Charlotte Hornets Foundation Inc

Analysis

Charlotte Hornets Foundation Inc is a registered charity in United States, based in Charlotte, NC. It received its IRS tax-exemption ruling in May 2005, 21 years ago. Its declared purposes cover philanthropy, voluntarism and grantmaking foundations, which this site groups under grant-making and general purposes. 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 September 2023, Charlotte Hornets Foundation Inc reported income of $1.3m and spending of $399k, leaving 70% of income unspent that year. Across the 5 years on record, from September 2019 to September 2023, income grew from $623k to $1.3m (+116%), an average of +21% a year. The sharpest change came in the year to September 2023, when income rose by 228%. Over the whole period it spent 63% of the income it received.

Among 19,413 United States charities whose main cause is grant-making and general purposes and that reported income, Charlotte Hornets Foundation Inc sits at the 84th percentile: it is larger than about 84% of them. Against every charity in United States with reported income it ranks in the 82nd percentile, and in the 83rd percentile within NC. Charities of a similar size with the same main cause include South Lake County Community Services Inc ($1.3m), Direction Home Akron Canton Foundation ($1.3m) and Cheyenne Mountain Zoo Endowment Fund ($1.3m).

On its Form 990 for the period ending September 2023, revenue came from contributions and grants 115% of the total. At year end it held assets of $1.9m against liabilities of $317k, net assets of $1.6m.