Hopeco

Analysis

Hopeco is a registered charity in United States, based in Martinsville, VA. It received its IRS tax-exemption ruling in October 1989, 37 years ago. 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, Hopeco reported income of $1.7m and spending of $1.7m, spending 105% of its income. Across the 5 years on record, from December 2019 to December 2023, income grew from $697k to $1.7m (+140%), an average of +24% a year. The sharpest change came in the year to December 2021, when income rose by 76%. Over the whole period it spent 107% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, Hopeco sits at the 83rd percentile: it is larger than about 83% of them. Against every charity in United States with reported income it ranks in the 84th percentile, and in the 85th percentile within VA. Charities of a similar size with the same main cause include Centurion Ministries ($1.7m), Black Tie Dinner Inc ($1.7m) and Leadership Rhode Island Educational Foundation ($1.7m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 99% and program service revenue 0.9% of the total. Compensation of current officers, directors and key employees was $202k (12% of expenses). Other salaries and wages came to $80k. At year end it held assets of $176k against liabilities of $25k, net assets of $151k. It reported 8 employees.