Erik Hite Foundation Inc

Analysis

Erik Hite Foundation Inc is a registered charity in United States, based in Tucson, AZ. It received its IRS tax-exemption ruling in March 2011, 15 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 June 2023, Erik Hite Foundation Inc reported income of $978k and spending of $912k, spending 93% of its income. Across the 5 years on record, from June 2019 to June 2023, income grew from $449k to $978k (+118%), an average of +21% a year. The sharpest change came in the year to June 2020, when income rose by 39%. Over the whole period it spent 88% of the income it received.

Among 62,758 United States charities whose main cause is poverty relief and that reported income, Erik Hite Foundation Inc sits at the 75th percentile: it is larger than about 74% of them. Against every charity in United States with reported income it ranks in the 79th percentile, and in the 76th percentile within AZ. Charities of a similar size with the same main cause include Advocates for Urban Agriculture NFP ($978k), Ebenezer Child Development Center ($978k) and Avenues Inc ($978k).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 70% and program service revenue 37% of the total. Compensation of current officers, directors and key employees was $30k (3.3% of expenses). Other salaries and wages came to $504k. At year end it held assets of $493k against liabilities of $23k, net assets of $470k. It reported 30 employees.