HEARTLAND MHDC TOWER CORPORATION

EIN: 811988281 501(c)(3) Community Improvement

CHICAGO, IL

Total Revenue
$701,305
Total Expenses
$724,948
Total Assets
$2,152,001
Net Assets
$-291,773
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Financial Vulnerability Assessment (Tuckman-Chang)

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Financial Trends

Organization Details

Formation Year
2016
Legal Domicile
IL
Principal Officer
RICHARD GONZALEZ
Phone
3122369673
Tax Period
2024-01-01 to 2024-12-31

HEARTLAND MHDC TOWER CORPORATION, founded in 2016, is a small nonprofit in the Community Improvement sector that reported $701K in total revenue in fiscal year 2024.

Mission

HEARTLAND MHDC TOWER CORP IS DEDICATED TO THE PRODUCTION OF NON-DISCRIMINATORY AFFORDABLE HOUSING FOR LOW-INCOME, MINORITY PEOPLE (IDEALLY, IN GEOGRAPHIC AREAS OF EMERGING JOB GROWTH, OR IN AREAS THAT ARE STILL IN THE PROCESS OF RECOVERY AFTER LONG PERIODS OF NEGLECT OR BLIGHT) AND HOUSING FOR SENIOR CITIZENS.

Program Service Accomplishments

Program 1
Expenses: $617,496 Revenue: $701,285

DEVELOP, OWN, AND MANAGE LOW AND MODERATE INCOME HOUSING.

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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%)

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Financial Overview (2024)

Revenue Breakdown

Contributions & Grants $0
Program Service Revenue $701,285
Investment Income $20
Other Revenue $0
TOTAL REVENUE $701,305

Expense Breakdown

Grants Paid $0
Salaries & Benefits $76,770
Fundraising Expenses $0
Program Expenses $617,496
Other Expenses $648,178
TOTAL EXPENSES $724,948

Year-over-Year Comparison

2024 2023 Change
Revenue $701,305 $664,580 +0.1%
Expenses $724,948 $701,420 +0.0%
Net Income $-23,643 $-36,840 -0.4%
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

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Liquidity & Cash Position

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Governance

Voting Members
3
Independent Members
N/A
Employees
2
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
3
$250,000
Total Directors
3
$250,000
Key Employees
0
$0
Highest Compensated
0
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
RICHARD GONZALEZ PRESIDENT 5.00
Officer Director
$0 $0 $250,000
PAUL KORLAPATI TREASURER 5.00
Officer Director
$0 $0 $0
NELSON RIVERA SECRETARY 5.00
Officer 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 $701,305 $724,948 $2,152,001 $-23,643
2023 $664,580 $701,420 $2,213,194 $-36,840
2022 $669,573 $646,000 $2,313,197 $23,573
2021 $663,759 $605,145 $2,341,060 $58,614
2020 $607,535 $660,510 $2,362,100 $-52,975
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