Hearts for Homes Inc

Analysis

Hearts for Homes Inc is a registered charity in United States, based in Mount Clemens, MI. It received its IRS tax-exemption ruling in June 2017, 9 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 (donations from the general public) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending December 2023, Hearts for Homes Inc reported income of $96k and spending of $177k, spending 184% of what it took in. Across the 2 years on record, from December 2022 to December 2023, income fell from $236k to $96k (-59%), an average of -59% a year. The sharpest change came in the year to December 2023, when income dropped by 59%. Over the whole period it spent 92% of the income it received.

Among 15,864 United States charities whose main cause is housing and shelter and that reported income, Hearts for Homes Inc sits at the 21st percentile: it is larger than about 21% of them. Against every charity in United States with reported income it ranks in the 36th percentile, and in the 35th percentile within MI. Charities of a similar size with the same main cause include Papaaloa Housing Inc ($96k), Palms Manor ($96k) and Cascade Meadows Senior Apartments ($96k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 65% and program service revenue 35% of the total. Compensation of current officers, directors and key employees was $4,536 (2.6% of expenses). Other salaries and wages came to $97k. At year end it held assets of $59k against liabilities of $1,507, net assets of $58k. It reported 2 employees.