Heartstrings Unlimited Inc

Nonprofit profile at a glance

EIN
760821890
IRS 990 coverage
2015–2024
Forms available
Form 990 2024, Form 990-N 2007
Location
Bloomington, MN, USA
Phone
6512600936
Rating
80
Verdict
STRONG
Rating confidence
Moderate
Sector
Educational Services and Schools - Other

Reported finances

Revenue
$807,403
Expenses
$774,988
Assets
$397,158
Liabilities
$118,201

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

Leadership & pay

9 people listed

Executive titles in this filing

  • SARA CARSON (EXECUTIVE DIRECTOR)

Highest reported compensation

  • SARA CARSON (EXECUTIVE DIRECTOR): $107,505 total reported compensation
  • KERI KRECH (DIRECTOR OF OPERATIONS): $106,875 total reported compensation

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

Overview

Mission

Heartstrings unlimited is committed to promoting self-sufficiency of mn young adults by fostering independence, supporting individuality, and inspiring life-long skills in a safe environment

What it reported doing in 2024

Independent living skills (isl) transitional program. Provide intense ils training for young adults with mild developmental disabilities for up to 18 months in order to live independently with as few supports as possible. Serve 4-6 young adults annually.

Operating model

Revenue model
Earned-program. 98% 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

STRONG - A large share of available resources goes toward mission work and the filed numbers largely add up. Some filing-based governance responses are negative or unanswered and expenses are high relative to revenue.

Rating breakdown

  • Financial Efficiency: 77
  • Transparency & Controls: 90
  • Accountability: 77
  • Sustainability: 34
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 85.2%; rating input score 85
  • Program expense ratio: 88.8%; rating input score 89
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: Limited
  • 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: 4 of 9 controls in place; rating input score 44
    • 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: Fail
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: 4%; rating input score 48; 48th percentile among comparable filings
  • Total-asset coverage ratio: 0.51; rating input score 24; 24th percentile among comparable filings
  • Liabilities to assets ratio: 0.3; rating input score 25; 25th percentile among comparable filings
  • Officer compensation ratio: 27.7%; rating input score 8; 8th percentile among comparable filings

Growth

  • Program expense growth: 6.9% per year; rating input score 100; 51st percentile among comparable filings
  • Revenue growth: 7% per year; rating input score 100; 54th percentile among comparable filings
  • Asset growth: 12.5% per year; rating input score 100; 66th percentile among comparable filings

Details

  • Where the money goes: 85.2% of revenue deployed · 88.8% of spending went to programs
  • Governance: 7 of 7 board members independent · 4 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $688K in reported program spending
  • Leadership: top reported pay $108K · 9 people listed
  • Consistency: 21 of 21 current checks pass
  • Schedules: 3 filed schedules
  • Filing history: 9 filing years from 2015 to 2024
  • Contacts: How to reach this organization
  • Money network: 2 filed money-flow records
  • 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.

  • Moderate — Accountability: Governance controls: 4 of 8 not reported.
  • Moderate — Sustainability: Operating margin scored 48/100.
  • High — Sustainability: Total-asset coverage ratio scored 24/100.
  • High — Sustainability: Officer compensation ratio scored 8/100.
  • High — Sustainability: Liabilities to assets ratio scored 25/100.