The Greathearts Foundation Inc
Nonprofit profile at a glance
- EIN
- 823809856
- IRS 990 coverage
- 2019–2024
- Forms available
- Form 990 2024, Form 990-EZ 2017
- Location
- Phoenix, AZ, USA
- Phone
- 6024387045
- Rating
- 77
- Verdict
- SUPPORTED
- Rating confidence
- Moderate
- Sector
- Single Organization Support
Reported finances
- Revenue
- $9,264,913
- Expenses
- $6,243,026
- Assets
- $5,212,840
- Liabilities
- $70,897
Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.
Leadership & pay
4 people listed
Highest reported compensation
- JAY HEILER (DIRECTOR): $456,750 total reported compensation
- DR DANIEL SCOGGIN (CHIEF ACADEM): $382,530 total reported compensation
- DR WADE DYKE (FOUNDATION P): $203,201 total reported compensation
Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.
Overview
Mission
The greathearts foundation is a nonprofit organization that seeks to increase national philanthropy for our mission and access resources to enhance the work and well being of our students, families, and teachers. Founded in 2017, the greathearts foundation believes that to restore american public education we must make the fostering of personal character and moral imagination once again central to our educational task. The greathearts foundation also oversees, and secures the resources to support, the growth of great hearts into new regions.
What it reported doing in 2024
The greathearts foundation is a nonprofit organization that seeks to increase national philanthropy for our mission and access resources to enhance the work and well being of our students, families, and teachers. As part of that mission, the foundation houses the greathearts institute for classical education which champions the classical, liberal arts education movement as a whole. Founded in 2017, the greathearts foundation believes that to restore american public education we must make the fostering of personal character and moral imagination once again central to our educational task. The greathearts foundation also oversees, and secures the resources to support, the growth of great hearts into new regions.
Operating model
- Revenue model
- Donor-supported. 99% of the money available for current operations came from contributions and gifts.
- Distribution model
- Grant intermediary. The nonprofit sent 95% of its reported program spending out as grants.
The verdict
SUPPORTED - A large share of available resources goes toward mission work and the filed numbers largely add up. A relatively small share of voting board members are independent and total assets are small relative to annual expenses; liquid coverage is unknown.
Rating breakdown
- Financial Efficiency: 81
- Transparency & Controls: 79
- Accountability: 61
- Sustainability: 67
- Growth: 100
Detailed rating inputs
Financial Efficiency
- Mission deployment rate: 67.1%; rating input score 67
- Program expense ratio: 99%; rating input score 99
- Fundraising efficiency: $681.29 raised per $1 spent on fundraising; rating input score 97; 97th percentile among comparable filings
Transparency & Controls
- Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
- Pay-setting controls: 2 of 6 controls in place; rating input score 33
- Compensation committee: Missing
- Independent consultant: Missing
- Other Form 990s reviewed: Pass
- Written employment contract: Missing
- Compensation survey or study: Missing
- Board or committee approval: Pass
- Foreign activity oversight: Limited
- Grant itemization coverage: 100%; rating input score 100; 72nd percentile among comparable filings
- Major donor itemization: Yes; rating input score 100
- Related-party transparency: Limited
Accountability
- Independent voting board: 33.3%; rating input score 33; 7th 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: 32.6%; rating input score 86; 86th percentile among comparable filings
- Total-asset coverage ratio: 0.83; rating input score 31; 31st percentile among comparable filings
- Liabilities to assets ratio: 0.01; rating input score 84; 84th percentile among comparable filings
- Officer compensation ratio: 4%; rating input score 61; 61st percentile among comparable filings
Growth
- Program expense growth: 9.5% per year; rating input score 100; 62nd percentile among comparable filings
- Revenue growth: 15.8% per year; rating input score 100; 83rd percentile among comparable filings
- Asset growth: 22.7% per year; rating input score 100; 87th percentile among comparable filings
Details
- Where the money goes: 67.1% of revenue deployed · 99% of spending went to programs
- Governance: 1 of 3 board members independent · 9 of 9 filing controls reported
- Programs: 1 filed program accomplishment · $6.2M in reported program spending
- Leadership: top reported pay $457K · 4 people listed · 2 of 6 pay-setting controls reported
- Consistency: 20 of 20 current checks pass
- Schedules: 7 filed schedules · includes major donors, grants, and executive pay
- Filing history: 5 filing years from 2019 to 2024
- Contacts: How to reach this organization
- Money network: 4 filed money-flow records
- Related organizations: 8 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.
- Moderate — Accountability: Independent voting board scored 33/100.
- Moderate — Sustainability: Total-asset coverage ratio scored 31/100.