HEARTS NEED ART (EIN 814724690) - Form 990 Financial Analysis & Trantor Score

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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

2016

Legal Domicile

Principal Officer

AMANDA BUDYACH

Phone

4148010040

Tax Period

2024-01-01 to 2024-12-31

HEARTS NEED ART, founded in 2016, is a small nonprofit that reported $114K in total revenue in fiscal year 2024. Revenue decreased 15% compared to the prior year. Expenses of $177K exceeded revenue, resulting in a 56% operating deficit.

Mission

HEARTS NEED ART'S MISSION IS TO CREATE MOMENTS OF JOY, SELF-EXPRESSION, AND CONNECTION WITH THOSE FACING LIFE-ALTERING HEALTH CHALLENGES THROUGH ARTS ENGAGEMENT, ADVOCACY, AND INNOVATION.

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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 (2024)

Revenue Breakdown

Contributions & Grants $88,453

Program Service Revenue $24,730

Investment Income $0

Other Revenue $326

TOTAL REVENUE $113,509

Expense Breakdown

Grants Paid $0

Salaries & Benefits $132,478

Fundraising Expenses $10,975

Program Expenses $129,456

Other Expenses $44,094

TOTAL EXPENSES $176,572

Year-over-Year Comparison

	2024	2023	Change
Revenue	$113,509	$133,883	-0.2%
Expenses	$176,572	$372,096	-0.5%
Net Income	$-63,063	$-238,213	-0.7%

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

$8,750

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
TRACY COWDEN	SECRETARY	2.00	Director	$0	$0	$0
LAUREL DIXON	PRESIDENT	2.00	Director	$0	$0	$0
AMANDA BUDYACH	TREASURER	2.00	Director	$0	$0	$0
CLAUDIA MARULANDA	BOARD MEMBER	2.00	Director	$0	$0	$0
CHELSEA FELLOWS	BOARD MEMBER	2.00	Director	$0	$0	$0
JAQUELANNE REAM	BOARD MEMBER	2.00	Director	$0	$0	$0
ELIZABETH ANDERSON	INTERIM EXECUTIVE DIRECTOR	30.00	Officer	$8,750	$0	$8,750
RICHARD WILMORE	FORMER EXECUTIVE DIRECTOR	5.00		$16,949	$0	$16,949

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
2024	$113,509	$176,572	No data	$-63,063
2023	$133,883	$372,096	$68,095	$-238,213
2022	$423,270	$234,334	$304,596	$188,936
2021	$220,512	$186,747	$116,118	$33,765

HEARTS NEED ART