H O P E Inc
- Assets
- $2.3m
- Revenue
- $254.7k
- Investments
- $0.0
- Employees
- 2
- Location
- New London, CT
- Founding
- 06/1994
- Data as of
- 12/2023
- EIN
- 06-1269812
Organization Overview
H O P E Inc is located in New London, CT. The organization was established in 1994. According to its NTEE Classification (L21) the organization is classified as: Low-Income & Subsidized Rental Housing, under the broad grouping of Housing & Shelter and related organizations. As of 12/2023, H O P E Inc employed 2 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. H O P E Inc is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 12/2023, H O P E Inc generated $254.7k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 9 years, the organization has seen revenues fall by an average of (8.0%) each year. All expenses for the organization totaled $214.2k during the year ending 12/2023. 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
H.O.P.E.'S MISSION IS TO PROVIDE HOMEOWNERSHIP OPPORTUNITIES TO LOW TO MODERATE INCOME FAMILIES. WE SEEK TO REVITALIZE NEIGHBORHOODS WITHOUT GENTRIFICATION.
Describe the Organization's Program Activity:
Part 3 - Line 4a
REYNARD PROGRAM - RENT-TO-OWN PROGRAM
LOW-INCOME RENTALS
HOPE HOUSES - NEW CONSTRUCTION OR REHABILITATED HOMES FOR SALE TO LOW-INCOME FAMILIES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Stacey Smith Executive Dir. | Officer | 35 | $49,625 |
Marilyn Graham Director | Trustee | 0.5 | $38,625 |
Peter Springsteel Chairman | OfficerTrustee | 4 | $0 |
Chris Johnson Vice Chair | OfficerTrustee | 0.5 | $0 |
Annette Finton Treasurer | OfficerTrustee | 0.5 | $0 |
Helen Behney Director | Trustee | 0.5 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Dependable Contracting Services Contracting Services | 12/30/23 | $135,465 |
Edward Fedorshak Contracting Services | 12/30/23 | $238,183 |
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 | $425,771 |
| Noncash contributions included in lines 1a–1f | $7,525 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $425,771 |
| Total Program Service Revenue | $69,081 |
| Investment income | $2,707 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | -$242,816 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $254,743 |
| 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 | $0 |
| Compensation of current officers, directors, key employees. | $88,250 |
| Compensation of current officers, directors, key employees. | $45,158 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $7,246 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $7,771 |
| 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 | $6,947 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $23,073 |
| 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 | $40,381 |
| Insurance | $5,469 |
| All other expenses | $392 |
| Total functional expenses | $214,241 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $8,804 |
| Savings and temporary cash investments | $942,202 |
| 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 | $238,388 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $1,068,076 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $2,257,470 |
| Accounts payable and accrued expenses | $0 |
| 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 | $18,154 |
| Total liabilities | $18,154 |
| Net assets without donor restrictions | $1,669,201 |
| Net assets with donor restrictions | $570,115 |
| 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 | $2,257,470 |