Hope for New Haven Inc

Analysis

Hope for New Haven Inc is a registered charity in United States, based in New Haven, CT. It received its IRS tax-exemption ruling in October 2001, 25 years ago. Its declared purposes cover human services, which this site groups under poverty relief. 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 December 2022, Hope for New Haven Inc reported income of $1.7m and spending of $1.2m, leaving 26% of income unspent that year. Across the 5 years on record, from December 2018 to December 2022, income grew from $812k to $1.7m (+108%), an average of +20% a year. The sharpest change came in the year to December 2021, when income rose by 34%. Over the whole period it spent 93% of the income it received.

Among 62,758 United States charities whose main cause is poverty relief and that reported income, Hope for New Haven Inc sits at the 81st percentile: it is larger than about 81% of them. Against every charity in United States with reported income it ranks in the 84th percentile, and in the 83rd percentile within CT. Charities of a similar size with the same main cause include Heartland Equine Therapeutic Riding Academy Inc ($1.7m), Interfaith Social Action Corp Interfaith Day Care Center ($1.7m) and The Foundation of Laguna Woods Village ($1.7m).

On its Form 990 for the period ending December 2022, revenue came from contributions and grants 61% and program service revenue 39% of the total. Compensation of current officers, directors and key employees was $134k (11% of expenses). Other salaries and wages came to $475k. At year end it held assets of $598k against liabilities of $171k, net assets of $427k. It reported 36 employees.