Civic Intelligence

Hope Partnership Inc.

990 • Fiscal year 2022 • EIN 20-1683627

Jul 01, 2021 to Jun 30, 2022 • Filed on May 11, 2023

Organization Profilewww.hope-ct.org
99B Durham RoadMadison, CT 06443

(860) 388-9513

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

80th percentile

0.50x

Higher debt load relative to assets than 80% of similar nonprofits.

2022 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2022

Liabilities / Revenue

96th percentile

8.05x

Higher debt load relative to revenue than 96% of similar nonprofits.

2022 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2022

Net Margin

14th percentile

-18%

Higher net margin than 14% of similar nonprofits.

2022 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2022

Top Officer Pay

22nd percentile

$0

Higher top officer pay than 22% of similar nonprofits.

Top officer pay equals 0.0% of source-year revenue.

2022 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2022

Asset Growth

91st percentile

55%

Faster asset growth than 91% of similar nonprofits.

2022 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2021 to 2022

Revenue Growth

1st percentile

-87%

Faster revenue growth than 1% of similar nonprofits.

2022 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2021 to 2022

Balance Sheet
Liabilities / Assets80th percentile

Assets

Up

$9,811,722

Up $3,465,276 (+55%) from 2021

Net Assets

Down

$4,914,594

Down $177,214 (-3.5%) from 2021

Liabilities

Up

$4,897,128

Up $3,642,490 (+290%) from 2021

Revenue And Expenses
Liabilities / Revenue96th percentileNet Margin14th percentile

Revenue

Down

$607,977

Down $4,108,624 (-87%) from 2021

Expenses

Up

$718,178

Up $462,124 (+180%) from 2021

Net Income

Down

-$110,201

Down $4,570,748 (-102%) from 2021

Historical Trend

Balance Sheet Trend

Asset Growth91st percentile

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$10M$5.0M$0Assets 2011: $312,033Liabilities 2011: $195,696Net Assets 2011: $116,3372011Assets 2012: $348,823Liabilities 2012: $181,519Net Assets 2012: $167,3042012Assets 2013: $413,645Liabilities 2013: $180,475Net Assets 2013: $233,1702013Assets 2014: $334,905Liabilities 2014: $180,572Net Assets 2014: $154,3332014Assets 2015: $422,907Liabilities 2015: $180,333Net Assets 2015: $242,5742015Assets 2016: $224,739Liabilities 2016: $3,575Net Assets 2016: $221,1642016Assets 2017: $202,799Liabilities 2017: $2,561Net Assets 2017: $200,2382017Assets 2018: $271,060Liabilities 2018: $65,244Net Assets 2018: $205,8162018Assets 2019: $227,158Liabilities 2019: $67,283Net Assets 2019: $159,8752019Assets 2020: $2,653,193Liabilities 2020: $2,021,932Net Assets 2020: $631,2612020Assets 2021: $6,346,446Liabilities 2021: $1,254,638Net Assets 2021: $5,091,8082021Assets 2022: $9,811,722Liabilities 2022: $4,897,128Net Assets 2022: $4,914,5942022Assets 2023: $8,867,086Liabilities 2023: $1,558,072Net Assets 2023: $7,309,0142023Assets 2024: $8,767,633Liabilities 2024: $1,475,126Net Assets 2024: $7,292,5072024Assets 2025: $8,791,106Liabilities 2025: $1,423,024Net Assets 2025: $7,368,0822025

Highlighted filing

2022

Assets$9,811,722
Liabilities$4,897,128
Net Assets$4,914,594
Open 2022 Filing

Operations Trend

Revenue Growth1st percentile

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$6.0M$4.0M$2.0M$0-$2.0MRevenue 2011: $57,750Expenses 2011: $90,967Net Income 2011: -$33,2172011Revenue 2012: $168,588Expenses 2012: $117,621Net Income 2012: $50,9672012Revenue 2013: $156,033Expenses 2013: $90,167Net Income 2013: $65,8662013Revenue 2014: $85,595Expenses 2014: $114,528Net Income 2014: -$28,9332014Revenue 2015: $92,334Expenses 2015: $105,639Net Income 2015: -$13,3052015Revenue 2016: -$19,389Expenses 2016: $99,186Net Income 2016: -$118,5752016Revenue 2017: $86,507Expenses 2017: $107,433Net Income 2017: -$20,9262017Revenue 2018: $120,566Expenses 2018: $114,988Net Income 2018: $5,5782018Revenue 2019: $109,944Expenses 2019: $155,885Net Income 2019: -$45,9412019Revenue 2020: $557,606Expenses 2020: $86,220Net Income 2020: $471,3862020Revenue 2021: $4,716,601Expenses 2021: $256,054Net Income 2021: $4,460,5472021Revenue 2022: $607,977Expenses 2022: $718,178Net Income 2022: -$110,2012022Revenue 2023: $564,918Expenses 2023: $739,698Net Income 2023: -$174,7802023Revenue 2024: $737,509Expenses 2024: $754,016Net Income 2024: -$16,5072024Revenue 2025: $833,624Expenses 2025: $758,049Net Income 2025: $75,5752025

Highlighted filing

2022

Revenue$607,977
Expenses$718,178
Net Income-$110,201
Open 2022 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2021 to Jun 30, 2022
Signed
May 11, 2023
Return Version
2021v4.1
Gross Receipts
$607,977
Mission and Program Overview

Mission

Hope partnership's mission is to create a continuum of affordable housing options in lower middlesex county, old lyme and surrounding towns in order to help ensure a vibrant economy and housing choices for all citizens through the collaborative efforts of governments, businesses, religious communities, civic organizations, and individuals.

To create a continuum of affordable housing options in order to help ensure an eclectic economy and housing choices for all citizens through the collaborative efforts of governments, businesses, religious communities, civic organizations, and individuals.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$5,922,194$8,799,722▲ $2,877,528
Cash and Non-Interest-Bearing Accounts$92,836$299,999▲ $207,163
Intangible Assets$141,102$135,382▼ $5,720
Accounts Receivable$7,165$67,214▲ $60,049
Savings and Temporary Cash Investments$40,005$35,615▼ $4,390
Pledges and Grants Receivable$129,218$18,929▼ $110,289
Prepaid Expenses and Deferred Charges$3,396$6,960▲ $3,564
Other Notes and Loans Receivable, Net-$0-
Receivable From Disqualified Prsn-$0-
Receivables From Officers Etc-$0-
Investments Other Securities-$0-
Investments Program Related-$0-
Investments in Publicly Traded Securities-$0-
Inventories for Sale or Use-$0-
Total Assets$6,346,446$9,811,722▲ $3,465,276
Other Assets Total$10,530$447,901▲ $437,371
Liabilities
Mortgage Notes Payable Secured by Investment Property$973,162$4,604,628▲ $3,631,466
Accounts Payable and Accrued Expenses$246,576$257,600▲ $11,024
Other Liabilities$34,900$34,900→ $0
Total Liabilities$1,254,638$4,897,128▲ $3,642,490
Net Assets / Fund Balance
Net Assets With Donor Restrictions$5,055,310$4,903,708▼ $151,602
Net Assets Without Donor Restrictions$36,498$10,886▼ $25,612
Total Net Assets Fund Balance$5,091,808$4,914,594▼ $177,214
Total Liabilities and Net Assets / Fund Balance$6,346,446$9,811,722▲ $3,465,276

Asset Categories

AssetBook ValueDepreciationBasis
Leasehold Improvements$8,739,722$1,242,761$9,982,483
Land$60,000-$60,000
Compensation and Service Providers
Top Officer Pay22nd percentile

Board Members and Trustees

NameTitle
David CarswellPresident
Pamela Days-luketichVice President
Aman SinghDirector
Bill NealeDirector
Bonnie ReemsnyderDirector
Dg FittonDirector
Elizabeth KuhnsDirector
JOHN O'GRADYDirector
Lauren AsheDirector
Lon SeidmanDirector
Preston MaynardDirector
Rev Les SwensonDirector
Stephen DowlerDirector
Tom OrtolevaDirector
Tony LyonsDirector
Elizabeth BallardSecretary
Calvin PriceTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$49,259
Program Service Revenue
$416,854
Investment Income
$33
Other Revenue
$141,831
All Other Contributions
$29,944
Change in Net Assets
$-110,201
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$619,023
Salaries, Compensation, and Employee Benefits$96,155
Total Fundraising Expense$9,694
Professional Fundraising Fees$3,000
Grants and Similar Amounts Paid$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Depreciation Depletion$261,444--$261,444
Other Salaries and Wages-$87,432-$87,432
Interest$43,365--$43,365
Fees for Services Accounting-$27,311-$27,311
Insurance$18,920$5,254-$24,174
Fees for Services Legal$23,732--$23,732
Occupancy$18,439--$18,439
Fees for Services Management$17,319--$17,319
Payroll Taxes-$8,106-$8,106
All Other Expenses$809$5,400-$6,209
Other Expenses$21,611-$6,111$6,111
Fees for Services Professional Fundraising--$3,000$3,000
Fees for Services Other-$900-$900
Other Employee Benefits-$617-$617
Advertising--$583$583
Conferences and Meetings-$209-$209
Total Functional Expenses$573,255$135,229$9,694$718,178
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$3,000
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Receivables from Disqualified Persons-$0-
Receivables from Officers, Directors, Trustees, and Key Employees-$0-
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Loan Payable$34,900
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
Yes
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
No
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Line 11B: Form 990 Review Process

“The executive committee meets to review and approve form 990 before it is filed with irs. Copies are made available to other board members.”

Form 990, Part VI, Line 12C: Explanation of Monitoring and Enforcement of Conflicts

“Board members are provided a copy of the conflict of interest policy which requires disclosure of any possible conflicts.”

Form 990, Part VI, Line 15A: Compensation Review & Approval Process - CEO, Top Management

“The board of directors determines compensation based on local market conditions and number of hours the position requires.”

Form 990, Part VI, Line 15B: Compensation Review and Approval Process for Officers and Key Employees

“No officers or members of the board of directors are compensated.”

Form 990, Part VI, Line 19: Other Organization Documents Publicly Available

“Documents are available upon request.”

Filing and Contact Details

Filer

Filer Name
Hope Partnership Inc
EIN
20-1683627
Phone
8603889513
Address
99B DURHAM ROAD, MADISON, CT 06443

Signing Officer

Name
Calvin Price
Title
Treasurer
Signed
2023-05-11
Discuss with paid preparer
Yes

Organization Details

Principal Officer
David Carswell
Formed
2004
Legal Domicile
Ct
Voting Board Members
17
Independent Board Members
17
Employees
1
Volunteers
25

Preparer

Firm
Lewitz Balosie Wollack Rayner & Giroux LLC
Address
36 Elm St, Old Saybrook, CT 06475
Preparer
Joseph J Wollack CPA
Phone
8603884451
Supplemental Narrative

Additional Explanations

Other Changes In Net Assets Or Fund Balances - Other Decreases

“Consolidation of additional entity = -$67013”

Additional Filing Information

“This form 990 has been prepared using preliminary financial data. It is expected that some of the data will change and an amended form 990 will be filed.”

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IRS990/Desc0During the fiscal year ended June 30, 2022, HOPE Partnerships notable efforts included the successful startup of a 17 unit affordable housing project in the Town of Essex, known as The Lofts at Spencers Corner, at a total cost of $5,900,000 funded primarily with a grant from the State of Connecticut. A three story, commercial condo complex in the village of Centerbrook, Spencers Corner had many vacancies which provided an opportunity for HOPE to work with unit owners. Construction began during 2020 to renovate 12 existing condo units into 17 units for housing and includes 1, 2, and 3 bedroom units on the second and third floors with the majority of the rents set as affordable based on HUD's sliding scale. HOPE Partnership completed the acquisition of The Ferry Crossing Development in Old Saybrook CT. This development was purchased from The Women's Institute, Our previous partner. HOPE purchased their 60% interest and is now a 100% owner of the 34 unit Affordable Housing Development. This development is 100% occupied. HOPE's efforts included advocating for affordable housing in the communities they serve as a way to educate the public on the need with presentations to community, business and religious organizations. HOPE has met with elected officials including Senator Murphy's office and Selectmen in Essex, Deep River, Old Lyme, Old Saybrook, Chester, Madison and Clinton; increasing the awareness of the need for affordable housing and the benefits it provides to communities. A project in the town of Madison was in the final stages of acquisition as of June 30, 2022. this will be a 17 unit Affordable Housing Project.
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IRS990/Form990PartVIISectionAGrp/TitleTxt12Director
IRS990/Form990PartVIISectionAGrp/TitleTxt13President
IRS990/Form990PartVIISectionAGrp/TitleTxt14Director
IRS990/Form990PartVIISectionAGrp/TitleTxt15Treasurer
IRS990/Form990PartVIISectionAGrp/TitleTxt16Vice President
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Document Assets

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Filings

Displayed year

2022 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$9,811,722
Liabilities
$4,897,128
Net assets
$4,914,594
Revenue
$607,977
Expenses
$718,178
Net income
-$110,201
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Detailed filing. Detailed filing data is available for this year.$8.79$1.42$7.37$0.83$0.76$0.08
2024Detailed filing. Detailed filing data is available for this year.$8.77$1.48$7.29$0.74$0.75$0.02
2023Detailed filing. Detailed filing data is available for this year.$8.87$1.56$7.31$0.56$0.74$0.17
2022Detailed filing. Detailed filing data is available for this year.$9.81$4.90$4.91$0.61$0.72$0.11
2021Detailed filing. Detailed filing data is available for this year.$6.35$1.25$5.09$4.72$0.26$4.46
2020Detailed filing. Detailed filing data is available for this year.$2.65$2.02$0.63$0.56$0.09$0.47
2019Detailed filing. Detailed filing data is available for this year.$0.23$0.07$0.16$0.11$0.16$0.05
2018Detailed filing. Detailed filing data is available for this year.$0.27$0.07$0.21$0.12$0.11$0.01
2017Detailed filing. Detailed filing data is available for this year.$0.20$0.00$0.20$0.09$0.11$0.02
2016Detailed filing. Detailed filing data is available for this year.$0.22$0.00$0.22$0.02$0.10$0.12
2015Detailed filing. Detailed filing data is available for this year.$0.42$0.18$0.24$0.09$0.11$0.01
2014Detailed filing. Detailed filing data is available for this year.$0.33$0.18$0.15$0.09$0.11$0.03
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.41$0.18$0.23$0.16$0.09$0.07
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.35$0.18$0.17$0.17$0.12$0.05
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.31$0.20$0.12$0.06$0.09$0.03