Hoap Inc

Analysis

Hoap Inc is a registered charity in United States, based in Grand Rapids, MI. It received its IRS tax-exemption ruling in May 2017, 9 years ago. Its declared purposes cover human services, which this site groups under poverty relief. 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 December 2023, Hoap Inc reported income of $120k and spending of $125k, spending 104% of its income. Across the 3 years on record, from December 2021 to December 2023, income grew from $74k to $120k (+62%), an average of +28% a year. The sharpest change came in the year to December 2022, when income rose by 30%. Over the whole period it spent 89% of the income it received.

Among 62,758 United States charities whose main cause is poverty relief and that reported income, Hoap Inc sits at the 37th percentile: it is larger than about 37% of them. Against every charity in United States with reported income it ranks in the 42nd percentile, and in the 41st percentile within MI. Charities of a similar size with the same main cause include Fueled for School ($120k), Tapestry International ($120k) and Beyond the Battle ($120k).

On its Form 990-EZ for the period ending December 2023, revenue came from contributions and grants 100% of the total. At year end it held assets of $19k against liabilities of $2,497, net assets of $16k.