House Of Hope Housing Inc
- Assets
- $8.1m
- Revenue
- $922.5k
- Investments
- $0.0
- Employees
- 0
- Location
- Lowell, MA
- Founding
- 10/2005
- Data as of
- 06/2023
- EIN
- 58-2669733
Organization Overview
House Of Hope Housing Inc is located in Lowell, MA. The organization was established in 2005. According to its NTEE Classification (L25) the organization is classified as: Housing Rehabilitation, under the broad grouping of Housing & Shelter and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. House Of Hope Housing 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 06/2023, House Of Hope Housing Inc generated $922.5k in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 12.3% each year . All expenses for the organization totaled $1.2m during the year ending 06/2023. While expenses have increased by 13.8% per year over the past 8 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
TO PROMOTE IMPROVED SOCIAL AND ECONOMIC CONDITIONS OF FAMILIES WHO ARE OR WHO HAVE RECENTLY BEEN HOMELESS; TO PROMOTE, DEVELOP, AND MANAGE AFFORDABLE HOUSING FOR FAMILIES AND TO ASSIST IN CARRYING OUT THE CHARITABLE PURPOSE OF HOUSE OF HOPE, INC.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE NEW HOPE APARTMENTS, THE LAKEVIEW APARTMENTS, THE PAWTUCKET APARTMENTS, AND THE SMITH APARTMENTS TOGETHER PROVIDE THIRTY-EIGHT UNITS OF SUBSIDIZED HOUSING. IN ORDER TO MEET ELIGIBILITY REQUIREMENTS, APPLICANTS MUST BE HOMELESS, EXTREMELY LOW INCOME, AND HAVE A NEED TO RECEIVE SUPPORTIVE FAMILY SERVICES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Dan O'connor President | OfficerTrustee | 3 | $0 |
Rachel Garneau Secretary | OfficerTrustee | 3 | $0 |
Brian Stafford Treasurer | OfficerTrustee | 3 | $0 |
Ryan Dunn Director | Trustee | 1 | $0 |
Jeff Bush Vice President | OfficerTrustee | 1 | $0 |
Beth Ahern Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $25,772 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $38,371 |
| Noncash contributions included in lines 1a–1f | $8,263 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $64,143 |
| Total Program Service Revenue | $858,394 |
| 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 | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $922,537 |
| 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. | $166,571 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $253,833 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $82,649 |
| Payroll taxes | $0 |
| Fees for services: Management | $46,653 |
| Fees for services: Legal | $16,504 |
| Fees for services: Accounting | $11,050 |
| 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 | $165,474 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $80,022 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $235,643 |
| Insurance | $20,838 |
| All other expenses | $0 |
| Total functional expenses | $1,162,348 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $131,551 |
| Savings and temporary cash investments | $1,035 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $181,433 |
| 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 | $35,685 |
| Net Land, buildings, and equipment | $7,581,601 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $18,512 |
| Other assets | $188,484 |
| Total assets | $8,138,301 |
| Accounts payable and accrued expenses | $531,009 |
| Grants payable | $0 |
| Deferred revenue | $307,500 |
| 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 | $8,220,447 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $54,481 |
| Total liabilities | $9,113,437 |
| Net assets without donor restrictions | -$975,136 |
| 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 | $8,138,301 |