Promise of Hope Ministries

Analysis

Promise of Hope Ministries is a registered charity in United States, based in Chattanooga, TN. It received its IRS tax-exemption ruling in February 2002, 24 years ago. Its declared purposes cover religion-related, which this site groups under religion. 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 December 2023, Promise of Hope Ministries reported income of $158k and spending of $235k, spending 149% of what it took in. Across the 5 years on record, from December 2019 to December 2023, income fell from $194k to $158k (-19%), an average of -5.0% a year. The sharpest change came in the year to December 2023, when income rose by 31%. Over the whole period it spent 116% of the income it received.

Among 31,138 United States charities whose main cause is religion and that reported income, Promise of Hope Ministries sits at the 58th percentile: it is larger than about 58% of them. Against every charity in United States with reported income it ranks in the 48th percentile, and in the 49th percentile within TN. Charities of a similar size with the same main cause include Alpha International Ministries ($157k), Greater Hayward House of Hope Incorporated ($158k) and Joseph and Alice McKeen Study Center ($157k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 95% of the total. Compensation of current officers, directors and key employees was $32k (14% of expenses). At year end it held assets of $1.1m against liabilities of $727k, net assets of $412k. It reported 1 employees.

Data notes from the register: Spending has exceeded income in each of the last three reported years, so the charity has been drawing on reserves or other funds.