Star Of Hope Inc
- Assets
- $50.8m
- Revenue
- $817.7k
- Investments
- $2.3m
- Employees
- 0
- Location
- Rockland, ME
- Founding
- 10/2016
- Data as of
- 12/2023
- EIN
- 81-3141890
Organization Overview
Star Of Hope Inc is located in Rockland, ME. The organization was established in 2016. According to its NTEE Classification (A99) the organization is classified as: Arts, Culture & Humanities N.E.C., under the broad grouping of Arts, Culture & Humanities and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Star Of Hope 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 12/2023, Star Of Hope Inc generated $817.7k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 6 years, the organization has seen revenues fall by an average of (20.4%) each year. All expenses for the organization totaled $2.3m during the year ending 12/2023. You can explore the organizations financials more deeply in the financial statements section below.
Form
990PF
Mission & Program ActivityExcerpts From the 990PF Filing
TAX YEAR
2023
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE MISSION OF THE STAR OF HOPE FOUNDATION IS TO PROMOTE EDUCATION OF THE VISUAL ARTS THROUGH VARIOUS MEANS INCLUDING EXHIBITIONS, ARTIST-IN-RESIDENCE PROGRAMS AND OTHER OUTREACH ENDEAVORS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Lawrence Sterrs Exec. Chairman/interim Ops. Manager | 40 | $180,000 | |
Paul Bird Treasurer | 3 | $0 | |
Kris Davidson Secretary | 3 | $6,000 | |
Mark Bessire Director | 2 | $0 | |
Sharon Corwin Director | 2 | $0 | |
Emily Lane Director | 2 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Eaton Peabody | 12/30/23 | $404,238 |
Lawrence Sterrs | 12/30/23 | $180,000 |
Rockport Building Partners | 12/30/23 | $166,252 |
Kelly & Associates | 12/30/23 | $109,894 |
Opal | 12/30/23 | $90,741 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $0 |
| Interest on Savings | $1,411 |
| Dividends & Interest | $55,599 |
| Net Rental Income | $4,000 |
| Net Gain on Sale of Assets | -$323,104 |
| Capital Gain Net Income | $0 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $1,079,781 |
| Total Revenue | $817,687 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $186,000 |
| Other employee salaries and wages | $0 |
| Pension plans, employee benefits | $0 |
| Interest | $392,352 |
| Taxes | $16,000 |
| Depreciation | $0 |
| Occupancy | $62,333 |
| Travel, conferences, and meetings | $4,007 |
| Printing and publications | $0 |
| Other expenses | $653,294 |
| Total operating and administrative expenses | $2,283,522 |
| Contributions, gifts, grants paid | $0 |
| Total expenses and disbursements | $2,283,522 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $2,242,096 |
| Net Accounts receivable | $244,634 |
| Net Pledges Receivable | $0 |
| Grants receivable | $0 |
| Receivables from Officers, Directors, or Controlling Persons | $0 |
| Net other notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $60,713 |
| Net Investments - land, buildings, equipment | $0 |
| Investments—mortgage loans | $0 |
| Investments—other | $0 |
| Net Land, buildings, and equipment | $979,025 |
| Other assets | $44,921,980 |
| Total assets | $50,776,256 |
| Accounts payable and accrued expenses | $36,077 |
| Grants payable | $0 |
| Deferred revenue | $625,192 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Mortgages and other notes payable | $4,990,178 |
| Other liabilities | $0 |
| Total liabilities | $5,651,447 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Make A Wish Of New Hampshire Inc Manchester, NH | $5,100,021 | $2,933,812 |
Star Of Hope Inc Rockland, ME | $50,776,256 | $817,687 |
Broom Family Foundation New London, NH | $4,446,191 | $880,100 |
Hewnoaks Artist Colony Portland, ME | $102,109 | $0 |
Music On Norway Pond Hancock, NH | $59,265 | $0 |
Maine College Circle Ellsworth, ME | $848,792 | $759,981 |
Summer Festival Of The Arts Southwest Harbor, ME | $8,257 | $0 |
International Artists Manifest Woolwich, ME | $982,523 | $86,259 |
J Henry Hanhisalo Charitable Trust Concord, NH | $831,004 | $77,659 |
Maine Acadian Heritage Council Madawaska, ME | $45,714 | $0 |
Tamil Makkal Mandram Nashua, NH | $31,210 | $0 |
The Institute For Contemplative Education Denmark, ME | $34,515 | $0 |
Uwpiaa New Castle, NH | $503,820 | $489,888 |
Keene Chamber Orchestra Inc Keene, NH | $24,834 | $0 |
New Hampshire Teachers Of Mathematics Epping, NH | $17,298 | $0 |