Hospitality Industry Training and Education Fund

Analysis

Hospitality Industry Training and Education Fund is a registered charity in United States, based in Los Angeles, CA. It received its IRS tax-exemption ruling in August 2014, 12 years ago. Its declared purposes cover employment, which this site groups under community and economic development. 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 2022, Hospitality Industry Training and Education Fund reported income of $4.6m and spending of $4.8m, spending 103% of its income. Across the 4 years on record, from December 2019 to December 2022, income grew from $1.9m to $4.6m (+139%), an average of +34% a year. The sharpest change came in the year to December 2020, when income rose by 1733%. Over the whole period it spent 96% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Hospitality Industry Training and Education Fund sits at the 92nd percentile: it is larger than about 92% of them. Against every charity in United States with reported income it ranks in the 92nd percentile, and in the 92nd percentile within CA. Charities of a similar size with the same main cause include Upstart Bay Area ($4.6m), Milwaukee Urban Strategic Investment Corp ($4.6m) and Nonprofit Development Corporation Inc ($4.6m).

On its Form 990 for the period ending December 2022, revenue came from contributions and grants 76% and program service revenue 23% of the total. Compensation of current officers, directors and key employees was $421k (8.8% of expenses). Other salaries and wages came to $1.4m. At year end it held assets of $4.9m against liabilities of $516k, net assets of $4.4m. It reported 40 employees.