Heartworks Inc
- Assets
- $1.2m
- Revenue
- $1.8m
- Investments
- $0.0
- Employees
- 0
- Location
- Rochester, MN
- Founding
- Data as of
- 12/2022
- EIN
- 85-1282127
Organization Overview
Heartworks Inc is located in Rochester, MN. According to its NTEE Classification (E60) the organization is classified as: Health Support, under the broad grouping of Health Care and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Heartworks 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 12/2022, Heartworks Inc generated $1.8m in total revenue. All expenses for the organization totaled $1.1m during the year ending 12/2022.
Form
990PF
Mission & Program ActivityExcerpts From the 990PF Filing
TAX YEAR
2022
Describe the Organization's Program Activity:
Part 3 - Line 4a
REDEFINE THE STANDARD OF CARE OF ALL CHILDREN WITH CONGENITAL HEART DEFECTS (CHD) AND PROVIDE DEVELOPMENT OF NEW THERAPIES TO TREAT CONGENITAL HEART DEFECTS (CHD) AND GIVE CHILDREN AND THEIR FAMILIES THE OPPORTUNITY TO LIVE A FULL AND ENRICHING LIFE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Matthew A Nelson President | 2 | $0 | |
Timothy Nelson Chairman | 2 | $0 | |
Townsend Porter Director | 2 | $0 | |
Lynn Padley Manager | 40 | $132,884 | |
Alexandra Olson Manager | 40 | $127,884 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $1,659,939 |
| Interest on Savings | $218 |
| Dividends & Interest | $0 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $0 |
| Capital Gain Net Income | $0 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $13,496 |
| Other Income | $108,460 |
| Total Revenue | $1,782,113 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $0 |
| Other employee salaries and wages | $704,653 |
| Pension plans, employee benefits | $0 |
| Interest | $0 |
| Taxes | $0 |
| Depreciation | $0 |
| Occupancy | $0 |
| Travel, conferences, and meetings | $24,872 |
| Printing and publications | $0 |
| Other expenses | $381,769 |
| Total operating and administrative expenses | $1,111,294 |
| Contributions, gifts, grants paid | $0 |
| Total expenses and disbursements | $1,111,294 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $1,184,023 |
| Net Accounts receivable | $0 |
| Net Pledges Receivable | $0 |
| Grants receivable | $0 |
| Receivables from Officers, Directors, or Controlling Persons | $0 |
| Net other notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Investments - land, buildings, equipment | $0 |
| Investments—mortgage loans | $0 |
| Investments—other | $0 |
| Net Land, buildings, and equipment | $0 |
| Other assets | $0 |
| Total assets | $1,184,023 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Mortgages and other notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $0 |