Hearth Inc

Analysis

Hearth Inc is a registered charity in United States, based in Boston, MA. It received its IRS tax-exemption ruling in May 1994, 32 years ago. Its declared purposes cover housing and shelter, which this site groups under housing and shelter. The IRS classifies it as a publicly supported organisation (donations from the general public) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending December 2022, Hearth Inc reported income of $3.8m and spending of $5.3m, spending 138% of what it took in. Across the 4 years on record, from December 2019 to December 2022, income fell from $4.6m to $3.8m (-17%), an average of -5.9% a year. The sharpest change came in the year to December 2022, when income dropped by 52%. Over the whole period it spent 103% of the income it received.

Among 15,864 United States charities whose main cause is housing and shelter and that reported income, Hearth Inc sits at the 89th percentile: it is larger than about 89% of them. Against every charity in United States with reported income it ranks in the 91st percentile, and in the 89th percentile within MA. Charities of a similar size with the same main cause include Housing Initiative Partnership Inc ($3.8m), Covenant Living of Bixby Inc ($3.8m) and Salt and Light Works ($3.8m).

On its Form 990 for the period ending December 2022, revenue came from contributions and grants 54% and program service revenue 43% of the total. Compensation of current officers, directors and key employees was $252k (4.8% of expenses). Other salaries and wages came to $2.6m. At year end it held assets of $11.4m against liabilities of $3.6m, net assets of $7.8m. It reported 109 employees.