Hearthstone Housing Foundation

Nonprofit profile at a glance

EIN
330651131
IRS 990 coverage
2014–2024
Forms available
Form 990 2024
Location
Newport Beach, CA, USA
Phone
9495539447
Rating
72
Verdict
SUPPORTED
Rating confidence
Moderate

Reported finances

Revenue
$2,221,955
Expenses
$1,650,474
Assets
$45,598,531
Liabilities
$39,701,468

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

Leadership & pay

5 people listed

Executive titles in this filing

  • SOCORRO VASQUEZ (President)
  • VICTOR WU (Vice President)

Highest reported compensation

  • SOCORRO VASQUEZ (President): $528,160 total reported compensation
  • JUAN MALDONADO (Treasurer & sec): $15,000 total reported compensation
  • VICTOR WU (Vice President): $10,000 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

Hearthstone Housing Foundation is dedicated to providing service-enriched affordable housing for families of low income, the elderly and the disabled. Hearthstones charter also includes combating community deterioration to lessen the burdens of government. Our Mission is carried out by:-Partnering with private developers to build quality housing in areas of need-Coordinating property management and supportive services to promote self-sufficiency and independence for residents-Leveraging funds to increase the availability of affordable housing-Advocating on behalf of low income seniors, families and the disabled-Providing support for programs which promote the development of affordable housing-Offering academic scholarships to our residents and surrounding communities.Our Vision: Our vision is for all people to enjoy quality affordable housing regardless of their age or income, and that all persons have access to necessary services in order to maintain a self-sufficient and independent l

What it reported doing in 2024

Helping Hands is a social service program that provides resources to residents that promote positive and healthy lifestyles.

Operating model

Revenue model
Earned-program. 99% of the money available for current operations came from fees and other program revenue.
Distribution model
Hybrid. The nonprofit split its reported program spending across 79% for direct work, and 21% for grants.

The verdict

SUPPORTED - The filed numbers largely add up and most voting board members are independent. A relatively small share of available resources goes toward mission work and the filing does not identify recipients for some grant dollars.

Rating breakdown

  • Financial Efficiency: 57
  • Transparency & Controls: 78
  • Accountability: 88
  • Sustainability: 69
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 57.3%; rating input score 57
  • Program expense ratio: 77.2%; rating input score 77
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 91.7%; rating input score 92; 7th percentile among comparable filings
  • Pay-setting controls: 5 of 6 controls in place; rating input score 83
    • Compensation committee: Pass
    • Independent consultant: Pass
    • Other Form 990s reviewed: Missing
    • Written employment contract: Pass
    • Compensation survey or study: Pass
    • Board or committee approval: Pass
  • Foreign activity oversight: Limited
  • Grant itemization coverage: 57.9%; rating input score 58; 17th percentile among comparable filings
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 80%; rating input score 80; 14th percentile among comparable filings
  • Governance controls: 9 of 9 controls in place; rating input score 100
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • Other executive compensation review process: Pass
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 25.7%; rating input score 82; 82nd percentile among comparable filings
  • Total-asset coverage ratio: 27.63; rating input score 98; 98th percentile among comparable filings
  • Liabilities to assets ratio: 0.87; rating input score 8; 8th percentile among comparable filings
  • Officer compensation ratio: 34.7%; rating input score 4; 4th percentile among comparable filings

Growth

  • Program expense growth: 2.5% per year; rating input score 100; 24th percentile among comparable filings
  • Revenue growth: 5.1% per year; rating input score 100; 42nd percentile among comparable filings
  • Asset growth: 6.6% per year; rating input score 100; 43rd percentile among comparable filings

Details

  • Where the money goes: 57.3% of revenue deployed · 77.2% of spending went to programs
  • Governance: 4 of 5 board members independent · 9 of 9 filing controls reported
  • Programs: 4 filed program accomplishments · $1.3M in reported program spending
  • Leadership: top reported pay $528K · 5 people listed · 5 of 6 pay-setting controls reported
  • Consistency: 28 of 29 current checks pass · 1 finding to review
  • Schedules: 6 filed schedules · includes grants and executive pay
  • Filing history: 10 filing years from 2014 to 2024
  • Contacts: How to reach this organization
  • Money network: 6 filed money-flow records
  • Related organizations: 33 filed related-organization links
  • 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.
  • Staff and benefit plans: Retirement and health plans the organization files with the Department of Labor, and the people in them.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • Review — Financial Efficiency: Mission deployment rate scored 57/100.
  • Review — Transparency & Controls: Grant itemization coverage scored 58/100.
  • High — Sustainability: Officer compensation ratio scored 4/100.
  • High — Sustainability: Liabilities to assets ratio scored 8/100.
  • Review — Transparency & Controls: Domestic grant itemization did not reconcile in the filed values.