Horsepower Foundation

Analysis

Horsepower Foundation is a registered charity in United States, based in High Point, NC. It received its IRS tax-exemption ruling in November 2013, 13 years ago. Its declared purposes cover human services, which this site groups under poverty relief. The IRS classifies it as a supporting organisation (type i) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending December 2023, Horsepower Foundation reported income of $200k and spending of $64k, leaving 68% of income unspent that year. Across the 5 years on record, from December 2019 to December 2023, income fell from $274k to $200k (-27%), an average of -7.6% a year. The sharpest change came in the year to December 2022, when income rose by 127%. Over the whole period it spent 39% of the income it received.

Among 62,758 United States charities whose main cause is poverty relief and that reported income, Horsepower Foundation sits at the 48th percentile: it is larger than about 48% of them. Against every charity in United States with reported income it ranks in the 54th percentile, and in the 52nd percentile within NC. Charities of a similar size with the same main cause include Clinchfield Senior Adult Center for Erwin and Unicoi County Inc ($200k), 19th Ward Youth & Community Foundation ($200k) and St Mary Senior Life Foundation of Lynn Incorporated ($200k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 87% of the total. Compensation of current officers, directors and key employees was $3,250 (5.1% of expenses). At year end it held assets of $1.9m against liabilities of $0, net assets of $1.9m.