Hope Enterprise Corporation
- Assets
- $150.3m
- Revenue
- $25.0m
- Investments
- $65.5m
- Employees
- 297
- Location
- Jackson, MS
- Founding
- 10/1994
- Data as of
- 12/2021
- EIN
- 64-0851798
Organization Overview
Hope Enterprise Corporation is located in Jackson, MS. The organization was established in 1994. According to its NTEE Classification (S20) the organization is classified as: Community & Neighborhood Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 12/2021, Hope Enterprise Corporation employed 297 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Hope Enterprise Corporation 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 12/2021, Hope Enterprise Corporation generated $25.0m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 4.3% each year. All expenses for the organization totaled $24.1m during the year ending 12/2021. While expenses have increased by 11.5% 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.
Since 2014, Hope Enterprise Corporation has awarded 27 individual grants totaling $15,852,268. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
PROVIDING ACCESS TO QUALITY FINANCIAL PRODUCTS/SERVICES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
DEVELOPMENT FINANCE SPECIALIZES IN LOANS TO SMALL TO MEDIUM SIZED MANUFACTURING AND SERVICE BUSINESSES.
OTHER PROGRAM SERVICES: REGIONAL DEVELOPMENT OF SYSTEMS AND ORGANIZATIONS TO IMPROVE HOUSING, COMMUNICATIONS, WORKFORCE TRAINING, GENERAL BUSINESS DEVELOPMENT AND ACCESS TO CAPITAL.
TECHNICAL ASSISTANCE TO SMALL AND MEDIUM SIZED MANUFACTURING AND SERVICE BUSINESSES IN THE AREA OF MANAGEMENT CONSULTING AND IN THE AREAS OF IMPROVEMENTS OF PROCESSES AND SYSTEMS.
HOUSING INITIATIVE PROVIDES FINANCE FOR AFFORDABLE HOUSING TO FAMILIES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
William Bynum President/ceo | Officer | 28.77 | $556,282 |
Alan Branson Cfo/evp/treasurer/asst. Se | Officer | 22.19 | $229,231 |
Pearl Wicks Coo/evp | Officer | 25.06 | $193,738 |
Edward D Sivak Jr Executive Vp/chief Policy | Officer | 44.42 | $178,279 |
Kimberla Little Chief Human Assets Officer | Officer | 20.06 | $152,846 |
Barbara Jones SVP Deposit Services | 2 | $124,875 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Wilson Perumal And Company Business Management Consulting | 12/30/21 | $1,550,000 |
Cliftonlarsonallen Llp Accounting | 12/30/21 | $523,395 |
Strategic Development Solutions Llc Financial Management | 12/30/21 | $369,506 |
Dawn Us Holdings Consulting | 12/30/21 | $121,783 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $1,727,065 |
| All other contributions, gifts, grants, and similar amounts not included above | $13,689,434 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $15,416,499 |
| Total Program Service Revenue | $9,495,555 |
| Investment income | $74,478 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$27,426 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $24,959,106 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $5,776,026 |
| 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. | $1,418,836 |
| Compensation of current officers, directors, key employees. | $748,114 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $3,355,301 |
| Pension plan accruals and contributions | $93,884 |
| Other employee benefits | $367,935 |
| Payroll taxes | $273,228 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $34,844 |
| Fees for services: Accounting | $254,608 |
| Fees for services: Lobbying | $20,006 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $38,642 |
| Fees for services: Other | $3,140,164 |
| Advertising and promotion | $0 |
| Office expenses | $90,602 |
| Information technology | $959,444 |
| Royalties | $0 |
| Occupancy | $799,016 |
| Travel | $103,571 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $12,812 |
| Interest | $938,560 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $320,207 |
| Insurance | $97,333 |
| All other expenses | $191,668 |
| Total functional expenses | $24,114,643 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $29,654,392 |
| Savings and temporary cash investments | $892,346 |
| Pledges and grants receivable | $497,780 |
| Accounts receivable, net | $340,225 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $46,501,828 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $390,175 |
| Net Land, buildings, and equipment | $2,033,065 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $65,515,413 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $4,523,919 |
| Total assets | $150,349,143 |
| Accounts payable and accrued expenses | $2,346,119 |
| Grants payable | $0 |
| Deferred revenue | $7,046,214 |
| 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 | $86,956,038 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $746,305 |
| Total liabilities | $97,094,676 |
| Net assets without donor restrictions | $35,464,668 |
| Net assets with donor restrictions | $17,789,799 |
| 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 | $150,349,143 |
Grants Awarded
Over the last fiscal year, Hope Enterprise Corporation has awarded $5,332,413 in support to 4 organizations.
| Grant Recipient | Amount |
|---|---|
HOPE FEDERAL CREDIT UNION PURPOSE: LRNDING | $3,950,000 |
POSIGEN PURPOSE: HURRICANE IDA POWER OUTAGE RELIEF | $1,000,000 |
MARKETFARE PURPOSE: FORGIVABLE LOAN | $200,000 |
Drew, MS PURPOSE: HEALTHY FOOD INITIATIVE | $182,413 |
Grants Recieved
Over the last fiscal year, we have identified 16 grants that Hope Enterprise Corporation has recieved totaling $7,991,367.
| Awarding Organization | Amount |
|---|---|
Silicon Valley Community Foundation Mountain View, CA PURPOSE: Community Development | $4,020,750 |
Ford Foundation New York, NY PURPOSE: GENERAL SUPPORT | $1,000,000 |
Ford Foundation New York, NY PURPOSE: GENERAL SUPPORT AND CORE SUPPORT FOR INSTITUTIONAL STRENGTHENING | $972,002 |
Opportunity Finance Network Philadelphia, PA PURPOSE: OFNS SMALL BUSINESS GRANT PROGRAM FUNDED BY GOOGLE.ORG | $425,000 |
Rudolf Steiner Foundation Inc San Francisco, CA PURPOSE: FOR GENERAL OPERATING SUPPORT | $350,000 |
Rockefeller Foundation New York, NY PURPOSE: TOWARD THE COSTS OF PILOTING A DIVERSITY COLLABORATIVE TO GROW AND SUPPORT BUSINESSES LED BY PEOPLE OF COLOR IN JACKSON, MS. | $300,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Three Rivers Planning & Development District Pontotoc, MS | $48,398,868 | $43,682,575 |
Christian Community Development Corporation Inc Memphis, TN | $275,024,548 | $28,566,509 |
Crawford Sebastian Community Development Council Inc Fort Smith, AR | $10,081,488 | $25,336,007 |
Hope Enterprise Corporation Jackson, MS | $150,349,143 | $24,959,106 |
Upper East Tennessee Human Development Agency Kingsport, TN | $7,143,102 | $23,146,809 |
Northwest Tennessee Economic Development Council Dresden, TN | $2,980,191 | $21,895,121 |
St Martin Iberia Lafayette Parishes Community Action Agency Lafayette, LA | $1,628,921 | $19,226,376 |
Northwest Arkansas Council Foundation Springdale, AR | $9,473,428 | $13,530,717 |
Golden Triangle Planning & Development District Inc Starkville, MS | $16,192,589 | $11,220,298 |
Neighborhood Preservation Inc Memphis, TN | $5,226,571 | $6,441,182 |
Woodbine Community Organization Wco Inc Nashville, TN | $99,872,484 | $15,160,345 |
Mid-Delta Community Services Inc Helena, AR | $2,889,498 | $10,056,138 |