Heat Wave of Florida Inc

Nonprofit profile at a glance

EIN
471359393
IRS 990-EZ coverage
2020–2024
Forms available
Form 990 2023, Form 990-EZ 2024, Form 990-PF 2018, Form 990-N 2013
Location
Safety Harbor, FL, USA
Phone
8136092831
Rating
83
Verdict
STRONG
Rating confidence
Moderate
Sector
Student Services, Organizations of Students

Official website

Reported finances

Revenue
$28,853
Expenses
$40,173
Assets
$11,894
Liabilities
$0

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

Leadership & pay

9 people listed

Executive titles in this filing

  • John Corcoran (President)
  • Tom Peashey (Vice President)
  • Jeff Carstensen (Executive Director)

People named in this filing

  • John Corcoran (President)
  • Tom Peashey (Vice President)
  • Madelyn Corcoran (Secretary)

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 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

Youth education in music and the marching arts

What it reported doing in 2024

Heatwave of Florida accepts youth 14-21 for education in music and the marching arts. We instruct our members who practice extensively in brass, percussion and color guard along with music theory and marching skills. The corps held in person camps and video training sessions and auditions. Members built skills to play and march in the future with Heat Wave or another DCI corps.

Operating model

Revenue model
Membership-supported. 77% of the money available for current operations came from membership dues.
Distribution model
Member-benefit provider. The nonprofit used 100% of its reported program spending for member benefits.

The verdict

STRONG - A large share of available resources goes toward mission work and the filed numbers largely add up. Expenses are high relative to revenue and total assets are small relative to annual expenses; liquid coverage is unknown.

Rating breakdown

  • Financial Efficiency: 90
  • Transparency & Controls: 82
  • Sustainability: 28
  • Growth: 80

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 100%; rating input score 100
  • Program expense ratio: 72.1%; rating input score 72

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 52nd percentile among comparable filings
  • Major donor itemization: Limited

Sustainability

  • Operating margin: -39.2%; rating input score 15; 15th percentile among comparable filings
  • Total-asset coverage ratio: 0.3; rating input score 21; 21st percentile among comparable filings
  • Liabilities to assets ratio: 0; rating input score 68; 68th percentile among comparable filings
  • Officer compensation ratio: 0%; rating input score 56; 56th percentile among comparable filings

Growth

  • Program expense growth: 50% per year; rating input score 100; 93rd percentile among comparable filings
  • Revenue growth: 5% per year; rating input score 100; 71st percentile among comparable filings
  • Asset growth: -10.6% per year; rating input score 0; 16th percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 72.1% of spending went to programs
  • Governance: Filed governance answers
  • Accomplishments: 1 filed program accomplishment · $29K in reported program spending
  • Leadership: top reported pay $0 · 9 people listed
  • Consistency: 9 of 9 current checks pass
  • Schedules: 2 filed schedules
  • Filing history: 2 filing years from 2020 to 2024
  • Contacts: How to reach this organization
  • 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 — Sustainability: Operating margin scored 15/100.
  • High — Sustainability: Total-asset coverage ratio scored 21/100.
  • High — Growth: Asset growth scored 0/100.
  • Review — Sustainability: Officer compensation ratio scored 56/100.