Hope
- Assets
- $285.7k
- Revenue
- $538.3k
- Investments
- $0.0
- Employees
- 2
- Location
- Duluth, GA
- Founding
- 07/2010
- Data as of
- 12/2023
- EIN
- 27-1370074
Organization Overview
Hope, operating under the name Hope Inc, is located in Duluth, GA. The organization was established in 2010. According to its NTEE Classification (B60) the organization is classified as: Adult Education, under the broad grouping of Education and related organizations. As of 12/2023, Hope Inc employed 2 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Hope 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, Hope Inc generated $538.3k in total revenue. This organization has experienced exceptional growth, as over the past 9 years, it has increased revenue by an average of 17.8% each year . All expenses for the organization totaled $479.8k during the year ending 12/2023. While expenses have increased by 18.7% per year over the past 9 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
HOPE, INC. (A 501(C)3 TAX-EXEMPT ORGANIZATION) OFFERS SERVICES THAT SUPPORT SINGLE PARENTS. HOPE, INC'S MISSION IS TO SERVE LOW-INCOME SINGLE PARENTS WORKING TO OBTAIN A COLLEGE DEGREE BY PROVIDING ASSISTANCE IN SUBSIDIZED HOUSING, CHILD CARE ASSISTANCE, SOCIAL SERVICES, AND LIFE SKILLS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
H.O.P.E, INC. (HELPING OTHER PEOPLE BE EMPOWERED) BEGAN IN NOVEMBER 2009 AS A PASSION OF THE CEO AND FOUNDER, KENITA SMITH. AS A FORMER SINGLE PARENT, SHE STRUGGLED TO COMPLETE HER B.B.A & M.B.A. SHE NOTICED THAT THERE WAS NOT MUCH SUPPORT FOR SINGLE PARENTS TRYING TO FINISH THEIR COLLEGE EDUCATION, AND SHE WANTED TO CREATE AN ORGANIZATION THAT WOULD ALLOW HER TO GIVE HOPE TO OTHERS THAT ARE IN THE SAME SITUATION. SOME OF THE IMPACT: THE ORGANIZATION HAS SERVED 115 SINGLE PARENTS AND 233 CHILDREN OVER THE PAST 14 YEARS. OVER 80% OF OUR PARTICIPANTS GRADUATED, EMPOWERED TO ACHIEVE THEIR EDUCATION GOALS THIS YEAR, 15 SINGLE PARENTS GRADUATED WITH THEIR DEGREES. 76 SINGLE PARENT INCOMES HAVE SOARED FROM BELOW THE 20,000 MARK TO EXCEED 50,000. FROM OUR RECENT SURVEY OF GRADUATES (WHERE 74% OF OUR GRADUATES RESPONDED): 97% OF GRADUATES ARE CURRENTLY WORKING IN THEIR CHOSEN CAREER FIELD AND EARNING ABOVE MINIMUM WAGE. 46% ARE FIRST-GENERATION COLLEGE GRADUATES IN THEIR FAMILIES, BREAKING THE CYCLE OF GENERATIONAL POVERTY. 82% HAVE EXPERIENCED A SIGNIFICANT INCREASE IN THEIR YEARLY SALARY (ROUGHLY A 38,923 SALARY INCREASE). 37% OF OUR GRADUATES HAD NO SAVINGS WHEN STARTING THE PROGRAM, BUT NOW 89% HAVE ESTABLISHED SAVINGS ACCOUNTS WITH AN AVERAGE BALANCE TOTAL THAT HAS INCREASED 219%. 100% OF OUR PROGRAM PARTICIPANTS ARE ON TRACK TO GRADUATE ON TIME, WITH AN AVERAGE GPA OF 3.44. 100% OF OUR PARTICIPANTS HAVE STATED THAT THEIR CHILDRENS SCHOOL GRADES HAVE ALSO IMPROVED DURING THE TIME THEYVE WORKED ON THEIR DEGREE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Kenita Smith President | Officer | 40 | $80,000 |
Ann Leal Director | Trustee | 5 | $0 |
Steve Dowdley Chairman | Officer | 10 | $0 |
Wassia Kamon Treasurer | Officer | 5 | $0 |
Lisa White Secretary | Officer | 5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $339,873 |
| All other contributions, gifts, grants, and similar amounts not included above | $149,649 |
| Noncash contributions included in lines 1a–1f | $111,267 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $489,522 |
| Total Program Service Revenue | $0 |
| Investment income | $0 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $48,117 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $538,307 |
| 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. | $80,000 |
| Compensation of current officers, directors, key employees. | $8,084 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $67,438 |
| 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 | $6,000 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $100 |
| Advertising and promotion | $137,362 |
| 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 | $479,811 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $273,085 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $7,872 |
| 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 | $4,750 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $285,707 |
| Accounts payable and accrued expenses | $6,022 |
| 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 | $130,379 |
| Other liabilities | $0 |
| Total liabilities | $136,401 |
| Net assets without donor restrictions | $149,306 |
| 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 | $285,707 |