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Heritage Acres I INC FY2022 filing

Tax-deductible

Sturgis, SD501(c)(3)EIN 46-0386021Revenue $893K in FY2022

On file with the IRS2340 East Avenue, 57785-3307 · Sturgis, SDTax-exempt since Jun 1986Publicly supported — 509(a)(2)

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The provision of low income housing for elderly and handicapped individuals with the rent based on tenant income.

501(c)(3) charity; gifts are tax-deductible.
75¢ of each $1 spent went to programs.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX

Before you give

FY2022 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
501(c)(3)
not on the IRS revocation list
Looks good: listed by the IRS and not on the revocation list.
IRS BMF · Auto-Revocation List
Tax-deductible gifts
Yes
Donations are tax-deductible
Looks good: the IRS lists gifts to it as deductible.
IRS Pub. 78 · IRS BMF
Latest return
FY2025
latest Form 990
Looks good: the latest return is for FY2025, 1 tax year back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
1 of 6
filings with a surplus
Average deficit $100K a year · 11% of revenue · last 6 filings
Concern: a surplus in 1 of the last 6 filings.
Pt I · Ln 19 · 6 filings
Spent on programs
75%
of spending
Looks good: 75% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Cash reserves
10 mo
of spending, in cash
Looks good: 10.0 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$6.1M
101% of total assets
Concern: liabilities are 101% of assets; over 80%.
Pt X · Ln 26
Independent board members
6
of 6 voting members
Looks good: 6 of 6 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$893K
+11% vs prior year
Spent
$890K
To programs
75%
Net assets
−$43K
By yearFY2020–FY2025
Revenue
$893K
FY2022▲ +11%
Tap a bar for its year
Revenue by fiscal year
FY2020$828K
FY2021$805K
FY2022$893K
FY2023$950K
FY2024$1000K
FY2025$1.1M
Expenses
$890K
FY2022▲ +3%
Tap a bar for its year
Expenses by fiscal year
FY2020$837K
FY2021$868K
FY2022$890K
FY2023$1.1M
FY2024$1.2M
FY2025$1.2M
Net assets
−$43K
FY2022▼ -296%
Tap a bar for its year
Net assets by fiscal year
FY2020$146K
FY2021$22K
FY2022−$43K
FY2023−$258K
FY2024−$507K
FY2025−$717K

From the FY2022 Form 990 · figures checked against the IRS filing · see the original

990 PDF Claim
You’re viewing the FY2022 filing — not the latest on file. See the latest (FY2025) →

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2025. IRS ruling in Jun 1986.

IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Where the money goes

75 cents of each dollar spent went to programs.

Program services 75% · $670K Management & general 25% · $220K

Form 990 Part IX, line 25, columns B–D. Every line is in By the numbers.

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Who runs it and what they're paid

6 people listed on the 990.

Part VII, Section A · reportable compensation
Janine Short
President
$0Pt VII · Sec A
Jeremy Vleim
Vice President
$0Pt VII · Sec A
Rachel Hale
Secretary-Treasurer
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
See Heritage Acres I INC executive salaries →

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Questions the 990 asks

The form asks each of these directly. These are the filed answers.

  • Family or business ties among officersPt VI · Ln 2No
  • Top official's pay set by an independent reviewPt VI · Ln 15aNo

Programs and updates

Provides affordable housing for seniors and disabled individuals, with rent based on income.

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1 program · $670K · in their own filed words · FY2022
01

Heritage acres, inc. Provided 106 units of low income housing for elderly and handicapped individuals with the rent based on tenant income.

$670Kprogram expense

By the numbers

The FY2022 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$893K
Ln 12
Fees for servicesLn 2g$856K
Gifts and grantsLn 1h$35K
Investment incomeLn 3$1K
Money outPt IX
$890K
Ln 25
Programscol B$670K
Managementcol C$220K
Owns and owesPt X
−$43K
net assets · Ln 32
Cash and savingsLn 1–2$740K
Total assetsLn 16$6.0M
LiabilitiesLn 26$6.1M
PeoplePt VI, VII
6
listed · VII A
PaidVII A0
Voting boardVI 1a6
IndependentVI 1b6
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$35K
Government grantsLn 1e$35K
Fees for servicesLn 2g$856K
Investment incomeLn 3$1K
Total revenueLn 12$893K
Assets in detailPt X, end of year
CashLn 1$82K
SavingsLn 2$659K
Cash and savings togetherLn 1–2$740K
InvestmentsLn 11–13$1.3M
Land, buildings, equipmentLn 10c$3.9M
Total assetsLn 16$6.0M
LiabilitiesLn 26$6.1M
Net assetsLn 32−$43K
OperationsPt I, VI
EmployeesI 50
VolunteersI 66
Fiscal year endsHeaderDecember
Conflict-of-interest policyVI 12aNo
Whistleblower policyVI 13No
Records policyVI 14Yes
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY22End FY22
Cash and savingsLn 1–2$689K$740K
InvestmentsLn 11–13$1.4M$1.3M
Land, buildings, equipmentLn 10c$3.9M$3.9M
Total assetsLn 16$6.1M$6.0M
LiabilitiesLn 26$6.1M$6.1M
Net assetsLn 32$22K−$43K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Management feesLn 11a$179K$179K
Accounting feesLn 11c$25K$25K
Advertising and promotionLn 12$2K$2K
Office expensesLn 13$4K$4K
OccupancyLn 16$326K$322K$4K
Conferences, conventions and meetingsLn 19$1K$1K
InterestLn 20$96K$95K$1K
Depreciation, depletion and amortizationLn 22$94K$93K$1K
InsuranceLn 23$45K$45K$526
Other expenses (24a–d)Ln 24$117K$115K$2K
Total functional expensesLn 25$890K$670K$220K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 Latest $1.1M$1.2M−$185K−$717K 990 PDF
FY2024 $1000K$1.2M−$169K−$507K 990 PDF
FY2023 $950K$1.1M−$179K−$258K 990 PDF
FY2022 Viewing $893K$890K$3K−$43K 990 PDF
FY2021 $805K$868K−$63K$22K 990 PDF
FY2020 $828K$837K−$9K$146K 990 PDF

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Schedules filed Part IV

III · Programs R · Related orgs G · Fundraising L · Interested persons I · Grants A · Public support O · Explanations
See the full FY2022 990 (6 parts)
Part I · Summary $892,602 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $37,495$35,323
I-9 Program service revenuePrior year $767,104$855,870
I-10 Investment incomePrior year $65$1,409
I-11 Other revenuePrior year $0$0
I-12 Total revenuePrior year $804,664$892,602
I-13 Grants and similar amounts paidPrior year $0$0
I-14 Benefits paid to membersPrior year $0$0
I-15 Salaries and benefitsPrior year $0$0
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $867,673$889,794
I-18 Total expensesPrior year $867,673$889,794
I-19 Revenue less expensesPrior year −$63,009$2,808
Part VI · Governance 6 of 6 board members independent, 3 to look at
VI-1a Voting members of the governing body6
VI-1b Independent voting members6
VI-12a Written conflict of interest policyNo
VI-13 Written whistleblower policyNo
VI-15a Process for setting top official's payNo
VI-2 Family or business relationship among officers or directorsNo
VI-14 Document retention and destruction policyYes
Part VIII · Statement of revenue $892,602 across 5 lines filed
VIII-1e Government grants$35,323
VIII-1h Total contributions, gifts and grants$35,323
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $855,870$855,870
VIII-3 Investment incomeExcluded from tax $1,409$1,409
VIII-12 Total revenueRelated to mission $855,870 · Unrelated business $0 · Excluded from tax $1,409$892,602
Part IX · Statement of functional expenses $889,794 across 10 lines filed
IX-11a Management feesManagement $179,141$179,141
IX-11c Accounting feesManagement $24,602$24,602
IX-12 Advertising and promotionManagement $2,038$2,038
IX-13 Office expensesManagement $4,467$4,467
IX-16 OccupancyPrograms $322,102 · Management $3,790$325,892
IX-19 Conferences, conventions and meetingsManagement $1,391$1,391
IX-20 InterestPrograms $94,923 · Management $1,117$96,040
IX-22 Depreciation, depletion and amortizationPrograms $93,056 · Management $1,095$94,151
IX-23 InsurancePrograms $44,682 · Management $526$45,208
IX-24 Other expenses (24a–d)Programs $115,355 · Management $1,509$116,864
IX-25 Total functional expensesPrograms $670,118 · Management $219,676 · Fundraising $0$889,794
Part X · Balance sheet $6,022,333 assets, 13 lines filed
X-1 Cash, non-interest-bearingStart of year $86,887$81,636
X-2 Savings and temporary cash investmentsStart of year $601,701$658,726
X-4 Accounts receivableStart of year $30,773$27,526
X-9 Prepaid expenses and deferred chargesStart of year $44,571$50,188
X-10c Land, buildings and equipment, netStart of year $3,928,063$3,879,067
X-12 Other securitiesStart of year $1,392,841$1,325,190
X-16 Total assetsStart of year $6,084,836$6,022,333
X-17 Accounts payable and accrued expensesStart of year $228,256$167,680
X-25 Other liabilitiesStart of year $105,846$159,853
X-26 Total liabilitiesStart of year $6,062,923$6,065,263
X-27 Net assets without donor restrictionsStart of year $21,913−$42,930
X-32 Total net assets or fund balancesStart of year $21,913−$42,930
X-33 Total liabilities and net assetsStart of year $6,084,836$6,022,333
Part XI · Reconciliation of net assets −$42,930 net assets at year end
XI-1 Total revenue$892,602
XI-2 Total expenses$889,794
XI-3 Revenue less expenses$2,808
XI-4 Net assets at start of year$21,913
XI-5 Net unrealized gains (losses) on investments−$67,651
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year−$42,930

Form 990 e-file (XML) FY2022 from the IRS · Classification, formation year and address from the IRS Business Master File

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