Hormel Historic Home Inc

Analysis

Hormel Historic Home Inc is a registered charity in United States, based in Austin, MN. It received its IRS tax-exemption ruling in August 1942, 84 years ago. 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 August 2023, Hormel Historic Home Inc reported income of $646k and spending of $556k, spending 86% of its income. Across the 5 years on record, from August 2019 to August 2023, income fell from $682k to $646k (-5.3%), an average of -1.3% a year. The sharpest change came in the year to August 2023, when income rose by 43%. Over the whole period it spent 95% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, Hormel Historic Home Inc sits at the 72nd percentile: it is larger than about 72% of them. Against every charity in United States with reported income it ranks in the 74th percentile, and in the 73rd percentile within MN. Charities of a similar size with the same main cause include Opportunity Workshop Inc ($646k), Seattle Childrens Hospital ($647k) and Iglesia de Dios Pentecostal Esmirna ($646k).

On its Form 990 for the period ending August 2023, revenue came from contributions and grants 57% and program service revenue 42% of the total. Compensation of current officers, directors and key employees was $48k (8.6% of expenses). Other salaries and wages came to $174k. At year end it held assets of $2.1m against liabilities of $45k, net assets of $2.0m. It reported 31 employees.