Promises of Hope Foundation

Analysis

Promises of Hope Foundation is a registered charity in United States, based in Miami, FL. It received its IRS tax-exemption ruling in November 2021, 5 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, Promises of Hope Foundation reported income of $412k and spending of $412k, spending 100% of its income. Across the 2 years on record, from December 2021 to December 2022, income grew from $215k to $412k (+91%), an average of +91% a year. The sharpest change came in the year to December 2022, when income rose by 91%. Over the whole period it spent 103% of the income it received.

Among 62,758 United States charities whose main cause is poverty relief and that reported income, Promises of Hope Foundation sits at the 61st percentile: it is larger than about 61% of them. Against every charity in United States with reported income it ranks in the 67th percentile, and in the 70th percentile within FL. Charities of a similar size with the same main cause include Community of Hope ($412k), Marianas Alliance of Non-Governmental Organizations ($412k) and Senior Citizens of San Jacinto County Inc ($412k).

On its Form 990 for the period ending December 2022, revenue came from contributions and grants 100% of the total. Compensation of current officers, directors and key employees was $48k (12% of expenses). Other salaries and wages came to $181k. At year end it held assets of $0 against liabilities of $0, net assets of $0. It reported 116 employees.