Heartbeat International Inc

Analysis

Heartbeat International Inc is a registered charity in United States, based in Columbus, OH. It received its IRS tax-exemption ruling in January 1974, 52 years ago. 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 September 2023, Heartbeat International Inc reported income of $9.8m and spending of $10.0m, spending 103% of its income. Across the 5 years on record, from September 2019 to September 2023, income grew from $7.2m to $9.8m (+36%), an average of +8.1% a year. The sharpest change came in the year to September 2022, when income rose by 25%. Over the whole period it spent 100% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, Heartbeat International Inc sits at the 95th percentile: it is larger than about 95% of them. Against every charity in United States with reported income it ranks in the 95th percentile, and in the 95th percentile within OH. Charities of a similar size with the same main cause include Osmond General Hospital Inc ($9.8m), St Francis Charitable Trust ($9.8m) and Pastoral Counseling Service of Summit County ($9.7m).

On its Form 990 for the period ending September 2023, revenue came from contributions and grants 74% and program service revenue 25% of the total. Compensation of current officers, directors and key employees was $115k (1.1% of expenses). Other salaries and wages came to $3.8m. At year end it held assets of $2.9m against liabilities of $1.0m, net assets of $1.9m. It reported 125 employees.

Data notes from the register: Spending has exceeded income in each of the last three reported years, so the charity has been drawing on reserves or other funds.