Overview
What is Open Hearth Inc?
Open Hearth Inc, a nonprofit organization based in Spring City, Pennsylvania, serves Chester County and parts of Montgomery County. Their mission is to aid individuals in breaking the cycle of homelessness and attaining financial self-sufficiency. They offer a variety of innovative programs, including the Family Savings Partner Program, which assists eligible individuals in building assets through matched savings for home purchases, education, or car purchases. They conduct educational workshops on financial topics and have helped 46 households achieve their long-term goals, with a total savings of $482,374 and $13.6 million in asset purchases since 2001. Additionally, Open Hearth Inc offers budget counseling, credit repair, debt counseling, and social service support through the Financial Insight and Resource Management program. Their Financial Navigator serves as a point of entry for the PA CareerLink and the United Way of Chester County Financial Stability Center, assisting individuals in achieving income growth, debt reduction, and asset accumulation. With 12 employees, Open Hearth Inc is committed to supporting and empowering their community.
Official website here: www.openhearthinc.org
What are the reviews and ratings of this charity?
Charity Navigator Rating 98% Four-Star out of Four Star rating
Open Hearth Inc has earned a commendable Four-Star rating from Charity Navigator, reflecting its strong performance in both accountability and impact. With an overall score based on various beacon metrics, the organization boasts a high Accountability & Finance score of 96 and an impressive Impact & Measurement score of 100. This performance indicates a well-managed organization that prioritizes financial health and effective program delivery.
The charity demonstrates exceptional financial responsibility, evident from a program expense ratio of nearly 96%. Its independent board is comprised entirely of nine members, further enhancing governance and oversight. Policies such as conflict of interest, whistleblower protocols, and a comprehensive audit system highlight the organization's commitment to transparency and ethical operations.
While the organization excels in financial management and impact evaluation, it provides shelter services to a relatively small population, with accommodations for those under 200% of Fair Market Rent. This may limit the reach of its impactful programs, suggesting room for expansion to serve a broader community. Overall, Open Hearth Inc stands out for its solid governance practices and measured impact on those it serves.
This AI summary has been generated from information found on Charity Navigator.
Is Open Hearth Inc legitimate?
Open Hearth Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Open Hearth Inc submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Official website here: www.openhearthinc.org
What is the mission statement of Open Hearth Inc?
Open Hearth Inc, as a leading organization in resource coordination and community building, is committed to supporting and empowering individuals to break the cycle of homelessness and achieve financial stability. They provide innovative programs that help people secure affordable housing, transportation, and workforce opportunities, ultimately enabling them to become financially self-sufficient. Through initiatives like the Family Savings Partner Program and Financial Insight and Resource Management, Open Hearth Inc offers educational workshops, budget counseling, credit repair, and debt counseling, assisting individuals in building assets and improving their financial situations. The organization's impact includes helping numerous households attain their long-term goals and providing resources to increase income, decrease debt, and boost assets.
Official website here: www.openhearthinc.org
Who is the CEO of Open Hearth Inc?
Edwin Santiago is the Principal Officer of Open Hearth Inc.
Official website here: www.openhearthinc.org
What is the revenue of Open Hearth Inc?
Open Hearth Inc's revenue in 2021 was $5,308,123.
Official website here: www.openhearthinc.org
Who are the executives of Open Hearth Inc and what are their salaries?
Where can I find the form 990 for Open Hearth Inc?
Open Hearth Inc's most recent form 990 was submitted in 2021 and can be accessed here.
Official website here: www.openhearthinc.org
Learn more at the official website: www.openhearthinc.org
Mission Statement of Open Hearth Inc
Open Hearth, Inc., as a pioneering nonprofit organization, is dedicated to breaking the cycle of homelessness and fostering financial self-sufficiency. By combining its own direct services and an extensive network of collaborators, Open Hearth empowers individuals to secure affordable housing, reliable transportation, and sustainable employment opportunities. The organization's mission goes beyond mere assistance; it strives to instill a sense of independence and self-reliance in those it serves.
One of Open Hearth's innovative programs is the Family Savings Partner Program. This initiative assists eligible individuals by offering matched savings, which can be utilized for significant life milestones such as purchasing a home or a vehicle, or furthering one's education. The program organizes educational workshops across Chester County, covering topics like budgeting, credit management, and home buying. Through this program and its asset-building initiatives, Open Hearth has assisted numerous households in achieving their long-term goals, with a total of 6 households successfully realizing their aspirations.
Beyond the Family Savings Partner Program, Open Hearth offers the Financial Insight and Resource Management program. This initiative provides budget counseling, credit repair, debt management, and social service support to 177 households annually. Open Hearth's Financial Navigator serves as a gateway to resources, conducting initial intakes and financial assessments for individuals seeking services at the PA CareerLink and United Way of Chester County Financial Stability Center. The Financial Navigator's role is to coordinate resources and support clients in their efforts to increase income, decrease debt, and accumulate assets.
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Impact
October, 2024
Open Hearth Inc significantly impacts the communities it serves by implementing innovative programs aimed at breaking the cycle of homelessness and fostering financial self-sufficiency. By offering a range of services, the organization empowers individuals and families to achieve their goals for affordable housing, transportation, and economic stability.
One of the standout programs is the Family Savings Partner Program, which assists eligible individuals in building assets through matched savings for crucial purchases such as homes, education, or transportation. This initiative not only equips participants with financial knowledge through educational workshops across Chester County—covering essential topics like budgeting and credit—but also fosters a culture of saving and asset building. Since 2001, program graduates have collectively saved over $482,000, which has facilitated the purchase of nearly $13.6 million in assets, showcasing the program's effectiveness in promoting financial independence.
Additionally, the Financial Insight and Resource Management program plays a pivotal role in enhancing financial literacy and stability. By providing budget counseling, credit repair, and debt counseling services, Open Hearth Inc directly assists hundreds of households each year. The Financial Navigator serves as a crucial entry point for individuals seeking financial assistance, guiding them through the resources available at the Financial Stability Center in Exton, PA. During the last fiscal year alone, the organization supported 242 clients, helping them to increase their income, reduce their debt, and build their assets.
Through these comprehensive services, Open Hearth Inc not only addresses the immediate needs of vulnerable populations but also fosters long-term change, enabling individuals and families to build sustainable futures. Its role as a leader in resource coordination and community-building efforts has significantly contributed to enhancing the quality of life in Chester County and parts of Montgomery County, demonstrating a profound commitment to fostering economic empowerment and social stability.
This information is meant to be a general summary of Open Hearth Inc. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2021.
- Investment Income: $7,261
- Gross Receipts: $5,308,123
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Organization Details
Founding Year
1991
Phone
(610) 792-9282Principal Officer
Edwin Santiago
Main Address
101 N Main Street No A-1, Spring City, PA, 19475
Website
www.openhearthinc.orgNTEE Category
Code: P73Z - Human services
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