Heartland Health Care Fund
Heartland Health Care Fund maintains strong assets and reports no officer compensation, despite a recent deficit.
EIN: 20656066 · Bloomington, MN · NTEE: Y43 · Updated: 2026-03-28
| Metric | Value |
|---|---|
| Total Revenue | $40.4M |
| Total Expenses | $33.7M |
| Program Spending | 90% |
| Net Assets | $47.9M |
| Transparency Score | 92/100 |
Is Heartland Health Care Fund Legit?
Some Concerns
Assessment based on IRS 990 filings, spending patterns, and AI analysis. Not a guarantee of legitimacy. Full charity check →
Heartland Health Care Fund directs 90% of its spending to programs. This exceeds the industry benchmark of 65%, indicating strong mission focus.
About Heartland Health Care Fund
Heartland Health Care Fund (EIN: 20656066) is a nonprofit organization based in Bloomington, MN, classified under NTEE code Y43. The organization reported total revenue of $40.4M and total assets of $47.4M according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Heartland Health Care Fund's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.
Organization Overview
Heartland Health Care Fund is a large nonprofit that has been operating for 23 years, with 13 years of IRS 990 filings on record (2011–2023). Revenue has grown at a compound annual rate of 2.4%.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
| Total Revenue | $31.2M |
| Total Expenses | $33.7M |
| Surplus / Deficit | $-2,488,651 |
| Total Assets | $48.1M |
| Total Liabilities | $185K |
| Net Assets | $47.9M |
| Operating Margin | -8.0% |
| Debt-to-Asset Ratio | 0.4% |
| Months of Reserves | 17.1 months |
Financial Health Grade: B
In 2023, Heartland Health Care Fund reported a deficit of $2.5M with expenses exceeding revenue, holds 17.1 months of operating reserves (strong position), has a debt-to-asset ratio of 0.4% (very low leverage).
Financial Trends
Over 13 years of filings (2011–2023), Heartland Health Care Fund's revenue has grown at a compound annual growth rate (CAGR) of 2.4%.
| Year | Revenue Change | Expense Change | Asset Change |
|---|---|---|---|
| 2023 | -2.9% | +10.5% | -2.5% |
| 2022 | -15.2% | +4.5% | -3.1% |
| 2021 | +34.7% | +14.6% | +7.9% |
| 2020 | -7.3% | -10.2% | +11.3% |
| 2019 | -9.4% | -11.9% | +13.6% |
IRS Tax-Exempt Classification
| IRS Classification Codes | 1000 |
| IRS Ruling Date | 2003 |
Classification data from ProPublica Nonprofit Explorer. Additional BMF data may be available after enrichment.
AI Transparency Report
Mission Effectiveness Score
NonprofitSpending's AI analysis rates Heartland Health Care Fund with a Mission Score of 92 out of 100 (Excellent). This score reflects the organization's overall financial transparency, program spending efficiency, and governance indicators derived from IRS 990 public filings.
Spending Breakdown
- admin: 5%
- programs: 90%
- fundraising: 5%
According to IRS 990 filings, Heartland Health Care Fund allocates its expenses as follows: admin: 5%, programs: 90%, fundraising: 5%. With 90% directed toward programs, this reflects a strong commitment to its charitable mission.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
- The organization reported a deficit of $2.5M, with expenses exceeding revenue.
- Debt-to-asset ratio: 0.4%.
Executive Compensation Analysis
Heartland Health Care Fund consistently reports 0% officer compensation across all available filings, indicating that no funds are allocated to executive salaries, which is highly unusual for an organization of this size with tens of millions in revenue and assets.
Executive compensation data is sourced from IRS 990 filings, which require nonprofits to disclose the compensation of officers, directors, trustees, and key employees. NonprofitSpending analyzes this data relative to the organization's total revenue and sector benchmarks to assess whether executive pay is reasonable.
Red Flags
The following concerns were identified during AI analysis of Heartland Health Care Fund's IRS 990 filings:
- Expense-to-revenue deficit in 2023 ($33,719,964 expenses vs. $31,231,313 revenue)
- Unclear how an organization with over $40 million in revenue operates with 0% reported officer compensation, suggesting potential for hidden compensation or an unusual operational model.
Strengths
The following positive indicators were identified for Heartland Health Care Fund:
- Consistent reporting of 0% officer compensation, indicating a strong commitment to directing funds to mission.
- Healthy and growing asset base, from $36.25M in 2014 to $47.37M currently, demonstrating financial stability.
- Low liabilities relative to assets, indicating strong financial health and low debt burden.
- Consistent revenue generation in the tens of millions over a decade, showing sustained operational capacity.
Frequently Asked Questions about Heartland Health Care Fund
Is Heartland Health Care Fund a legitimate charity?
Based on AI analysis of IRS 990 filings, Heartland Health Care Fund (EIN: 20656066) some concerns. Mission Score: 92/100. 2 red flags identified, 4 strengths noted.
How does Heartland Health Care Fund spend its money?
Heartland Health Care Fund directs 90% of its spending to programs and services. The remaining budget covers administration and fundraising costs.
Are donations to Heartland Health Care Fund tax-deductible?
Heartland Health Care Fund is registered as a tax-exempt nonprofit (EIN: 20656066). Donations to most 501(c)(3) organizations are tax-deductible. Consult a tax professional for your specific situation.
What percentage of Heartland Health Care Fund's spending goes to programs?
Heartland Health Care Fund directs 90% to programs, 5% to fundraising. This exceeds the 65% industry benchmark for efficient nonprofits.
How does Heartland Health Care Fund compare to similar nonprofits?
With a transparency score of 92/100 (Excellent), Heartland Health Care Fund is above average for NTEE category Y43 nonprofits. The score reflects financial transparency, program spending efficiency, and governance quality based on IRS 990 data.
Where is Heartland Health Care Fund located?
Heartland Health Care Fund is headquartered in Bloomington, Minnesota and files with the IRS under EIN 20656066. It is classified under NTEE code Y43.
How many years of IRS 990 filings does Heartland Health Care Fund have?
Heartland Health Care Fund has 13 years of IRS 990 filings on record at NonprofitSpending. This extensive filing history provides a strong basis for evaluating long-term financial trends. The most recent filing shows $40.4M in total revenue.
How does Heartland Health Care Fund manage to operate without any reported officer compensation?
The IRS 990 filings consistently show 0% officer compensation. This could mean that executive leadership is entirely volunteer-based, compensated through a related entity, or that compensation is categorized differently within the filing, warranting further investigation for clarity.
What caused the expense-to-revenue deficit in the 2023 fiscal period?
In 2023, expenses ($33,719,964) exceeded revenue ($31,231,313) by approximately $2.49 million. The filings do not provide specific reasons for this deficit, but it's important to monitor if this becomes a trend or if it was a planned strategic investment.
What is the specific breakdown of program, administrative, and fundraising expenses?
While the 990s provide overall expense figures, a detailed breakdown of how the $33,719,964 in 2023 expenses (or other years) are allocated specifically to programs, administration, and fundraising is not readily available in this summary data. This information is crucial for a precise spending efficiency analysis.
Filing History
IRS 990 filing history for Heartland Health Care Fund showing financial trends over 13 years of public records:
Over 13 years of IRS 990 filings (2011–2023), Heartland Health Care Fund's revenue has grown by 33%, moving from $23.5M to $31.2M. Total assets increased by 73.3% over the same period, from $27.8M to $48.1M. Total functional expenses rose by 54.2%, from $21.9M to $33.7M. In its most recent filing year (2023), Heartland Health Care Fund reported a deficit of $2.5M, with expenses exceeding revenue. The organization holds $185K in liabilities against $48.1M in assets (debt-to-asset ratio: 0.4%), resulting in net assets of $47.9M.
| Year | Revenue | Expenses | Assets | Liabilities | Officer Comp. % | |
|---|---|---|---|---|---|---|
| 2023 | $31.2M | $33.7M | $48.1M | $185K | — | — |
| 2022 | $32.2M | $30.5M | $49.3M | $334K | — | View 990 |
| 2021 | $37.9M | $29.2M | $50.9M | $198K | — | View 990 |
| 2020 | $28.2M | $25.5M | $47.2M | $158K | — | — |
| 2019 | $30.4M | $28.4M | $42.4M | $589K | — | View 990 |
| 2018 | $33.6M | $32.2M | $37.3M | $203K | — | View 990 |
| 2017 | $33.9M | $32.2M | $37.6M | $231K | — | View 990 |
| 2016 | $29.4M | $29.9M | $34.0M | $319K | — | View 990 |
| 2015 | $27.1M | $28.8M | $33.7M | $365K | — | View 990 |
| 2014 | $26.7M | $23.9M | $36.3M | $439K | — | View 990 |
| 2013 | $23.8M | $21.1M | $32.6M | $259K | — | View 990 |
| 2012 | $22.7M | $22.5M | $29.1M | $145K | — | View 990 |
| 2011 | $23.5M | $21.9M | $27.8M | $107K | — | View 990 |
Year-by-Year Financial Summary
- 2023: Revenue of $31.2M, expenses of $33.7M, and assets of $48.1M (revenue -2.9% year-over-year).
- 2022: Revenue of $32.2M, expenses of $30.5M, and assets of $49.3M (revenue -15.2% year-over-year).
- 2021: Revenue of $37.9M, expenses of $29.2M, and assets of $50.9M (revenue +34.7% year-over-year).
- 2020: Revenue of $28.2M, expenses of $25.5M, and assets of $47.2M (revenue -7.3% year-over-year).
- 2019: Revenue of $30.4M, expenses of $28.4M, and assets of $42.4M (revenue -9.4% year-over-year).
- 2018: Revenue of $33.6M, expenses of $32.2M, and assets of $37.3M (revenue -1.2% year-over-year).
- 2017: Revenue of $33.9M, expenses of $32.2M, and assets of $37.6M (revenue +15.6% year-over-year).
- 2016: Revenue of $29.4M, expenses of $29.9M, and assets of $34.0M (revenue +8.3% year-over-year).
- 2015: Revenue of $27.1M, expenses of $28.8M, and assets of $33.7M (revenue +1.7% year-over-year).
- 2014: Revenue of $26.7M, expenses of $23.9M, and assets of $36.3M (revenue +12.4% year-over-year).
- 2013: Revenue of $23.8M, expenses of $21.1M, and assets of $32.6M (revenue +4.7% year-over-year).
- 2012: Revenue of $22.7M, expenses of $22.5M, and assets of $29.1M (revenue -3.4% year-over-year).
- 2011: Revenue of $23.5M, expenses of $21.9M, and assets of $27.8M.
View Individual Filing Years
Explore detailed financial data from each IRS 990 filing year for Heartland Health Care Fund:
Data Sources and Methodology
This transparency report for Heartland Health Care Fund is generated by NonprofitSpending's AI analysis engine. The data is sourced from publicly available IRS 990 filings accessed through the ProPublica Nonprofit Explorer API and IRS electronic filing records. The Mission Score, spending breakdown, and other analytical insights are produced by artificial intelligence and should be used as one of multiple factors when evaluating a nonprofit organization.
IRS 990 forms are annual information returns that most tax-exempt organizations must file with the IRS. These forms provide detailed financial information including revenue, expenses, assets, liabilities, and compensation of officers. NonprofitSpending processes this data to provide accessible transparency reports for donors, researchers, and the general public.
Disclaimer
AI-generated analysis based on IRS public records. Not financial or legal advice. Verify information directly with the organization.