The Hopeless Foundation
- Assets
- $300.7k
- Revenue
- $75.0k
- Investments
- $0.0
- Employees
- 0
- Location
- Van Nuys, CA
- Founding
- 05/2008
- Data as of
- 12/2023
- EIN
- 38-3777239
Organization Overview
The Hopeless Foundation is located in Van Nuys, CA. The organization was established in 2008. According to its NTEE Classification (A12) the organization is classified as: Fund Raising & Fund Distribution, under the broad grouping of Arts, Culture & Humanities and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Hopeless 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 12/2023, Hopeless Foundation generated $75.0k in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 0.0% each year. All expenses for the organization totaled $77.8k during the year ending 12/2023. While expenses have increased by 2.6% 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
THE MISSION OF THE FOUNDATION IS TO BRIDGE MUSICIANS WITH THEIR FANS THROUGH THE ISSUES THAT TOUCH THEIR HEARTS. THE FOUNDATION WAS CREATED WITH THE REALIZATION THAT MUSIC TOUCHES THE LIVES OF YOUNG PEOPLE IN WAYS DIRECTLY CONNECTED TO THEIR PASSIONS, IDENTITIES, AND LIFESTYLES BECOMING PART OF WHO THEY ARE AS HUMAN BEINGS. MUSIC TRANSCENDS OUR DIFFERENCES, BRINGING DIVERSE YOUNG PEOPLE INTO A POSITIVE AND COLLABORATIVE COMMUNITIES. ADDITIONALLY, YOUNG PEOPLE ARE EAGER AND PASSIONATE ABOUT CRITICAL ISSUES THAT FACE THEIR COMMUNITIES AND HUMANITY. THE FOUNDATIONS MISSION IS TO CONNECT YOUNG PEOPLE THROUGH MUSIC TO ORGANIZATIONS AND RESOURCES WHERE THEY CAN MAKE A DIFFERENCE.FROM HEALTH ISSUES (DEPRESSION, SUICIDE PREVENTION, AIDS) TO CONSERVATION (GLOBAL WARMING, WILDLIFE CONSERVATION) TO CONFLICT RESOLUTION (GANG PREVENTION, COMMUNITY CENTERS), JUST TO NAME A FEW, YOUNG PEOPLE ARE INSPIRED BY MUSIC TO GET INVOLVED AND MAKE A POSITIVE IMPACT ON THE WORLD. WITH THE INFORMATION, TOOLS, AN
Describe the Organization's Program Activity:
Part 3 - Line 4a
VARIOUS CHARITABLE INSTITUTIONS
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Louis D Posen President | Trustee | 2 | $0 |
Jo Ann Oster Secretary | Trustee | 1 | $0 |
Ben Posen CFO | Trustee | 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 | $74,673 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $74,673 |
| Total Program Service Revenue | $0 |
| Investment income | $306 |
| 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 | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $74,979 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $68,959 |
| 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 | $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 | $7,275 |
| 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 | $77,813 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $300,695 |
| 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 | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $300,695 |
| 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 | $626 |
| Total liabilities | $626 |
| Net assets without donor restrictions | $0 |
| 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 | $300,069 |
| Total liabilities and net assets/fund balances | $300,695 |
Grants Awarded
Over the last fiscal year, The Hopeless Foundation has awarded $58,879 in support to 5 organizations.
| Grant Recipient | Amount |
|---|---|
CHARITIES BELOW 5000 22 | | | $14,814 |
CRISIS TEXT LINE INC | | | $8,184 |
HOPE FOR THE DAY | | | $11,678 |
THE TREVOR PROJECT INC | | | $11,694 |
TWLOHA INC | | | $12,509 |