Hancock Estates Corp

Analysis

Hancock Estates Corp is a registered charity in United States, based in Cumberland, RI. It received its IRS tax-exemption ruling in April 2000, 26 years ago. Its declared purposes cover housing and shelter, which this site groups under housing and shelter. The IRS classifies it as a publicly supported organisation (gross receipts test) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending March 2023, Hancock Estates Corp reported income of $452k and spending of $518k, spending 115% of what it took in. Across the 3 years on record, from March 2020 to March 2023, income grew from $386k to $452k (+17%), an average of +8.2% a year. The sharpest change came in the year to March 2023, when income rose by 17%. Over the whole period it spent 123% of the income it received.

Among 15,864 United States charities whose main cause is housing and shelter and that reported income, Hancock Estates Corp sits at the 55th percentile: it is larger than about 55% of them. Against every charity in United States with reported income it ranks in the 69th percentile, and in the 64th percentile within RI. Charities of a similar size with the same main cause include Housing Innovations & Programming ($452k), Babies of Homelessness ($452k) and Ida B Wells Inc ($452k).

On its Form 990 for the period ending March 2023, revenue came from contributions and grants 49% and program service revenue 51% of the total. Other salaries and wages came to $92k. At year end it held assets of $2.4m against liabilities of $4.4m, net assets of -$2.0m.

Data notes from the register: Spending has exceeded income in each of the last three reported years, so the charity has been drawing on reserves or other funds.