Hope Library Association

Analysis

Hope Library Association is a registered charity in United States, based in Hope, RI. It received its IRS tax-exemption ruling in February 1986, 40 years ago. The IRS classifies it as a publicly supported organisation (donations from the general public) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending June 2023, Hope Library Association reported income of $357k and spending of $351k, spending 98% of its income. Across the 5 years on record, from March 2020 to June 2023, income grew from $311k to $357k (+15%), an average of +3.5% a year. The sharpest change came in the year to June 2023, when income rose by 319%. Over the whole period it spent 98% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, Hope Library Association sits at the 63rd percentile: it is larger than about 63% of them. Against every charity in United States with reported income it ranks in the 65th percentile, and in the 60th percentile within RI. Charities of a similar size with the same main cause include Center for Counseling and Education ($357k), Buena Vista Regional Healthcare Foundation ($357k) and Yokefellow Ministry of Greater Statesville ($357k).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 99% of the total. Compensation of current officers, directors and key employees was $92k (26% of expenses). Other salaries and wages came to $98k. At year end it held assets of $767k against liabilities of $0, net assets of $767k. It reported 12 employees.