The Honeycomb Project Inc NFP

Analysis

The Honeycomb Project Inc NFP is a registered charity in United States, based in Chicago, IL. It received its IRS tax-exemption ruling in August 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, The Honeycomb Project Inc NFP reported income of $294k and spending of $606k, spending 206% of what it took in. Across the 5 years on record, from December 2019 to December 2023, income fell from $321k to $294k (-8.4%), an average of -2.2% a year. The sharpest change came in the year to December 2020, when income rose by 251%. Over the whole period it spent 98% of the income it received.

Among 62,758 United States charities whose main cause is poverty relief and that reported income, The Honeycomb Project Inc NFP sits at the 56th percentile: it is larger than about 56% of them. Against every charity in United States with reported income it ranks in the 61st percentile, and in the 62nd percentile within IL. Charities of a similar size with the same main cause include Circles Ashland Inc ($294k), City of Hope Athens ($294k) and Dividing Bread Ministry Inc ($294k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 108% of the total. Compensation of current officers, directors and key employees was $109k (18% of expenses). Other salaries and wages came to $248k. At year end it held assets of $574k against liabilities of $56k, net assets of $519k. It reported 10 employees.

Data notes from the register: Spending has exceeded income in each of the last three reported years, so the charity has been drawing on reserves or other funds.