Star of Hope Ministries Inc

Analysis

Star of Hope Ministries Inc is a registered charity in United States, based in Paterson, NJ. It received its IRS tax-exemption ruling in July 1943, 83 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 December 2021, Star of Hope Ministries Inc reported income of $2.0m and spending of $2.0m, spending 99% of its income. Across the 3 years on record, from December 2019 to December 2021, income grew from $1.9m to $2.0m (+7.7%), an average of +3.8% a year. The sharpest change came in the year to December 2020, when income rose by 18%. Over the whole period it spent 94% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, Star of Hope Ministries Inc sits at the 85th percentile: it is larger than about 85% of them. Against every charity in United States with reported income it ranks in the 86th percentile, and in the 88th percentile within NJ. Charities of a similar size with the same main cause include Health Partners Initiative ($2.0m), Institute for Indo-Pacific Security ($2.0m) and Institute for Human Identity Inc ($2.0m).

On its Form 990 for the period ending December 2021, revenue came from contributions and grants 90% and program service revenue 1.3% of the total. Compensation of current officers, directors and key employees was $190k (9.4% of expenses). Other salaries and wages came to $446k. At year end it held assets of $754k against liabilities of $60k, net assets of $694k. It reported 18 employees.