For the fiscal year that ended 8/31/2020,
Hope & Home's Net income (revenue minus expenses) is $2.48 million.
Program service revenue (government funding) was $7,395,394 (page 1, line 9)
Add to that $844,434 of private donor contributions (page 1, line 8)
Expenses were only $5,783,473
The government is paying Hope & Home more than what it costs to run the organization. Yet even in 2021, Mr. Wright continues to say the opposite and ask for private donations.
Net Income
(revenue after expenses):
2020 = $2,486,942
2019 = $1,478,749
2018 = $363,247
2017 = $480,002
2016 = $409,904
2015 = <108,334> Net Loss
As of 2019, Hope & Home can easily operate on government funds alone
CONCERNS WITH HOPE & HOME'S FINANCES
There is no indication that Hope & Home is
Doing anything with the excess money
According to their balance sheet,
their investments didn't increase much.
They haven't paid any debt.
Cash and savings (page 11, lines 1 & 2)
increased from $1.84 million to $4.51 million.
The excess money that has come in the last 2 years as a result of increased government funding has only resulted in
$4.51 million dollars as cash in their bank account.
Generally, non-profits should have 3-6 months worth of expenses reserved in cash. Hope & Home has about 8 months of reserves but the nature of their work and government funding are not such that there would be a concern about lapses in funding.
According to their balance sheet,
their investments didn't increase much.
They haven't paid any debt.
Cash and savings (page 11, lines 1 & 2)
increased from
$1.84 million to $4.51 million.
The excess money that
has come in the last 2 years as
a result of increased government
funding has only resulted in
$4.51 million dollars
as cash in their bank account.