Heartside Non-Profit Housing Corporation
- Assets
- $16.4m
- Revenue
- $827.2k
- Investments
- $0.0
- Employees
- 0
- Location
- Grand Rapids, MI
- Founding
- 05/1996
- Data as of
- 12/2023
- EIN
- 38-2600226
Organization Overview
Heartside Non-Profit Housing Corporation is located in Grand Rapids, MI. The organization was established in 1996. According to its NTEE Classification (L21) the organization is classified as: Low-Income & Subsidized Rental Housing, under the broad grouping of Housing & Shelter and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Heartside Non-Profit Housing Corporation 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, Heartside Non-Profit Housing Corporation generated $827.2k in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 3.8% each year. All expenses for the organization totaled $877.9k during the year ending 12/2023. While expenses have increased by 6.2% per year over the past 9 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.
Since 2015, Heartside Non-Profit Housing Corporation has awarded 32 individual grants totaling $5,292,470. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
ORGANIZED EXCLUSIVELY TO PROVIDE HOUSING FACILITIES FOR PERSONS OF LOW AND MODERATE INCOME AND TO CARRY ON ANY BUSINESS IN CONNECTION THEREWITH.
Describe the Organization's Program Activity:
Part 3 - Line 4a
DEVELOP AND OPERATE RESIDENTIAL HOUSING FOR LOW AND MODERATE INCOME INDIVIDUALS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Lee Nelson Weber Secretary | OfficerTrustee | 1 | $0 |
Juan Daniel Castro Former Vice President | OfficerTrustee | 1 | $0 |
Sadie Malady Former Treasurer | OfficerTrustee | 0.5 | $0 |
Renee Williams Former Director | Trustee | 1 | $0 |
Jeremy Deroo President | OfficerTrustee | 1 | $0 |
Rich Kogelschatz Chairperson & Vice President | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $6,500 |
| Government grants | $424,254 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $430,754 |
| Total Program Service Revenue | $260,847 |
| Investment income | $135,633 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $827,234 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $424,254 |
| 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 | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $54,165 |
| Fees for services: Legal | $2,523 |
| Fees for services: Accounting | $8,450 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $1,714 |
| Advertising and promotion | $0 |
| Office expenses | $2,416 |
| Information technology | $4,237 |
| Royalties | $0 |
| Occupancy | $43,893 |
| Travel | $73 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $439 |
| Interest | $30,684 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $233,608 |
| Insurance | $12,908 |
| All other expenses | $0 |
| Total functional expenses | $877,926 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $164,424 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $15,611 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $9,231,799 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $10,343 |
| Net Land, buildings, and equipment | $3,672,788 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $3,274,137 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $16,369,102 |
| Accounts payable and accrued expenses | $135,315 |
| Grants payable | $0 |
| Deferred revenue | $4,379 |
| 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 | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $1,450,391 |
| Total liabilities | $1,590,085 |
| Net assets without donor restrictions | $14,779,017 |
| Net assets with donor restrictions | $0 |
| 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 | $16,369,102 |
Grants Awarded
Over the last fiscal year, Heartside Non-Profit Housing Corporation has awarded $424,254 in support to 3 organizations.
| Grant Recipient | Amount |
|---|---|
DWELLING PLACE OF GRAND RAPIDS PURPOSE: TO ASSIST DWELLING PLACE OF GRAND RAPIDS IN PROVIDING LOW INCOME HOUSING. | $55,700 |
KBC LIMITED DIVIDEND HOUSING ASSOCIATION PURPOSE: TO ASSIST KBC LIMITED DIVIDEND HOUSING ASSOCIATION IN PROVIDING LOW INCOME HOUSING. | $118,290 |
HERKIMER COMMERCE LIMITED DIVIDEND HOUSING ASSOCIATION PURPOSE: TO ASSIST HERKIMER COMMERCE LDHA IN PROVIDING LOW INCOME HOUSING. | $250,264 |