Bags of Hope

Analysis

Bags of Hope is a registered charity in United States, based in Cornelius, NC. It received its IRS tax-exemption ruling in December 2017, 9 years ago. Its declared purposes cover food, agriculture and nutrition, 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, Bags of Hope reported income of $541k and spending of $587k, spending 108% of what it took in. Across the 5 years on record, from December 2019 to December 2023, income grew from $288k to $541k (+88%), an average of +17% a year. The sharpest change came in the year to December 2020, when income rose by 61%. Over the whole period it spent 82% of the income it received.

Among 62,758 United States charities whose main cause is poverty relief and that reported income, Bags of Hope sits at the 66th percentile: it is larger than about 66% of them. Against every charity in United States with reported income it ranks in the 71st percentile, and in the 71st percentile within NC. Charities of a similar size with the same main cause include Sanctuary Farm Phila ($541k), Assoc for Children with Retarded Mental Develpmt Resid Fac HSG ($541k) and Colorado News Collaborative ($541k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 93% of the total. Other salaries and wages came to $57k. At year end it held assets of $474k against liabilities of $22k, net assets of $452k. It reported 1 employees.