Renaissance of Hope Inc

Analysis

Renaissance of Hope Inc is a registered charity in United States, based in Detroit, MI. It received its IRS tax-exemption ruling in June 2021, 5 years ago. Its declared purposes cover housing and shelter, which this site groups under housing and shelter. 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, Renaissance of Hope Inc reported income of $1.4m and spending of $920k, leaving 34% of income unspent that year. Across the 2 years on record, from December 2022 to December 2023, income grew from $590k to $1.4m (+135%), an average of +135% a year. The sharpest change came in the year to December 2023, when income rose by 135%. Over the whole period it spent 52% of the income it received.

Among 15,864 United States charities whose main cause is housing and shelter and that reported income, Renaissance of Hope Inc sits at the 77th percentile: it is larger than about 77% of them. Against every charity in United States with reported income it ranks in the 83rd percentile, and in the 83rd percentile within MI. Charities of a similar size with the same main cause include Room in the Inn - Memphis ($1.4m), Vincent Village Inc ($1.4m) and CSHF of Georgia Inc ($1.4m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 100% of the total. Other salaries and wages came to $99k. At year end it held assets of $758k against liabilities of $100, net assets of $758k.