Hopes Closet

Analysis

Hopes Closet is a registered charity in United States, based in Cincinnati, OH. It received its IRS tax-exemption ruling in December 2015, 11 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 August 2023, Hopes Closet reported income of $474k and spending of $470k, spending 99% of its income. Across the 5 years on record, from December 2019 to August 2023, income grew from $281k to $474k (+69%), an average of +14% a year. The sharpest change came in the year to August 2022, when income rose by 26%. Over the whole period it spent 87% of the income it received.

Among 62,758 United States charities whose main cause is poverty relief and that reported income, Hopes Closet sits at the 64th percentile: it is larger than about 64% of them. Against every charity in United States with reported income it ranks in the 69th percentile, and in the 70th percentile within OH. Charities of a similar size with the same main cause include River Valley Senior Center Inc ($474k), Scituate Food Pantry Inc ($474k) and Pearland Neighborhood Center ($474k).

On its Form 990 for the period ending August 2023, revenue came from contributions and grants 91% of the total. Other salaries and wages came to $182k. At year end it held assets of $360k against liabilities of $3,278, net assets of $357k. It reported 10 employees.