Heartworks Inc
Heartworks Inc. faces recent deficits and declining assets despite no reported officer compensation.
EIN: 205555551 · Basking Ridge, NJ · NTEE: O50 · Updated: 2026-03-28
Is Heartworks Inc Legit?
Some Concerns
Assessment based on IRS 990 filings, spending patterns, and AI analysis. Not a guarantee of legitimacy. Full charity check →
Heartworks Inc directs 70% of its spending to programs. This meets the industry benchmark of 65% for efficient nonprofits.
About Heartworks Inc
Heartworks Inc (EIN: 205555551) is a nonprofit organization based in Basking Ridge, NJ, classified under NTEE code O50. The organization reported total revenue of $380K and total assets of $206K according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Heartworks Inc's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.
AI Transparency Report
Mission Effectiveness Score
NonprofitSpending's AI analysis rates Heartworks Inc with a Mission Score of 65 out of 100 (Good). This score reflects the organization's overall financial transparency, program spending efficiency, and governance indicators derived from IRS 990 public filings.
Spending Breakdown
- admin: 20%
- programs: 70%
- fundraising: 10%
According to IRS 990 filings, Heartworks Inc allocates its expenses as follows: admin: 20%, programs: 70%, fundraising: 10%. Approximately 70% goes to programs, indicating moderate mission focus.
Executive Compensation Analysis
Executive compensation is reported as 0% across all available filings, which is highly unusual for an organization of this size and suggests either a fully volunteer leadership or compensation structured in a way not reported as officer compensation on the 990.
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 Heartworks Inc's IRS 990 filings:
- Expenses exceeded revenue in multiple recent years (2023, 2022, 2020, 2019), indicating operational deficits.
- Assets have declined significantly from $294,526 in 2021 to $149,578 in 2023, reducing financial reserves.
- Significant year-over-year fluctuations in expenses, such as the jump from $389,152 in 2021 to $541,133 in 2022, without clear explanation.
Strengths
The following positive indicators were identified for Heartworks Inc:
- Consistent filing of IRS Form 990s for 13 periods, demonstrating transparency.
- Reported 0% officer compensation across all filings, suggesting efficient use of donor funds for leadership costs.
- Long operational history (at least since 2014) indicates established presence and experience.
Frequently Asked Questions about Heartworks Inc
Is Heartworks Inc a legitimate charity?
Based on AI analysis of IRS 990 filings, Heartworks Inc (EIN: 205555551) some concerns. Mission Score: 65/100. 3 red flags identified, 3 strengths noted.
How does Heartworks Inc spend its money?
Heartworks Inc directs 70% of its spending to programs and services. The remaining budget covers administration and fundraising costs.
Are donations to Heartworks Inc tax-deductible?
Heartworks Inc is registered as a tax-exempt nonprofit (EIN: 205555551). Donations to most 501(c)(3) organizations are tax-deductible. Consult a tax professional for your specific situation.
Is Heartworks Inc. financially stable given recent deficits?
Heartworks Inc. has experienced deficits in several recent years, including $29,816 in 2023 and $126,619 in 2022. While its assets have historically been robust, they have declined from $294,526 in 2021 to $149,578 in 2023, indicating a potential strain on financial stability.
How does Heartworks Inc. manage without officer compensation?
The consistent reporting of 0% officer compensation across all filings suggests that the organization's leadership may be entirely volunteer-based or compensated through mechanisms not categorized as officer compensation on the Form 990. This can be a sign of high dedication and efficient use of funds.
What caused the significant expense increase in 2022?
In 2022, expenses surged to $541,133 from $389,152 in 2021, while revenue decreased. Without a detailed breakdown of expenses, the specific cause of this substantial increase cannot be determined from the provided data, but it led to a significant deficit of $126,619.
Filing History
IRS 990 filing history for Heartworks Inc showing financial trends over 13 years of public records:
Over 13 years of IRS 990 filings (2011–2023), Heartworks Inc's revenue has grown by 0.6%, moving from $309K to $311K. Total assets increased by 10.4% over the same period, from $135K to $150K. Total functional expenses rose by 85.6%, from $183K to $340K. In its most recent filing year (2023), Heartworks Inc reported a deficit of $30K, with expenses exceeding revenue. The organization holds $22K in liabilities against $150K in assets (debt-to-asset ratio: 14.4%), resulting in net assets of $128K.
| Year | Revenue | Expenses | Assets | Liabilities | Officer Comp. | |
|---|---|---|---|---|---|---|
| 2023 | $311K | $340K | $150K | $22K | — | — |
| 2022 | $415K | $541K | $167K | $9K | — | View 990 |
| 2021 | $436K | $389K | $295K | $11K | — | View 990 |
| 2020 | $490K | $505K | $303K | $67K | — | View 990 |
| 2019 | $389K | $451K | $289K | $38K | — | View 990 |
| 2018 | $412K | $409K | $325K | $11K | — | View 990 |
| 2017 | $433K | $425K | $329K | $19K | — | View 990 |
| 2016 | $458K | $413K | $318K | $15K | — | View 990 |
| 2015 | $390K | $386K | $263K | $6K | — | View 990 |
| 2014 | $358K | $335K | $258K | $5K | — | View 990 |
| 2013 | $868K | $850K | $233K | $3K | — | View 990 |
| 2012 | $503K | $425K | $213K | $1K | — | View 990 |
| 2011 | $309K | $183K | $135K | $1K | — | View 990 |
Year-by-Year Financial Summary
- 2023: Revenue of $311K, expenses of $340K, and assets of $150K (revenue -25.1% year-over-year).
- 2022: Revenue of $415K, expenses of $541K, and assets of $167K (revenue -5.0% year-over-year).
- 2021: Revenue of $436K, expenses of $389K, and assets of $295K (revenue -10.9% year-over-year).
- 2020: Revenue of $490K, expenses of $505K, and assets of $303K (revenue +25.8% year-over-year).
- 2019: Revenue of $389K, expenses of $451K, and assets of $289K (revenue -5.6% year-over-year).
- 2018: Revenue of $412K, expenses of $409K, and assets of $325K (revenue -4.8% year-over-year).
- 2017: Revenue of $433K, expenses of $425K, and assets of $329K (revenue -5.5% year-over-year).
- 2016: Revenue of $458K, expenses of $413K, and assets of $318K (revenue +17.5% year-over-year).
- 2015: Revenue of $390K, expenses of $386K, and assets of $263K (revenue +8.8% year-over-year).
- 2014: Revenue of $358K, expenses of $335K, and assets of $258K (revenue -58.7% year-over-year).
- 2013: Revenue of $868K, expenses of $850K, and assets of $233K (revenue +72.7% year-over-year).
- 2012: Revenue of $503K, expenses of $425K, and assets of $213K (revenue +62.7% year-over-year).
- 2011: Revenue of $309K, expenses of $183K, and assets of $135K.
Data Sources and Methodology
This transparency report for Heartworks Inc 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.