New Horizons Corporation
Fiscal Year
Fiscal Year Start
07/01/2023
Fiscal Year End
06/30/2024
Projected Revenue
$6,226,785.00
Projected Expenses
$6,186,691.00
Organizational Budgets and Other Documents
| Budget | 2024 |
| NHC Budget 2022-2023 | 2023 |
| Budget Worksheet 2021-2022 | 2022 |
| NHC Budget Summary 2020-2021 | 2021 |
| NHC Budget Summary 2019-20 | 2020 |
IRS Letter of Exemption
| IRS Letter of Determination of Tax Exempt State |
Detailed Financials
Revenue and Expenses
| Fiscal Year | 2023 | 2022 | 2021 |
|---|---|---|---|
| Total Revenue | $5,932,386.00 | $6,432,643.00 | $6,586,261.00 |
| Total Expenses | $6,002,884.00 | $6,217,576.00 | $5,809,757.00 |
| Revenue Less Expenses | ($70,498.00) | $215,067.00 | $776,504.00 |
Revenue Sources
| Fiscal Year | 2023 | 2022 | 2021 |
|---|---|---|---|
| Foundation and Corporation Contributions | $0.00 | $0.00 | $0.00 |
| Government - Federal | $0.00 | $0.00 | $0.00 |
| Government - State | $0.00 | $0.00 | $0.00 |
| Government - Local | $0.00 | $0.00 | $0.00 |
| Government - Unspecified | $0.00 | $0.00 | $92,193.00 |
| Contributions, Gifts, and Grants | $3,221.00 | $3,391.00 | $-3,815.00 |
| Indirect Public Support | $0.00 | $0.00 | $0.00 |
| Earned Revenue | $5,936,208.00 | $6,395,170.00 | $6,321,715.00 |
| Investment Income, Net of Losses | $-21,721.00 | $23,818.00 | $143,167.00 |
| Membership Dues | $0.00 | $0.00 | $0.00 |
| Special Events | $13,888.00 | $10,264.00 | $25,666.00 |
| Revenue In-Kind | $0.00 | $0.00 | $7,335.00 |
| Other | $790.00 | $0.00 | $0.00 |
Expense Allocation
| Fiscal Year | 2023 | 2022 | 2021 |
|---|---|---|---|
| Program Expense | $4,661,224.00 | $4,846,551.00 | $4,530,186.00 |
| Administration Expense | $1,334,146.00 | $1,357,366.00 | $1,260,723.00 |
| Fundraising Expense | $7,514.00 | $13,153.00 | $18,848.00 |
| Total Revenue/Total Expenses | 99% | 103% | 113% |
| Program Expense/Total Expenses | 78% | 78% | 78% |
| Fundraising Expense/Contributed Revenue | 0% | 0% | 0% |
Top Funding Sources
| Fiscal Year | 2023 | 2022 | 2021 |
|---|---|---|---|
| Top Funding Source & Dollar Amount | Program Revenue $5,936,208.00 | Program Revenue $6,395,170.00 | Program Revenue $6,321,715.00 |
| Second Highest Funding Source & Dollar Amount | Fundraising Events $13,888.00 | Investment Income $23,818.00 | Investment Income $143,167.00 |
| Third Highest Funding Source & Dollar Amount | Contributions, Gifts, and Grants $3,221.00 | Fundraising Events $10,264.00 | Government Grants $92,193.00 |
Assets and Liabilities
| Fiscal Year | 2023 | 2022 | 2021 |
|---|---|---|---|
| Total Assets | $6,007,956.00 | $6,127,295.00 | $5,963,466.00 |
| Current Assets | $4,471,488.00 | $4,637,945.00 | $4,237,598.00 |
| Long-Term Liabilities | $413,838.00 | $150,729.00 | $156,316.00 |
| Current Liabilities | $150,852.00 | $572,413.00 | $487,968.00 |
| Total Net Assets | $5,443,266.00 | $5,404,153.00 | $5,319,182.00 |
Endowment Info
Do you have an endowment?
No
Capital Campaign Info
Are you currently in a Capital Campaign?
No
Do you anticipate a campaign in the next 5 years?
No
Solicitation Permit Info
State Charitable Solicitations Permit
Yes
Permit Expiration Month
December
Permit Expiration Year
2024
Form 990s
| Form 990 | 2023 |
| Form 990 | 2022 |
| Form 990 | 2021 |
| Form 990 | 2020 |
| Form 990 | 2019 |
| Form 990 | 2018 |
| Form 990 | 2017 |
| Form 990 | 2016 |
| Form 990 | 2015 |
| Form 990 | 2014 |
| Form 990 | 2013 |
| Form 990 | 2012 |
| Form 990 | 2011 |
| Form 990 | 2010 |
| Form 990 | 2009 |
| Form 990 | 2008 |
| Form 990 | 2007 |
| Form 990 | 2006 |
| Form 990 | 2005 |
| Form 990 | 2004 |
Audit Documents
CEO/Executive Director/Board Comments
| New Horizons Corporation receives funding for residential and employment service supports through the Tennessee Department of Intellectual & Developmental Disabilities (DIDD), private pay, and community support from grants and individual donors. The needs of the agency to continue to provide high quality training and supports for individuals in the workplace and residential housing continue to be a fiscal challenge with increasing costs and limited reimbursements. The need to provide service supports to individuals in employment and community settings rather than a workshop setting, as well as the rising wage rates in the Nashville labor market make it a challenge to hire and retain high quality staff in the day services and residential programs. In 2023 we continue to see an increase in expenses across the board. Although the housing market in Nashville seems to be in transition, that has not translated to lower costs yet. New Horizons will supplement any shortfalls for the people we serve. This challenge continues into the 2023-2024 fiscal year. We successfully completed a yearlong Person Centered Organization program through the Tennessee DIDD office and are now considered a Person Centered Organization with DIDD. This program helps us focus on what is most important to the people we serve and therefore utilize our resources in the best way possible. Our biggest challenge that is currently facing us is an aging population that we support. We have sadly encountered several deaths over the last year and work diligently to bring in new people to support, while making sure we are equipped to handle the needs of the people supported. Each person has a unique challenge and our goal is to provide the best care and support that we are capable of giving. This is a challenging and tedious process. We are projecting modest net positive results in 2023-2024. |
Foundation Staff Comments
| Financial figures taken from the 990. Corporate and foundation grants may be included in Contribution, Gifts, and Grants sum, as these amounts are not separated in Form 990. Financials prepared by UHY Advisors Mo, Inc. Comments provided by Nicole Rose 12/12/2023. |
