Honor Your Dreams Foundation Inc

Analysis

Honor Your Dreams Foundation Inc is a registered charity in United States, based in Brooklyn, NY. It received its IRS tax-exemption ruling in June 2020, 6 years ago. Its declared purposes cover community improvement and capacity building, 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 April 2024, Honor Your Dreams Foundation Inc reported income of $571k and spending of $431k, leaving 24% of income unspent that year. Across the 2 years on record, from April 2023 to April 2024, income grew from $304k to $571k (+88%), an average of +88% a year. The sharpest change came in the year to April 2024, when income rose by 88%. Over the whole period it spent 70% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Honor Your Dreams Foundation Inc sits at the 69th percentile: it is larger than about 69% of them. Against every charity in United States with reported income it ranks in the 72nd percentile, and in the 68th percentile within NY. Charities of a similar size with the same main cause include Junior League of Chicago Inc ($571k), Greater Gallup Economic Development Corporation ($571k) and Red Oak Industries Inc ($571k).

On its Form 990 for the period ending April 2024, revenue came from contributions and grants 98% and program service revenue 0.1% of the total. Compensation of current officers, directors and key employees was $77k (18% of expenses). Other salaries and wages came to $170k. At year end it held assets of $387k against liabilities of $12k, net assets of $375k. It reported 6 employees.