HEARTSTRINGS UNLIMITED INC

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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

2007

Legal Domicile

Principal Officer

SARA M CARSON

Phone

6512600936

Tax Period

2023-07-01 to 2024-06-30

HEARTSTRINGS UNLIMITED INC, founded in 2007, is a small nonprofit in the Education sector that reported $747K in total revenue in fiscal year 2023.

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

Program Service Accomplishments

Program 1

Expenses: $662,473 Revenue: $747,220

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...

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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

Financial Overview (2023)

Revenue Breakdown

Contributions & Grants $12,338

Program Service Revenue $725,562

Investment Income $487

Other Revenue $8,833

TOTAL REVENUE $747,220

Expense Breakdown

Grants Paid $0

Salaries & Benefits $370,186

Fundraising Expenses $0

Program Expenses $662,473

Other Expenses $359,983

TOTAL EXPENSES $730,169

Year-over-Year Comparison

	2023	2022	Change
Revenue	$747,220	$774,794	0.0%
Expenses	$730,169	$705,764	+0.0%
Net Income	$17,051	$69,030	-0.8%

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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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

Employees

Volunteers

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

Total Directors

Key Employees

$173,360

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
JENNIFER KODET	CHAIR	0.50	Officer Director	$0	$0	$0
MARY KUEHNE	VICE CHAIR	0.30	Officer Director	$0	$0	$0
DR HEATHER GIESEN	TREASURER	0.30	Officer Director	$0	$0	$0
KENT STOA	DIRECTOR	0.30	Director	$0	$0	$0
PATTI MCADARAGH	DIRECTOR	0.30	Director	$0	$0	$0
KERI KRECH	DIRECTOR OF OPERATIONS	40.00	Key Emp	$85,360	$0	$85,360
SARA CARSON	EXECUTIVE DIRECTOR	40.00	Key Emp	$88,000	$0	$88,000
KIM CLEMINSON	DIRECTOR	0.30	Director	$0	$0	$0
COLLEEN NORTON	DIRECTOR	0.30	Director	$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	No data	No data	No data	No data
2024	$747,220	$730,169	$377,147	$17,051
2023	$774,794	$705,764	$366,845	$69,030
2022	$675,084	$593,712	$319,770	$81,372
2021	$559,956	$572,137	$245,664	$-12,181
2020	$542,125	$561,582	$264,382	$-19,457
2019	$544,172	$535,537	$222,973	$8,635
2018	$501,203	$503,274	$219,999	$-2,071