Hopes Outlet Ministries Inc

Analysis

Hopes Outlet Ministries Inc is a registered charity in United States, based in Muskegon, MI. It received its IRS tax-exemption ruling in January 2005, 21 years ago. Its declared purposes cover human services, which this site groups under poverty relief. 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 December 2022, Hopes Outlet Ministries Inc reported income of $1.7m and spending of $1.5m, spending 91% of its income. Across the 4 years on record, from December 2019 to December 2022, income grew from $1.2m to $1.7m (+37%), an average of +11% a year. The sharpest change came in the year to December 2021, when income rose by 17%. Over the whole period it spent 94% of the income it received.

Among 62,758 United States charities whose main cause is poverty relief and that reported income, Hopes Outlet Ministries 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 85th percentile within MI. Charities of a similar size with the same main cause include Global Cleveland ($1.7m), National Coalition for Homeless Veterans ($1.7m) and Sycamore Tree - a Christian Child Care Center Inc ($1.7m).

On its Form 990 for the period ending December 2022, revenue came from contributions and grants 9.7% of the total. Compensation of current officers, directors and key employees was $49k (3.2% of expenses). Other salaries and wages came to $714k. At year end it held assets of $549k against liabilities of $153k, net assets of $397k. It reported 62 employees.