Open Hearts Place

Analysis

Open Hearts Place is a registered charity in United States, based in Morganton, NC. It received its IRS tax-exemption ruling in August 2020, 6 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 2023, Open Hearts Place reported income of $268k and spending of $26k, leaving 90% of income unspent that year. Across the 3 years on record, from June 2021 to June 2023, income fell from $308k to $268k (-13%), an average of -6.7% a year. The sharpest change came in the year to June 2023, when income dropped by 22%. Over the whole period it spent 4.6% of the income it received.

Among 15,864 United States charities whose main cause is housing and shelter and that reported income, Open Hearts Place sits at the 44th percentile: it is larger than about 44% of them. Against every charity in United States with reported income it ranks in the 60th percentile, and in the 58th percentile within NC. Charities of a similar size with the same main cause include Primrose Apartments Inc ($268k), Creedmoor Court Inc ($268k) and Princeville Housing Development ($268k).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 93% and program service revenue 7.0% of the total. At year end it held assets of $789k against liabilities of $9,072, net assets of $780k.