Heartside Nonprofit Housing Corporation

Nonprofit profile at a glance

EIN
382600226
IRS 990 coverage
2010–2024
Forms available
Form 990 2024
Location
Grand Rapids, MI, USA
Phone
6168550411
Rating
82
Verdict
STRONG
Rating confidence
Moderate

Reported finances

Revenue
$1,190,221
Expenses
$1,085,488
Assets
$21,308,168
Liabilities
$2,844,415

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

Leadership & pay

9 people listed

Executive titles in this filing

  • JEREMY DEROO (FORMER CEO)

Highest reported compensation

  • JEREMY DEROO (FORMER CEO): $240,829 total reported compensation
  • FELISHA RODRIGUEZ (FORMER COO): $201,112 total reported compensation
  • ALONDA TRAMMELL-MILLER (CHIEF SERVICES OFFICER): $177,424 total reported compensation

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

Overview

Mission

Heartside nonprofit housing corporation develops residential housing for low and moderate income families and individuals.

What it reported doing in 2024

Develop and operate residential housing for low and moderate income individuals.

Operating model

Revenue model
Mixed. Its operating money came from several sources; no one source provided a clear majority.
Distribution model
Hybrid. The nonprofit split its reported program spending across 46% for direct work, and 54% for grants.

The verdict

STRONG - 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: 82
  • Transparency & Controls: 75
  • Accountability: 91
  • Sustainability: 60
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 90.3%; rating input score 90
  • Program expense ratio: 97.3%; rating input score 97
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd 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: 100%; rating input score 100; 76th percentile among comparable filings
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
  • Governance controls: 7 of 9 controls in place; rating input score 78
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Fail
    • 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: 8.8%; rating input score 59; 59th percentile among comparable filings
  • Total-asset coverage ratio: 19.63; rating input score 96; 96th percentile among comparable filings
  • Liabilities to assets ratio: 0.13; rating input score 38; 38th percentile among comparable filings
  • Officer compensation ratio: Limited

Growth

  • Program expense growth: 6.1% per year; rating input score 100; 47th percentile among comparable filings
  • Revenue growth: 3% per year; rating input score 100; 31st percentile among comparable filings
  • Asset growth: 1.5% per year; rating input score 100; 23rd percentile among comparable filings

Details

  • Where the money goes: 90.3% of revenue deployed · 97.3% of spending went to programs
  • Governance: 4 of 4 board members independent · 7 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $1.1M in reported program spending
  • Leadership: top reported pay $241K · 9 people listed · 0 of 6 pay-setting controls reported
  • Consistency: 25 of 25 current checks pass
  • Schedules: 7 filed schedules · includes major donors, grants, and executive pay
  • Filing history: 14 filing years from 2010 to 2024
  • Contacts: How to reach this organization
  • Money network: 3 filed money-flow records
  • Related organizations: 54 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.

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: 2 of 9 not reported.
  • Review — Sustainability: Operating margin scored 59/100.
  • Moderate — Sustainability: Liabilities to assets ratio scored 38/100.