Overview
What is Increasing Hope?
Increasing Hope, based in North Charleston, South Carolina, is a nonprofit organization dedicated to promoting financial literacy and education. Despite many Americans demonstrating low levels of financial literacy and struggling with applying financial decision-making skills to real-life situations, Increasing Hope pivoted to online training during the COVID-19 pandemic and provided financial education to 174 individuals in 2021. Their mission is to create financial freedom and stability for families in South Carolina by building assets through financial education and training. In 2021, their focus extended to educating small business owners on the Paycheck Protection Plan and EIDL loans. The organization has a team of 17 dedicated individuals working tirelessly towards this mission.
Official website here: www.increasinghope.org
What are the reviews and ratings of this charity?
Charity Navigator Rating: 81% (Three-Star out of Four Stars)
Increasing Hope has received an overall rating of 81% from Charity Navigator, indicating a solid performance in their operations and governance. The organization scores particularly high in Culture & Community with a remarkable 94%, reflecting strong engagement and support within the community it serves. Additionally, the charity benefits from a fully independent board, which enhances its accountability and decision-making processes.
The financial health of Increasing Hope is commendable, with a Program Expense Ratio of 76.91%, demonstrating effective allocation of resources towards its programs. The charity also excels in its practices related to feedback collection and utilization, both scoring a perfect 100%. This suggests a strong commitment to listening to stakeholders and adapting accordingly, which is essential for a nonprofit's growth and responsiveness to community needs.
While the charity's strengths are notable, the Accountability & Finance score at 78 indicates there may be some areas for improvement in financial transparency or efficiency. However, the organization showcases robust governance policies, including conflict of interest and whistleblower policies, which contribute positively to its integrity and trustworthiness. Overall, Increasing Hope appears to be a well-managed nonprofit with a strong community focus and effective operational practices.
This AI summary has been generated from information found on Charity Navigator.
Is Increasing Hope legitimate?
Increasing Hope is a legitimate nonprofit organization registered as a 501(c)(3) entity. Increasing Hope submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $70,163
Professional Fundraising Fees: $0
Other Salaries and Wages: $390,147
For more financial information, click here
Official website here: www.increasinghope.org
What is the mission statement of Increasing Hope?
The mission of Increasing Hope Financial Training Center is aimed at promoting financial freedom and stability for families in various circumstances. They achieve this goal by offering financial education and training. Due to relatively low financial literacy levels among Americans, many struggle with applying financial decision-making skills to real-life situations. In South Carolina, for instance, 65% of individuals fail to answer more than three out of five basic financial literacy questions correctly. To address this issue, Increasing Hope provides essential financial knowledge and skills, ensuring individuals can make sound financial decisions. In 2021, despite the challenges posed by the COVID-19 pandemic, Increasing Hope adapted to online training and helped 174 individuals build their financial capabilities, including educating small business owners on the Paycheck Protection Plan and EIDL loans.
Official website here: www.increasinghope.org
Who is the CEO of Increasing Hope?
Dorothea Bernique is the Executive Director of Increasing Hope.
Official website here: www.increasinghope.org
What is the revenue of Increasing Hope?
Increasing Hope's revenue in 2022 was $945,750.
Official website here: www.increasinghope.org
Who are the executives of Increasing Hope and what are their salaries?
The average compensation at Increasing Hope during 2022 was $27,077. There are 17 employees and 18 volunteers at Increasing Hope.
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Official website here: www.increasinghope.org
Where can I find the form 990 for Increasing Hope?
Increasing Hope's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.increasinghope.org
Learn more at the official website: www.increasinghope.org
Mission Statement of Increasing Hope
Increasing Hope Financial Training Center is a nonprofit organization dedicated to fostering financial freedom and stability for families in South Carolina. They achieve this goal by providing financial education and training. The mission of Increasing Hope is rooted in the observation that many Americans struggle with financial literacy and decision-making skills. In South Carolina, for instance, about 65% of individuals fail to answer more than three out of five financial literacy questions correctly. Furthermore, many people do not shop around for credit cards, with over half of them not comparing information from multiple companies when obtaining their credit cards.
Recognizing the importance of a basic understanding of finance, Increasing Hope offers financial education to help individuals make informed decisions. In 2021, despite the challenges posed by the COVID-19 pandemic, Increasing Hope transitioned to online training, providing instruction to 174 individuals. This training not only helped increase financial knowledge but also equipped families with the necessary skills to manage their personal finances effectively. Additionally, Increasing Hope offered training to small business owners on the Paycheck Protection Plan and EIDL loans, further extending its financial literacy reach. In summary, Increasing Hope's mission is to empower families in South Carolina by equipping them with the financial education and skills needed to achieve financial stability and independence.
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Impact
July, 2024
Increasing Hope's impact is significant in creating financial freedom and stability for families in South Carolina. By providing financial education and training, the organization helps individuals improve their financial literacy and decision-making skills. In 2021, despite the challenges posed by COVID-19, Increasing Hope pivoted to online training and successfully educated 174 individuals. This training included vital information on personal finance as well as guidance for small business owners on the Paycheck Protection Plan and EIDL loans. Through these efforts, Increasing Hope is making a tangible difference in increasing the knowledge and skills of families in the area of financial management.
This information is meant to be a general summary of Increasing Hope. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2022.
- Investment Income: $12
- Program Service Revenue: $7,217
- Gross Receipts: $962,587
Assets and Liabilities:
- Total Assets: $359,123
- Total Liabilities: $194,095
- Net Assets: $165,028
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
FINANCIAL TRAINING
Revenue
$7,217
Organization Details
Founding Year
2005
Phone
(843) 225-4343Principal Officer
Dorothea Bernique
Main Address
8570 RIVERS AVE 120, NORTH CHARLESTON, SC, 29406
Website
www.increasinghope.orgNTEE Category
Code: P51 - Human services
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