Hopebound Ministries Inc

Analysis

Hopebound Ministries Inc is a registered charity in United States, based in Chicago, IL. It received its IRS tax-exemption ruling in March 1946, 80 years ago. The IRS classifies it as a church under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending June 2023, Hopebound Ministries Inc reported income of $356k and spending of $1.1m, spending 319% of what it took in. Across the 3 years on record, from June 2021 to June 2023, income fell from $394k to $356k (-9.8%), an average of -5.0% a year. Over the whole period it spent 245% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, Hopebound Ministries Inc 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 65th percentile within IL. Charities of a similar size with the same main cause include Pheasants Forever Inc ($356k), Nami Northern Virginia ($356k) and Greenwoods Scholarship Foundation Inc ($356k).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 96% and program service revenue 3.8% of the total. Other salaries and wages came to $591k. At year end it held assets of $1.2m against liabilities of $168k, net assets of $1.0m. It reported 29 employees.

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.