Heartwood Foundation 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

2018

Legal Domicile

Principal Officer

Richard Allen

Phone

3523750691

Tax Period

2025-01-01 to 2025-12-31

Heartwood Foundation Inc, founded in 2018, is a small nonprofit in the Arts, Culture & Humanities sector that reported $613K in total revenue in fiscal year 2025. Revenue surged 5185% from the prior year, signaling strong growth momentum. The organization ran a surplus of $101K, a strong 16% operating margin.

Mission

Promote live music in Gainesville, Florida.

Program Service Accomplishments

Program 1

Expenses: $466,838 Revenue: $357,836

Heartwood Foundation operates Heartwood Soundstage - a state-of-the-art performing arts venue in Gainesville, Florida.

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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 (2025)

Revenue Breakdown

Contributions & Grants $139,645

Program Service Revenue $357,836

Investment Income $1

Other Revenue $115,535

TOTAL REVENUE $613,017

Expense Breakdown

Grants Paid $950

Salaries & Benefits $39,416

Fundraising Expenses $7,623

Program Expenses $466,838

Other Expenses $471,630

TOTAL EXPENSES $511,996

Year-over-Year Comparison

	2025	2024	Change
Revenue	$613,017	$11,600	+51.8%
Expenses	$511,996	$17,836	+27.7%
Net Income	$101,021	$-6,236	-17.2%

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

Highest Compensated

reported

Name	Title	Role	Reportable Comp	Other Comp	Total
Glenn Shitama	President	Officer Director	$0	$0	$0
Bruce Brashear	N/A	Director	$0	$0	$0
Daniel Spiess	Vice President	Officer Director	$0	$0	$0
Richard Allen	President	Officer Director	$0	$0	$0
Paul Pavelka	N/A	Director	$0	$0	$0
Ryan Frankel	N/A	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	$613,017	$511,996	$379,099	$101,021