Heart of Texas Workforce Development Board Inc

Analysis

Heart of Texas Workforce Development Board Inc is a registered charity in United States, based in Waco, TX. It received its IRS tax-exemption ruling in October 2008, 18 years ago. Its declared purposes cover employment, 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 September 2023, Heart of Texas Workforce Development Board Inc reported income of $23.6m and spending of $23.7m, spending 100% of its income. Across the 5 years on record, from September 2019 to September 2023, income grew from $16.1m to $23.6m (+46%), an average of +10% a year. The sharpest change came in the year to September 2022, when income rose by 38%. Over the whole period it spent 100% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Heart of Texas Workforce Development Board Inc sits at the 98th percentile: it is larger than about 98% of them. Against every charity in United States with reported income it ranks in the 97th percentile, and in the 98th percentile within TX. Charities of a similar size with the same main cause include Summer Search ($23.5m), Alliance Inc ($23.7m) and Veterans Inc ($23.5m).

On its Form 990 for the period ending September 2023, revenue came from contributions and grants 98% and program service revenue 1.9% of the total. Compensation of current officers, directors and key employees was $147k (0.6% of expenses). Other salaries and wages came to $679k. At year end it held assets of $5.7m against liabilities of $5.5m, net assets of $249k.

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.