Heartland Housing Inc

Nonprofit profile at a glance

EIN
363642952
IRS 990 coverage
2009–2024
Forms available
Form 990 2024
Location
Madison, WI, USA
Phone
8723654343
Rating confidence
Limited
Sector
Housing Rehabilitation

Reported finances

Revenue
$0
Expenses
$0
Assets
$388,317
Liabilities
$74,485,618

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

Leadership & pay

3 people listed

People named in this filing

  • DANIEL LEZOTTE (BOARD CHAIR)
  • JOHN MARTIN (SECRETARY (PART YEAR))
  • PAUL WILKOWSKI (DIRECTOR (PART YEAR))

Selected names, not a complete roster or a statement of current roles. Open leadership details for the complete filed list.

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

(see schedule o)heartland housing is a community housing development organization which facilitates the development of people through the preservation and creation of affordable and supportive housing with the priority of meeting the needs of homeless persons and families, very low income individuals and persons with chronic disabilities. The organization was in receivership since fiscal year 2024 and is no longer engaged in the day to day operations and management of the housing properties.

What it reported doing in 2024

Heartland housing, inc. Was created as a non-profit 501(c)(3) affordable housing developer in 1989. Heartland owned membership interests in multiple llcs. Those llcs managed 1,279 affordable housing units in the city of chicago, madison, Wisconsin, and parts of milwaukee.all of the properties were placed into receiverships as of may/june 2023. As a result of the receiverships, the llcs owned and controlled by heartland housing, inc. Were no longer engaged in the day to day operations or management of the properties and do not have control or possession of the properties. (continued on schedule o).heartland housing cooperated with the receivers and other interested parties to transfer ownership of all properties through december 31, 2025. On october 25, 2024, heartland housing, inc. Gave an assignment for the benefit of creditors to heartland abc, a series llc, and on may 23, 2025, heartland abc, a series llc transferred the trust and assignment to kali resolution partners llc.

Operating model

Revenue model
No positive adjusted resources. The filing reports no positive adjusted operating resources.
Distribution model
No current program activity. The filing reports no program spending for the current year.

The verdict

- The available evidence is not sufficient to produce an overall rating for this filing. This is not a warning sign.

Rating breakdown

  • Financial Efficiency: NotEnoughData
  • Transparency & Controls: 83
  • Accountability: 88
  • Sustainability: 0
  • Growth: 0

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: Limited
  • Program expense ratio: Limited
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 83.3%; rating input score 83; 4th percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 64th percentile among comparable filings
  • Governance controls: 5 of 7 controls in place; rating input score 71
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: NotApplicable
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: Limited
  • Total-asset coverage ratio: Limited
  • Liabilities to assets ratio: 191.82; rating input score 0; 0th percentile among comparable filings
  • Officer compensation ratio: Limited

Growth

  • Program expense growth: -11.8% per year; rating input score 0; 26th percentile among comparable filings
  • Revenue growth: -1.8% per year; rating input score 0; 53rd percentile among comparable filings
  • Asset growth: -1.4% per year; rating input score 0; 33rd percentile among comparable filings

Details

  • Where the money goes: Financial trends and filed revenue, expense, asset, and liability detail
  • Governance: 1 of 1 board members independent · 5 of 7 filing controls reported
  • Programs: 1 filed program accomplishment
  • Leadership: top reported pay $0 · 3 people listed
  • Highest-paid contractors: 2 contractors listed · $289K reported
  • Consistency: 11 of 13 current checks pass · 2 findings to review
  • Schedules: 4 filed schedules
  • Filing history: 16 filing years from 2009 to 2024
  • Contacts: How to reach this organization
  • Related organizations: 3 filed related-organization links
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • High — Sustainability: Liabilities to assets ratio scored 0/100.
  • Moderate — Transparency & Controls: Series filing activity did not reconcile in the filed values.
  • Review — Transparency & Controls: Schedule R controlled transactions itemized did not reconcile in the filed values.
  • High — Growth: Program expense growth scored 0/100.
  • High — Growth: Revenue growth scored 0/100.
  • Review — Accountability: Governance controls: Independent financial-statement audit not reported.
  • High — Growth: Asset growth scored 0/100.