Civic Intelligence

Open Hearts Place

990 • Fiscal year 2024 • EIN 84-4729940

Jul 01, 2023 to Jun 30, 2024 • Filed on Apr 24, 2025

Organization ProfileWWW.OPENHEARTSPLACE.ORG
201 Shady Rest RoadMorganton, NC 28655

(828) 433-7437

Siviq Scores

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Balance Sheet

Assets

Up

$1,349,885

Up $561,245 (+71%) from 2023

Net Assets

Down

$580,363

Down $199,205 (-26%) from 2023

Liabilities

Up

$769,522

Up $760,450 (+8382%) from 2023

Revenue And Expenses

Revenue

Down

$191,054

Down $76,890 (-29%) from 2023

Expenses

Up

$69,884

Up $44,075 (+171%) from 2023

Net Income

Down

$121,170

Down $120,965 (-50%) from 2023

Historical Trend

Balance Sheet Trend

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$1.5M$1.0M$500K$0Assets 2021: $242,900Liabilities 2021: $33,542Net Assets 2021: $209,3582021Assets 2022: $541,114Liabilities 2022: $3,681Net Assets 2022: $537,4332022Assets 2023: $788,640Liabilities 2023: $9,072Net Assets 2023: $779,5682023Assets 2024: $1,349,885Liabilities 2024: $769,522Net Assets 2024: $580,3632024Assets 2025: $1,447,779Liabilities 2025: $827,982Net Assets 2025: $619,7972025

Highlighted filing

2024

Assets$1,349,885
Liabilities$769,522
Net Assets$580,363
Open 2024 Filing

Operations Trend

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$400K$300K$200K$100K$0Revenue 2021: $307,577Expenses 2021: $2,036Net Income 2021: $305,5412021Revenue 2022: $342,792Expenses 2022: $14,717Net Income 2022: $328,0752022Revenue 2023: $267,944Expenses 2023: $25,809Net Income 2023: $242,1352023Revenue 2024: $191,054Expenses 2024: $69,884Net Income 2024: $121,1702024Revenue 2025: $189,863Expenses 2025: $149,930Net Income 2025: $39,9332025

Highlighted filing

2024

Revenue$191,054
Expenses$69,884
Net Income$121,170
Open 2024 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2023 to Jun 30, 2024
Signed
Apr 24, 2025
Return Version
2023v6.0
Gross Receipts
$196,063
Mission and Program Overview

Mission

To provide homes and purposeful opportunities for families to increase skills, gain stability, and become more self-sufficient.

The mission of open hearts place is to provide homes and purposeful opportunities for families to increase life skills, gain stability, and become more self-sufficient. Open hearts place will provide newly built or remodeled homes, and thereby a more stable environment, for those families who are trying to "get back on their feet", while involving them in an agreed-upon personal development plan (pdp).

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$533,038$1,266,585▲ $733,547
Cash and Non-Interest-Bearing Accounts$83,082$78,703▼ $4,379
Investments in Publicly Traded Securities-$4,130-
Accounts Receivable$520$467▼ $53
Total Assets$788,640$1,349,885▲ $561,245
Other Assets Total$172,000$0▼ $172,000
Liabilities
Mortgage Notes Payable Secured by Investment Property-$620,000-
Unsecured Notes Loans Payable-$134,321-
Other Liabilities$7,827$9,003▲ $1,176
Accounts Payable and Accrued Expenses$1,245$6,198▲ $4,953
Total Liabilities$9,072$769,522▲ $760,450
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$759,879$527,261▼ $232,618
Net Assets With Donor Restrictions$19,689$53,102▲ $33,413
Total Net Assets Fund Balance$779,568$580,363▼ $199,205
Total Liabilities and Net Assets / Fund Balance$788,640$1,349,885▲ $561,245

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$1,188,085$36,684$1,224,769
Land$78,500-$78,500
Compensation and Service Providers

Board Members and Trustees

NameTitle
Madelyn RussExe Director & Board Chair
Susan PribysonVice Chair
Caroline TilleryBoard Member
Casandra EarleyBoard Member
Jacob LancasterBoard Member
Mary WrightBoard Member
Tom RussBoard Member
Ann MoncriefSecretary
Ryan CaryTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$172,288
Program Service Revenue
$19,637
Investment Income
$-871
Other Revenue
$0
All Other Contributions
$172,288
Change in Net Assets
$121,170

Audited Revenue Reconciliation

Revenue per Audited Statements
$191,054
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$0
Total Revenue per Audited Statements
$191,054
Total Revenue per Form 990
$191,054
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$69,884
Total Fundraising Expense$220
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Depreciation Depletion$16,304--$16,304
Fees for Services Accounting-$15,080-$15,080
Insurance$3,627$1,900-$5,527
All Other Expenses$4,720$510-$5,230
Office Expenses$123$3,467$220$3,810
Other Expenses$3,255--$3,255
Interest$894--$894
Advertising-$773-$773
Total Functional Expenses$47,934$21,730$220$69,884

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$69,884
Total Expenses per Audited Statements$69,884
Total Expenses per Form 990$69,884
Expenses Not Reported on Financial Statements$0
Expenses Not Reported on Form 990$0
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Participant Savings$9,003
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Audit committee
No
Backup withholding compliance
Yes
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
No
Other officer compensation reviewed
No
Conflict-of-interest policy
No
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section A, Line 2

“The executive director and one of the board members are spouses.”

Form 990, Part VI, Section B, Line 11B

“Reviewed by executive director”

Form 990, Part VI, Section C, Line 19

“UPON REQUEST”

Filing and Contact Details

Filer

Filer Name
Open Hearts Place
EIN
84-4729940
Phone
8284337437
Address
201 SHADY REST ROAD, MORGANTON, NC 28655

Signing Officer

Name
Madelyn Russ
Title
Executive Director
Phone
8284300417
Signed
2025-04-24
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Madelyn Russ
Formed
2020
Legal Domicile
Nc
Voting Board Members
9
Independent Board Members
9
Employees
0
Volunteers
25

Preparer

Firm
Lowdermilk Church & Co Llp
Address
121 NORTH STERLING STREET, MORGANTON, NC 28655
Preparer
Phillip E Church
Phone
8284331226
Supplemental Narrative

Additional Explanations

FORM 990, PART XI, LINE 9:

“Py accumulated depreciation not reported in py -20,376. Prior period adjustment-debt not recorded -300,000. Rounding 1.”

Financial Statement Notes

PART X, LINE 2:

“Fasb asc 740-10, accounting for uncertainty in income taxes, clarifies the accounting for uncertainty in income tax positions. Based on an evaluation of uncertain tax positions, management is required to measure potential tax liabilities that could have a risk of greater than a 50% likelihood of being realized upon settlement. As of june 30, 2024, management has determined that the corporation has no such risk and, therefore, no liabilities have been recorded for uncertain tax positions.”

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IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/ZIPCode0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/TotalContributionsAmt0RESTRICTED
IRS990/ScheduleBRequiredInd01
IRS990ScheduleD/BuildingsGrp/BookValueAmt01188085
IRS990ScheduleD/BuildingsGrp/DepreciationAmt036684
IRS990ScheduleD/BuildingsGrp/OtherCostOrOtherBasisAmt01224769
IRS990ScheduleD/ExpensesNotReportedAmt00
IRS990ScheduleD/ExpensesNotRptFinclStmtAmt00
IRS990ScheduleD/ExpensesSubtotalAmt069884
IRS990ScheduleD/FootnoteTextInd0X
IRS990ScheduleD/LandGrp/BookValueAmt078500
IRS990ScheduleD/LandGrp/OtherCostOrOtherBasisAmt078500
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt09003
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0PARTICIPANT SAVINGS
IRS990ScheduleD/RevenueNotReportedAmt00
IRS990ScheduleD/RevenueNotReportedFinclStmtAmt00
IRS990ScheduleD/RevenueSubtotalAmt0191054
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0FASB ASC 740-10, ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES, CLARIFIES THE ACCOUNTING FOR UNCERTAINTY IN INCOME TAX POSITIONS. BASED ON AN EVALUATION OF UNCERTAIN TAX POSITIONS, MANAGEMENT IS REQUIRED TO MEASURE POTENTIAL TAX LIABILITIES THAT COULD HAVE A RISK OF GREATER THAN A 50% LIKELIHOOD OF BEING REALIZED UPON SETTLEMENT. AS OF JUNE 30, 2024, MANAGEMENT HAS DETERMINED THAT THE CORPORATION HAS NO SUCH RISK AND, THEREFORE, NO LIABILITIES HAVE BEEN RECORDED FOR UNCERTAIN TAX POSITIONS.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0PART X, LINE 2:
IRS990ScheduleD/TotalBookValueLandBuildingsAmt01266585
IRS990ScheduleD/TotalExpensesPerForm990Amt069884
IRS990ScheduleD/TotalLiabilityAmt09003
IRS990ScheduleD/TotalRevenuePerForm990Amt0191054
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt0191054
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt069884
IRS990/ScheduleJRequiredInd00
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THE EXECUTIVE DIRECTOR AND ONE OF THE BOARD MEMBERS ARE SPOUSES.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1REVIEWED BY EXECUTIVE DIRECTOR
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2UPON REQUEST
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3PY ACCUMULATED DEPRECIATION NOT REPORTED IN PY -20,376. PRIOR PERIOD ADJUSTMENT-DEBT NOT RECORDED -300,000. ROUNDING 1.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PART VI, SECTION A, LINE 2
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PART VI, SECTION B, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PART VI, SECTION C, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PART XI, LINE 9:
IRS990/SchoolOperatingInd00
IRS990/SignificantChangeInd00
IRS990/SignificantNewProgramSrvcInd00
IRS990/SubjectToExcsTaxNetInvstIncInd00
IRS990/SubjectToProxyTaxInd00
IRS990/SubjToTaxRmnrtnExPrchtPymtInd00
IRS990/TaxablePartyNotificationInd00
IRS990/TaxExemptBondsInd00
IRS990/TerminateOperationsInd00
IRS990/TotalAssetsBOYAmt0788640
IRS990/TotalAssetsEOYAmt01349885
IRS990/TotalAssetsGrp/BOYAmt0788640
IRS990/TotalAssetsGrp/EOYAmt01349885
IRS990/TotalCompGreaterThan150KInd00
IRS990/TotalContributionsAmt0172288
IRS990/TotalEmployeeCnt00
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt0220
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt021730
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt047934
IRS990/TotalFunctionalExpensesGrp/TotalAmt069884
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt09072
IRS990/TotalLiabilitiesEOYAmt0769522
IRS990/TotalLiabilitiesGrp/BOYAmt09072
IRS990/TotalLiabilitiesGrp/EOYAmt0769522
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt0779568
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt0580363
IRS990/TotalOtherCompensationAmt00
IRS990/TotalProgramServiceExpensesAmt047934
IRS990/TotalProgramServiceRevenueAmt019637
IRS990/TotalReportableCompFromOrgAmt00
IRS990/TotalRevenueGrp/ExclusionAmt018766
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt00
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt0191054
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt00
IRS990/TotalVolunteersCnt025
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt0788640
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt01349885
IRS990/TotReportableCompRltdOrgAmt00
IRS990/TrnsfrExmptNonChrtblRltdOrgInd00
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd00
IRS990/UnsecuredNotesLoansPayableGrp/EOYAmt0134321
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt0201 SHADY REST ROAD
IRS990/USAddress/CityNm0MORGANTON
IRS990/USAddress/StateAbbreviationCd0NC
IRS990/USAddress/ZIPCd028655
IRS990/VotingMembersGoverningBodyCnt09
IRS990/VotingMembersIndependentCnt09
IRS990/WebsiteAddressTxt0WWW.OPENHEARTSPLACE.ORG
IRS990/WhistleblowerPolicyInd00
ReturnHeader/BuildTS02025-03-06 01:10:19Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd01
ReturnHeader/BusinessOfficerGrp/PersonNm0MADELYN RUSS
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0EXECUTIVE DIRECTOR
ReturnHeader/BusinessOfficerGrp/PhoneNum08284300417
ReturnHeader/BusinessOfficerGrp/SignatureDt02025-04-24
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0OPEN HEARTS PLACE
ReturnHeader/Filer/BusinessNameControlTxt0OPEN
ReturnHeader/Filer/EIN0844729940
ReturnHeader/Filer/PhoneNum08284337437
ReturnHeader/Filer/USAddress/AddressLine1Txt0201 SHADY REST ROAD
ReturnHeader/Filer/USAddress/CityNm0MORGANTON
ReturnHeader/Filer/USAddress/StateAbbreviationCd0NC
ReturnHeader/Filer/USAddress/ZIPCd028655
ReturnHeader/IRSResponsiblePrtyInfoCurrInd00
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0561607661
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0LOWDERMILK CHURCH & CO LLP
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt0121 NORTH STERLING STREET
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0MORGANTON
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0NC
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd028655
ReturnHeader/PreparerPersonGrp/PhoneNum08284331226
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0PHILLIP E CHURCH
ReturnHeader/ReturnTs02025-04-29T07:00:37-05:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02023-07-01
ReturnHeader/TaxPeriodEndDt02024-06-30
ReturnHeader/TaxYr02023

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

2024 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$1,349,885
Liabilities
$769,522
Net assets
$580,363
Revenue
$191,054
Expenses
$69,884
Net income
$121,170
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.45$0.83$0.62$0.19$0.15$0.04
2024Detailed filing. Detailed filing data is available for this year.$1.35$0.77$0.58$0.19$0.07$0.12
2023Detailed filing. Detailed filing data is available for this year.$0.79$0.01$0.78$0.27$0.03$0.24
2022Detailed filing. Detailed filing data is available for this year.$0.54$0.00$0.54$0.34$0.01$0.33
2021Detailed filing. Detailed filing data is available for this year.$0.24$0.03$0.21$0.31$0.00$0.31