Hope For New York
- Assets
- $5.7m
- Revenue
- $5.1m
- Investments
- $749.1k
- Employees
- 17
- Location
- New York, NY
- Founding
- 07/1993
- Data as of
- 06/2022
- EIN
- 13-3713484
Organization Overview
Hope For New York is located in New York, NY. The organization was established in 1993. According to its NTEE Classification (T30) the organization is classified as: Public Foundations, under the broad grouping of Philanthropy, Voluntarism & Grantmaking Foundations and related organizations. As of 06/2022, Hope For New York employed 17 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Hope For New York 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 For New York generated $5.1m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 4.1% each year. All expenses for the organization totaled $5.1m during the year ending 06/2022. While expenses have increased by 8.4% 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 2015, Hope For New York has awarded 315 individual grants totaling $21,324,212. 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
PROVIDE VOLUNTEER AND FINANCIAL RESOURCES TO ORGANIZATIONS SERVING THE POOR AND MARGINALIZED OF NYC
Describe the Organization's Program Activity:
Part 3 - Line 4a
HOPE FOR NEW YORK CONNECTS VOLUNTEER AND FINANCIAL RESOURCES TO ORGANIZATIONS THAT SERVE POOR AND VULNERABLE COMMUNITIES IN NEW YORK CITY. BY CONNECTING VOLUNTEERS, GRANTS AND CAPACITY BUILDING ASSISTANCE TO ORGANIZATIONS, WE EFFECT POSITIVE AND SUSTAINABLE CHANGE IN NEIGHBORHOODS AND COMMUNITIES THROUGHOUT THE CITY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Un Mi Elise Chong Chief Executive Officer | OfficerTrustee | 45 | $218,992 |
Eileen Spencer Director Of Programs | 40 | $129,762 | |
Joseph Selvidio ESQ Vice Chair | OfficerTrustee | 5 | $0 |
Mylo Cheng Secretary | OfficerTrustee | 2 | $0 |
Gina Sohn Chair | OfficerTrustee | 5 | $0 |
Michelle Brouhard Treasurer | OfficerTrustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $1,298,499 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $3,719,062 |
| Noncash contributions included in lines 1a–1f | $389,181 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $5,017,561 |
| Total Program Service Revenue | $0 |
| Investment income | $13,431 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $75,539 |
| 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 | $5,108,064 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $2,953,258 |
| 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. | $255,978 |
| Compensation of current officers, directors, key employees. | $25,598 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $767,650 |
| Pension plan accruals and contributions | $46,009 |
| Other employee benefits | $236,943 |
| Payroll taxes | $80,928 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $43,336 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $349,808 |
| Advertising and promotion | $19,774 |
| Office expenses | $31,727 |
| Information technology | $69,991 |
| Royalties | $0 |
| Occupancy | $137,929 |
| Travel | $10,269 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $56,356 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,570 |
| Insurance | $12,768 |
| All other expenses | $24,291 |
| Total functional expenses | $5,128,487 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,416,908 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $31,262 |
| Accounts receivable, net | $75,539 |
| 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 | $85,958 |
| Net Land, buildings, and equipment | $16,928 |
| Investments—publicly traded securities | $3,170,079 |
| Investments—other securities | $749,112 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $115,213 |
| Total assets | $5,660,999 |
| Accounts payable and accrued expenses | $73,201 |
| Grants payable | $895,000 |
| 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 | $223,308 |
| Total liabilities | $1,191,509 |
| Net assets without donor restrictions | $3,563,120 |
| Net assets with donor restrictions | $906,370 |
| 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 | $5,660,999 |
Grants Awarded
Over the last fiscal year, Hope For New York has awarded $2,904,734 in support to 39 organizations.
| Grant Recipient | Amount |
|---|---|
New York, NY PURPOSE: Refer to Part IV | $267,179 |
Elizabeth, NJ PURPOSE: Refer to Part IV | $177,800 |
New York, NY PURPOSE: Refer to Part IV | $155,500 |
New York, NY PURPOSE: Refer to Part IV | $135,246 |
West Nyack, NY PURPOSE: Refer to Part IV | $131,725 |
Bronx, NY PURPOSE: Refer to Part IV | $125,500 |
Grants Recieved
Over the last fiscal year, we have identified 28 grants that Hope For New York has recieved totaling $878,001.
| Awarding Organization | Amount |
|---|---|
Goldman Sachs Charitable Gift Fund New York, NY PURPOSE: COMMUNITY OUTREACH & ENRICHMENT PROGRAMS | $439,062 |
Schwab Charitable Fund San Francisco, CA PURPOSE: PUBLIC, SOCIETAL BENEFIT | $132,200 |
Ayco Charitable Foundation Cohoes, NY PURPOSE: COMMUNITY & HUMAN SERVICES | $82,000 |
American Online Giving Foundation Inc Newark, DE PURPOSE: GENERAL SUPPORT | $67,107 |
National Christian Charitable Foundation Inc Alpharetta, GA PURPOSE: SUPPORT | $51,720 |
Charities Aid Foundation America Alexandria, VA PURPOSE: CHARITABLE DONATION | $40,572 |
Endowment Analysis
| Beg. Balance | $750,754 |
| Earnings | -$124,892 |
| Admin Expense | $754 |
| Net Contributions | $250,000 |
| Ending Balance | $875,108 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Partnership Schools New York, NY | $64,379,139 | $24,282,663 |
Feeding Pennsylvania Lemoyne, PA | $10,818,120 | $21,841,545 |
Royal College Of Art Usa Inc New York, NY | $1,933,182 | $14,916,047 |
Imago Dei Fund Boston, MA | $57,020,766 | $29,637,241 |
Boston Charitable Trust Fund Boston, MA | $1,173,216 | $4,494,143 |
Nfa Foundation Inc Norwich, CT | $77,129,817 | $5,415,738 |
American Friends Of B Nai Levy Foundation Brooklyn, NY | $493,786 | $13,431,000 |
Rf Catalytic Capital Inc New York, NY | $241,603,034 | $246,273,218 |
University Of Pittsburgh And Upmc Medical And Health Sciences Fdn Pittsburgh, PA | $0 | $12,874,250 |
Freedom Fund Brooklyn, NY | $51,719,352 | $51,201,158 |
American Friends Of Leket Israel Inc Teaneck, NJ | $3,165,709 | $12,922,662 |
Provision Ministry Inc Westborough, MA | $833,220 | $12,247,682 |