Heartland Lakes Development Commission

Analysis

Heartland Lakes Development Commission is a registered charity in United States, based in Park Rapids, MN. It received its IRS tax-exemption ruling in September 2020, 6 years ago. Its declared purposes cover community improvement and capacity building, which this site groups under community and economic development. 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 2023, Heartland Lakes Development Commission reported income of $922k and spending of $589k, leaving 36% of income unspent that year. Across the 4 years on record, from December 2020 to December 2023, income fell from $2.0m to $922k (-55%), an average of -23% a year. The sharpest change came in the year to December 2023, when income rose by 143%. Over the whole period it spent 84% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Heartland Lakes Development Commission sits at the 76th percentile: it is larger than about 76% of them. Against every charity in United States with reported income it ranks in the 78th percentile, and in the 77th percentile within MN. Charities of a similar size with the same main cause include Lassen Economic Development Corp ($922k), Cornerstones Career Learning Center Inc ($922k) and Usc Columbia Technology Incubator ($922k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 98% and program service revenue 1.8% of the total. Compensation of current officers, directors and key employees was $78k (13% of expenses). Other salaries and wages came to $75k. At year end it held assets of $3.1m against liabilities of $2.1m, net assets of $966k. It reported 3 employees.