Heritage U Leverage Lender: Nonprofit Profile, Financials & Form 990 (EIN 47-5284384)

Revenue by fiscal year
FY2020	$48K
FY2021	$48K
FY2022	$48K
FY2022	$35K

Expenses by fiscal year
FY2020	$48K
FY2021	$48K
FY2022	$50K
FY2022	$35K

Net assets by fiscal year
FY2020	$6.6M
FY2021	$6.6M
FY2022	$6.6M
FY2022	$0

Is it real?

Yes. Never revoked by the IRS. Latest filing we have: FY2022.

IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Where the money goes

100 cents of each dollar spent went to programs.

100%

Program services 100% · $35K

Form 990 Part IX, line 25. Every line is in By the numbers.

Something off? Claim to add context

Who runs it and what they're paid

6 people listed on the 990.

Part VII, Section A · reportable compensation

Andrew Sund

President, Heritage Univer

$0Pt VII · Sec A

David Wise

VP Advancement, Heritage U

$0Pt VII · Sec A

Thomas Richter

CFO/VP of Administration

$0Pt VII · Sec A

Patrick Oshie

Board Member

$0Pt VII · Sec A

Kazuhiro Sonoda

Provost

$0Pt VII · Sec A

Dr Melissa Hill

Interim Provost

$0Pt VII · Sec A

See Heritage U Leverage Lender executive salaries →

Questions the 990 asks

The form asks each of these directly. These are the filed answers.

Family or business ties among officersPt VI · Ln 2Yes
Top official's pay set by an independent reviewPt VI · Ln 15aNo

Programs and updates

Provides financial and operational support to Heritage University.

Questions for Heritage U Leverage Lender

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1 program · $35K · in their own filed words · FY2022

01

The purpose of the organization is to serve as a supporting organization for heritage university. The organization is participating in a new markets tax credit transaction by providing a leveraged loan to an investment fund entity, which will aggregate other funds to make a "qualified equity investment" to a "qualified community…

$35Kprogram expense

By the numbers

The FY2022 990, line by line.

Download 990

from philanthropy.org

1The main four

Money inPt VIII

$35K

Ln 12

Investment incomeLn 3$35K

Money outPt IX

$35K

Ln 25

Programscol B$35K

Owns and owesPt X

$0

net assets · Ln 32

Total assetsLn 16$0

LiabilitiesLn 26$0

PeoplePt VI, VII

6

listed · VII A

PaidVII A0

Voting boardVI 1a4

IndependentVI 1b1

2In more detail

Revenue in detailPt VIII

Investment incomeLn 3$35K

Total revenueLn 12$35K

Assets in detailPt X, end of year

Total assetsLn 16$0

LiabilitiesLn 26$0

Net assetsLn 32$0

OperationsPt I, VI

EmployeesI 50

VolunteersI 61

Fiscal year endsHeaderDecember

Conflict-of-interest policyVI 12aYes

Whistleblower policyVI 13Yes

Records policyVI 14Yes

3Year over year

Balance sheet, start vs end of yearPt X · col A, B

Line	Start FY22	End FY22
Cash and savingsLn 1–2		$0
InvestmentsLn 11–13		$0
Land, buildings, equipmentLn 10c		$0
Total assetsLn 16	$6.6M	$0
LiabilitiesLn 26	$0	$0
Net assetsLn 32	$6.6M	$0

4Every line

Statement of functional expensesPt IX · every line

Line	Total	Programs	Management	Fundraising
Office expensesLn 13	$34	$34
InterestLn 20	$35K	$35K
Total functional expensesLn 25	$35K	$35K	$0	$0

Filing history

Year	Money in	Money out	In minus out	Net assets	Download
FY2022Filed with the IRS May 15, 2023	$48K	$50K	−$2K	$6.6M	990 PDF
FY2021Filed with the IRS May 5, 2022	$48K	$48K	−$68	$6.6M	990 PDF
FY2020Filed with the IRS May 13, 2021	$48K	$48K	−$63	$6.6M	990 PDF

Schedules filed Part IV

I · Grants O · Explanations

See the full FY2022 990

Part I · Summary $34,664 revenue, 12 lines filed

I-8 Contributions and grantsPrior year $0$0

I-9 Program service revenuePrior year $0$0

I-10 Investment incomePrior year $48,059$34,664

I-11 Other revenuePrior year $0$0

I-12 Total revenuePrior year $48,059$34,664

I-13 Grants and similar amounts paidPrior year $0$0

I-14 Benefits paid to membersPrior year $0$0

I-15 Salaries and benefitsPrior year $0$0

I-16a Professional fundraising feesPrior year $0$0

I-17 Other expensesPrior year $49,589$34,664

I-18 Total expensesPrior year $49,589$34,664

I-19 Revenue less expensesPrior year −$1,530$0

Part VI · Governance 1 of 4 board members independent, 2 to look at

VI-1a Voting members of the governing body4

VI-1b Independent voting members1

VI-2 Family or business relationship among officers or directorsYes

VI-15a Process for setting top official's payNo

VI-12a Written conflict of interest policyYes

VI-13 Written whistleblower policyYes

VI-14 Document retention and destruction policyYes

Part VIII · Statement of revenue $34,664 across 2 lines filed

VIII-3 Investment incomeExcluded from tax $34,664$34,664

VIII-12 Total revenueRelated to mission $0 · Unrelated business $0 · Excluded from tax $34,664$34,664

Part IX · Statement of functional expenses $34,664 across 2 lines filed

IX-13 Office expensesPrograms $34$34

IX-20 InterestPrograms $34,630$34,630

IX-25 Total functional expensesPrograms $34,664 · Management $0 · Fundraising $0$34,664

Part X · Balance sheet $0 assets, 20 lines filed

X-1 Cash, non-interest-bearing$0

X-2 Savings and temporary cash investments$0

X-3 Pledges and grants receivable$0

X-4 Accounts receivable$0

X-5 Loans to officers and key people$0

X-6 Loans to other insiders$0

X-7 Notes and loans receivableStart of year $6,587,500$0

X-8 Inventories for sale or use$0

X-9 Prepaid expenses and deferred charges$0

X-10c Land, buildings and equipment, net$0

X-11 Publicly traded securities$0

X-12 Other securities$0

X-13 Program-related investments$0

X-14 Intangible assets$0

X-15 Other assets$0

X-16 Total assetsStart of year $6,587,500$0

X-26 Total liabilitiesStart of year $0$0

X-27 Net assets without donor restrictionsStart of year $6,587,500$0

X-32 Total net assets or fund balancesStart of year $6,587,500$0

X-33 Total liabilities and net assetsStart of year $6,587,500$0

Part XI · Reconciliation of net assets $0 net assets at year end

XI-1 Total revenue$34,664

XI-2 Total expenses$34,664

XI-3 Revenue less expenses$0

XI-4 Net assets at start of year$6,587,500

XI-9 Other changes in net assets−$6,587,500

XI-10 Net assets at end of year$0

Form 990 e-file (XML) FY2022 from the IRS · Classification, formation year and address from the IRS Business Master File

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Heritage U Leverage Lender

Before you give

Is it real?

Where the money goes

Who runs it and what they're paid

Questions the 990 asks

Programs and updates

Questions for Heritage U Leverage Lender

By the numbers

Filing history

Schedules filed Part IV