Heartland Realty Llc
Heartland Realty Llc consistently reports millions in revenue with zero expenses, raising transparency concerns.
EIN: 202901791 · Boston, MA · NTEE: S47 · Updated: 2026-03-28
| Metric | Value |
|---|---|
| Total Revenue | $6.8M |
| Net Assets | $59.6M |
| Transparency Score | 10/100 |
Is Heartland Realty Llc Legit?
Significant Concerns
Assessment based on IRS 990 filings, spending patterns, and AI analysis. Not a guarantee of legitimacy. Full charity check →
About Heartland Realty Llc
Heartland Realty Llc (EIN: 202901791) is a nonprofit organization based in Boston, MA, classified under NTEE code S47. The organization reported total revenue of $6.8M and total assets of $75.5M according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Heartland Realty Llc's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.
Organization Overview
Heartland Realty Llc is a mid-size nonprofit that has been operating for 20 years, with 13 years of IRS 990 filings on record (2011–2023). Revenue has grown at a compound annual rate of 4.4%.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
| Total Revenue | $3.4M |
| Total Expenses | $0 |
| Surplus / Deficit | +$3.4M |
| Total Assets | $70.3M |
| Total Liabilities | $10.8M |
| Net Assets | $59.6M |
| Operating Margin | 100.0% |
| Debt-to-Asset Ratio | 15.3% |
Financial Health Grade: A
In 2023, Heartland Realty Llc reported a surplus of $3.4M with revenue exceeding expenses, has a debt-to-asset ratio of 15.3% (very low leverage).
Financial Trends
Over 13 years of filings (2011–2023), Heartland Realty Llc's revenue has grown at a compound annual growth rate (CAGR) of 4.4%.
| Year | Revenue Change | Expense Change | Asset Change |
|---|---|---|---|
| 2023 | +2.4% | — | +10.3% |
| 2022 | +4.3% | — | +21.2% |
| 2021 | -2.1% | — | -0.9% |
| 2020 | +7.7% | — | +0.1% |
| 2019 | +10.1% | — | +5.7% |
IRS Tax-Exempt Classification
| IRS Classification Codes | 1000 |
| IRS Ruling Date | 2006 |
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 Realty Llc with a Mission Score of 10 out of 100 (Very Poor). This score reflects the organization's overall financial transparency, program spending efficiency, and governance indicators derived from IRS 990 public filings.
Spending Breakdown
- admin: 0%
- programs: 0%
- fundraising: 0%
According to IRS 990 filings, Heartland Realty Llc allocates its expenses as follows: admin: 0%, programs: 0%, fundraising: 0%.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
- Debt-to-asset ratio: 15.3%.
Executive Compensation Analysis
Officer compensation has consistently been reported as 0% across all filings, which is unusual for an organization with significant assets and revenue, and further contributes to the lack of clarity regarding operational costs.
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 Realty Llc's IRS 990 filings:
- Consistent reporting of $0 expenses despite significant revenue and assets
- Lack of transparency regarding operational costs and program spending
- Unusual financial profile for an organization in housing development and management
- Inability to assess spending efficiency or program impact due to missing expense data
Strengths
The following positive indicators were identified for Heartland Realty Llc:
- Consistent revenue generation over multiple years
- Significant and growing asset base, indicating financial stability in terms of holdings
- No reported officer compensation, suggesting resources are not being diverted to executive salaries
Frequently Asked Questions about Heartland Realty Llc
Is Heartland Realty Llc a legitimate charity?
Based on AI analysis of IRS 990 filings, Heartland Realty Llc (EIN: 202901791) significant concerns. Mission Score: 10/100. 4 red flags identified, 3 strengths noted.
How does Heartland Realty Llc spend its money?
Detailed spending breakdown data is not yet available for Heartland Realty Llc. Check back for updated IRS 990 analysis.
Are donations to Heartland Realty Llc tax-deductible?
Heartland Realty Llc is registered as a tax-exempt nonprofit (EIN: 202901791). Donations to most 501(c)(3) organizations are tax-deductible. Consult a tax professional for your specific situation.
How does Heartland Realty Llc compare to similar nonprofits?
With a transparency score of 10/100 (Very Poor), Heartland Realty Llc is below average for NTEE category S47 nonprofits. The score reflects financial transparency, program spending efficiency, and governance quality based on IRS 990 data.
Where is Heartland Realty Llc located?
Heartland Realty Llc is headquartered in Boston, Massachusetts and files with the IRS under EIN 202901791. It is classified under NTEE code S47.
How many years of IRS 990 filings does Heartland Realty Llc have?
Heartland Realty Llc 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 $6.8M in total revenue.
How does Heartland Realty Llc operate without reporting any expenses?
The IRS 990 filings for Heartland Realty Llc consistently show $0 in expenses, despite reporting millions in revenue. This is highly unusual for any operating entity, especially one involved in housing development and management, which typically incurs significant costs for property acquisition, construction, maintenance, and administrative overhead. This pattern suggests either an incomplete reporting of financial activities or a unique operational structure that is not transparently reflected in the filings.
What activities does Heartland Realty Llc engage in if it has no expenses?
Given the NTEE code S47 (Housing Development, Construction & Management) and the consistent revenue generation, it is expected that Heartland Realty Llc would be involved in activities such as acquiring, developing, or managing housing properties. However, without any reported expenses, it is impossible to determine what specific activities are being undertaken or how any mission-related work is being funded or executed.
Is Heartland Realty Llc a good charity?
Based on the available IRS 990 data, it is not possible to determine if Heartland Realty Llc is a 'good charity.' The complete absence of reported expenses makes it impossible to assess program efficiency, administrative overhead, or the actual impact of its revenue. This lack of financial detail severely hinders any evaluation of its charitable effectiveness or accountability.
How does Heartland Realty Llc manage its assets without incurring costs?
Heartland Realty Llc has reported substantial and growing assets, reaching $70,311,057 in 2023. Managing such a large asset base, especially in real estate, typically involves significant costs for property management, legal fees, insurance, and other administrative functions. The consistent reporting of $0 expenses raises questions about how these assets are being managed and maintained without any reported financial outlay.
Filing History
IRS 990 filing history for Heartland Realty Llc showing financial trends over 13 years of public records:
Over 13 years of IRS 990 filings (2011–2023), Heartland Realty Llc's revenue has grown by 67.8%, moving from $2.0M to $3.4M. Total assets increased by 115.5% over the same period, from $32.6M to $70.3M. The organization holds $10.8M in liabilities against $70.3M in assets (debt-to-asset ratio: 15.3%), resulting in net assets of $59.6M.
| Year | Revenue | Expenses | Assets | Liabilities | Officer Comp. % | |
|---|---|---|---|---|---|---|
| 2023 | $3.4M | $0 | $70.3M | $10.8M | — | — |
| 2022 | $3.3M | $0 | $63.7M | $11.1M | — | View 990 |
| 2021 | $3.2M | $0 | $52.6M | $10.7M | — | View 990 |
| 2020 | $3.3M | $0 | $53.0M | $10.9M | — | View 990 |
| 2019 | $3.0M | $0 | $53.0M | $11.1M | — | — |
| 2018 | $2.7M | $0 | $50.1M | $10.9M | — | View 990 |
| 2017 | $2.8M | $0 | $46.6M | $10.8M | — | View 990 |
| 2016 | $2.5M | $0 | $45.0M | $12.8M | — | View 990 |
| 2015 | $2.7M | $0 | $42.3M | $10.9M | — | View 990 |
| 2014 | $2.8M | $0 | $39.9M | $11.2M | — | View 990 |
| 2013 | $2.0M | $0 | $32.7M | $13.1M | — | View 990 |
| 2012 | $1.7M | $0 | $31.5M | $13.4M | — | View 990 |
| 2011 | $2.0M | $0 | $32.6M | $11.4M | — | View 990 |
Year-by-Year Financial Summary
- 2023: Revenue of $3.4M, expenses of $0, and assets of $70.3M (revenue +2.4% year-over-year).
- 2022: Revenue of $3.3M, expenses of $0, and assets of $63.7M (revenue +4.3% year-over-year).
- 2021: Revenue of $3.2M, expenses of $0, and assets of $52.6M (revenue -2.1% year-over-year).
- 2020: Revenue of $3.3M, expenses of $0, and assets of $53.0M (revenue +7.7% year-over-year).
- 2019: Revenue of $3.0M, expenses of $0, and assets of $53.0M (revenue +10.1% year-over-year).
- 2018: Revenue of $2.7M, expenses of $0, and assets of $50.1M (revenue -1.4% year-over-year).
- 2017: Revenue of $2.8M, expenses of $0, and assets of $46.6M (revenue +11.3% year-over-year).
- 2016: Revenue of $2.5M, expenses of $0, and assets of $45.0M (revenue -6.6% year-over-year).
- 2015: Revenue of $2.7M, expenses of $0, and assets of $42.3M (revenue -3.0% year-over-year).
- 2014: Revenue of $2.8M, expenses of $0, and assets of $39.9M (revenue +41.1% year-over-year).
- 2013: Revenue of $2.0M, expenses of $0, and assets of $32.7M (revenue +16.3% year-over-year).
- 2012: Revenue of $1.7M, expenses of $0, and assets of $31.5M (revenue -17.1% year-over-year).
- 2011: Revenue of $2.0M, expenses of $0, and assets of $32.6M.
View Individual Filing Years
Explore detailed financial data from each IRS 990 filing year for Heartland Realty Llc:
Data Sources and Methodology
This transparency report for Heartland Realty Llc 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.