Sea of Hope Ministries

Analysis

Sea of Hope Ministries is a registered charity in United States, based in Northlake, TX. It received its IRS tax-exemption ruling in February 2019, 7 years ago. Its declared purposes cover religion-related, which this site groups under religion. 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, Sea of Hope Ministries reported income of $127k and spending of $143k, spending 113% of what it took in. Across the 2 years on record, from December 2022 to December 2023, income fell from $208k to $127k (-39%), an average of -39% a year. The sharpest change came in the year to December 2023, when income dropped by 39%. Over the whole period it spent 98% of the income it received.

Among 31,138 United States charities whose main cause is religion and that reported income, Sea of Hope Ministries sits at the 51st percentile: it is larger than about 51% of them. Against every charity in United States with reported income it ranks in the 43rd percentile, and in the 46th percentile within TX. Charities of a similar size with the same main cause include Jubilee Christian Fellowship Ministries Inc ($127k), Mana Kiristaanaa Fayyisaa Addunyaa ($127k) and Grace Church of Bull Shoals ($127k).

On its Form 990-EZ for the period ending December 2023, revenue came from contributions and grants 100% of the total. At year end it held assets of $99k against liabilities of $1,044, net assets of $98k.