Hopedale Charitable Corporation
- Assets
- $27.7m
- Revenue
- $3.2m
- Investments
- $0.0
- Employees
- 0
- Location
- Hopedale, MA
- Founding
- 01/1955
- Data as of
- 12/2022
- EIN
- 04-6041089
Organization Overview
Hopedale Charitable Corporation is located in Hopedale, MA. The organization was established in 1955. According to its NTEE Classification (T99) the organization is classified as: Philanthropy, Voluntarism & Grantmaking Foundations N.E.C., under the broad grouping of Philanthropy, Voluntarism & Grantmaking Foundations and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Hopedale Charitable Corporation is a 501(c)(2) and as such, is described as a "Title Holding Corporation for an Exempt Organization" by the IRS.
For the year ending 12/2022, Hopedale Charitable Corporation generated $3.2m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 14.6% each year . All expenses for the organization totaled $1.5m during the year ending 12/2022. While expenses have increased by 2.4% per year over the past 7 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
(A) TO OPERATE EXCLUSIVELY FOR RELIGIOUS,CHARITABLE, SCIENTIFIC, LITERARY OR EDUCATIONAL PURPOSES;(B) SPECIFICALLY TO ESTABLISH ONE OR MORE FUNDS FOR THE PURPOSE OF FURNISHING TO ANY RELIGIOUS, CHARITABLE, SCIENTIFIC, LITERARY OR EDUCATIONAL ORGANIZATION LOCATED IN HOPEDALE OR MILFORD MA WHICH ARE THEMSELVES EXEMPT FROM FEDERAL INCOME TAXES, COMMON INVESTMENT OF FUNDS; (C) AND IN CONNECTION WITH THESE PURPOSES, TO AQUIRE, BUY, RECEIVE AND HOLD IN TRUST OR OTHERWISE FOR THE BENEFIT OF SUCH ORGANIZATIONS, FUNDS AND REAL AND PERSONAL PROPERTY; (D) TO MANAGE AND INVEST THE SAME, COLLECT THE INCOME THEREFROM AND TURN OVER THE ENTIRE AMOUNT THEREFORE, LESS EXPENSES, TO SUCH ORGANIZATIONS; (E) TO SELL OR OTHERWISE DISPOSE OF THE SAME AND TO REINVEST ALL OR PART OF THE PROCEEDS THEREFROM FOR THE SAME PURPOSES; (F) AND TO CARRY ON ANY ACTIVITIES IN CONNECTION WITH THESE PURPOSES AND PERMITTED UNDER CHAPTER 180 OF THE GENERAL LAWS OF THE COMMONWEALTH OF MASSACHUSETTS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
INVESTMENT OF FUNDS
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Peter S Ellis President | OfficerTrustee | 1 | $0 |
W Gregory Burrill Vice President/clerk | OfficerTrustee | 1 | $0 |
Alfred H Sparlingjr Vice President | OfficerTrustee | 1 | $0 |
Dr Vincent J Arone Sr Vice President/treasurer | OfficerTrustee | 1 | $0 |
Steven G Ellis Vice President | OfficerTrustee | 1 | $0 |
Vincent J Arone Jr Vice President | OfficerTrustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $0 |
| Investment income | $794,550 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $2,396,669 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $3,191,219 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $1,332,589 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $10,656 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $1,525,075 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,501 |
| Savings and temporary cash investments | $838,273 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $26,848,037 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $27,687,811 |
| Accounts payable and accrued expenses | $331,641 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $331,641 |
| Net assets without donor restrictions | $27,356,170 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $27,687,811 |