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Open Hearts Place FY2024 filing

Tax-deductible

Morganton, NC501(c)(3)Housing EIN 84-4729940Revenue $191K in FY2024

On file with the IRSopenheartsplace.org201 Shady Rest Rd, 28655-4637 · Morganton, NCTax-exempt since Aug 2020Publicly supported — 509(a)(2)

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The mission of Open Hearts Place is to provide homes and purposeful opportunities for families to increase life skills, gain stability, and become more self-sufficient. Open Hearts Place will provide newly built or remodeled homes, and thereby a more stable environment, for those families who are trying to "get back on their feet", while involving them in an agreed-upon personal development plan (pdp).

501(c)(3) charity; gifts are tax-deductible.
69¢ of each $1 spent went to programs.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX

Before you give

FY2024 · 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
5 of 5
filings with a surplus
Average surplus $207K a year · 80% of revenue · last 5 filings
Looks good: a surplus in 5 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Spent on programs
69%
of spending
Fine: 69% of spending went to programs; 65% to 75%.
Pt IX · Ln 25 · col B
Cash reserves
14 mo
of spending, in cash
Looks good: 13.5 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
5
named funders · $58K
Looks good: 5 funders name it on their filings; 3 or more.
Funders’ Sch. I, 990-PF
Liabilities
$770K
57% of total assets
Fine: liabilities are 57% of assets; 50% to 65%.
Pt X · Ln 26
Independent board members
9
of 9 voting members
Looks good: 9 of 9 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$191K
-29% vs prior year
Spent
$70K
To programs
69%
Net assets
$580K
By yearFY2021–FY2025
Revenue
$191K
FY2024▼ -29%
Tap a bar for its year
Revenue by fiscal year
FY2021$308K
FY2022$343K
FY2023$268K
FY2024$191K
FY2025$190K
Expenses
$70K
FY2024▲ +171%
Tap a bar for its year
Expenses by fiscal year
FY2021$2K
FY2022$15K
FY2023$26K
FY2024$70K
FY2025$150K
Net assets
$580K
FY2024▼ -26%
Tap a bar for its year
Net assets by fiscal year
FY2021$209K
FY2022$537K
FY2023$780K
FY2024$580K
FY2025$620K

From the FY2024 Form 990 (year ending June 2024) · see the original

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You’re viewing the FY2024 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 Aug 2020.

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

Where the money goes

69 cents of each dollar spent went to programs.

Program services 69% · $48K Management & general 31% · $22K Fundraising 0% · $220

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

9 people listed on the 990.

Part VII, Section A · reportable compensation · most recent filed roster (FY2023); the FY2024 filing did not itemize Part VII
Mary Wright
Board Member
$0Pt VII · Sec A
Jacob Lancaster
Board Member
$0Pt VII · Sec A
Tom Russ
Board Member
$0Pt VII · Sec A
Caroline Tillery
Board Member
$0Pt VII · Sec A
Casandra Earley
Board Member
$0Pt VII · Sec A
Madelyn Russ
Exe Dir & Board Chair
$0Pt VII · Sec A
Susan Pribyson
Vice Chair
$0Pt VII · Sec A
Ann Moncrief
Secretary
$0Pt VII · Sec A
See Open Hearts Place 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 2Yes
  • Top official's pay set by an independent reviewPt VI · Ln 15aNo

Programs and updates

Provides stable homes and life skills training to help families become self-sufficient.

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Provided by the organization

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1 program · $48K · in their own filed words · FY2023
01

The mission of open hearts place is to provide homes and purposeful opportunities for families to increase life skills, gain stability, and become more self-sufficient. Open hearts place will provide newly built or remodeled homes, and thereby a more stable environment, for those families who are trying to "get back on their feet", while…

$48Kprogram expense

Funders

Who pays for it.

From grant filings on record. Receipts are incomplete: individual donors are never listed.

Grants

Schedule I · funders on record
Grants received · FY2024
Community Foundation of Burke CountyFY2024$25K
North Carolina Community Foundation INCFY2024$15K
TD Charitable FoundationFY2024$8K
Co Ta Huffman-Cornwell FoundationFY2024$6K
Rostan Family FoundationFY2024$5K
Total grants receivedfrom 5 funders$58K
See all 5 funders →

By the numbers

The FY2024 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$191K
Ln 12
Gifts and grantsLn 1h$172K
Fees for servicesLn 2g$20K
Investment incomeLn 3$107
Money outPt IX
$70K
Ln 25
Programscol B$48K
Managementcol C$22K
Fundraisingcol D$220
Owns and owesPt X
$580K
net assets · Ln 32
Cash and savingsLn 1–2$79K
Total assetsLn 16$1.3M
LiabilitiesLn 26$770K
PeoplePt VI, VII
9
listed · VII A
PaidVII A0
Voting boardVI 1a9
IndependentVI 1b9
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$172K
Noncash giftsLn 1g$7K
Fees for servicesLn 2g$20K
Investment incomeLn 3$107
Gains on assetsLn 7−$978
Total revenueLn 12$191K
Assets in detailPt X, end of year
CashLn 1$79K
Cash and savings togetherLn 1–2$79K
InvestmentsLn 11–13$4K
Land, buildings, equipmentLn 10c$1.3M
Other assetsLn 15$0
Total assetsLn 16$1.3M
LiabilitiesLn 26$770K
Net assetsLn 32$580K
OperationsPt I, VI
EmployeesI 50
VolunteersI 625
Fiscal year endsHeaderJune
Conflict-of-interest policyVI 12aNo
Whistleblower policyVI 13No
Records policyVI 14No
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY24End FY24
Cash and savingsLn 1–2$83K$79K
InvestmentsLn 11–13$4K
Land, buildings, equipmentLn 10c$533K$1.3M
Total assetsLn 16$789K$1.3M
LiabilitiesLn 26$9K$770K
Net assetsLn 32$780K$580K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Accounting feesLn 11c$15K$15K
Advertising and promotionLn 12$773$773
Office expensesLn 13$4K$123$3K$220
InterestLn 20$894$894
Depreciation, depletion and amortizationLn 22$16K$16K
InsuranceLn 23$6K$4K$2K
Other expenses (24a–d)Ln 24$22K$22K
All other expensesLn 24e$5K$5K$510
Total functional expensesLn 25$70K$48K$22K$220

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 Latest $190K$150K$40K$620K 990 PDF
FY2024 Viewing $191K$70K$121K$580K 990 PDF
FY2023 $268K$26K$242K$780K 990 PDF
FY2022 $343K$15K$328K$537K 990 PDF
FY2021 $308K$2K$306K$209K 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 FY2024 990 (6 parts)
Part I · Summary $191,054 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $249,155$172,288
I-9 Program service revenuePrior year $18,797$19,637
I-10 Investment incomePrior year $22−$871
I-11 Other revenuePrior year $0$0
I-12 Total revenuePrior year $267,974$191,054
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 $25,809$69,884
I-18 Total expensesPrior year $25,809$69,884
I-19 Revenue less expensesPrior year $242,165$121,170
Part VI · Governance 9 of 9 board members independent, 5 to look at
VI-1a Voting members of the governing body9
VI-1b Independent voting members9
VI-2 Family or business relationship among officers or directorsYes
VI-12a Written conflict of interest policyNo
VI-13 Written whistleblower policyNo
VI-14 Document retention and destruction policyNo
VI-15a Process for setting top official's payNo
Part VIII · Statement of revenue $191,054 across 7 lines filed
VIII-1f All other contributions, gifts and grants$172,288
VIII-1g Noncash contributions (included above)$7,009
VIII-1h Total contributions, gifts and grants$172,288
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Excluded from tax $19,637$19,637
VIII-3 Investment incomeExcluded from tax $107$107
VIII-7 Net gain or loss on sales of assetsExcluded from tax −$978−$978
VIII-12 Total revenueRelated to mission $0 · Unrelated business $0 · Excluded from tax $18,766$191,054
Part IX · Statement of functional expenses $69,884 across 8 lines filed
IX-11c Accounting feesManagement $15,080$15,080
IX-12 Advertising and promotionManagement $773$773
IX-13 Office expensesPrograms $123 · Management $3,467 · Fundraising $220$3,810
IX-20 InterestPrograms $894$894
IX-22 Depreciation, depletion and amortizationPrograms $16,304$16,304
IX-23 InsurancePrograms $3,627 · Management $1,900$5,527
IX-24 Other expenses (24a–d)Programs $22,266$22,266
IX-24e All other expensesPrograms $4,720 · Management $510$5,230
IX-25 Total functional expensesPrograms $47,934 · Management $21,730 · Fundraising $220$69,884
Part X · Balance sheet $1,349,885 assets, 14 lines filed
X-1 Cash, non-interest-bearingStart of year $83,082$78,703
X-4 Accounts receivableStart of year $520$467
X-10c Land, buildings and equipment, netStart of year $533,038$1,266,585
X-11 Publicly traded securities$4,130
X-15 Other assetsStart of year $172,000$0
X-16 Total assetsStart of year $788,640$1,349,885
X-17 Accounts payable and accrued expensesStart of year $1,245$6,198
X-24 Unsecured notes and loans payable$134,321
X-25 Other liabilitiesStart of year $7,827$9,003
X-26 Total liabilitiesStart of year $9,072$769,522
X-27 Net assets without donor restrictionsStart of year $759,879$527,261
X-28 Net assets with donor restrictionsStart of year $19,689$53,102
X-32 Total net assets or fund balancesStart of year $779,568$580,363
X-33 Total liabilities and net assetsStart of year $788,640$1,349,885
Part XI · Reconciliation of net assets $580,363 net assets at year end
XI-1 Total revenue$191,054
XI-2 Total expenses$69,884
XI-3 Revenue less expenses$121,170
XI-4 Net assets at start of year$779,568
XI-9 Other changes in net assets−$320,375
XI-10 Net assets at end of year$580,363

Form 990 e-file (XML) FY2024 from the IRS · Classification, formation year and address from the IRS Business Master File

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