Purple Heart Homes Inc
- Assets
- $4.1m
- Revenue
- $7.2m
- Investments
- $69.6k
- Employees
- 33
- Location
- Statesville, NC
- Founding
- 08/2016
- Data as of
- 12/2023
- EIN
- 26-3516121
Organization Overview
Purple Heart Homes Inc is located in Statesville, NC. The organization was established in 2016. According to its NTEE Classification (W30) the organization is classified as: Military & Veterans Organizations, under the broad grouping of Public & Societal Benefit and related organizations. As of 12/2023, Purple Heart Homes Inc employed 33 individuals. This organization is a parent organization of an affiliated group for tax-exemption purposes. Purple Heart Homes Inc is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 12/2023, Purple Heart Homes Inc generated $7.2m in total revenue. This organization has experienced exceptional growth, as over the past 6 years, it has increased revenue by an average of 14.2% each year . All expenses for the organization totaled $7.5m during the year ending 12/2023. While expenses have increased by 15.1% per year over the past 6 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
TO HONOR THOSE WHO SERVED BY PROVIDING HOUSING SOLUTIONS AND EMPLOYMENT OPPORTUNITIES TO QUALIFIED VETERANS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SEE SCHEDULE O
SEE SCHEDULE O.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
John Gallina CEO | Officer | 40 | $127,000 |
Tim Mangum Cao | Officer | 40 | $99,000 |
Anthony P Cockerham Cdo | Officer | 40 | $83,000 |
Kerry Lawing COO | Officer | 40 | $82,000 |
Jack Borders Evp-Donor Rel | Officer | 40 | $73,000 |
Tim Parker Evp | Officer | 40 | $28,000 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $139,980 |
| Related organizations | $0 |
| Government grants | $500,000 |
| All other contributions, gifts, grants, and similar amounts not included above | $4,874,063 |
| Noncash contributions included in lines 1a–1f | $1,276,435 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $5,514,043 |
| Total Program Service Revenue | $384,643 |
| Investment income | $54,704 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $26,823 |
| Net Gain/Loss on Asset Sales | $142,352 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $7,196,414 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,817,577 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $311,726 |
| Office expenses | $116,805 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $108,828 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $11,830 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $50,738 |
| Insurance | $65,197 |
| All other expenses | $544,649 |
| Total functional expenses | $7,467,186 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $327,465 |
| Savings and temporary cash investments | $276,355 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $160,876 |
| Prepaid expenses and deferred charges | $456,473 |
| Net Land, buildings, and equipment | $1,366,954 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $69,602 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,488,728 |
| Total assets | $4,146,453 |
| Accounts payable and accrued expenses | $161,728 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $351,225 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $14,000 |
| Total liabilities | $526,953 |
| Net assets without donor restrictions | $3,368,572 |
| Net assets with donor restrictions | $250,928 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $4,146,453 |