HeartBound Ministries, Inc.
Fiscal Year
Fiscal Year Start
01/01/2023
Fiscal Year End
12/31/2023
Projected Revenue
$393,293.00
Projected Expenses
$391,942.00
Organizational Budgets and Other Documents
| 2023 Projected Budget | 2023 |
| Budget | 2022 |
IRS Letter of Exemption
| Letter | 2003 |
Detailed Financials
Revenue and Expenses
| Fiscal Year | 2022 | 2021 | 2020 |
|---|---|---|---|
| Total Revenue | $394,602.00 | $402,089.00 | $381,907.00 |
| Total Expenses | $338,327.00 | $288,183.00 | $298,651.00 |
| Revenue Less Expenses | $56,275.00 | $113,906.00 | $83,256.00 |
Revenue Sources
| Fiscal Year | 2022 | 2021 | 2020 |
|---|---|---|---|
| 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 | $0.00 |
| Contributions, Gifts, and Grants | $342,706.00 | $399,879.00 | $352,423.00 |
| Indirect Public Support | $0.00 | $0.00 | $0.00 |
| Earned Revenue | $12,555.00 | $2,160.00 | $29,419.00 |
| Investment Income, Net of Losses | $69.00 | $50.00 | $65.00 |
| Membership Dues | $0.00 | $0.00 | $0.00 |
| Special Events | $39,272.00 | $0.00 | $0.00 |
| Revenue In-Kind | $0.00 | $0.00 | $0.00 |
| Other | $0.00 | $0.00 | $0.00 |
Expense Allocation
| Fiscal Year | 2022 | 2021 | 2020 |
|---|---|---|---|
| Program Expense | $294,735.00 | $262,567.00 | $263,751.00 |
| Administration Expense | $32,984.00 | $20,466.00 | $29,186.00 |
| Fundraising Expense | $10,608.00 | $5,150.00 | $5,714.00 |
| Total Revenue/Total Expenses | 117% | 140% | 128% |
| Program Expense/Total Expenses | 87% | 91% | 88% |
| Fundraising Expense/Contributed Revenue | 3% | 2% | 2% |
Top Funding Sources
| Fiscal Year | 2022 | 2021 | 2020 |
|---|---|---|---|
| Top Funding Source & Dollar Amount | Contributions, Gifts, and Grants $342,706.00 | Contributions, Gifts, Grants $399,879.00 | Contributions, Gifts, Grants $352,423.00 |
| Second Highest Funding Source & Dollar Amount | Fundraising Events $39,272.00 | Program Revenue $2,160.00 | Program Revenue $29,419.00 |
| Third Highest Funding Source & Dollar Amount | Program Revenue $12,555.00 | $0.00 | $0.00 |
Assets and Liabilities
| Fiscal Year | 2022 | 2021 | 2020 |
|---|---|---|---|
| Total Assets | $585,092.00 | $528,819.00 | $414,912.00 |
| Current Assets | $585,092.00 | $528,819.00 | $414,912.00 |
| Long-Term Liabilities | $0.00 | $0.00 | $0.00 |
| Current Liabilities | $0.00 | $0.00 | $0.00 |
| Total Net Assets | $585,092.00 | $528,819.00 | $414,912.00 |
Endowment Info
Do you have an endowment?
No
Capital Campaign Info
Are you currently in a Capital Campaign?
No
Solicitation Permit Info
State Charitable Solicitations Permit
Yes
Permit Expiration Month
June
Permit Expiration Year
2024
Solicitations Permit
Form 990s
| Form 990 FY 2022 | 2022 |
| Form 990 | 2021 |
| Form 990 | 2020 |
| Form 990 | 2019 |
Audit Documents
No audit documents are available at this time
CEO/Executive Director/Board Comments
| Prison systems want our programs more than ever. We have now been asked to expand our Little Readers program, which allows children see and hear their incarcerated loved one read a book to them and read along, to more facilities in Tennessee. For the first time ever, we hired a third full-time employee as Youth Programming Coordinator. We are thrilled by this growth, but we are also at a crossroads. Expenses are outpacing income and in this current economy, we are seeing some people tighten their purse strings. We also lost one of our largest donors and beloved board members to Covid in October 2021 and the annual "A Community Thrives" fundraiser sponsored by Gannett Foundation/USA Today was postponed this year. HeartBound typically wins tens of thousands each year during this campaign ($120K in matching funds from Gannett since 2018), so it was a real gut punch when we learned the campaign was postponed. |
Foundation Staff Comments
| Financial figures taken from Form 990. Form 990 was prepared by Jones and Kolb. Comments provided by Hayley Sulfridge 6/20/23. |
