Heart of Texas Goodwill Industries

Analysis

Heart of Texas Goodwill Industries is a registered charity in United States, based in Waco, TX. It received its IRS tax-exemption ruling in July 1957, 69 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 (gross receipts test) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending December 2023, Heart of Texas Goodwill Industries reported income of $28.3m and spending of $20.6m, leaving 27% of income unspent that year. Across the 5 years on record, from December 2019 to December 2023, income grew from $12.6m to $28.3m (+124%), an average of +22% a year. The sharpest change came in the year to December 2021, when income rose by 105%. Over the whole period it spent 75% 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 Goodwill Industries sits at the 99th percentile: it is larger than about 99% of them. Against every charity in United States with reported income it ranks in the 98th percentile, and in the 98th percentile within TX. Charities of a similar size with the same main cause include Three Rivers Planning & Development District ($28.1m), The Onestar Foundation ($28.3m) and Lincoln Training Center & Rehabilitation Workshop ($28.1m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 59% and program service revenue 25% of the total. Compensation of current officers, directors and key employees was $328k (1.6% of expenses). Other salaries and wages came to $10.9m. At year end it held assets of $64.1m against liabilities of $15.2m, net assets of $48.8m. It reported 946 employees.