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Hope Initiative INC

Tax-deductible

Mayfield, KY501(c)(3)Since 2022Human Services EIN 87-4331334Revenue $6.1M in FY2024

On file with the IRSPo Box 977, 42066-0060 · Mayfield, KYTax-exempt since Apr 2022Publicly supported charity — 170(b)(1)(A)(vi)

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To provide disaster relief and other support services to residents of graves county while spreading the gospel of jesus christ.

501(c)(3) charity; gifts are tax-deductible.
98¢ of each $1 spent went to programs.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX

Before you give

FY2024 · 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
FY2024
latest Form 990
Looks good: the latest return is for FY2024, 2 tax years back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
3 of 3
filings with a surplus
Average surplus $2.7M a year · 58% of revenue · last 3 filings
Looks good: a surplus in 3 of the last 3 filings.
Pt I · Ln 19 · 3 filings
Spent on programs
98%
of spending
Looks good: 98% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Cash reserves
4 mo
of spending, in cash
Looks good: 4.2 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
2
named funders · $705K
Fine: 2 funders name it on their filings; under 3.
Funders’ Sch. I, 990-PF
Liabilities
$96K
1% of total assets
Looks good: liabilities are 1% of assets; 50% or less.
Pt X · Ln 26
Independent board members
7
of 7 voting members
Looks good: 7 of 7 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$6.1M
+4% vs prior year
Spent
$5.5M
To programs
98%
Net assets
$8.0M
By yearFY2022–FY2024
Revenue
$6.1M
FY2024▲ +4%
Tap a bar for its year
Revenue by fiscal year
FY2022$1.9M
FY2023$5.9M
FY2024$6.1M
Expenses
$5.5M
FY2024▲ ×19
Tap a bar for its year
Expenses by fiscal year
FY2022$129K
FY2023$286K
FY2024$5.5M
Net assets
$8.0M
FY2024▲ +9%
Tap a bar for its year
Net assets by fiscal year
FY2022$1.8M
FY2023$7.4M
FY2024$8.0M

From the FY2024 Form 990 · figures checked against the IRS filing · see the original

990 PDF Claim

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2024. IRS ruling in Apr 2022.

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

Where the money goes

98 cents of each dollar spent went to programs.

Program services 98% · $5.4M Management & general 2% · $119K

Form 990 Part IX, line 25, columns B–D. Every line is in By the numbers.

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Who runs it and what they're paid

7 people listed on the 990.

Part VII, Section A · reportable compensation
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
See Hope Initiative INC 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 2No
  • Top official's pay set by an independent reviewPt VI · Ln 15aNo

Programs and updates

Offers disaster relief and support services, sharing the Gospel of Jesus Christ.

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Provided by the organization

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1 program · $5.4M · in their own filed words · FY2024
01

Houses are under construction and will be sold to residents of graves county who lost their homes during the tornado that occured on 12-10-2021. The houses will be sold at cost with no profit realized on the sale. Construction costs accumulate in the asset account "construction in progress" until the home is completed and sold.

$5.4Mprogram 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
Honorable Order of Kentucky Colonels INCFY2024$625K
Community Foundation of West Kentucky INCFY2024$80K
Total grants receivedfrom 2 funders$705K

By the numbers

The FY2024 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$6.1M
Ln 12
Fees for servicesLn 2g$3.3M
Gifts and grantsLn 1h$2.8M
Money outPt IX
$5.5M
Ln 25
Programscol B$5.4M
Managementcol C$119K
Owns and owesPt X
$8.0M
net assets · Ln 32
Cash and savingsLn 1–2$1.9M
Total assetsLn 16$8.1M
LiabilitiesLn 26$96K
PeoplePt VI, VII
7
listed · VII A
PaidVII A0
Voting boardVI 1a7
IndependentVI 1b7
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$2.8M
Government grantsLn 1e$2.1M
Fees for servicesLn 2g$3.3M
Total revenueLn 12$6.1M
Assets in detailPt X, end of year
CashLn 1$1.9M
Cash and savings togetherLn 1–2$1.9M
Other assetsLn 15$1.3M
Total assetsLn 16$8.1M
LiabilitiesLn 26$96K
Net assetsLn 32$8.0M
OperationsPt I, VI
EmployeesI 50
VolunteersI 60
Fiscal year endsHeaderDecember
Conflict-of-interest policyVI 12aNo
Whistleblower policyVI 13No
Records policyVI 14No
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY24End FY24
Cash and savingsLn 1–2$1.6M$1.9M
Total assetsLn 16$7.6M$8.1M
LiabilitiesLn 26$172K$96K
Net assetsLn 32$7.4M$8.0M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Other salaries and wagesLn 7$28K$28K
Management feesLn 11a$47K$47K
Legal feesLn 11b$6K$6K
Accounting feesLn 11c$2K$2K
Office expensesLn 13$6K$6K
Information technologyLn 14$2K$2K
OccupancyLn 16$49K$49K
TravelLn 17$4K$4K
Conferences, conventions and meetingsLn 19$1K$1K
InsuranceLn 23$53K$53K
Other expenses (24a–d)Ln 24$5.3M$5.3M$2K
All other expensesLn 24e$2K$2K$480
Total functional expensesLn 25$5.5M$5.4M$119K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest Viewing $6.1M$5.5M$633K$8.0M 990 PDF
FY2023 $5.9M$286K$5.6M$7.4M 990 PDF
FY2022 $1.9M$129K$1.8M$1.8M 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 FY2024 990 (6 parts)
Part I · Summary $6,141,926 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $5,904,139$2,811,613
I-9 Program service revenuePrior year $0$3,330,313
I-10 Investment incomePrior year $0$0
I-11 Other revenuePrior year $0$0
I-12 Total revenuePrior year $5,904,139$6,141,926
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$28,345
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $285,934$5,480,476
I-18 Total expensesPrior year $285,934$5,508,821
I-19 Revenue less expensesPrior year $5,618,205$633,105
Part VI · Governance 7 of 7 board members independent, 4 to look at
VI-1a Voting members of the governing body7
VI-1b Independent voting members7
VI-12a Written conflict of interest policyNo
VI-13 Written whistleblower policyNo
VI-14 Document retention and destruction policyNo
VI-15a Process for setting top official's payNo
VI-2 Family or business relationship among officers or directorsNo
Part VIII · Statement of revenue $6,141,926 across 5 lines filed
VIII-1e Government grants$2,100,000
VIII-1f All other contributions, gifts and grants$711,613
VIII-1h Total contributions, gifts and grants$2,811,613
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $3,330,313$3,330,313
VIII-12 Total revenueRelated to mission $3,330,313 · Unrelated business $0 · Excluded from tax $0$6,141,926
Part IX · Statement of functional expenses $5,508,821 across 12 lines filed
IX-7 Other salaries and wagesPrograms $28,345$28,345
IX-11a Management feesManagement $46,951$46,951
IX-11b Legal feesManagement $5,569$5,569
IX-11c Accounting feesManagement $2,000$2,000
IX-13 Office expensesManagement $5,933$5,933
IX-14 Information technologyManagement $1,867$1,867
IX-16 OccupancyManagement $49,375$49,375
IX-17 TravelManagement $3,615$3,615
IX-19 Conferences, conventions and meetingsManagement $1,415$1,415
IX-23 InsurancePrograms $53,048$53,048
IX-24 Other expenses (24a–d)Programs $5,306,516 · Management $2,035$5,308,551
IX-24e All other expensesPrograms $1,672 · Management $480$2,152
IX-25 Total functional expensesPrograms $5,389,581 · Management $119,240 · Fundraising $0$5,508,821
Part X · Balance sheet $8,128,784 assets, 8 lines filed
X-1 Cash, non-interest-bearingStart of year $1,637,421$1,923,793
X-4 Accounts receivableStart of year $1,779,959$4,920,162
X-15 Other assetsStart of year $4,152,763$1,284,829
X-16 Total assetsStart of year $7,570,143$8,128,784
X-17 Accounts payable and accrued expensesStart of year $153,689$28,085
X-26 Total liabilitiesStart of year $171,761$96,445
X-32 Total net assets or fund balancesStart of year $7,398,382$8,032,339
X-33 Total liabilities and net assetsStart of year $7,570,143$8,128,784
Part XI · Reconciliation of net assets $8,032,339 net assets at year end
XI-1 Total revenue$6,141,926
XI-2 Total expenses$5,508,821
XI-3 Revenue less expenses$633,105
XI-4 Net assets at start of year$7,398,382
XI-8 Prior period adjustments$852
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$8,032,339

Form 990 e-file (XML) FY2024 from the IRS · Classification, formation year and address from the IRS Business Master File

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