Hearts of the Herd Limited
Nonprofit profile at a glance
- EIN
- 932212528
- IRS 990-EZ coverage
- 2023–2025
- Forms available
- Form 990-EZ 2025
- Location
- Frederick, MD, USA
- Phone
- 2405292817
- Rating
- 50
- Verdict
- MIXED
- Rating confidence
- Moderate
- Sector
- Student Services, Organizations of Students
Reported finances
- Revenue
- $72,501
- Expenses
- $62,270
- Assets
- $23,841
- Liabilities
- $4,417
Source: IRS Form 990-EZ. Selected filing: tax year 2025. Amounts in USD.
Leadership & pay
3 people listed
Executive titles in this filing
- Elizabeth Cangemi (Founder & President of the Board)
People named in this filing
- Elizabeth Cangemi (Founder & President of the Board)
- Jason Wagonblott (Treasurer)
- Caitlyn Reed (Secretary & Mental Health Provider)
Selected names, not a complete roster or a statement of current roles. Open leadership details for the complete filed list.
Source: IRS Form 990-EZ. Selected filing: tax year 2025. Names and roles reflect this filing, not necessarily current officeholders.
Overview
Mission
Mission - The mission of Hearts of the Herd is to empower individuals to allow for personal growth through relationships with their equine partners. Vision - To provide a trusting, supportive and inclusive space for individuals in need of growth, hope and help through the powerful impact of equine assisted services. Growth Goals - Our Equine Assisted Learning programs are designed to support the needs of our individual students. We work to meet each individual where they are and help them make growth towards their goals.
What it reported doing in 2025
In 2025, Hearts of the Herd Limited began continue and grew it's Equine Assisted Learning programs. After 2024, its first full year of existence, 2025 expanded its individual sessions, group sessions and summer sessions. Foundation grants increased and an additional horse was added to the herd for sessions. An attempt was made during 2025 to expand to a larger facility for a few months, but unfortunately it didn't work out. Additional fixed assets were eventually added to accommodate the growth in the herd and services. Approximately 420 individuals were a part of various Hearts of the Herd sessions with approximately 15 individuals attending multiple sessions proving the value of the services provided. The organization plans continued growth in 2026 and is very optimistic about its future.
Operating model
- Revenue model
- Donor-supported. 81% of the money available for current operations came from contributions and gifts.
- 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
MIXED - The filed numbers largely add up and program spending has grown recently. A relatively small share of available resources goes toward mission work and a relatively small share of total spending goes to programs.
Rating breakdown
- Financial Efficiency: 21
- Transparency & Controls: 82
- Sustainability: 41
- Growth: 100
Detailed rating inputs
Financial Efficiency
- Mission deployment rate: 20.1%; rating input score 20
- Program expense ratio: 23.4%; rating input score 23
Transparency & Controls
- Consistency checks: 100%; rating input score 100; 51st percentile among comparable filings
- Major donor itemization: Limited
Sustainability
- Operating margin: 14.1%; rating input score 66; 66th percentile among comparable filings
- Total-asset coverage ratio: 0.38; rating input score 27; 27th percentile among comparable filings
- Liabilities to assets ratio: 0.19; rating input score 12; 12th percentile among comparable filings
- Officer compensation ratio: 17.7%; rating input score 8; 8th percentile among comparable filings
Growth
- Program expense growth: 106.2% per year; rating input score 100; 97th percentile among comparable filings
- Revenue growth: 54.8% per year; rating input score 100; 97th percentile among comparable filings
- Asset growth: 79.6% per year; rating input score 100; 97th percentile among comparable filings
Details
- Where the money goes: 20.1% of revenue deployed · 23.4% of spending went to programs
- Governance: Filed governance answers
- Accomplishments: 1 filed program accomplishment · $15K in reported program spending
- Leadership: top reported pay $0 · 3 people listed
- Consistency: 9 of 9 current checks pass
- Schedules: 3 filed schedules
- Filing history: 3 filing years from 2023 to 2025
- Contacts: How to reach this organization
- Money network: 3 filed money-flow records
- Related organizations: Filed and resolved organization relationships.
- 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 — Financial Efficiency: Mission deployment rate scored 20/100.
- High — Financial Efficiency: Program expense ratio scored 23/100.
- High — Sustainability: Total-asset coverage ratio scored 27/100.
- High — Sustainability: Officer compensation ratio scored 8/100.
- High — Sustainability: Liabilities to assets ratio scored 12/100.