Hong Lok

Analysis

Hong Lok is a registered charity in United States, based in Phoenix, AZ. It received its IRS tax-exemption ruling in February 2009, 17 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 (gross receipts test) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending December 2023, Hong Lok reported income of $357k and spending of $502k, spending 141% of what it took in. Across the 5 years on record, from December 2019 to December 2023, income grew from $311k to $357k (+15%), an average of +3.6% a year. The sharpest change came in the year to December 2022, when income dropped by 32%. Over the whole period it spent 130% of the income it received.

Among 15,864 United States charities whose main cause is housing and shelter and that reported income, Hong Lok 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 62nd percentile within AZ. Charities of a similar size with the same main cause include Litchfield Housing Trust Inc ($357k), Mercy House Ministries Inc ($357k) and RVM Myrtle Creek Housing Corporation ($357k).

On its Form 990 for the period ending December 2023, revenue came from program service revenue 101% of the total. Other salaries and wages came to $116k. At year end it held assets of $3.8m against liabilities of $108k, net assets of $3.7m.