Heartland Homes for Elderly Inc

Analysis

Heartland Homes for Elderly Inc is a registered charity in United States, based in Morristown, TN. It received its IRS tax-exemption ruling in April 1994, 32 years ago. Its declared purposes cover housing and shelter, which this site groups under housing and shelter. 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 June 2024, Heartland Homes for Elderly Inc reported income of $265k and spending of $325k, spending 123% of what it took in. Across the 5 years on record, from June 2020 to June 2024, income grew from $237k to $265k (+12%), an average of +2.9% a year. Over the whole period it spent 126% of the income it received.

Among 15,864 United States charities whose main cause is housing and shelter and that reported income, Heartland Homes for Elderly Inc sits at the 43rd percentile: it is larger than about 43% of them. Against every charity in United States with reported income it ranks in the 59th percentile, and in the 60th percentile within TN. Charities of a similar size with the same main cause include Lillian M & Frank M Taylor Charitable TR ($265k), Mhany 2012 Housing Development Fund Corporation ($265k) and Outreach Development Corporation ($265k).

On its Form 990 for the period ending June 2024, revenue came from contributions and grants 17% and program service revenue 83% of the total. At year end it held assets of $1.2m against liabilities of $2.6m, net assets of -$1.4m.

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.