Hopes Closet

Analysis

Hopes Closet is a registered charity in United States, based in Santa Cruz, CA. It received its IRS tax-exemption ruling in October 2011, 15 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, Hopes Closet reported income of $352k and spending of $273k, leaving 22% of income unspent that year. Across the 3 years on record, from December 2021 to December 2023, income grew from $227k to $352k (+55%), an average of +24% a year. The sharpest change came in the year to December 2022, when income rose by 52%. Over the whole period it spent 78% of the income it received.

Among 62,758 United States charities whose main cause is poverty relief and that reported income, Hopes Closet sits at the 59th percentile: it is larger than about 59% of them. Against every charity in United States with reported income it ranks in the 65th percentile, and in the 67th percentile within CA. Charities of a similar size with the same main cause include Georgia House Rabbit Society Inc ($352k), Mba Foundation ($352k) and Old School of South Burlington Inc ($352k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 21% and program service revenue 79% of the total. Other salaries and wages came to $143k. At year end it held assets of $249k against liabilities of $14k, net assets of $235k. It reported 7 employees.