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Hope Development Corporation

Tax-deductible

Providence, RI501(c)(3)Since 2021EducationEIN 86-2063114Revenue $51K in FY2025

On file with the IRS39 Pike Street, 02903-4349 · Providence, RITax-exempt since Nov 2021Publicly supported charity — 170(b)(1)(A)(vi)

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Formed in 2021, Hope Development Corporation (hdc) was founded to improve education opportunities in and around providence, RI. Hdc will focus on community revitalization and improvement through investments (continued on sch o) (continued from 990 page 2) in Development of education facilities, strategic management of facilities, and the charging of nominal rent to non-profit school tenants, made possible from funding by public donations.

501(c)(3) charity; gifts are tax-deductible.
100¢ of each $1 spent went to programs.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX

Before you give

FY2025 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
501(c)(3)
not on the IRS revocation list
Looks good: listed by the IRS and not on the revocation list.
IRS BMF · Auto-Revocation List
Tax-deductible gifts
Yes
Donations are tax-deductible
Looks good: the IRS lists gifts to it as deductible.
IRS Pub. 78 · IRS BMF
Latest return
FY2025
latest Form 990
Looks good: the latest return is for FY2025, 1 tax year back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
2 of 5
filings with a surplus
Average surplus $284K a year · 66% of revenue · last 5 filings
Worth a look: a surplus in 2 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Spent on programs
100%
of spending
Looks good: 100% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Cash reserves
7 mo
of spending, in cash
Looks good: 7.1 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
1
named funder · $10K
Fine: 1 funder names it on their filings; under 3.
Funders’ Sch. I, 990-PF
Liabilities
$19K
1% of total assets
Looks good: liabilities are 1% of assets; 50% or less.
Pt X · Ln 26
Independent board members
3
of 3 voting members
Looks good: 3 of 3 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$51K
-1% vs prior year
Spent
$146K
To programs
100%
Net assets
$1.8M
By yearFY2021–FY2025
Revenue
$51K
FY2025▼ -1%
Tap a bar for its year
Revenue by fiscal year
FY2021$976K
FY2022$1.1M
FY2023$27K
FY2024$51K
FY2025$51K
Expenses
$146K
FY2025▼ -3%
Tap a bar for its year
Expenses by fiscal year
FY2021$119K
FY2022$156K
FY2023$174K
FY2024$150K
FY2025$146K
Net assets
$1.8M
FY2025▼ -5%
Tap a bar for its year
Net assets by fiscal year
FY2021$881K
FY2022$1.8M
FY2023$2.0M
FY2024$1.9M
FY2025$1.8M

From the FY2025 Form 990 · see the original

Form 990 (PDF) Claim

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2025. IRS ruling in Nov 2021.

IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Where the money goes

100 cents of each dollar spent went to programs.

Program services 100% · $146K

Form 990 Part IX, line 25. Every line is in By the numbers.

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Who runs it and what they're paid

3 people listed on the 990.

Part VII, Section A · reportable compensation
Christopher Vitale
President/Director
$0Pt VII · Sec A
William Fischer
VP/Secretary/Director
$0Pt VII · Sec A
Theodore Karousos
Treasurer/Asst. Secretary/
$0Pt VII · Sec A
See Hope Development Corporation executive salaries →

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Questions the 990 asks

The form asks each of these directly. These are the filed answers.

  • Family or business ties among officersPt VI · Ln 2Yes
  • Top official's pay set by an independent reviewPt VI · Ln 15aNo

Programs and updates

Hope Development Corporation is an education nonprofit based in Providence, RI, formed in 2021.

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Provided by the organization

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1 program · $146K · in their own filed words · FY2025
01

Subleased a property in rhode island for the operation of a school for grades pre-kindergarten through 12.

$146Kprogram expense

Funders

Who pays for it.

From grant filings on record. Receipts are incomplete: individual donors are never listed.

Grants

Schedule I · funders on record
Grants received · FY2024
California Community FoundationFY2024$10K
Total grants receivedfrom 1 funder$10K

By the numbers

The FY2025 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$51K
Ln 12
Fees for servicesLn 2g$50K
Gifts and grantsLn 1h$648
Money outPt IX
$146K
Ln 25
Programscol B$146K
Owns and owesPt X
$1.8M
net assets · Ln 32
Cash and savingsLn 1–2$86K
Total assetsLn 16$1.9M
LiabilitiesLn 26$19K
PeoplePt VI, VII
3
listed · VII A
PaidVII A0
Voting boardVI 1a3
IndependentVI 1b3
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$648
Fees for servicesLn 2g$50K
Total revenueLn 12$51K
Assets in detailPt X, end of year
CashLn 1$86K
Cash and savings togetherLn 1–2$86K
Land, buildings, equipmentLn 10c$1.7M
Other assetsLn 15$5K
Total assetsLn 16$1.9M
LiabilitiesLn 26$19K
Net assetsLn 32$1.8M
OperationsPt I, VI
EmployeesI 50
VolunteersI 60
Fiscal year endsHeaderDecember
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13No
Records policyVI 14No
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY25End FY25
Cash and savingsLn 1–2$55K$86K
Land, buildings, equipmentLn 10c$1.8M$1.7M
Total assetsLn 16$1.9M$1.9M
LiabilitiesLn 26$19K$19K
Net assetsLn 32$1.9M$1.8M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Management feesLn 11a$9K$9K
OccupancyLn 16$69K$69K
Depreciation, depletion and amortizationLn 22$50K$50K
InsuranceLn 23$18K$18K
Other expenses (24a–d)Ln 24$10$10
Total functional expensesLn 25$146K$146K$0$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 Latest Viewing $51K$146K−$96K$1.8M 990 PDF
FY2024 $51K$150K−$99K$1.9M 990 PDF
FY2023 $27K$174K−$147K$2.0M 990 PDF
FY2022 $1.1M$156K$903K$1.8M 990 PDF
FY2021 $976K$119K$856K$881K 990 PDF

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Schedules filed Part IV

III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash
See the full FY2025 990 (6 parts)
Part I · Summary $50,652 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $1,249$648
I-9 Program service revenuePrior year $50,004$50,004
I-10 Investment incomePrior year $0$0
I-11 Other revenuePrior year $0$0
I-12 Total revenuePrior year $51,253$50,652
I-13 Grants and similar amounts paidPrior year $0$0
I-14 Benefits paid to membersPrior year $0$0
I-15 Salaries and benefitsPrior year $0$0
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $150,433$146,274
I-18 Total expensesPrior year $150,433$146,274
I-19 Revenue less expensesPrior year −$99,180−$95,622
Part VI · Governance 3 of 3 board members independent, 4 to look at
VI-1a Voting members of the governing body3
VI-1b Independent voting members3
VI-2 Family or business relationship among officers or directorsYes
VI-13 Written whistleblower policyNo
VI-14 Document retention and destruction policyNo
VI-15a Process for setting top official's payNo
VI-12a Written conflict of interest policyYes
Part VIII · Statement of revenue $50,652 across 4 lines filed
VIII-1f All other contributions, gifts and grants$648
VIII-1h Total contributions, gifts and grants$648
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $50,004$50,004
VIII-12 Total revenueRelated to mission $50,004 · Unrelated business $0 · Excluded from tax $0$50,652
Part IX · Statement of functional expenses $146,274 across 5 lines filed
IX-11a Management feesPrograms $9,000$9,000
IX-16 OccupancyPrograms $69,000$69,000
IX-22 Depreciation, depletion and amortizationPrograms $49,808$49,808
IX-23 InsurancePrograms $18,456$18,456
IX-24 Other expenses (24a–d)Programs $10$10
IX-25 Total functional expensesPrograms $146,274 · Management $0 · Fundraising $0$146,274
Part X · Balance sheet $1,853,047 assets, 11 lines filed
X-1 Cash, non-interest-bearingStart of year $54,936$86,474
X-3 Pledges and grants receivableStart of year $103,261$34,909
X-10c Land, buildings and equipment, netStart of year $1,776,472$1,726,664
X-15 Other assetsStart of year $5,000$5,000
X-16 Total assetsStart of year $1,939,669$1,853,047
X-17 Accounts payable and accrued expensesStart of year $10,100$10,100
X-19 Deferred revenueStart of year $4,167$4,167
X-25 Other liabilitiesStart of year $5,000$5,000
X-26 Total liabilitiesStart of year $19,267$19,267
X-32 Total net assets or fund balancesStart of year $1,920,402$1,833,780
X-33 Total liabilities and net assetsStart of year $1,939,669$1,853,047
Part XI · Reconciliation of net assets $1,833,780 net assets at year end
XI-1 Total revenue$50,652
XI-2 Total expenses$146,274
XI-3 Revenue less expenses−$95,622
XI-4 Net assets at start of year$1,920,402
XI-6 Donated services and use of facilities$9,000
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$1,833,780

Form 990 e-file (XML) FY2025 from the IRS · Classification, formation year and address from the IRS Business Master File

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