Hearts of Gold Inc

Analysis

Hearts of Gold Inc is a registered charity in United States, based in New York, NY. It received its IRS tax-exemption ruling in October 2011, 15 years ago. Its declared purposes cover philanthropy, voluntarism and grantmaking foundations, which this site groups under grant-making and general purposes. The IRS classifies it as a publicly supported organisation (gross receipts test) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending December 2023, Hearts of Gold Inc reported income of $1.0m and spending of $1.1m, spending 108% of what it took in. Across the 5 years on record, from December 2019 to December 2023, income grew from $840k to $1.0m (+24%), an average of +5.4% a year. The sharpest change came in the year to December 2020, when income rose by 34%. Over the whole period it spent 96% of the income it received.

Among 19,413 United States charities whose main cause is grant-making and general purposes and that reported income, Hearts of Gold Inc sits at the 81st percentile: it is larger than about 81% of them. Against every charity in United States with reported income it ranks in the 80th percentile, and in the 76th percentile within NY. Charities of a similar size with the same main cause include Frances P Bunnelle Foundation ($1.0m), Spindletop Charities Incorporated ($1.0m) and United Way of Orange County Inc ($1.0m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 76% of the total. Compensation of current officers, directors and key employees was $202k (18% of expenses). Other salaries and wages came to $177k. At year end it held assets of $2.3m against liabilities of $2,949, net assets of $2.3m. It reported 14 employees.