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Hope Development Corporation FY2023 filing

Tax-deductible

Providence, RI501(c)(3)Since 2021Education EIN 86-2063114Revenue $27K in FY2023

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

FY2023 · 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
3 mo
of spending, in cash
Looks good: 3.4 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
$39K
2% of total assets
Looks good: liabilities are 2% 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
$27K
-97% vs prior year
Spent
$174K
To programs
100%
Net assets
$2.0M
By yearFY2021–FY2025
Revenue
$27K
FY2023▼ -97%
Tap a bar for its year
Revenue by fiscal year
FY2021$976K
FY2022$1.1M
FY2023$27K
FY2024$51K
FY2025$51K
Expenses
$174K
FY2023▲ +11%
Tap a bar for its year
Expenses by fiscal year
FY2021$119K
FY2022$156K
FY2023$174K
FY2024$150K
FY2025$146K
Net assets
$2.0M
FY2023▲ +10%
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 FY2023 Form 990 · see the original

990 PDF Claim
You’re viewing the FY2023 filing — not the latest on file. See the latest (FY2025) →

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% · $174K

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/Director
$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 · $174K · in their own filed words · FY2023
01

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

$174Kprogram 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 FY2023 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$27K
Ln 12
Fees for servicesLn 2g$25K
Gifts and grantsLn 1h$2K
Money outPt IX
$174K
Ln 25
Programscol B$174K
Owns and owesPt X
$2.0M
net assets · Ln 32
Cash and savingsLn 1–2$50K
Total assetsLn 16$2.0M
LiabilitiesLn 26$39K
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$2K
Fees for servicesLn 2g$25K
Total revenueLn 12$27K
Assets in detailPt X, end of year
CashLn 1$50K
Cash and savings togetherLn 1–2$50K
Land, buildings, equipmentLn 10c$1.8M
Other assetsLn 15$5K
Total assetsLn 16$2.0M
LiabilitiesLn 26$39K
Net assetsLn 32$2.0M
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 FY23End FY23
Cash and savingsLn 1–2$36K$50K
Land, buildings, equipmentLn 10c$1.9M$1.8M
Total assetsLn 16$1.9M$2.0M
LiabilitiesLn 26$83K$39K
Net assetsLn 32$1.8M$2.0M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic organizationsLn 1$25K$25K
Management feesLn 11a$9K$9K
Accounting feesLn 11c$10K$10K
OccupancyLn 16$65K$65K
Depreciation, depletion and amortizationLn 22$50K$50K
InsuranceLn 23$15K$15K
Total functional expensesLn 25$174K$174K$0$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 Latest $51K$146K−$96K$1.8M 990 PDF
FY2024 $51K$150K−$99K$1.9M 990 PDF
FY2023 Viewing $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 R · Related orgs G · Fundraising L · Interested persons I · Grants A · Public support O · Explanations
See the full FY2023 990 (6 parts)
Part I · Summary $26,829 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $1,059,834$1,827
I-9 Program service revenuePrior year $0$25,002
I-10 Investment incomePrior year $0$0
I-11 Other revenuePrior year $0$0
I-12 Total revenuePrior year $1,059,834$26,829
I-13 Grants and similar amounts paidPrior year $0$25,002
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 $156,343$148,753
I-18 Total expensesPrior year $156,343$173,755
I-19 Revenue less expensesPrior year $903,491−$146,926
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 $26,829 across 4 lines filed
VIII-1f All other contributions, gifts and grants$1,827
VIII-1h Total contributions, gifts and grants$1,827
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $25,002$25,002
VIII-12 Total revenueRelated to mission $25,002 · Unrelated business $0 · Excluded from tax $0$26,829
Part IX · Statement of functional expenses $173,755 across 6 lines filed
IX-1 Grants to domestic organizationsPrograms $25,002$25,002
IX-11a Management feesPrograms $9,000$9,000
IX-11c Accounting feesPrograms $10,000$10,000
IX-16 OccupancyPrograms $65,000$65,000
IX-22 Depreciation, depletion and amortizationPrograms $49,808$49,808
IX-23 InsurancePrograms $14,945$14,945
IX-25 Total functional expensesPrograms $173,755 · Management $0 · Fundraising $0$173,755
Part X · Balance sheet $2,049,849 assets, 12 lines filed
X-1 Cash, non-interest-bearingStart of year $36,155$49,558
X-3 Pledges and grants receivable$169,012
X-9 Prepaid expenses and deferred chargesStart of year $421$0
X-10c Land, buildings and equipment, netStart of year $1,876,087$1,826,279
X-15 Other assetsStart of year $5,000$5,000
X-16 Total assetsStart of year $1,917,663$2,049,849
X-17 Accounts payable and accrued expensesStart of year $1,344$30,100
X-19 Deferred revenue$4,167
X-25 Other liabilitiesStart of year $81,451$5,000
X-26 Total liabilitiesStart of year $82,795$39,267
X-32 Total net assets or fund balancesStart of year $1,834,868$2,010,582
X-33 Total liabilities and net assetsStart of year $1,917,663$2,049,849
Part XI · Reconciliation of net assets $2,010,582 net assets at year end
XI-1 Total revenue$26,829
XI-2 Total expenses$173,755
XI-3 Revenue less expenses−$146,926
XI-4 Net assets at start of year$1,834,868
XI-6 Donated services and use of facilities$34,002
XI-8 Prior period adjustments$288,638
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$2,010,582

Form 990 e-file (XML) FY2023 from the IRS · Classification, formation year and address from the IRS Business Master File

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