H O P E Inc
- Assets
- $2.4m
- Revenue
- $435.1k
- Investments
- $0.0
- Employees
- 1
- Location
- New London, CT
- Founding
- 06/1994
- Data as of
- 12/2021
- EIN
- 06-1269812
Organization Overview
H O P E Inc is located in New London, CT. The organization was established in 1994. According to its NTEE Classification (L21) the organization is classified as: Low-Income & Subsidized Rental Housing, 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. H O P E 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 12/2021, H O P E Inc generated $435.1k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (3.0%) each year. All expenses for the organization totaled $202.1k during the year ending 12/2021. 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
HOUSING FOR LOW AND MODERATE INCOME FAMILIES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
RENTAL HOUSING - TWO THREE-FAMILY HOUSES ARE BEING RENTED TO LOW-INCOME FAMILIES WHO PARTICIPATE IN A PROGRAM TO HELP THEM BECOME HOMEOWNERS. SIX APARTMENTS ARE RENTED IN THIS PROGRAM. TWO ADDITIONAL TWO-FAMILY PROPERTIES HAVE BEEN PURCHASED AND RENOVATED AND THOSE FOUR UNITS ARE BEING RENTED TO VERY-LOW-INCOME FAMILIES.
HOME OWNERSHIP HOUSING- THE RENOVATION OF A THREE-FAMILY HOME WAS UNDERTAKEN. THIS HOME WILL BE SOLD TO A MODERATE-INCOME FAMILY WITH ONE APARTMENT TO BE RENTED TO A LOW-INCOME FAMILY AND THE OTHER APARTMENT TO BE RENTED TO A VERY-LOW-INCOME FAMILY.THE PLANS FOR THE CONSTRUCTION OF A NEW TWO-FAMILY HOME WERE DEVELOPED, APPROVED AND PUT TO BID TO BE COMPLETED AND SOLD TO A LOW-INCOME FAMILY WITH THE ADDITIONAL APARTMENT RENTED TO A VERY-LOW-INCOME FAMILY.NEGOTIATIONS WERE UNDERWAY TO PURCHASE A SMALL VACANT LOT ON WHICH TO BUILD ANOTHER NEW HOUSE.
EDUCATION - INDIVIDUALS AND FAMILIES WERE GUIDED IN BASIC STEPS TO TAKE IN ORDER TO FIND AFFORDABLE HOUSING AND TO BUY HOMES ON THEIR OWN.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Marilyn M Graham E.d./secretary | Officer | 35 | $77,250 |
Paul A Connor Vice Chair | OfficerTrustee | 0.5 | $0 |
Peter J Springsteel Chairman | OfficerTrustee | 4 | $0 |
Annette Finton Treasurer | OfficerTrustee | 0.5 | $0 |
Matthew Curtiss Director | Trustee | 0.5 | $0 |
Keith Caplet Director | Trustee | 0.5 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Dependable Contracting Services Contracting Services | 12/30/21 | $0 |
Edward Fedorshak Contracting Services | 12/30/21 | $248,715 |
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 | $356,300 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $356,300 |
| Total Program Service Revenue | $77,289 |
| Investment income | $1,527 |
| 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 | $435,116 |
| 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. | $77,250 |
| Compensation of current officers, directors, key employees. | $39,529 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $6,196 |
| Fees for services: Management | $2,500 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| 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 | $793 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $19,503 |
| 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 | $40,034 |
| Insurance | $12,076 |
| All other expenses | $252 |
| Total functional expenses | $202,133 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $59,988 |
| Savings and temporary cash investments | $1,088,628 |
| 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 | $359,701 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $917,817 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $2,426,134 |
| 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 | $51,332 |
| Total liabilities | $51,332 |
| Net assets without donor restrictions | $1,936,602 |
| Net assets with donor restrictions | $438,200 |
| 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 | $2,426,134 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Community Builders Inc Boston, MA | $148,217,575 | $87,790,279 |
Doe Fund Inc New York, NY | $135,128,444 | $76,076,390 |
First Chinese Presbyterian Community Affairs Home Attendant C New York, NY | $26,741,134 | $40,973,137 |
Corporation For Supportive Housing New York, NY | $191,922,281 | $44,983,722 |
Lantern Community Services Inc New York, NY | $8,603,902 | $30,172,757 |
Pathstone Corporation Rochester, NY | $88,645,469 | $21,347,590 |
Services For The Underserved Inc New York, NY | $8,662,192 | $15,624,121 |
Hudson River Housing Poughkeepsie, NY | $27,296,400 | $16,670,773 |
Division Housing Corporation Brooklyn, NY | $37,066,960 | $16,618,579 |
Cambridge Affordable Housing Corporation Cambridge, MA | $128,682,054 | $13,147,216 |
Boston Tremont Housing Development Fund Corporation New York, NY | $28,761,784 | $24,917,100 |
Highbridge Community Housing Development Fund Corporation Bronx, NY | $37,198,979 | $10,077,862 |