Heartway Corporation

Analysis

Heartway Corporation is a registered charity in United States, based in Idabel, OK. It received its IRS tax-exemption ruling in December 1987, 39 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 June 2023, Heartway Corporation reported income of $12.8m and spending of $9.5m, leaving 26% of income unspent that year. Across the 5 years on record, from June 2019 to June 2023, income grew from $5.5m to $12.8m (+133%), an average of +24% a year. The sharpest change came in the year to June 2023, when income rose by 37%. Over the whole period it spent 86% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, Heartway Corporation sits at the 96th percentile: it is larger than about 96% of them. Against every charity in United States with reported income it ranks in the 96th percentile, and in the 97th percentile within OK. Charities of a similar size with the same main cause include Bradenton Christian School Society Inc ($12.8m), Continuum Behavioral Health and Recovery Services ($12.8m) and Bethesda Home of Aberdeen Inc ($12.8m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 22% and program service revenue 71% of the total. Compensation of current officers, directors and key employees was $331k (3.5% of expenses). Other salaries and wages came to $3.2m. At year end it held assets of $8.8m against liabilities of $20.0m, net assets of -$11.2m. It reported 318 employees.