Hopeworks Inc

Analysis

Hopeworks Inc is a registered charity in United States, based in Memphis, TN. It received its IRS tax-exemption ruling in March 1999, 27 years ago. Its declared purposes cover employment, which this site groups under community and economic development. 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 2023, Hopeworks Inc reported income of $5.1m and spending of $4.5m, spending 89% of its income. Across the 4 years on record, from June 2020 to June 2023, income grew from $3.6m to $5.1m (+41%), an average of +12% a year. The sharpest change came in the year to June 2021, when income rose by 52%. Over the whole period it spent 84% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Hopeworks Inc sits at the 92nd percentile: it is larger than about 92% of them. Against every charity in United States with reported income it ranks in the 92nd percentile, and in the 93rd percentile within TN. Charities of a similar size with the same main cause include Rising Tide Capital Inc ($5.0m), Workforce Investment Council of Clackamas County Inc ($5.1m) and African American Mayors Association Inc ($5.0m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 99% of the total. Compensation of current officers, directors and key employees was $135k (3.0% of expenses). Other salaries and wages came to $3.0m. At year end it held assets of $5.4m against liabilities of $228k, net assets of $5.2m. It reported 90 employees.