Hope Development Corporation
- Assets
- $2.1m
- Revenue
- $975.6k
- Investments
- $0.0
- Employees
- 0
- Location
- West Warwick, RI
- Founding
- Data as of
- 12/2021
- EIN
- 86-2063114
Organization Overview
Hope Development Corporation is located in West Warwick, RI. According to its NTEE Classification (B90) the organization is classified as: Educational Services, under the broad grouping of Education and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Hope Development Corporation is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
SEE PAGE 2, PART III, LINE 1.
Describe the Organization's Program Activity:
Part 3 - Line 4a
RENOVATION OF A LEASED PROPERTY IN RHODE ISLAND - RENOVATIONS WERE UNDERTAKEN IN 2021 TO ENSURE COMMUNITY NEEDS ARE BEING MET AND WILL MATERIALLY EXPAND AND IMPROVE THE OVERALL LANDSCAPE OF EDUCATION FACILITIES IN THE COMMUNITIES IT SERVES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Christopher Vitale President/director | OfficerTrustee | 1 | $0 |
Julia Rafal-Baer Secretary/director | OfficerTrustee | 0.25 | $0 |
Theodore Karousos Director | Trustee | 0.25 | $0 |
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 | $975,600 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $975,600 |
| Total Program Service Revenue | $0 |
| Investment income | $0 |
| 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 | $975,600 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $15,461 |
| 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 | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $63,228 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $17,666 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $16,603 |
| Insurance | $5,988 |
| All other expenses | $279 |
| Total functional expenses | $119,225 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $84,272 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $46,027 |
| 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 | $4,277 |
| Net Land, buildings, and equipment | $1,925,894 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $5,000 |
| Total assets | $2,065,470 |
| Accounts payable and accrued expenses | $123,201 |
| 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 | $1,017,666 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $43,226 |
| Total liabilities | $1,184,093 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| 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 | $881,377 |
| Total liabilities and net assets/fund balances | $2,065,470 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Hope Development Corporation has recieved totaling $1,017,833.
| Awarding Organization | Amount |
|---|---|
City Fund Beaverton, OR PURPOSE: OPERATING SUPPORT | $1,017,833 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
The Achievement Network Ltd Boston, MA | $23,559,572 | $30,118,976 |
Saga Innovations Framingham, MA | $30,229,601 | $39,236,690 |
Teach Plus Incorporated Boston, MA | $12,001,505 | $12,042,496 |
Goodwin College Educational Services Inc East Hartford, CT | $19,577 | $10,789,035 |
Education Resource Strategies Inc Watertown, MA | $16,861,900 | $10,099,352 |
Entrepreneurial Ventures In Education Quincy, MA | $4,865,485 | $11,072,937 |
Big Picture Company Inc Providence, RI | $7,837,485 | $8,551,370 |
Icivics Inc Cambridge, MA | $22,668,891 | $21,117,538 |
Citizen Schools Inc Boston, MA | $5,221,320 | $8,840,523 |
Online Learning Consortium Inc Boston, MA | $2,598,317 | $5,536,554 |
The Conversation Us Inc Waltham, MA | $3,433,236 | $3,991,773 |
Connecticut Rise Network Inc New Haven, CT | $3,818,176 | $5,361,817 |