Heartworks Inc

Analysis

Heartworks Inc is a registered charity in United States, based in Basking Ridge, NJ. It received its IRS tax-exemption ruling in November 2006, 20 years ago. Its declared purposes cover youth development, which this site groups under children and youth 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, Heartworks Inc reported income of $311k and spending of $340k, spending 110% of what it took in. Across the 5 years on record, from December 2019 to December 2023, income fell from $389k to $311k (-20%), an average of -5.5% a year. The sharpest change came in the year to December 2020, when income rose by 26%. Over the whole period it spent 109% of the income it received.

Among 14,332 United States charities whose main cause is children and youth development and that reported income, Heartworks Inc sits at the 69th percentile: it is larger than about 69% of them. Against every charity in United States with reported income it ranks in the 62nd percentile, and in the 68th percentile within NJ. Charities of a similar size with the same main cause include The Electric City Soccer Club Inc ($311k), Redgen Inc ($311k) and Watuppa Rowing Center Inc ($310k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 116% of the total. Compensation of current officers, directors and key employees was $86k (25% of expenses). Other salaries and wages came to $46k. At year end it held assets of $150k against liabilities of $22k, net assets of $128k. It reported 3 employees.