Hope Renovations

Analysis

Hope Renovations is a registered charity in United States, based in Carrboro, NC. It received its IRS tax-exemption ruling in February 2019, 7 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, Hope Renovations reported income of $1.9m and spending of $1.4m, leaving 26% of income unspent that year. Across the 4 years on record, from December 2020 to June 2023, income grew from $588k to $1.9m (+223%), an average of +48% a year. The sharpest change came in the year to June 2022, when income rose by 190%. Over the whole period it spent 85% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Hope Renovations sits at the 84th percentile: it is larger than about 84% of them. Against every charity in United States with reported income it ranks in the 85th percentile, and in the 86th percentile within NC. Charities of a similar size with the same main cause include Adla Inc Oic of Wayne County CDC ($1.9m), LA Maestra Foundation Inc ($1.9m) and Arts Business Collaborative Inc ($1.9m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 83% and program service revenue 17% of the total. Compensation of current officers, directors and key employees was $98k (7.0% of expenses). Other salaries and wages came to $651k. At year end it held assets of $709k against liabilities of $95k, net assets of $614k. It reported 17 employees.