Heartwood Grove School

EIN: 455106765 501(c)(3) Education

Richmond, VA

Total Revenue
$393,879
Total Expenses
$507,145
Total Assets
$175,353
Net Assets
$-198,791
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Tuckman-Chang Vulnerability Assessment

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Financial Trends

Organization Details

Formation Year
2012
Legal Domicile
VA
Principal Officer
Charles B Bice
Phone
8044333561
Tax Period
2024-07-01 to 2025-06-30

Heartwood Grove School, founded in 2012, is a small nonprofit in the Education sector that reported $237K in total revenue in fiscal year 2019. Expenses of $267K exceeded revenue, resulting in a 13% operating deficit.

Mission

Elementary and middle school with foreign language immersion

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Trantor Score

Financial Health & Payment Capacity Assessment (FICO Scale: 300–850)

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

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Financial Overview (2024)

Revenue Breakdown

Contributions & Grants $11,607
Program Service Revenue $382,272
Investment Income $0
Other Revenue $0
TOTAL REVENUE $393,879

Expense Breakdown

Grants Paid $0
Salaries & Benefits $397,994
Fundraising Expenses $0
Program Expenses $507,145
Other Expenses $109,151
TOTAL EXPENSES $507,145

Year-over-Year Comparison

2024 2023 Change
Revenue $393,879 $345,093 +0.1%
Expenses $507,145 $406,275 +0.2%
Net Income $-113,266 $-61,182 +0.9%
Key Indicators
✗ Grants to Organizations ✗ Grants to Individuals ✗ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✗ Schedule B Required
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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Governance

Voting Members
4
Independent Members
2
Employees
13
Volunteers
3

Governance Policies

✗ Conflict of Interest Policy
✗ Whistleblower Policy
✗ Document Retention Policy

Special Practices & Reported Activities

✓ Operated a School
✗ Operated a Hospital
✗ Provided First Class Travel
⚠ Reported Conflict of Interest
✗ Reported Asset Diversion
✗ Excess Benefit Transaction
✗ Made Political Expenditures
✗ Engaged in Lobbying
✗ Operated Donor Advised Fund
✗ Maintained Art Collections
✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers
1
$0
Total Directors
2
$0
Key Employees
1
$0
Highest Compensated
0
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
LENNOX B TURNBULL Director 0.00
Director
$0 $0 $0
FRANCIS X DE VENOGE Director 0.00
Director
$0 $0 $0
CHARLES B BICE Treasurer 0.00
Officer
$0 $0 $0
LAURA B BICE Head of School 0.00
Key Emp
$0 $0 $0
Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year Revenue Expenses Assets Net Income
2025 $393,879 $507,145 $175,353 $-113,266
2024 $345,093 $406,275 $286,861 $-61,182
2023 $350,523 $319,211 $338,467 $31,312
2022 $464,194 $354,426 $285,258 $109,768
2021 $282,855 $320,526 $194,108 $-37,671
2020 $236,727 $266,654 $223,242 $-29,927
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