Homes of Hope Inc

Analysis

Homes of Hope Inc is a registered charity in United States, based in Normal, IL. It received its IRS tax-exemption ruling in July 1992, 34 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 June 2024, Homes of Hope Inc reported income of $2.7m and spending of $2.7m, spending 102% of its income. Across the 5 years on record, from June 2020 to June 2024, income grew from $1.7m to $2.7m (+59%), an average of +12% a year. The sharpest change came in the year to June 2021, when income rose by 22%. Over the whole period it spent 97% of the income it received.

Among 62,758 United States charities whose main cause is poverty relief and that reported income, Homes of Hope Inc sits at the 86th percentile: it is larger than about 86% of them. Against every charity in United States with reported income it ranks in the 88th percentile, and in the 88th percentile within IL. Charities of a similar size with the same main cause include Lets Help Inc ($2.7m), Delaware County Friendship Homes Inc ($2.7m) and Feeding Alabama ($2.7m).

On its Form 990 for the period ending June 2024, revenue came from contributions and grants 86% and program service revenue 14% of the total. Compensation of current officers, directors and key employees was $112k (4.1% of expenses). Other salaries and wages came to $1.6m. At year end it held assets of $665k against liabilities of $326k, net assets of $339k. It reported 44 employees.