MONEY; F) MR. WELLE AGREED TO DONATE BACK THE ORGANZIATON ANY INTEREST EARNED BY HIM ON BOTH MORTGAGE TRANSACTIONS. THE BOARD'S CONCLUSION WAS THAT MR. WELLE'S INVOLVEMENT IN THE FINANCING ENTITY DID NOT REPRESENT A CONFLICT OF INTEREST AND THE TRANSACTIONS COULD PROCEED. A TOTAL OF TWO MORTGAGE LOANS WAS 470,000. MR. WELLE'S PORTION WAS 156,667.
IRS990ScheduleL/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE L, PART V
IRS990ScheduleL/TotalBalanceDueAmt0515000
IRS990/ScheduleORequiredInd0true
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THE 990 WAS REVIEWED BY TWO MEMBERS OF OUR BOARD OF DIRECTORS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1ALL 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.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THE COMPENSATION OF THE EXECUTVE DIRECTOR AND KEY EMPLOYEES IS DETERMINED BY THE BOARD (EXCLUDING RELATED FAMILY MEMBER LESLIE TRAVIS FOR THE EXECUTIVE DIRECTOR). COMPENSATION IS BASED UPON MERIT AND SUCESSFUL OUTCOMES. PERFORMANCE REVIEWS ARE UTILITZED FOR THIS PURPOSE.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3THE 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.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PAGE 6, PART VI, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PAGE 6, PART VI, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PAGE 6, PART VI, LINE 15A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PAGE 6, PART VI, LINE 19
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Document Assets

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Filings

Displayed year

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

Open filing
Assets
$2,193,628
Liabilities
$522,402
Net assets
$1,671,226
Revenue
$1,321,310
Expenses
$619,430
Net income
$701,880
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$4.81$0.32$4.48$2.96$1.21$1.75
2023Detailed filing. Detailed filing data is available for this year.$3.20$0.48$2.72$1.89$0.86$1.03
2022Detailed filing. Detailed filing data is available for this year.$2.19$0.52$1.67$1.32$0.62$0.70
2021Detailed filing. Detailed filing data is available for this year.$1.70$0.73$0.97$1.16$0.33$0.83
2020Detailed filing. Detailed filing data is available for this year.$0.61$0.47$0.14$0.32$0.18$0.13
2019Summary only. Only limited summary data is available for this year.$0.01$0.01$0.01$0.00$0.01