Hopeco EIN 58-1821149

Hopeco

EIN  58-1821149 Public charity (501(c)(3)) Martinsville, VA
Form 990 (PDF) Compare with another nonprofit →
Verified accurate 9/2/26 · see original filing: IRS
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Size
$1–10M
What they do
Provides holistic care to vulnerable children, families, and communities in East Africa.
Leadership
Alfred Lackey · Chief Executive Officer · $96K
Money in and out
$2.4M revenue, $2.0M expenses
Bottom line
88% program efficiency

Provides holistic care to vulnerable children, families, and communities in East Africa. For fiscal year 2024 it reported $2.4M in revenue, $2.0M in expenses, and $529K in net assets.Pt I

Where the money goes · FY2024
Total revenue
$2.4M
Pt VIII · Ln 12
Total expenses
$2.0M
Pt IX · Ln 25
Net assets
$529K
Pt X · Ln 32
Revenue less expenses (Pt I · Ln 19): $376K
Where spending went · Part IX cols B–D
Program services $0.88 Management & general $0.08 Fundraising $0.04
Program efficiency
88%
of spending reaches programs▼ -2% vs prior filing year
Operating runway
4.2mo
months of highly liquid reserves at operating expense rate▲ +200% vs prior filing year
Surplus margin
+16%
revenue over expenses, this year▲ +451% vs prior filing year

Summary of the Filing

Part I · fiscal year 2024 · Form 990
Revenue
$2.4M
FY2024▲ +42%
Expenses
$2.0M
FY2024▲ +15%
Total assets
$554K
FY2024▲ +215%
Total liabilities
$25K
FY2024▲ +2%
Total revenue
$2.4M
Pt VIII · Ln 12
Total expenses
$2.0M
Pt IX · Ln 25
Net assets
$529K
Pt X · Ln 32
Revenue less expensesPt I · Ln 19$376K
Total assetsPt X · Ln 16$554K
Program-expense ratioPt IX · col B88%
Voting members of governing bodyPt I · Ln 39
Independent voting membersPt I · Ln 46
Mission & Programs · Part III

Where the work happens

3 program services account for $1.8M of program spending, described in the organization's own filed words · FY2024.
01

HopeCo supports the education and care of East African students who are studying in the USA at a Christian boarding school or at college.

$922Kprogram expense
02

Care for orphans, vulnerable children, women, and other adults in East Africa. HopeCo funded a childrens home,, a primary school, a secondary school, empowerment programs for women, university education, and a medical center for an impoverished community. In total, more than 900 people were served every month.

$843Kprogram expense
03

Teamwork Bible College International operates under the umbrella of HopeCo to offer Christian education programs. The school provides curriculum and administration to affiliated schools who offer classes as part of various degree programs.

$670program expense

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Identity & Classification

Form 990 Header · IRS Business Master File
Legal nameHdr · item CHopeco
EINHdr · item D58-1821149
Principal addressHdr · item CMartinsville, VA
WebsiteHdr · item Jwww.joinhopeco.com
Year of formationHdr · item Lpending
State of legal domicileHdr · item MVA
Exempt statusHdr · item I501(c)(3) · active
NTEE classificationIRS BMFNonprofit
Ruling yearIRS BMFOct 1989

Governance & Policies

Part VI
Voting members of the governing bodyPt VI · Ln 1a9
Independent voting membersPt VI · Ln 1b6
Conflict-of-interest policyPt VI · Ln 12aYes
Whistleblower policyPt VI · Ln 13Yes
Document retention policyPt VI · Ln 14Yes
CEO/top-official compensation independently reviewedPt VI · Ln 15aYes
Family or business relationships among officers/directorsPt VI · Ln 2Yes

Officers, Directors & Key Employees

Part VII, Section A · reportable compensation
Chief Executive Officer
$96,000Pt VII · Sec A
Chief Financial Officer
$55,925Pt VII · Sec A
Director of Programs and Cofounder
$52,800Pt VII · Sec A
Board Member
$0Pt VII · Sec A
Board Member
$0Pt VII · Sec A
Board Member
$0Pt VII · Sec A
Board Member
$0Pt VII · Sec A
Board Member
$0Pt VII · Sec A

Compensation history total reportable pay by year · 5 named individuals · Part VII

NameFY2024FY2023FY2022FY2021FY2020
Alfred Lackey$96,000$6,400
Matt Parker$91,413$96,000$81,500$61,750
Lisa Wilkerson$55,925$51,371
Regina Chacha$52,800$52,771$52,500$21,608$33,171
Lisa Honaker$50,871$33,270$46,224

Total reportable compensation (Form 990 Part VII column D / Schedule J column E) by filing year, matched by name within this organization. The Schedule J base / bonus / deferred breakdown is not parsed into this dataset.

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Statement of Revenue

Part VIII
Contributions & grants99%$2.4M
Program service revenue$10K
Investment income$3K
Other revenue$2K
Total revenueLn 12$2.4M

Statement of Functional Expenses

Part IX · allocated across program, management, and fundraising
Allocation · columns B–D
Program services $0.88 Management & general $0.08 Fundraising $0.04
Program services88%$1.8M
Management & general8%$159K
Fundraising4%$78K
Total functional expensesLn 25$2.0M

Balance Sheet

Part X · end of year
CashLn 1$360K
Total assetsLn 16$554K
Total liabilitiesLn 26$25K
Total net assetsLn 32$529K
Months of cash on handcomputed2.2

Financial Metrics

Form 990 · FY2024 · each ratio shown with the dollars behind it
Liquidity & Payout
Operating runway
Highly liquid reserves $374K · Operating expenses (Pt IX) $2.0M · Less non-cash grants $934K · Cash operating expenses/yr $1.1M
4.2 months
Where the money goes
Program services
Program services $1.8M · Total expenses $2.0M
88%
Management & General
Management & general $159K · Total expenses $2.0M
8%
Fundraising
Fundraising $78K · Total expenses $2.0M
4%
Cost to raise $1
Fundraising expense (3-yr avg) $70K · Solicited contributions (3-yr avg) $1.8M
$0.04 to raise $1 (3-yr avg)
Where the money comes from
Contribution dependence
Contributions & grants $2.4M · Total revenue $2.4M
99%
Government reliance
Government grants — · Total revenue $2.4M
Earned-income share
Program service revenue $10K · Total revenue $2.4M
0%
Investment reliance
Investment income $3K · Total revenue $2.4M
0%
Program self-sufficiency
Program service revenue $10K · Total expenses $2.0M
0%
Growth & trend
Revenue growth (YoY)
This year $2.4M · Prior year $1.7M
+42%
Revenue CAGR
FY2020 $684K · FY2024 $2.4M
+37%
Net-asset trend (YoY)
End of year $529K · Beginning of year —
Beginning net assets not meaningfully positive — showing dollar change
Balance sheet
Surplus Margin
Revenue $2.4M · Expenses $2.0M
+16%
Liabilities-to-Assets
Total liabilities — · Total assets $554K
Net-asset ratio
Net assets $529K · Total assets $554K
95%
Marketable Investment Share
Publicly traded securities (Pt X, ln 11) $14K · Other securities (Pt X, ln 12) — · Total assets (Pt X, ln 16) $554K
2%
People & payroll
Highest Reported Total Compensation
Individual Alfred Lackey · Reported title Chief Executive Officer · Highest reported compensation $96K · Total expenses $2.0M
5%
Personnel share
Salaries, benefits & payroll (Pt IX 5-10) $370K · Total expenses $2.0M
19%
Peer comparison

Same NTEE category, revenue band, and state where available. Descriptive — not a grade.

MetricThis orgPeer medianPercentile
Program ratio 88%
Overhead ratio 8%
Fundraising cost ratio 3%
Revenue growth 42%
Legal fee ratio 1%
Accounting fee ratio 0%

Straight from the Form 990 — descriptive, not an evaluation. A ratio is hidden when its base is zero or too small to be meaningful; the dollars are always shown.

Grants

Schedule I · received and paid
Grants received · FY2024
Total grants receivedfrom 4 funders$106K
See all 4 funders →
Grants paid · 2 grants · $417K · 2020–2021
Unitemized GrantFY2021$404,795
Unitemized GrantFY2020$12,536

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Filings & Schedule Manifest

Part IV
III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash
FY2024 (Latest)$2.4M revenue · viewing · ⤓ 990 PDF
FY2023$1.7M revenue · ⤓ 990 PDF
FY2022$1.3M revenue · ⤓ 990 PDF
FY2021$1.2M revenue · ⤓ 990 PDF
FY2020$684K revenue · ⤓ 990 PDF

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Sources

Every figure above is drawn from these filings
Form 990 e-file (XML) · FY2024IRS
Classification, formation year, addressIRS Business Master File
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