Civic Intelligence

Generous Heart Community Development Inc.

990 • Fiscal year 2023 • EIN 85-3706751

Jan 01, 2023 to Dec 31, 2023 • Filed on Nov 14, 2024

PO Box 924Noblesville, IN 46061

(317) 582-6200

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

96th percentile

1.11x

Higher debt load relative to assets than 96% of similar nonprofits.

2023 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2023

Liabilities / Revenue

98th percentile

22.98x

Higher debt load relative to revenue than 98% of similar nonprofits.

2023 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2023

Net Margin

2nd percentile

-211%

Higher net margin than 2% of similar nonprofits.

2023 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2023

Top Officer Pay

14th percentile

$0

Higher top officer pay than 14% of similar nonprofits.

Top officer pay equals 0.0% of source-year revenue.

2023 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2023

Asset Growth

97th percentile

148%

Faster asset growth than 97% of similar nonprofits.

2023 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2022 to 2023

Revenue Growth

99th percentile

639%

Faster revenue growth than 99% of similar nonprofits.

2023 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2022 to 2023

Assets

Up

$19,314,081

Up $11,512,500 (+148%) from 2022

Net Assets

Down

-$2,167,862

Down $1,967,915 (-984%) from 2022

Liabilities

Up

$21,481,943

Up $13,480,415 (+168%) from 2022

Revenue

Up

$934,673

Up $808,182 (+639%) from 2022

Expenses

Up

$2,902,588

Up $2,576,321 (+790%) from 2022

Net Income

Down

-$1,967,915

Down $1,768,139 (-885%) from 2022

Historical Trend

Balance Sheet Trend

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

$30M$20M$10M$0-$10MAssets 2022: $7,801,581Liabilities 2022: $8,001,528Net Assets 2022: -$199,9472022Assets 2023: $19,314,081Liabilities 2023: $21,481,943Net Assets 2023: -$2,167,8622023Assets 2024: $20,689,580Liabilities 2024: $24,648,519Net Assets 2024: -$3,958,9392024

Highlighted filing

2023

Assets$19,314,081
Liabilities$21,481,943
Net Assets-$2,167,862

Operations Trend

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

$10M$5.0M$0-$5.0MRevenue 2022: $126,491Expenses 2022: $326,267Net Income 2022: -$199,7762022Revenue 2023: $934,673Expenses 2023: $2,902,588Net Income 2023: -$1,967,9152023Revenue 2024: $2,530,704Expenses 2024: $6,107,516Net Income 2024: -$3,576,8122024

Highlighted filing

2023

Revenue$934,673
Expenses$2,902,588
Net Income-$1,967,915
Jump To
Filing Snapshot
Filing Period
Jan 1, 2023 to Dec 31, 2023
Signed
Nov 14, 2024
Return Version
2023v5.1
Gross Receipts
$934,673
Mission and Program Overview

Mission

Generous heart community development inc. Develops, facilitates, manages and maintains affordable housing for low-income individuals. Such affordable housing services are limited to those individuals who qualify for charitable affordable housing assistance in accordance with revenue procedure 96-32 and other applicable hud, federal, state and local limitations and restrictions with respect to the provision of affordable housing to individuals on a charitable basis.

To facilitate, develop, and own new affordable housing projects.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$4,972,222$19,107,316▲ $14,135,094
Loans From Officers Directors-$1,154,432-
Accounts Receivable$36,217$103,608▲ $67,391
Cash and Non-Interest-Bearing Accounts$38,018$51,947▲ $13,929
Prepaid Expenses and Deferred Charges$3,797$51,210▲ $47,413
Intangible Assets$30,164$0▼ $30,164
Pd in Cap Srpls Land Bldg Eqp Fund$0$0→ $0
Cap Stk Tr Prin Current Funds$0$0→ $0
Rtn Earn Endowment Incm Other Fnds$-199,947$-2,167,862▼ $1,967,915
Total Assets$7,801,581$19,314,081▲ $11,512,500
Other Assets Total$2,721,163$0▼ $2,721,163
Liabilities
Mortgage Notes Payable Secured by Investment Property$6,554,374$17,998,763▲ $11,444,389
Accounts Payable and Accrued Expenses$1,447,154$2,328,748▲ $881,594
Total Liabilities$8,001,528$21,481,943▲ $13,480,415
Net Assets / Fund Balance
Total Net Assets Fund Balance$-199,947$-2,167,862▼ $1,967,915
Total Liabilities and Net Assets / Fund Balance$7,801,581$19,314,081▲ $11,512,500

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$18,566,014$260,201$18,826,215
Leasehold Improvements$541,302$10,066$551,368
Compensation and Service Providers

Board Members and Trustees

NameTitle
Thomas SearsPresident
Josh WatsonVice-president & Secretary
Milissa TurnerDirector
Paul Ezekiel TurnerDirector
Lori AltTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$934,673
Investment Income
$0
Other Revenue
$0
Change in Net Assets
$-1,967,915
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$1,912,285
Salaries, Compensation, and Employee Benefits$989,803
Grants and Similar Amounts Paid$500
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$896,142--$896,142
Interest$805,994--$805,994
Depreciation Depletion$244,835--$244,835
Fees for Services Management$168,500--$168,500
Occupancy$141,982--$141,982
Insurance$110,158--$110,158
Office Expenses$76,385$327-$76,712
Payroll Taxes$72,680--$72,680
Information Technology$65,399--$65,399
Advertising$28,560--$28,560
Conferences and Meetings$25,331--$25,331
Fees for Services Other$21,914$84-$21,998
Other Employee Benefits$20,981--$20,981
Travel$16,256--$16,256
Other Expenses$12,782--$12,782
Fees for Services Accounting-$8,970-$8,970
Fees for Services Legal-$6,242-$6,242
All Other Expenses$540--$540
Grants to Domestic Orgs$500--$500
Total Functional Expenses$2,886,965$15,623$0$2,902,588
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
Insider Transactions and Loans

Interested-Person Transactions

Interested PartyRelationshipDescriptionShared RevenueAmount
Lori AltLORI'S HUSBAND, SETH ALT, IS THE SOLE OWNER OF ALT CONSTRUCTIONConstruction WorkNo$2,746,047

Loans and Receivables

Line ItemBeginningEndChange
Loans from Officers, Directors, Trustees, and Key Employees-$1,154,432-
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Backup withholding compliance
Yes
Business relationship with 35% controlled entity
Yes
Business relationship with family members
Yes
Business relationship with organization members
Yes
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
Yes
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

Milissa turner and paul ezekiel turner are married.

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

The board reviews a copy of form 900 prior to filing.

Form 990, Part VI, Section B, Line 12C

Compliance with the conflict of interest policy is reviewed annually or at any such time that a conflict occurs.

Form 990, Part VI, Section C, Line 19

Governing documents and financial statements are available upon request.

Filing and Contact Details

Filer

Filer Name
Generous Heart Community Development Inc
EIN
85-3706751
Phone
3175826200
Address
PO BOX 924, NOBLESVILLE, IN 46061

Signing Officer

Name
Thomas Sears
Title
President
Phone
3175826200
Signed
2024-11-14
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Thomas Sears
Formed
2020
Legal Domicile
In
Voting Board Members
5
Independent Board Members
5
Employees
120
Volunteers
5

Preparer

Firm
Ksm Business Services Inc
Address
PO BOX 40857, INDIANAPOLIS, IN 46240
Preparer
Donald R Boezeman
Phone
3175802000
Supplemental Narrative

Additional Explanations

FORM 990, PART V, LINE 2A;

The organization is using the peo model for payroll reporting. Expenses and compensation are being reported as provided by the peo. The peo files all required employment tax returns on behalf of the organization.

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IRS990/ScheduleJRequiredInd00
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/NameOfInterested/PersonNm0LORI ALT
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/RelationshipDescriptionTxt0LORI'S HUSBAND, SETH ALT, IS THE SOLE OWNER OF ALT CONSTRUCTION
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/SharingOfRevenuesInd00
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/TransactionAmt02746047
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/TransactionDesc0CONSTRUCTION WORK
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/BalanceDueAmt01154432
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/BoardOrCommitteeApprovalInd01
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/BusinessName/BusinessNameLine1Txt0PAUL EZEKIEL TURNER VITA INVESTMENT HOLDINGS LLC
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/DefaultInd00
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/LoanPurposeTxt0OPERATING CAPITAL
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/LoanToOrganizationInd0X
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/OriginalPrincipalAmt01154432
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/RelationshipWithOrgTxt0MEMBER OF BOARD
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/WrittenAgreementInd00
IRS990ScheduleL/TotalBalanceDueAmt01154432
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0MILISSA TURNER AND PAUL EZEKIEL TURNER ARE MARRIED.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE BOARD REVIEWS A COPY OF FORM 900 PRIOR TO FILING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2COMPLIANCE WITH THE CONFLICT OF INTEREST POLICY IS REVIEWED ANNUALLY OR AT ANY SUCH TIME THAT A CONFLICT OCCURS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3GOVERNING DOCUMENTS AND FINANCIAL STATEMENTS ARE AVAILABLE UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4THE ORGANIZATION IS USING THE PEO MODEL FOR PAYROLL REPORTING. EXPENSES AND COMPENSATION ARE BEING REPORTED AS PROVIDED BY THE PEO. THE PEO FILES ALL REQUIRED EMPLOYMENT TAX RETURNS ON BEHALF OF THE ORGANIZATION.
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 B, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PART VI, SECTION C, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PART V, LINE 2A;
IRS990ScheduleR/AssetExchangeInd00
IRS990ScheduleR/AssetPurchaseFromOtherOrgInd00
IRS990ScheduleR/AssetSaleToOtherOrgInd00
IRS990ScheduleR/DivRelatedOrganizationInd00
IRS990ScheduleR/GiftGrntCapContriFromOthOrgInd00
IRS990ScheduleR/GiftGrntOrCapContriToOthOrgInd00
IRS990ScheduleR/IdDisregardedEntitiesGrp/DirectControllingEntityName/BusinessNameLine1Txt0GENEROUS HEART COMMUNITY DEVELOPMENT INC
IRS990ScheduleR/IdDisregardedEntitiesGrp/DirectControllingEntityName/BusinessNameLine1Txt1GENEROUS HEART COMMUNITY DEVELOPMENT INC
IRS990ScheduleR/IdDisregardedEntitiesGrp/DirectControllingEntityName/BusinessNameLine1Txt2GENEROUS HEART COMMUNITY DEVELOPMENT INC
IRS990ScheduleR/IdDisregardedEntitiesGrp/DisregardedEntityName/BusinessNameLine1Txt0AHP UNION CITY AL LLC
IRS990ScheduleR/IdDisregardedEntitiesGrp/DisregardedEntityName/BusinessNameLine1Txt1AHP YORKTOWN AL LLC
IRS990ScheduleR/IdDisregardedEntitiesGrp/DisregardedEntityName/BusinessNameLine1Txt2HAMILTON PLACE LP
IRS990ScheduleR/IdDisregardedEntitiesGrp/EIN0883520259
IRS990ScheduleR/IdDisregardedEntitiesGrp/EIN1883524177
IRS990ScheduleR/IdDisregardedEntitiesGrp/EIN2200810718
IRS990ScheduleR/IdDisregardedEntitiesGrp/EndOfYearAssetsAmt013046329
IRS990ScheduleR/IdDisregardedEntitiesGrp/EndOfYearAssetsAmt16266159
IRS990ScheduleR/IdDisregardedEntitiesGrp/EndOfYearAssetsAmt22369992
IRS990ScheduleR/IdDisregardedEntitiesGrp/LegalDomicileStateCd0IN
IRS990ScheduleR/IdDisregardedEntitiesGrp/LegalDomicileStateCd1IN
IRS990ScheduleR/IdDisregardedEntitiesGrp/LegalDomicileStateCd2IN
IRS990ScheduleR/IdDisregardedEntitiesGrp/PrimaryActivitiesTxt0REAL ESTATE
IRS990ScheduleR/IdDisregardedEntitiesGrp/PrimaryActivitiesTxt1REAL ESTATE
IRS990ScheduleR/IdDisregardedEntitiesGrp/PrimaryActivitiesTxt2REAL ESTATE
IRS990ScheduleR/IdDisregardedEntitiesGrp/TotalIncomeAmt0-863752
IRS990ScheduleR/IdDisregardedEntitiesGrp/TotalIncomeAmt1-1092867
IRS990ScheduleR/IdDisregardedEntitiesGrp/TotalIncomeAmt23332795
IRS990ScheduleR/IdDisregardedEntitiesGrp/USAddress/AddressLine1Txt0PO BOX 924
IRS990ScheduleR/IdDisregardedEntitiesGrp/USAddress/AddressLine1Txt1PO BOX 924
IRS990ScheduleR/IdDisregardedEntitiesGrp/USAddress/AddressLine1Txt2PO BOX 920
IRS990ScheduleR/IdDisregardedEntitiesGrp/USAddress/CityNm0NOBLESVILLE
IRS990ScheduleR/IdDisregardedEntitiesGrp/USAddress/CityNm1NOBLESVILLE
IRS990ScheduleR/IdDisregardedEntitiesGrp/USAddress/CityNm2CICERO
IRS990ScheduleR/IdDisregardedEntitiesGrp/USAddress/StateAbbreviationCd0IN
IRS990ScheduleR/IdDisregardedEntitiesGrp/USAddress/StateAbbreviationCd1IN
IRS990ScheduleR/IdDisregardedEntitiesGrp/USAddress/StateAbbreviationCd2IN
IRS990ScheduleR/IdDisregardedEntitiesGrp/USAddress/ZIPCd046061
IRS990ScheduleR/IdDisregardedEntitiesGrp/USAddress/ZIPCd146061
IRS990ScheduleR/IdDisregardedEntitiesGrp/USAddress/ZIPCd246034
IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/DirectControllingEntityName/BusinessNameLine1Txt0GENEROUS HEART - AFR INDIANA NONPROFIT LLC
IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/DirectControllingEntityName/BusinessNameLine1Txt1GENEROUS HEART COMMUNITY DEVELOPMENT INC
IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/DirectControllingEntityName/BusinessNameLine1Txt2GENEROUS HEART COMMUNITY DEVELOPMENT INC
IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/DisproportionateAllocationsInd00
IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/DisproportionateAllocationsInd10
IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/DisproportionateAllocationsInd20
IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/EIN0882785422
IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/EIN1883858586
IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/EIN2853713042
IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/GeneralOrManagingPartnerInd00
IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/GeneralOrManagingPartnerInd10
IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/GeneralOrManagingPartnerInd20
IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/LegalDomicileStateCd0IN
IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/LegalDomicileStateCd1IN
IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/LegalDomicileStateCd2IN
IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/OwnershipPct01.00000
IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/OwnershipPct11.00000
IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/OwnershipPct21.00000
IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/PrimaryActivitiesTxt0HOLDING COMPANY
IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/PrimaryActivitiesTxt1HOLDING COMPANY
IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/PrimaryActivitiesTxt2HOLDING COMPANY
IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/RelatedOrganizationName/BusinessNameLine1Txt0AFR INDIANA MM LLC
IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/RelatedOrganizationName/BusinessNameLine1Txt1GENEROUS HEART - AFR INDIANA NONPROFIT LLC
IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/RelatedOrganizationName/BusinessNameLine1Txt2GENEROUS HEART - MARION NONPROFIT LLC
IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/ShareOfEOYAssetsAmt01640
IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/ShareOfEOYAssetsAmt1606
IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/ShareOfTotalIncomeAmt0-57
IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/USAddress/AddressLine1Txt0PO BOX 920
IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/USAddress/AddressLine1Txt1PO BOX 924
IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/USAddress/AddressLine1Txt2PO BOX 924
IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/USAddress/CityNm0CICERO
IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/USAddress/CityNm1NOBLESVILLE
IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/USAddress/CityNm2NOBLESVILLE
IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/USAddress/StateAbbreviationCd0IN
IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/USAddress/StateAbbreviationCd1IN
IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/USAddress/StateAbbreviationCd2IN
IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/USAddress/ZIPCd046034
IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/USAddress/ZIPCd146061
IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/USAddress/ZIPCd246061
IRS990ScheduleR/LoansOrGuaranteesFromOthOrgInd00
IRS990ScheduleR/LoansOrGuaranteesToOtherOrgInd00
IRS990ScheduleR/PaidEmployeesSharingInd00
IRS990ScheduleR/PerformOfServicesByOtherOrgInd00
IRS990ScheduleR/PerformOfServicesForOthOrgInd00
IRS990ScheduleR/ReceiptOfIntAnntsRntsRyltsInd00
IRS990ScheduleR/ReimbursementPaidByOtherOrgInd00
IRS990ScheduleR/ReimbursementPaidToOtherOrgInd00
IRS990ScheduleR/RentalOfFacilitiesToOthOrgInd00
IRS990ScheduleR/RentalOfFcltsFromOthOrgInd00
IRS990ScheduleR/SharingOfFacilitiesInd00
IRS990ScheduleR/TransferFromOtherOrgInd00
IRS990ScheduleR/TransferToOtherOrgInd00
IRS990/SchoolOperatingInd00
IRS990/SignificantChangeInd00
IRS990/SignificantNewProgramSrvcInd00
IRS990/StatesWhereCopyOfReturnIsFldCd0IN
IRS990/SubjectToExcsTaxNetInvstIncInd00
IRS990/SubjectToProxyTaxInd00
IRS990/SubjToTaxRmnrtnExPrchtPymtInd00
IRS990/TaxablePartyNotificationInd00

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