The Hope Academy
- Assets
- $1.6m
- Revenue
- $5.1m
- Investments
- $0.0
- Employees
- 0
- Location
- Providence, RI
- Founding
- 11/2014
- Data as of
- 06/2022
- EIN
- 46-4845929
Organization Overview
The Hope Academy is located in Providence, RI. The organization was established in 2014. According to its NTEE Classification (B29) the organization is classified as: Charter Schools, under the broad grouping of Education and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Hope Academy 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 06/2022, Hope Academy generated $5.1m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 23.7% each year . All expenses for the organization totaled $5.0m during the year ending 06/2022. While expenses have increased by 22.8% 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
THE HOPE ACADEMY IS COMMITTED TO AN EDUCATIONAL MODEL FOCUSING ON THE ACADEMIC AND SOCIAL SUCCESS OF EACH INDIVIDUAL, PREPARING STUDENTS TO MEET THE CHALLENGES OF THE FUTURE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
CHARTER SCHOOL EDUCATIONAL SERVICES THE HOPE ACADEMY'S PRIMARY SERVICE IS TO PROVIDE PUBLIC EDUCATION TO RESIDENTS OF PROVIDENCE AND NORTH PROVIDENCE. ADMISSION IS BASED ON A LOTTERY SYSTEM AND TUITIONS ARE BILLED TO THE CITY/TOWN IN WHICH THE STUDENT RESIDES. THE HOPE ACADEMY FOSTERS AN INCLUSIVE ENVIRONMENT BY EXPOSING CHILDREN TO THOSE WHO ARE DIFFERENT FROM THEMSELVES AT AN EARLY AGE. THE SCHOOL RENTS SPACE FROM MEETING STREET, A PRIVATE INSTITUTION OF LEARNING THAT HAS BEEN RECOGNIZED AS A LEADER IN SERVICING STUDENTS WITH DISABILITIES. GROWING UP ALONGSIDE CHILDREN THAT ARE DIFFERENT THAN THEMSELVES WILL INCITE INCLUSIVITY.
SCHOOL FOOD SERVICE FUND THE HOPE ACADEMY PROVIDES BREAKFAST & LUNCH FOR ITS STUDENTS. FEES ARE ASSESSED BASED ON INCOME LEVEL. REVENUES ALSO COME FROM FEDERAL PROGRAMS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Mayor Charles A Lombardi Chairperson | Trustee | 1 | $0 |
Mayor Jorge O Elorza Vice Chairperson | Trustee | 1 | $0 |
John Kelly Secretary/treasurer | Trustee | 1 | $0 |
Bianca Rodriguez Director/founder | Trustee | 1 | $0 |
Alfred Marciano Director | Trustee | 1 | $0 |
Matthew Shumate Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $3,656,893 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,722 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $3,658,615 |
| Total Program Service Revenue | $1,484,997 |
| Investment income | $2,016 |
| 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 | $5,145,628 |
| 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. | $204,371 |
| Compensation of current officers, directors, key employees. | $204,371 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $2,281,443 |
| Pension plan accruals and contributions | $49,611 |
| Other employee benefits | $392,574 |
| Payroll taxes | $183,046 |
| Fees for services: Management | $31,500 |
| Fees for services: Legal | $5,377 |
| Fees for services: Accounting | $97,268 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $425,059 |
| Advertising and promotion | $956 |
| Office expenses | $0 |
| Information technology | $54,727 |
| Royalties | $0 |
| Occupancy | $909,233 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $12,921 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $30,232 |
| All other expenses | $26,118 |
| Total functional expenses | $4,959,247 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $237,418 |
| Savings and temporary cash investments | $910,998 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $434,001 |
| 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 | $25,721 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $34,000 |
| Total assets | $1,642,138 |
| Accounts payable and accrued expenses | $169,593 |
| 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 | $169,593 |
| Net assets without donor restrictions | $1,469,764 |
| Net assets with donor restrictions | $2,781 |
| 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 | $1,642,138 |