Hugs for Tomorrow Inc

Analysis

Hugs for Tomorrow Inc is a registered charity in United States, based in Azle, TX. It received its IRS tax-exemption ruling in January 2024, 2 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, Hugs for Tomorrow Inc reported income of $94k and spending of $123k, spending 131% of what it took in. Across the 2 years on record, from December 2022 to December 2023, income fell from $106k to $94k (-11%), an average of -11% a year. Over the whole period it spent 87% of the income it received.

Among 62,758 United States charities whose main cause is poverty relief and that reported income, Hugs for Tomorrow Inc sits at the 31st percentile: it is larger than about 31% of them. Against every charity in United States with reported income it ranks in the 35th percentile, and in the 37th percentile within TX. Charities of a similar size with the same main cause include Somervell County Food Bank ($94k), Lighthouse Harvest Foundation ($94k) and United Angels Foundation ($94k).

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 $25k against liabilities of $0, net assets of $25k.