The Hub of Hope Inc

Analysis

The Hub of Hope Inc is a registered charity in United States, based in Fredericksbrg, VA. It received its IRS tax-exemption ruling in August 2020, 6 years ago. The IRS classifies it as a publicly supported organisation (gross receipts test) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending December 2022, The Hub of Hope Inc reported income of $422k and spending of $660k, spending 156% of what it took in. Across the 2 years on record, from December 2021 to December 2022, income grew from $242k to $422k (+74%), an average of +74% a year. The sharpest change came in the year to December 2022, when income rose by 74%. Over the whole period it spent 139% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, The Hub of Hope Inc 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 67th percentile, and in the 67th percentile within VA. Charities of a similar size with the same main cause include North Haven Foundation ($422k), Central Rappahannock River Habitat for Humanity ($422k) and Tuesday Evening Concert Series ($422k).

On its Form 990 for the period ending December 2022, revenue came from contributions and grants 35% and program service revenue 65% of the total. Other salaries and wages came to $76k. At year end it held assets of $7,200 against liabilities of $262k, net assets of -$255k. It reported 8 employees.