Heartfirst Charitable Foundation
Heartfirst Charitable Foundation shows volatile financial performance with recent deficits and no reported officer compensation.
EIN: 208720916 · Woodbury, MN · NTEE: T12 · Updated: 2026-03-28
| Metric | Value |
|---|---|
| Total Revenue | $143K |
| Total Expenses | $106K |
| Program Spending | 80% |
| Net Assets | $656K |
| Transparency Score | 65/100 |
Is Heartfirst Charitable Foundation Legit?
Some Concerns
Assessment based on IRS 990 filings, spending patterns, and AI analysis. Not a guarantee of legitimacy. Full charity check →
Heartfirst Charitable Foundation directs 80% of its spending to programs. This exceeds the industry benchmark of 65%, indicating strong mission focus.
About Heartfirst Charitable Foundation
Heartfirst Charitable Foundation (EIN: 208720916) is a nonprofit organization based in Woodbury, MN, classified under NTEE code T12. The organization reported total revenue of $143K and total assets of $747K according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Heartfirst Charitable Foundation's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.
Organization Overview
Heartfirst Charitable Foundation is a small nonprofit that has been operating for 17 years, with 10 years of IRS 990 filings on record (2014–2023). Revenue has grown at a compound annual rate of -21.3%.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
| Total Revenue | $72K |
| Total Expenses | $106K |
| Surplus / Deficit | $-34,058 |
| Total Assets | $659K |
| Total Liabilities | $3K |
| Net Assets | $656K |
| Operating Margin | -47.1% |
| Debt-to-Asset Ratio | 0.4% |
| Months of Reserves | 74.3 months |
Financial Health Grade: B
In 2023, Heartfirst Charitable Foundation reported a deficit of $34K with expenses exceeding revenue, holds 74.3 months of operating reserves (strong position), has a debt-to-asset ratio of 0.4% (very low leverage).
Financial Trends
Over 10 years of filings (2014–2023), Heartfirst Charitable Foundation's revenue has declined at a compound annual growth rate (CAGR) of -21.3%.
| Year | Revenue Change | Expense Change | Asset Change |
|---|---|---|---|
| 2023 | +6477.7% | +425552.0% | -4.5% |
| 2022 | -85.5% | -100.0% | +0.0% |
| 2021 | -92.3% | -35.6% | -39.2% |
| 2020 | -74.8% | +2952.3% | -34.9% |
| 2019 | +14.2% | +45.1% | +27.3% |
IRS Tax-Exempt Classification
| IRS Classification Codes | 1000 |
| IRS Ruling Date | 2009 |
Classification data from ProPublica Nonprofit Explorer. Additional BMF data may be available after enrichment.
AI Transparency Report
Mission Effectiveness Score
NonprofitSpending's AI analysis rates Heartfirst Charitable Foundation with a Mission Score of 65 out of 100 (Good). This score reflects the organization's overall financial transparency, program spending efficiency, and governance indicators derived from IRS 990 public filings.
Spending Breakdown
- admin: 15%
- programs: 80%
- fundraising: 5%
According to IRS 990 filings, Heartfirst Charitable Foundation allocates its expenses as follows: admin: 15%, programs: 80%, fundraising: 5%. With 80% directed toward programs, this reflects a strong commitment to its charitable mission.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
- The organization reported a deficit of $34K, with expenses exceeding revenue.
- Debt-to-asset ratio: 0.4%.
Executive Compensation Analysis
Executive compensation is reported as 0% across all available filings, indicating that the organization's officers are either unpaid or compensated through other means not categorized as officer compensation, which is a positive for minimizing overhead.
Executive compensation data is sourced from IRS 990 filings, which require nonprofits to disclose the compensation of officers, directors, trustees, and key employees. NonprofitSpending analyzes this data relative to the organization's total revenue and sector benchmarks to assess whether executive pay is reasonable.
Red Flags
The following concerns were identified during AI analysis of Heartfirst Charitable Foundation's IRS 990 filings:
- Inconsistent financial performance with significant revenue and expense fluctuations.
- Expenses frequently exceed revenue, indicating potential reliance on asset drawdowns (e.g., 2023, 2021, 2020).
- Substantial decrease in assets from a peak of $1,745,461 in 2019 to $658,885 in 2023.
Strengths
The following positive indicators were identified for Heartfirst Charitable Foundation:
- Consistent filing of IRS 990s, indicating transparency.
- No reported officer compensation across all filings, suggesting low executive overhead.
- Maintains a substantial asset base ($746,503 latest) despite recent deficits.
Frequently Asked Questions about Heartfirst Charitable Foundation
Is Heartfirst Charitable Foundation a legitimate charity?
Based on AI analysis of IRS 990 filings, Heartfirst Charitable Foundation (EIN: 208720916) some concerns. Mission Score: 65/100. 3 red flags identified, 3 strengths noted.
How does Heartfirst Charitable Foundation spend its money?
Heartfirst Charitable Foundation directs 80% of its spending to programs and services. The remaining budget covers administration and fundraising costs.
Are donations to Heartfirst Charitable Foundation tax-deductible?
Heartfirst Charitable Foundation is registered as a tax-exempt nonprofit (EIN: 208720916). Donations to most 501(c)(3) organizations are tax-deductible. Consult a tax professional for your specific situation.
What percentage of Heartfirst Charitable Foundation's spending goes to programs?
Heartfirst Charitable Foundation directs 80% to programs, 5% to fundraising. This exceeds the 65% industry benchmark for efficient nonprofits.
How does Heartfirst Charitable Foundation compare to similar nonprofits?
With a transparency score of 65/100 (Good), Heartfirst Charitable Foundation is above average for NTEE category T12 nonprofits. The score reflects financial transparency, program spending efficiency, and governance quality based on IRS 990 data.
Where is Heartfirst Charitable Foundation located?
Heartfirst Charitable Foundation is headquartered in Woodbury, Minnesota and files with the IRS under EIN 208720916. It is classified under NTEE code T12.
How many years of IRS 990 filings does Heartfirst Charitable Foundation have?
Heartfirst Charitable Foundation has 10 years of IRS 990 filings on record at NonprofitSpending. This extensive filing history provides a strong basis for evaluating long-term financial trends. The most recent filing shows $143K in total revenue.
Is Heartfirst Charitable Foundation financially stable given recent deficits?
The foundation's financial stability is questionable in recent years, with expenses exceeding revenue in 2023 ($106,413 vs. $72,355), 2022 ($25 vs. $1,100), 2021 ($453,375 vs. $7,600), and 2020 ($704,421 vs. $98,853). While it holds significant assets ($746,503 latest), sustained deficits could erode its reserves.
What caused the significant expense spikes in 2020 and 2021?
The data shows substantial expense spikes in 2020 ($704,421) and 2021 ($453,375) which are disproportionately high compared to revenues in those years. Without detailed functional expense breakdowns, the specific causes (e.g., large program grants, significant operational costs) cannot be determined from the provided summary.
How does the organization fund its operations when expenses exceed revenue?
When expenses exceed revenue, as seen in multiple periods (e.g., 2023, 2021, 2020), the organization likely draws upon its accumulated assets or prior year surpluses to cover the shortfall. Its asset base has fluctuated, decreasing from $1,745,461 in 2019 to $658,885 in 2023.
Filing History
IRS 990 filing history for Heartfirst Charitable Foundation showing financial trends over 10 years of public records:
Over 10 years of IRS 990 filings (2014–2023), Heartfirst Charitable Foundation's revenue has declined by 88.5%, moving from $628K to $72K. Total assets decreased by 0% over the same period, from $659K to $659K. Total functional expenses rose by 1520085.7%, from $7 to $106K. In its most recent filing year (2023), Heartfirst Charitable Foundation reported a deficit of $34K, with expenses exceeding revenue. The organization holds $3K in liabilities against $659K in assets (debt-to-asset ratio: 0.4%), resulting in net assets of $656K.
| Year | Revenue | Expenses | Assets | Liabilities | Officer Comp. % | |
|---|---|---|---|---|---|---|
| 2023 | $72K | $106K | $659K | $3K | — | — |
| 2022 | $1K | $25 | $690K | $0 | — | View 990 |
| 2021 | $8K | $453K | $690K | $1K | — | View 990 |
| 2020 | $99K | $704K | $1.1M | $1K | — | — |
| 2019 | $392K | $23K | $1.7M | $5K | — | View 990 |
| 2018 | $343K | $16K | $1.4M | $0 | — | View 990 |
| 2017 | $374K | $156K | $1.1M | $10K | — | View 990 |
| 2016 | $383K | $280K | $826K | $0 | — | View 990 |
| 2015 | $315K | $253K | $724K | $2K | — | View 990 |
| 2014 | $628K | $7 | $659K | $0 | — | View 990 |
Year-by-Year Financial Summary
- 2023: Revenue of $72K, expenses of $106K, and assets of $659K (revenue +6477.7% year-over-year).
- 2022: Revenue of $1K, expenses of $25, and assets of $690K (revenue -85.5% year-over-year).
- 2021: Revenue of $8K, expenses of $453K, and assets of $690K (revenue -92.3% year-over-year).
- 2020: Revenue of $99K, expenses of $704K, and assets of $1.1M (revenue -74.8% year-over-year).
- 2019: Revenue of $392K, expenses of $23K, and assets of $1.7M (revenue +14.2% year-over-year).
- 2018: Revenue of $343K, expenses of $16K, and assets of $1.4M (revenue -8.2% year-over-year).
- 2017: Revenue of $374K, expenses of $156K, and assets of $1.1M (revenue -2.4% year-over-year).
- 2016: Revenue of $383K, expenses of $280K, and assets of $826K (revenue +21.6% year-over-year).
- 2015: Revenue of $315K, expenses of $253K, and assets of $724K (revenue -49.8% year-over-year).
- 2014: Revenue of $628K, expenses of $7, and assets of $659K.
View Individual Filing Years
Explore detailed financial data from each IRS 990 filing year for Heartfirst Charitable Foundation:
Data Sources and Methodology
This transparency report for Heartfirst Charitable Foundation is generated by NonprofitSpending's AI analysis engine. The data is sourced from publicly available IRS 990 filings accessed through the ProPublica Nonprofit Explorer API and IRS electronic filing records. The Mission Score, spending breakdown, and other analytical insights are produced by artificial intelligence and should be used as one of multiple factors when evaluating a nonprofit organization.
IRS 990 forms are annual information returns that most tax-exempt organizations must file with the IRS. These forms provide detailed financial information including revenue, expenses, assets, liabilities, and compensation of officers. NonprofitSpending processes this data to provide accessible transparency reports for donors, researchers, and the general public.
Disclaimer
AI-generated analysis based on IRS public records. Not financial or legal advice. Verify information directly with the organization.