Homes of Hope Inc

Analysis

Homes of Hope Inc is a registered charity in United States, based in Albemarle, NC. It received its IRS tax-exemption ruling in June 2005, 21 years ago. Its declared purposes cover housing and shelter, which this site groups under housing and shelter. 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 June 2024, Homes of Hope Inc reported income of $358k and spending of $421k, spending 118% of what it took in. Across the 5 years on record, from June 2020 to June 2024, income grew from $348k to $358k (+2.8%), an average of +0.7% a year. The sharpest change came in the year to June 2022, when income rose by 57%. Over the whole period it spent 105% of the income it received.

Among 15,864 United States charities whose main cause is housing and shelter and that reported income, Homes of Hope Inc sits at the 50th percentile: it is larger than about 50% of them. Against every charity in United States with reported income it ranks in the 65th percentile, and in the 63rd percentile within NC. Charities of a similar size with the same main cause include Skelley House Inc ($358k), Central Valley Senior Housing Corporation ($358k) and Saint Stephens Way Inc ($358k).

On its Form 990 for the period ending June 2024, revenue came from contributions and grants 32% and program service revenue 68% of the total. Compensation of current officers, directors and key employees was $55k (13% of expenses). Other salaries and wages came to $200k. At year end it held assets of $168k against liabilities of $10k, net assets of $157k. It reported 14 employees.