Heart-sv
Nonprofit profile at a glance
- EIN
- 931656528
- IRS 990 coverage
- 2024–2024
- Forms available
- Form 990 2024
- Location
- San Mateo, CA, USA
- Phone
- 6502045640
- Rating
- 71
- Verdict
- SUPPORTED
- Rating confidence
- Moderate
- Sector
- Community, Neighborhood Development
Reported finances
- Revenue
- $393,453
- Expenses
- $603,662
- Assets
- $3,605,753
- Liabilities
- $3,815,962
Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.
Leadership & pay
21 people listed
Highest reported compensation
- ARMANDO SANCHEZ (EXECUTIVE DI): $232,066 total reported compensation
Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.
Overview
Mission
Heart-sv's mission is to acquire, finance, operate, and sustain workforce and other public benefit housing programs that expand access to stable, affordable homes for low- to moderate-income and essential workers in the region.
What it reported doing in 2024
Heart-sv meets critical housing needs in san mateo county and the bay area region by providing affordable housing for low to moderate income residents and essential workers. Heart-sv owns, creates and maintains real estate assets, including mult-family housing, for low to moderate income residents and essential workers.
Operating model
- Revenue model
- Earned-program. 97% of the money available for current operations came from fees and other program revenue.
- Distribution model
- Direct operator. The filing allocates 100% of reported program-service expenses outside its grant, affiliate-payment, and member-benefit lines. This expense classification does not rule out separately announced grant awards.
The verdict
SUPPORTED - A large share of available resources goes toward mission work and the filed numbers largely add up. Few specific pay-setting methods are documented in the filing; unanswered boxes are not proof of absence and some filing-based governance responses are negative or unanswered.
Rating breakdown
- Financial Efficiency: 86
- Transparency & Controls: 60
- Accountability: 84
- Sustainability: 27
- Growth: NotEnoughData
Detailed rating inputs
Financial Efficiency
- Mission deployment rate: 100%; rating input score 100
- Program expense ratio: 90.8%; rating input score 91
- Fundraising efficiency: Limited
Transparency & Controls
- Consistency checks: 100%; rating input score 100; 64th percentile among comparable filings
- Pay-setting controls: 0 of 6 controls in place; rating input score 0
- Compensation committee: Missing
- Independent consultant: Missing
- Other Form 990s reviewed: Missing
- Written employment contract: Missing
- Compensation survey or study: Missing
- Board or committee approval: Missing
- Foreign activity oversight: Limited
- Grant itemization coverage: Limited
- Major donor itemization: Limited
- Related-party transparency: Limited
Accountability
- Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
- Governance controls: 5 of 8 controls in place; rating input score 62
- Conflict-of-interest policy: Pass
- Whistleblower policy: Fail
- Document-retention policy: Fail
- CEO compensation review process: NotApplicable
- Other executive compensation review process: Fail
- Form 990 shared with the board: Pass
- Board meeting minutes documented: Pass
- Audit committee oversight: Pass
- Independent financial-statement audit: Pass
Sustainability
- Operating margin: -53.4%; rating input score 5; 5th percentile among comparable filings
- Total-asset coverage ratio: 5.97; rating input score 82; 82nd percentile among comparable filings
- Liabilities to assets ratio: 1.06; rating input score 4; 4th percentile among comparable filings
- Officer compensation ratio: Limited
Growth
- Program expense growth: Limited
- Revenue growth: Limited
- Asset growth: Limited
Details
- Where the money goes: 100% of revenue deployed · 90.8% of spending went to programs
- Governance: 20 of 20 board members independent · 5 of 8 filing controls reported
- Programs: 1 filed program accomplishment · $548K in reported program spending
- Leadership: top reported pay $232K · 21 people listed · 0 of 6 pay-setting controls reported
- Consistency: 25 of 25 current checks pass
- Schedules: 5 filed schedules · includes executive pay
- Contacts: How to reach this organization
- Related organizations: 1 filed related-organization link
- Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
- People: Everyone the filings name, and which of them the filings identify by more than a name.
Key Signals
Signals prioritize questions for review. They are not findings of misconduct.
- High — Transparency & Controls: Pay-setting controls scored 0/100.
- Review — Accountability: Governance controls: 3 of 8 not reported.
- High — Sustainability: Operating margin scored 5/100.
- High — Sustainability: Liabilities to assets ratio scored 4/100.