Cornerstone of Hope Inc

Analysis

Cornerstone of Hope Inc is a registered charity in United States, based in Independence, OH. It received its IRS tax-exemption ruling in February 2004, 22 years ago. Its declared purposes cover human services, which this site groups under poverty relief. 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 December 2023, Cornerstone of Hope Inc reported income of $4.7m and spending of $3.7m, leaving 22% of income unspent that year. Across the 5 years on record, from December 2019 to December 2023, income grew from $2.6m to $4.7m (+79%), an average of +16% a year. The sharpest change came in the year to December 2023, when income rose by 41%. Over the whole period it spent 74% of the income it received.

Among 62,758 United States charities whose main cause is poverty relief and that reported income, Cornerstone of Hope Inc sits at the 90th percentile: it is larger than about 90% of them. Against every charity in United States with reported income it ranks in the 92nd percentile, and in the 92nd percentile within OH. Charities of a similar size with the same main cause include Chi-Care ($4.7m), Billings Family YMCA Inc ($4.7m) and Kearney Family Young Mens Christian Association ($4.7m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 71% and program service revenue 23% of the total. Compensation of current officers, directors and key employees was $125k (3.4% of expenses). Other salaries and wages came to $1.7m. At year end it held assets of $8.3m against liabilities of $784k, net assets of $7.5m. It reported 45 employees.