Hope Enterprise Corporation in Jackson, Mississippi (MS)

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Hope Enterprise Corporation
Employer Identification Number (EIN)640851798
Name of OrganizationHope Enterprise Corporation
Address4 Old River Pl, Jackson, MS 39202-3431
ActivitiesArea development, redevelopment of renewal
SubsectionCharitable Organization
Ruling Date10/1994
DeductibilityContributions are deductible
FoundationOrganization that normally receives no more than one third of its support from gross investment income and unrelated business income and at the same time more than one third of its support from contributions, fees, and gross receipts related to exempt purposes
OrganizationCorporation
Exempt Organization StatusUnconditional Exemption
Tax Period12/2012
Assets$10,000,000 to $49,999,999
Income$1,000,000 to $4,999,999
Filing Requirement990 (all other) or 990EZ return
Asset Amount$45,114,114
Amount of Income$4,567,342
Form 990 Revenue Amount$4,566,825
National Taxonomy of Exempt Entities (NTEE)Community Improvement, Capacity Building: Community, Neighborhood Development, Improvement (General)


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Financial snapshot ($)

Revenue for 2002

Assets at end of 2002

Expenses for 2002

Functional Expenses for 2002 ($)

Income-Producing Activities for 2002

Revenue, Expenses, and Changes in Net Assets or Fund Balances
20012002
Total revenue$23,693,850$3,797,054
Contributions, gifts, grants, and similar amounts received$22,052,807$2,507,787
Contributions to donor advised funds
Direct public support$22,052,807$2,507,787
Indirect public support$0$0
Government contributions (grants)$0$0
Program service revenue including government fees and contracts$994,667$954,996
Membership dues and assessments$0$0
Interest on savings and temporary cash investments$0$0
Dividends and interest from securities$557,598$399,530
Net rental income or (loss)$0$0
Gross rents$0$0
Less: rental expenses$0$0
Other investment income$0$0
Gain or (loss) from sales of assets other than inventory$88,778$-41,470
Gross amount from sales of assets other than inventory$17,722,705$19,495,287
Less: cost or other basis and sales expenses$17,633,927$19,536,757
Net income or (loss) from special events and activities$0$0
Gross revenue$0$0
Less: direct expenses other than fundraising expenses$0$0
Gross profit or (loss) from sales of inventory$0$0
Gross sales of inventory, less returns and allowances$0$0
Less: cost of goods sold$0$0
Other revenue$0$-23,789
Total expenses$5,297,706$5,645,083
Program services$4,676,365$5,089,539
Management and general$299,064$350,738
Fundraising$322,277$204,806
Payments to affiliates$0$0
Net assets or fund balances at end of year$39,516,672$37,631,307
Excess or (deficit) for the year$18,396,144$-1,848,029
Net assets or fund balances at beginning of year$21,083,858$39,516,672
Other changes in net assets or fund balances$36,670$-37,336
Statement of Functional Expenses (for 2002)
TotalProgram servicesManagement and generalFundraising
Total functional expenses$5,645,083$5,089,539$350,738$204,806
Grants paid from donor advised funds
Other grants and allocations$0
Specific assistance to individuals$0
Benefits paid to or for members$0
Compensation of current officers, directors, key employees, etc.$447,970$362,628$29,671$55,671
Compensation of former officers, directors, key employees, etc.
Compensation and other distributions, not included above, to disqualified persons (as defined under section 4958(f)(1)) and persons described in section 4958(c)(3)(B)
Salaries and wages of employees not included above$2,073,408$1,818,885$138,677$115,846
Pension plan contributions not included above$127,265$120,086$1,343$5,836
Employee benefits not included above$0$0$0$0
Payroll taxes$0$0$0$0
Professional fundraising fees$0$0$0$0
Accounting fees$36,936$0$36,936$0
Legal fees$73,159$70,270$2,889$0
Supplies$21,392$19,074$1,163$1,155
Telephone$0$0$0$0
Postage and shipping$13,834$12,279$1,045$510
Occupancy$66,561$64,159$1,248$1,154
Equipment rental and maintenance$12,492$11,516$880$96
Printing and publications$34,503$32,127$1,553$823
Travel$0$0$0$0
Conferences, conventions, and meetings$18,098$16,697$309$1,092
Interest$124,135$124,135$0$0
Depreciation, depletion, etc.$66,882$0$66,882$0
Other expenses not covered above$2,528,448$2,437,683$68,142$22,623
Balance Sheets
20012002
Total assets$44,913,547$42,960,988
Cash - non-interest-bearing$7,386,828$3,336,582
Savings and temporary cash investments$0$0
Accounts receivable less allowance for doubtful accounts$0$0
Pledges receivable less allowance for doubtful accounts$0$0
Grants receivable$15,233,400$10,255,088
Receivables from current and former officers, directors, trustees, and key employees$0$0
Receivables from other disqualified persons (as defined under section 4958(f)(1)) and persons described in section 4958(c)(3)(B)
Other notes and loans receivable less allowance for doubtful accounts$11,413,755$11,071,604
Inventories for sale or use$0$0
Prepaid expenses and deferred charges$59,943$44,701
Investments - publicly-traded securities
Investments - other securities$9,383,548$15,845,120
Investments - land, buildings, and equipment less accumulated depreciation$173,484$0
Investments - other$501,000$501,000
Land, buildings, and equipment less accumulated depreciation$0$179,003
Other assets, including program-related investments$761,589$1,727,890
Total liabilities$5,396,875$5,329,681
Accounts payable and accrued expenses$0$0
Grants payable$0$0
Deferred revenue$0$0
Loans from officers, directors, trustees, and key employees$0$0
Tax-exempt bond liabilities$0$0
Mortgages and other notes payable$5,058,750$5,043,750
Other liabilities$338,125$285,931
Total liabilities and net assets/fund balances$44,913,547$42,960,988
Total net assets or fund balances$39,516,672$37,631,307
Reconciliation of Revenue per Audited Financial Statements With Revenue per Return
20012002
Total revenue$23,693,850$3,797,054
Total revenue, gains, and other support per audited financial statements$23,831,173$3,860,613
Other expenses$137,323$63,559
Net unrealized gains on investments$36,670$-37,338
Donated services and use of facilities$100,653$100,385
Recoveries of prior year grants$0$0
Other$0$512
Other revenue$0$0
Investment expenses$0$0
Other$0$0
Reconciliation of Expenses per Audited Financial Statements With Expenses per Return
20012002
Total expenses$5,297,706$5,645,083
Total expenses and losses per audited financial statements$5,398,359$5,745,980
Other revenue$100,653$100,897
Donated services and use of facilities$100,653$100,385
Prior year adjustments$0$0
Losses$0$0
Other$0$512
Other expenses$0$0
Investment expenses$0$0
Other$0$0
Current Officers, Directors, Trustees, and Key Employees
Total number of officers, directors, and trustees permitted to vote on organization business at board meetings0
Are any officers, directors, trustees, or key employees listed in Form 990, Part V-A, or highest compensated employees listed in Schedule A, Part I, or highest compensated professional and other independent contractors listed in Schedule A, Part II-A or II-B, related to each other through family or business relationships?
Do any officers, directors, trustees, or key employees listed in Form 990, Part V-A, or highest compensated employees listed in Schedule A, Part I, or highest compensated professional and other independent contractors listed in Schedule A, Part II-A or II-B, receive compensation from any other organizations, whether tax exempt or taxable, that are related to the organization?
Does the organization have a written conflict of interest policy?
Other Information
Did the organization have unrelated business gross income of $1,000 or more during the year covered by this return, and has it filed a tax return on Form 990-T for this year?No
Was there a liquidation, dissolution, termination, or substantial contraction during the year?No
Is the organization related (other than by association with a statewide or nationwide organization) through common membership, governing bodies, trustees, officers, etc., to any other exempt or nonexempt organization?Yes
Direct and indirect political expenditures$0
Did the organization file Form 1120-POL for this year?No
Were substantially all dues nondeductible by members?
Did the organization make only in-house lobbying expenditures of $2,000 or less?
Dues, assessments, and similar amounts from members$0
Section 162(e) lobbying and political expenditures$0
Aggregate nondeductible amount of section 6033(e)(1)(A) dues notices$0
Taxable amount of lobbying and political expenditures$0
Does the organization elect to pay the section 6033(e) tax on the amount above?
If section 6033(e)(1)(A) dues notices were sent, does the organization agree to add the amount above to its reasonable estimate of dues allocable to nondeductible lobbying and political expenditures for the following tax year?
Initiation fees and capital contributions$0
Gross receipts for public use of club facilities$0
At any time during the year, did the organization, directly or indirectly, own a controlled entity within the meaning of section 512(b)(13)?
Amount of tax imposed on the organization during the year under: section 4911$0
Amount of tax imposed on the organization during the year under: section 4912$0
Amount of tax imposed on the organization during the year under: section 4955$0
Did the organization engage in any section 4958 excess benefit transaction during the year or did it become aware of an excess benefit transaction from a prior year?No
Amount of tax imposed on the organization managers or disqualified persons during the year under sections 4912, 4955, and 4958$0
Amount of tax above, reimbursed by the organization$0
At any time during the tax year, was the organization a party to a prohibited tax shelter transaction?
Did the organization acquire a direct or indirect interest in any applicable insurance contract?
Did the supporting organization, or a fund maintained by a sponsoring organization, have excess business holdings at any time during the year?
Number of employees employed in the pay period that includes March 12, 200648
Analysis of Income-Producing Activities (for 2002)
Unrelated business incomeExcluded by section 512, 513, or 514Related or exempt function income
Business codeAmountExclusion codeAmount
Total$0$0$1,289,267
Program service revenue
Program service revenue 1000000$000$0$954,996
Program service revenue 2000000$000$0$0
Program service revenue 3000000$000$0$0
Program service revenue 4000000$000$0$0
Program service revenue 5000000$000$0$0
Medicare/Medicaid payments000000$000$0$0
Fees and contracts from government agencies000000$000$0$0
Membership dues and assessments000000$000$0$0
Interest on savings and temporary cash investments000000$000$0$0
Dividends and interest from securities000000$000$0$399,530
Net rental income or (loss) from real estate
debt-financed property000000$000$0$0
not debt-financed property000000$000$0$0
Net rental income or (loss) from personal property000000$000$0$0
Other investment income000000$000$0$0
Gain or (loss) from sales of assets other than inventory000000$000$0$-41,470
Net income or (loss) from special events000000$000$0$0
Gross profit or (loss) from sales of inventory000000$000$0$0
Other revenue000000$000$0$-23,789
Information Regarding Taxable Subsidiaries and Disregarded Entities (for 2002)
EIN of corporation, partnership, or disregarded entityPercentage of ownership interestTotal incomeEnd-of-year assets
0%$0$0
0%$0$0
0%$0$0
0%$0$0
Compensation of the Five Highest Paid Employees Other Than Officers, Directors, and Trustees (for 2002)
CompensationContributions to employee benefit plans & deferred compensationExpense account and other allowances
$90,279$9,780$0
$79,680$7,700$0
$78,987$8,556$0
$65,349$6,984$0
$65,120$6,720$0
Total number of other employees paid over $50,0008
Statements About Activities (for 2002)
Expenses paid or incurred in connection with the lobbying activities$0
Did the organization receive or hold an easement for conservation purposes, including easements to preserve open space, the environment, historic land areas or historic structures?
Did the organization provide credit counseling, debt management, credit repair, or debt negotiation services?
Did the organization maintain any donor advised funds?
Did the organization make any taxable distributions under section 4966?
Did the organization make a distribution to a donor, donor advisor, or related person?
Enter the total number of donor advised funds owned at the end of the tax year
Enter the aggregate value of assets held in all donor advised funds owned at the end of the tax year
Enter the total number of separate funds or accounts owned at the end of the tax year (excluding donor advised funds included above) where donors have the right to provide advice on the distribution or investment of amounts in such funds or accounts
Enter the aggregate value of assets held in all funds or accounts included above at the end of the tax year
Reason for Non-Private Foundation Status
The organization is not a private foundation because it isOrganization that normally receives: less than 1/3 of its support from gross investment income and unrelated taxable business income and more than 1/3 of its support from contribution, membership fees
Support Schedule
20002001
Total$6,422,978$4,284,597
Gifts, grants, and contributions received$4,727,500$2,732,332
Membership fees received$0$0
Gross receipts from admissions, merchandise sold or services performed, or furnishing of facilities in any activity that is related to the organization's charitable, etc., purpose$873,911$994,667
Gross income from interest, dividends, amounts received from payments on securities loans (section 512(a)(5)), rents, royalties, and unrelated business taxable income (less section 511 taxes) from businesses acquired by the organization after June 30, 1975$821,567$557,598
Net income from unrelated business activities not included above$0$0
Tax revenues levied for the organization's benefit and either paid to it or expended on its behalf$0$0
The value of services or facilities furnished to the organization by a governmental unit without charge. Do not include the value of services or facilities generally furnished to the public without charge$0$0
Other income$0$0
Lobbying Expenditures by Electing Public Charities (for 2002)
Total exempt purpose expenditures$0
Total lobbying expenditures$0
Total lobbying expenditures to influence public opinion (grassroots lobbying)$0
Total lobbying expenditures to influence a legislative body (direct lobbying)$0
Other exempt purpose expenditures$0
Lobbying nontaxable amount$0
Grassroots nontaxable amount$0
Statements Regarding Other IRS Filings and Tax Compliance (for 2011)
Did the organization have unrelated business gross income of $1,000 or more during the year?No
Initiation fees and capital contributions$0
Gross receipts for public use of club facilities $0
Gross income from members or shareholders$0
Gross income from other sources$0
Statement of Revenue (for 2011)
Total revenue$10,817,724
Contributions, Gifts, Grants and Other Similar Amounts$6,968,291
Program Service Revenue$3,698,794
Other Revenue
Investment income (including dividends, interest, and other similar amounts)$91,070
Income from investment of tax-exempt bond proceeds$0
Royalties$0
Net rental income$25,000
Gross rents (Real / Personal)$25,000 / $0
Less: rental expenses (Real / Personal)$0 / $0
Rental income or (loss) (Real / Personal)$25,000 / $0
Net gain from sales of assets other than inventory$34,545
Gross amount from sales of assets other than inventory (Securities / Other)$3,097,950 / $105,929
Less: cost or other basis and sales expenses (Securities / Other)$3,063,344 / $105,990
Gain or (loss) (Securities / Other)$34,606 / $-61
Net income from fundraising events$0
Net income from gaming activities$0
Net income from sales of inventory$0
Miscellaneous Revenue$24
Statement of Functional Expenses (for 2011)
Total functional expenses$9,581,774
Compensation of current officers, directors, trustees, and key employees$692,197
Other salaries and wages$1,755,601
Payroll taxes$0
Professional fundraising services$0
Other$7,133,976
Balance Sheet (for 2011)
Total assets$41,152,691
Total liabilities$18,120,433
Tax-exempt bond liabilities$0
Secured mortgages and notes payable to unrelated third parties$15,853,726
Unsecured notes and loans payable to unrelated third parties$0
Other$2,266,707
Total net assets or fund balances$23,032,258
Retained earnings, endowment, accumulated income, or other funds$0
Reason for Public Charity Status (for 2011)
The organization is not a private foundation because it is:An organization that normally receives: (1) more than 33 1/3 % of its support from contributions, membership fees, and gross receipts from activities related to its exempt functions - subject to certain exceptions, and (2) no more than 33 1/3 % of its support from gross investment income and unrelated business taxable income (less section 511 tax) from businesses acquired by the organization after June 30, 1975
Support Schedule for Organizations Described in Section 509(a)(2) (for 2011)
2007 - 2011 Total
Total support$59,137,586
Gifts, grants, contributions, and membership fees received$22,065,392
Gross receipts from admissions, merchandise sold or services performed, or facilities furnished in any activity that is related to the organization's tax-exempt purpose$35,027,686
Tax revenues levied for the organization's benefit and either paid to or expended on its behalf$0
The value of services or facilities furnished by a governmental unit to the organization without charge$0
Gross income from interest, dividends, payments received on securities loans, rents, royalties and income from similar sources and Unrelated business taxable income (less section 511 taxes) from businesses acquired after June 30, 1975$1,946,937
Other$97,571
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