Hope & Main

Analysis

Hope & Main is a registered charity in United States, based in Warren, RI. It received its IRS tax-exemption ruling in August 2014, 12 years ago. Its declared purposes cover community improvement and capacity building, which this site groups under community and economic development. 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, Hope & Main reported income of $1.7m and spending of $1.6m, spending 97% of its income. Across the 5 years on record, from June 2019 to June 2023, income grew from $774k to $1.7m (+114%), an average of +21% a year. The sharpest change came in the year to June 2023, when income rose by 37%. Over the whole period it spent 107% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Hope & Main sits at the 83rd percentile: it is larger than about 83% of them. Against every charity in United States with reported income it ranks in the 84th percentile, and in the 80th percentile within RI. Charities of a similar size with the same main cause include The Incentive Research Foundation ($1.7m), Asae Research Foundation ($1.7m) and Star-Tec Enterprises Inc ($1.7m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 56% and program service revenue 43% of the total. Other salaries and wages came to $563k. At year end it held assets of $2.5m against liabilities of $3.2m, net assets of -$751k. It reported 29 employees.