Fostering Hope Foundation
- Assets
- $1.1m
- Revenue
- $976.2k
- Investments
- $0.0
- Employees
- 18
- Location
- Colorado Springs, CO
- Founding
- 03/1946
- Data as of
- 12/2021
- EIN
- 26-1991807
Organization Overview
Fostering Hope Foundation is located in Colorado Springs, CO. The organization was established in 1946. According to its NTEE Classification (P32) the organization is classified as: Foster Care, under the broad grouping of Human Services and related organizations. As of 12/2021, Fostering Hope Foundation employed 18 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Fostering Hope Foundation 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 12/2021, Fostering Hope Foundation generated $976.2k in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 13.8% each year . All expenses for the organization totaled $839.4k during the year ending 12/2021. While expenses have increased by 12.3% 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE ASSISTANCE TO FOSTER FAMILIES BY ORGANIZING CHURCH BASED SUPPORT TEAMS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
FOSTERING HOPE FOUNDATION HAS BEEN WORKING IN CONJUNCTION WITH SET MINISTRY, INC, A COMMUNITY BASED HEALTH AND HUMAN SERVICES AGENCY IN MILWAUKEE, WISCONSIN TO IMPLEMENT CHURCH BASED SUPPORT TEAMS FOR FOSTER FAMILIES. $0 WAS PAID TO SET MINISTRY, INC IN 2021.
FOSTERING HOPE FOUNDATION NOW DIRECTLY EMPLOYS STAFF WHO WORK WITH THE FAITH BASED ORGANIZATIONS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Nick Colarelli III Trustee | Trustee | 0 | $0 |
Gina Colarelli O'connor Trustee | Trustee | 0 | $0 |
Mike Carroll Director | Trustee | 0 | $0 |
Michele Strub-Heer Director | Trustee | 0 | $0 |
Steve Scott Director | Trustee | 0 | $0 |
Tony Colarelli Trustee | Trustee | 0 | $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 | $739,703 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $739,703 |
| Total Program Service Revenue | $0 |
| Investment income | $36,012 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $126,380 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $976,195 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $459,742 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $68,541 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| 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 | $15,344 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $93,000 |
| Travel | $5,430 |
| 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 | $405 |
| Insurance | $6,115 |
| All other expenses | $20,472 |
| Total functional expenses | $839,395 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $546,985 |
| Savings and temporary cash investments | $0 |
| 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 | $6,334 |
| Net Land, buildings, and equipment | $3,275 |
| Investments—publicly traded securities | $499,138 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $1,055,732 |
| Accounts payable and accrued expenses | $18,933 |
| 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 | $18,933 |
| Net assets without donor restrictions | $934,827 |
| Net assets with donor restrictions | $101,972 |
| 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 | $1,055,732 |
Grants Recieved
Over the last fiscal year, we have identified 4 grants that Fostering Hope Foundation has recieved totaling $228,864.
| Awarding Organization | Amount |
|---|---|
Colorado Springs Health Foundation Colorado Springs, CO | | $107,879 |
Pikes Peak Community Foundation Colorado Springs, CO PURPOSE: HUMAN SERVICES | $75,000 |
Pikes Peak United Way Colorado Springs, CO PURPOSE: Support the Charitable Purpose of the Organization | $39,485 |
Ent Credit Union Colorado Springs, CO PURPOSE: A NEW DAY, 2021 YES GRANT AWARD, DONOR FUND, AND COMMUNITY LUNCHEON A NEW DAY | $6,500 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Emberhope Inc Newton, KS | $33,046,827 | $12,909,477 |
Savio House Denver, CO | $18,586,291 | $15,706,151 |
Kids Crossing Inc Colorado Springs, CO | $4,075,253 | $10,245,491 |
Villages Inc Topeka, KS | $17,906,080 | $8,383,153 |
Arizona Friends Of Foster Children Foundation Phoenix, AZ | $7,817,549 | $5,429,320 |
Christian Heritage Childrens Home Walton, NE | $5,189,360 | $3,765,747 |
Red Mountain Family Services Inc Albuquerque, NM | $1,409,012 | $3,641,579 |
Building Blocks For Community Enrichment ONeill, NE | $1,672,888 | $3,377,853 |
Restoration Family Services Inc Wichita, KS | $304,437 | $2,741,478 |
Compass Kearney, NE | $852,468 | $2,681,362 |
Lilyfield Inc Edmond, OK | $2,207,200 | $2,517,818 |
Peppers Ranch Inc Guthrie, OK | $15,742,439 | $2,338,484 |