Horsepower Inc

Analysis

Horsepower Inc is a registered charity in United States, based in High Point, NC. It received its IRS tax-exemption ruling in November 1995, 31 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 December 2023, Horsepower Inc reported income of $641k and spending of $607k, spending 95% of its income. Across the 5 years on record, from December 2019 to December 2023, income grew from $369k to $641k (+74%), an average of +15% a year. The sharpest change came in the year to December 2023, when income rose by 38%. 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, Horsepower Inc sits at the 69th percentile: it is larger than about 69% of them. Against every charity in United States with reported income it ranks in the 74th percentile, and in the 74th percentile within NC. Charities of a similar size with the same main cause include For Goodness Cakes ($641k), West Contra Costa County Meals on Wheels ($641k) and Fob Hope ($641k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 66% and program service revenue 34% of the total. Compensation of current officers, directors and key employees was $65k (11% of expenses). Other salaries and wages came to $314k. At year end it held assets of $627k against liabilities of $230k, net assets of $397k. It reported 19 employees.