Expect Miracles Foundation EIN 20-4127495

Expect Miracles Foundation

EIN  20-4127495 Public foundation / grantmaker Boston, MA
Form 990 (PDF) Compare with another nonprofit →
Verified accurate 8/27/26 · see original filing: IRS
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Size
$1–10M
What they do
Mobilizes financial services to fund cancer research and support patients' well-being.
Leadership
Frank Heavey · Executive Director · $305K
Money in and out
$3.5M revenue, $3.7M expenses
Bottom line
64% program efficiency

Mobilizes financial services to fund cancer research and support patients' well-being. For fiscal year 2024 it reported $3.5M in revenue, $3.7M in expenses, and $469K in net assets.Pt I

Grants paid & assets · FY2024
Total revenue
$3.5M
Pt VIII · Ln 12
Total expenses
$3.7M
Pt IX · Ln 25
Net assets
$469K
Pt X · Ln 32
Revenue less expenses (Pt I · Ln 19): −$130K
Where spending went · Part IX cols B–D
Program services $0.64 Management & general $0.13 Fundraising $0.23
Program efficiency
64%
of spending reaches programs▼ -3% vs prior filing year
Operating runway
3.0mo
months of highly liquid reserves at operating expense rate▼ -19% vs prior filing year
Surplus margin
-4%
revenue over expenses, this year▲ +62% vs prior filing year

Summary of the Filing

Part I · fiscal year 2024 · Form 990
Revenue
$3.5M
FY2024▲ +12%
Expenses
$3.7M
FY2024▲ +6%
Total assets
$1.7M
FY2024▲ +52%
Total liabilities
$1.3M
FY2024▲ +110%
Total revenue
$3.5M
Pt VIII · Ln 12
Total expenses
$3.7M
Pt IX · Ln 25
Net assets
$469K
Pt X · Ln 32
Revenue less expensesPt I · Ln 19−$130K
Total assetsPt X · Ln 16$1.7M
Program-expense ratioPt IX · col B64%
Voting members of governing bodyPt I · Ln 333
Independent voting membersPt I · Ln 433
Mission & Programs · Part III

Where the work happens

3 program services account for $2.0M of program spending, described in the organization's own filed words · FY2024.
01

Dana-Farber Cancer Institute

Expect miracles foundation is a major supporter of the heart of dana-farber cancer institute's revolutionary research and development model, the robert and rene belfer center for applied cancer science.

$1.0Mprogram expense
02

Memorial Sloan Kettering Cancer Center

Expect miracles foundation supports the groundbreaking research at memorial sloan kettering cancer center's center for experimental therapeutics, a critical research collaborative with the mission of hastening the time it takes to get new, more effective and less toxic therapies to cancer patients.

$500Kprogram expense
03

Samfund grants cancer isn't free, especially if you're a young adult just starting out. That is why we are proud to provide financial assistance to young adult cancer survivors to help with everyday living expenses, like rent, mortgage, car payments, dental, reconstructive surgery, continuing education, and family building expenses, such…

$488Kprogram expense

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Identity & Classification

Form 990 Header · IRS Business Master File
Legal nameHdr · item CExpect Miracles Foundation
EINHdr · item D20-4127495
Principal addressHdr · item CBoston, MA
Year of formationHdr · item Lpending
State of legal domicileHdr · item MMA
Exempt statusHdr · item I501(c)(3) · active
NTEE classificationIRS BMFFoundations & Grantmakers (T30)
Ruling yearIRS BMFSep 2007

Governance & Policies

Part VI
Voting members of the governing bodyPt VI · Ln 1a33
Independent voting membersPt VI · Ln 1b33
Conflict-of-interest policyPt VI · Ln 12aYes
Whistleblower policyPt VI · Ln 13Yes
Document retention policyPt VI · Ln 14Yes
CEO/top-official compensation independently reviewedPt VI · Ln 15aYes
Family or business relationships among officers/directorsPt VI · Ln 2No

Officers, Directors & Key Employees

Part VII, Section A · reportable compensation
Executive Director
$305,001Pt VII · Sec A
Managing Director
$170,001Pt VII · Sec A
President/Chair
$0Pt VII · Sec A
Vice President/Director
$0Pt VII · Sec A
Clerk/Director
$0Pt VII · Sec A
Treasurer/Director
$0Pt VII · Sec A
$0Pt VII · Sec A
Director
$0Pt VII · Sec A

Frank Heavey’s $305K as Executive Director is at the 96th percentile of top reported officer pay among 1688 $1–10M philanthropy & grantmaking nonprofits. Peer set: organizations in the same NTEE major field of work and revenue-size band, compared on each org’s own highest-paid officer/key-employee, from Form 990 Part VII / 990-PF Part VIII. Descriptive placement, not a verdict on whether the pay is appropriate.

Compensation history total reportable pay by year · 3 named individuals · Part VII

NameFY2024FY2023FY2022FY2021FY2020
Frank Heavey$305,001$320,000$285,000$259,783$264,996
Ann Manion$170,001$155,000
Samantha Watson$147,500$128,008

Total reportable compensation (Form 990 Part VII column D / Schedule J column E) by filing year, matched by name within this organization. The Schedule J base / bonus / deferred breakdown is not parsed into this dataset.

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Statement of Revenue

Part VIII
Contributions & grants$4.1M · 116%
Investment income$25K · 1%
Contributions & grants116%$4.1M
Investment income1%$25K
Total revenueLn 12$3.5M

Statement of Functional Expenses

Part IX · allocated across program, management, and fundraising
Allocation · columns B–D
Program services $0.64 Management & general $0.13 Fundraising $0.23
Program services64%$2.3M
Management & general13%$486K
Fundraising23%$852K
Total functional expensesLn 25$3.7M

Balance Sheet

Part X · end of year
CashLn 1$84K
Total assetsLn 16$1.7M
Total liabilitiesLn 26$1.3M
Total net assetsLn 32$469K
Months of cash on handcomputed0.3

Financial Metrics

Form 990 · FY2024 · each ratio shown with the dollars behind it
Liquidity & Payout
Operating runway
Highly liquid reserves $888K · Operating expenses (Pt IX) $3.7M · Less non-cash grants $145K · Cash operating expenses/yr $3.5M
3.0 months
Where the money goes
Program services
Program services $2.3M · Total expenses $3.7M
64%
Management & General
Management & general $486K · Total expenses $3.7M
13%
Fundraising
Fundraising $852K · Total expenses $3.7M
23%
Cost to raise $1
Fundraising expense (3-yr avg) $721K · Solicited contributions (3-yr avg) $3.9M
$0.18 to raise $1 (3-yr avg)
Where the money comes from
Contribution dependence
Contributions & grants $4.1M · Total revenue $3.5M
116%
Government reliance
Government grants — · Total revenue $3.5M
Earned-income share
Program service revenue $0 · Total revenue $3.5M
0%
Investment reliance
Investment income $25K · Total revenue $3.5M
+1%
Program self-sufficiency
Program service revenue $0 · Total expenses $3.7M
0%
Growth & trend
Revenue growth (YoY)
This year $3.5M · Prior year $3.2M
+12%
Revenue CAGR
FY2020 $2.8M · FY2024 $3.5M
+6%
Net-asset trend (YoY)
End of year $469K · Beginning of year —
Beginning net assets not meaningfully positive — showing dollar change
Balance sheet
Surplus Margin
Revenue $3.5M · Expenses $3.7M
-4%
Liabilities-to-Assets
Total liabilities — · Total assets $1.7M
Net-asset ratio
Net assets $469K · Total assets $1.7M
27%
Marketable Investment Share
Publicly traded securities (Pt X, ln 11) $608K · Other securities (Pt X, ln 12) $197K · Total assets (Pt X, ln 16) $1.7M
47%
People & payroll
Highest Reported Total Compensation
Individual Frank Heavey · Reported title EXECUTIVE DIRECTOR · Highest reported compensation $305K · Total expenses $3.7M
8%
Personnel share
Salaries, benefits & payroll (Pt IX 5-10) $1.3M · Total expenses $3.7M
37%
Peer comparison

Same NTEE category, revenue band, and state where available. Descriptive — not a grade.

MetricThis orgPeer medianPercentile
Program ratio 64%
Overhead ratio 13%
Fundraising cost ratio 21%
Revenue growth 12%
Investment management fee ratio 0%
Legal fee ratio 0%
Accounting fee ratio 3%

Straight from the Form 990 — descriptive, not an evaluation. A ratio is hidden when its base is zero or too small to be meaningful; the dollars are always shown.

Grants

Schedule I · received and paid
Grants received · FY2025
Total grants receivedfrom 1 funder$6K
Grants paid · 21 grants · $12.8M · 2020–2024
Dana-Farber INCMA · FY2024$1,000,000
Unitemized GrantFY2024$488,409
Dana-Farber INCMA · FY2023$1,000,000
Unitemized GrantFY2023$409,849
Dana-Farber INCMA · FY2022$1,450,000
Dana-Farber INCMA · FY2022$1,100,000
Unitemized GrantFY2022$556,024
Unitemized GrantFY2022$468,815
Dana-Farber INCMA · FY2021$900,000
Unitemized GrantFY2021$269,185
Dana-Farber INCMA · FY2020$800,000
Dana-Farber INCMA · FY2020$800,000
Samfund GrantsFY2020$451,990
See all 21 grants →

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Filings & Schedule Manifest

Part IV
III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash
FY2024 (Latest)$3.5M revenue · viewing · ⤓ 990 PDF
FY2023$3.2M revenue · ⤓ 990 PDF
FY2022$3.0M revenue · ⤓ 990 PDF
FY2021$3.4M revenue · ⤓ 990 PDF
FY2020$2.8M revenue · ⤓ 990 PDF

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Sources

Every figure above is drawn from these filings
Form 990 e-file (XML) · FY2024IRS
Classification, formation year, addressIRS Business Master File
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