Cornerstone of Hope Inc

Analysis

Cornerstone of Hope Inc is a registered charity in United States, based in Paducah, KY. It received its IRS tax-exemption ruling in November 2014, 12 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 June 2024, Cornerstone of Hope Inc reported income of $2.3m and spending of $2.2m, spending 95% of its income. Across the 6 years on record, from June 2019 to June 2024, income grew from $1.3m to $2.3m (+72%), an average of +11% a year. The sharpest change came in the year to June 2020, when income rose by 58%. Over the whole period it spent 94% of the income it received.

Among 62,758 United States charities whose main cause is poverty relief and that reported income, Cornerstone of Hope Inc sits at the 84th percentile: it is larger than about 84% of them. Against every charity in United States with reported income it ranks in the 87th percentile, and in the 87th percentile within KY. Charities of a similar size with the same main cause include Campbell County Senior Citizens Association Inc ($2.3m), Saving Grace Perishable Food Rescue Inc ($2.3m) and Providers Network Inc ($2.3m).

On its Form 990 for the period ending June 2024, revenue came from program service revenue 99% of the total. Compensation of current officers, directors and key employees was $77k (3.6% of expenses). Other salaries and wages came to $1.7m. At year end it held assets of $1.2m against liabilities of $297k, net assets of $902k. It reported 84 employees.