Fostering Hope Foundation
- Assets
- $1.1m
- Revenue
- $886.7k
- Investments
- $0.0
- Employees
- 18
- Location
- Colorado Springs, CO
- Founding
- 03/1946
- Data as of
- 12/2022
- 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 12/2022, 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 12/2022, Fostering Hope Foundation generated $886.7k in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 9.7% each year. All expenses for the organization totaled $838.6k during the year ending 12/2022. While expenses have increased by 14.5% 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
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 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 J Colarelli Pres. & Trustee | OfficerTrustee | 0 | $0 |
Jill Bradley Director | Trustee | 0 | $0 |
Gina Colarelli O'connor Trustee | Trustee | 0 | $0 |
Patrick O'connor Trustee | Trustee | 0 | $0 |
Angela Colarelli Carron Trustee | Trustee | 0 | $0 |
David Carron 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 | $742,809 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $742,809 |
| Total Program Service Revenue | $0 |
| Investment income | $35,826 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $108,044 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $886,679 |
| 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 | $560,991 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $94,246 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $9,554 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $12,880 |
| Fees for services: Investment Management | $6,189 |
| Fees for services: Other | $5,060 |
| Advertising and promotion | $40,496 |
| Office expenses | $9,099 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $49,380 |
| Travel | $2,681 |
| 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 | $736 |
| Insurance | $5,446 |
| All other expenses | $0 |
| Total functional expenses | $838,588 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $541,243 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $55,787 |
| 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 | $6,366 |
| Net Land, buildings, and equipment | $6,139 |
| Investments—publicly traded securities | $496,638 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $1,106,173 |
| Accounts payable and accrued expenses | $21,283 |
| 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 | $21,283 |
| Net assets without donor restrictions | $982,918 |
| 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 | $1,106,173 |