Blankets of Hope Inc

Analysis

Blankets of Hope Inc is a registered charity in United States, based in Brooklyn, NY. It received its IRS tax-exemption ruling in May 2019, 7 years ago. Its declared purposes cover human services, 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, Blankets of Hope Inc reported income of $288k and spending of $322k, spending 112% of what it took in. Across the 4 years on record, from December 2020 to December 2023, income grew from $254k to $288k (+13%), an average of +4.3% a year. The sharpest change came in the year to December 2021, when income rose by 129%. Over the whole period it spent 98% of the income it received.

Among 62,758 United States charities whose main cause is poverty relief and that reported income, Blankets of Hope Inc sits at the 55th percentile: it is larger than about 55% of them. Against every charity in United States with reported income it ranks in the 61st percentile, and in the 58th percentile within NY. Charities of a similar size with the same main cause include Opening Doors for Women in Need ($288k), Native American Indian Center of Central Ohio ($288k) and Hearts of Christ Childrens Ministry ($288k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 97% and program service revenue 3.4% of the total. Compensation of current officers, directors and key employees was $200k (62% of expenses). At year end it held assets of $87k against liabilities of $7,247, net assets of $79k. It reported 2 employees.