Hopeworks Inc
- Assets
- $4.8m
- Revenue
- $4.5m
- Investments
- $0.0
- Employees
- 87
- Location
- Memphis, TN
- Founding
- 03/1999
- Data as of
- 06/2022
- EIN
- 62-1743371
Organization Overview
Hopeworks Inc is located in Memphis, TN. The organization was established in 1999. According to its NTEE Classification (J20) the organization is classified as: Employment Preparation & Procurement, under the broad grouping of Employment and related organizations. As of 06/2022, Hopeworks Inc employed 87 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Hopeworks 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 06/2022, Hopeworks Inc generated $4.5m in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 16.7% each year . All expenses for the organization totaled $3.9m during the year ending 06/2022. While expenses have increased by 14.9% 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
HOPEWORKS, INC. IS A NOT-FOR-PROFIT ORGANIZATION THAT SEEKS TO SERVE THE UNDER-RESOURCED THROUGH OUTREACH PROGRAMS THAT DEVELOP INDIVIDUAL WORTH, ENCOURAGE PERSONAL RESPONSIBILITY AND PROMOTE THE HONOR AND VALUE OF WORK. BY IMPLEMENTING A HOLISTIC APPROACH THROUGH DAILY CLASSES AND MEALS, EDUCATIONAL TRAINING AND SPIRITUAL COUNSELING, HOPEWORKS STRIVES TO BREAK THE CYCLE OF CRIME, ADDICTION AND GENERATIONAL POVERTY THAT TRAPS SO MANY IN OUR CITY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TRAINING COURSES FOR CAREER DEVELOPMENT OF THE UNEMPLOYED AND WELFARE RECIPIENTS. SERVED OVER 150 ADULT STUDENTS THROUGH PERSONAL AND CAREER DEVELOPMENT CLASSES AND OVER 3,000 ADULT STUDENTS THROUGH GED CLASSES. SERVED OVER 1,800 INDIVIDUAL ADULTS AND CHILDREN WITH HEALTH, HYGIENE, AND HOUSEHOLD COMMODITIES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Charlie Maxwell Chairman | OfficerTrustee | 2 | $0 |
Eric Gentry Secretary | OfficerTrustee | 2 | $0 |
Chris Evans Director | Trustee | 2 | $0 |
Ronnie Martin Director | Trustee | 2 | $0 |
Thomas Woods Director | Trustee | 2 | $0 |
Patrick Parson Director | Trustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $4,461,651 |
| Investment income | $14,073 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $55,294 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | -$387 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $4,530,631 |
| Statement of Expenses | |
|---|---|
| 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 to disqualified persons | $0 |
| Other salaries and wages | $2,596,158 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $162,889 |
| Payroll taxes | $197,690 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $9,526 |
| Fees for services: Accounting | $77,666 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $76,163 |
| Advertising and promotion | $7,583 |
| Office expenses | $57,388 |
| Information technology | $25,395 |
| Royalties | $0 |
| Occupancy | $57,518 |
| Travel | $30,191 |
| 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 | $90,697 |
| Insurance | $23,365 |
| All other expenses | $0 |
| Total functional expenses | $3,944,500 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,508,058 |
| Savings and temporary cash investments | $50,380 |
| Pledges and grants receivable | $1,089,918 |
| 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 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $4,848,945 |
| Accounts payable and accrued expenses | $188,435 |
| 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 | $188,435 |
| Net assets without donor restrictions | $2,978,443 |
| Net assets with donor restrictions | $1,682,067 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Total liabilities and net assets/fund balances | $4,660,510 |