HEARTHWAY INC

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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

1971

Legal Domicile

Phone

4134991630

Tax Period

2023-07-01 to 2024-06-30

HEARTHWAY INC, founded in 1971, is a community nonprofit in the Housing & Shelter sector that reported $3.7M in total revenue in fiscal year 2023. Revenue surged 39% from the prior year, signaling strong growth momentum. Expenses of $3.5M left a modest 7% surplus.

Mission

Development and operation of housing and community development projects and programs that benefit low and moderate income people. Most significant current activities are developing affordable housing, administering the Section 8 HCV Program, administering housing assistance programs including RAFT, HomeBASE and Neighbor to Neighbor and operating the region.

Program Service Accomplishments

Program 1

Expenses: $942,697 Revenue: $942,697

Berkshire Housing administers the Section 8 Housing Choice Voucher and Section 8 Mod Rehab rental assistance programs in Berkshire County under contract with DHCD. Section 8 rental vouchers provide rent subsidies to more than 570 low-income families who reside in privately owned housing throughout the County. The Section 8 Mod Rehab are Project Based rent subsidies attached to specific apartments located in privately owned buildings in Pittsfield, Massachusetts.

Program 2

Expenses: $823,250 Revenue: $823,250

HCEC - The Housing Consumer Education Center serves as a single source of information, referrals and services for anyone with a housing related issue. Tenants, landlords, prospective buyers, and...

HCEC - The Housing Consumer Education Center serves as a single source of information, referrals and services for anyone with a housing related issue. Tenants, landlords, prospective buyers, and homeowners can access information designed to maximize housing stability, strengthen investments, and minimize disputes. Through our programs and supports, we strive to prevent homelessness, foster economic self-sufficiency, and ensure housing stability for everyone in the Berkshire County area.

Program 3

Expenses: $660,045 Revenue: $69,981

OTHER PROGRAM SERVICES

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

Financial Overview (2023)

Revenue Breakdown

Contributions & Grants $150,000

Program Service Revenue $3,575,565

Investment Income $18,807

Other Revenue $0

TOTAL REVENUE $3,744,372

Expense Breakdown

Grants Paid $550,000

Salaries & Benefits $2,062,759

Fundraising Expenses $125,371

Program Expenses $3,011,259

Other Expenses $874,920

TOTAL EXPENSES $3,487,679

Year-over-Year Comparison

	2023	2022	Change
Revenue	$3,744,372	$2,702,603	+0.4%
Expenses	$3,487,679	$2,783,516	+0.3%
Net Income	$256,693	$-80,913	-4.2%

Key Indicators

✗ Grants to Organizations ✗ Grants to Individuals ✗ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✓ Schedule B Required

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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

Employees

Volunteers

N/A

Governance Policies

✗ Conflict of Interest Policy

✗ Whistleblower Policy

✗ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School

✗ Operated a Hospital

✗ Provided First Class Travel

✗ Reported Conflict of Interest

✗ Reported Asset Diversion

✗ Excess Benefit Transaction

✗ Made Political Expenditures

✗ Engaged in Lobbying

✗ Operated Donor Advised Fund

✗ Maintained Art Collections

✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers

$221,978

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
EILEEN PELTIER	President	40.00	Officer	$204,000	$17,978	$221,978
MICHAEL DENTON	Director	0.00	Director	$0	$0	$0
MICHAEL BARBIERI	VICE CHAIRMAN	0.00	Officer Director	$0	$0	$0
MATT EMPRIMO	Director	0.00	Director	$0	$0	$0
SHAUN MAHONEY	Director	0.00	Director	$0	$0	$0
MICHAEL WYNN	Director	0.00	Director	$0	$0	$0
ARTHUR MILANO	Chairman	0.00	Officer Director	$0	$0	$0
JAY SACCHETTI	CLERK	0.00	Officer Director	$0	$0	$0
CYNTHIA CARDELI	Director	0.00	Director	$0	$0	$0
STEVEN OWENS	Treasurer	0.00	Officer Director	$0	$0	$0
LISA TRYBUS	Director	0.00	Director	$0	$0	$0
AMBER BESAW	Director	0.00	Director	$0	$0	$0

Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year	Revenue	Expenses	Assets	Net Income
2025	No data	No data	No data	No data
2024	$3,744,372	$3,487,679	$8,274,911	$256,693
2023	$2,702,603	$2,783,516	$8,354,932	$-80,913
2022	$3,182,367	$2,069,367	$8,403,585	$1,113,000
2022	$3,182,367	$2,069,367	$8,403,585	$1,113,000
2021	$2,469,428	$1,879,117	$7,085,718	$590,311
2020	$2,746,025	$1,399,648	$6,689,987	$1,346,377
2019	$1,853,390	$1,148,134	$5,343,161	$705,256