Civic Intelligence

Friends of Hope Charter School Inc

EIN 46-1005677 • 501(c)2 • Edison, NJ

Revoked

Profile

To further the charitable purpose of build with purpose, inc. A 501(c)(3) organization that provides solutions for charter school real estate needs. (see schedule o)

Revocation date: Feb 15, 2020

101 Seymour AveEdison, NJ 08817

n/A

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

91st percentile

0.97x

Higher debt load relative to assets than 91% of similar nonprofits.

501(c)2 • $1M-$5M nonprofits • Source year 2016

Liabilities / Revenue

88th percentile

8.45x

Higher debt load relative to revenue than 88% of similar nonprofits.

501(c)2 • $1M-$5M nonprofits • Source year 2016

Net Margin

45th percentile

6.3%

Higher net margin than 45% of similar nonprofits.

501(c)2 • $1M-$5M nonprofits • Source year 2016

Top Officer Pay

76th percentile

$187,390

Higher top officer pay than 76% of similar nonprofits.

Top officer pay equals 41.7% of source-year revenue.

501(c)2 • $1M-$5M nonprofits • Source year 2016

Asset Growth

42nd percentile

-2.0%

Faster asset growth than 42% of similar nonprofits.

501(c)2 • $1M-$5M nonprofits • Annualized from 2015 to 2016

Revenue Growth

58th percentile

8.1%

Faster revenue growth than 58% of similar nonprofits.

501(c)2 • $1M-$5M nonprofits • Annualized from 2015 to 2016

Balance Sheet
Liabilities / Assets91st percentile

Assets

Down

$3,902,190

Down $81,037 (-2.0%) from 2015

Liabilities

Down

$3,799,882

Down $109,284 (-2.8%) from 2015

Net Assets

Up

$102,308

Up $28,247 (+38%) from 2015

Operations
Liabilities / Revenue88th percentileNet Margin45th percentile

Revenue

Up

$449,779

Up $33,757 (+8.1%) from 2015

Expenses

Down

$421,532

Down $37,461 (-8.2%) from 2015

Net Income

Up

$28,247

Up $71,218 (+166%) from 2015

Trend Graphs

Balance Sheet Trend

Asset Growth42nd percentile

Grouped bars show assets, liabilities, and net assets across loaded filings.

$4.0M$3.0M$2.0M$1.0M$0Assets 2015: $3,983,227Liabilities 2015: $3,909,166Net Assets 2015: $74,0612015Assets 2016: $3,902,190Liabilities 2016: $3,799,882Net Assets 2016: $102,3082016

Highlighted filing

2016

Assets$3,902,190
Liabilities$3,799,882
Net Assets$102,308
Open 2016 Filing

Operations Trend

Revenue Growth58th percentile

Revenue, expenses, and net income by year, with the latest filing highlighted.

$600K$400K$200K$0-$200KRevenue 2015: $416,022Expenses 2015: $458,993Net Income 2015: -$42,9712015Revenue 2016: $449,779Expenses 2016: $421,532Net Income 2016: $28,2472016

Highlighted filing

2016

Revenue$449,779
Expenses$421,532
Net Income$28,247
Open 2016 Filing

Filings

Most recent year

2016 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$3,902,190
Liabilities
$3,799,882
Net assets
$102,308
Revenue
$449,779
Expenses
$421,532
Net income
$28,247
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2016Detailed filing. Detailed filing data is available for this year.$3.90$3.80$0.10$0.45$0.42$0.03
2015Detailed filing. Detailed filing data is available for this year.$3.98$3.91$0.07$0.42$0.46$0.04
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Oct 1, 2015 to Sep 30, 2016
Signed
Aug 15, 2017
Return Version
2015v3.0
Gross Receipts
$449,779
Mission and Program Overview

Mission

To further the charitable purpose of build with purpose, inc. A 501(c)(3) organization that provides solutions for charter school real estate needs. (see schedule o)

Purchase land, secure financing, construct and hold title to school building at 601 grand ave, asbury park, nj, occupied by hope academy charter school

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$3,661,868$3,788,124▲ $126,256
Intangible Assets$83,730$78,149▼ $5,581
Accounts Receivable$35,169$27,179▼ $7,990
Cash and Non-Interest-Bearing Accounts$202,460$8,738▼ $193,722
Savings and Temporary Cash Investments$0$0→ $0
Other Notes and Loans Receivable, Net$0$0→ $0
Pledges and Grants Receivable$0$0→ $0
Receivable From Disqualified Prsn$0$0→ $0
Receivables From Officers Etc$0$0→ $0
Investments Other Securities$0$0→ $0
Investments Program Related$0$0→ $0
Investments in Publicly Traded Securities$0$0→ $0
Inventories for Sale or Use$0$0→ $0
Loans From Officers Directors$0$0→ $0
Prepaid Expenses and Deferred Charges$0$0→ $0
Total Assets$3,983,227$3,902,190▼ $81,037
Other Assets Total$0$0→ $0
Liabilities
Mortgage Notes Payable Secured by Investment Property$3,835,000$3,725,716▼ $109,284
Other Liabilities$74,166$74,166→ $0
Accounts Payable and Accrued Expenses$0$0→ $0
Grants Payable$0$0→ $0
Unsecured Notes Loans Payable$0$0→ $0
Deferred Revenue$0$0→ $0
Escrow Account Liability$0$0→ $0
Tax Exempt Bond Liabilities$0$0→ $0
Total Liabilities$3,909,166$3,799,882▼ $109,284
Net Assets / Fund Balance
Unrestricted Net Assets$74,061$102,308▲ $28,247
Permanently Rstr Net Assets$0$0→ $0
Temporarily Rstr Net Assets$0$0→ $0
Total Net Assets Fund Balance$74,061$102,308▲ $28,247
Total Liabilities and Net Assets / Fund Balance$3,983,227$3,902,190▼ $81,037

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$3,711,240$507,005$4,218,245
Other Land Buildings$76,884-$76,884
Compensation and Service Providers
Top Officer Pay76th percentile

Board Members and Trustees

NameTitle
Steven RamizaChair, Secretary
Brian KeenanPresident
Bill G Vreeland IiiTrustee
Brian Haguetrustee
Keith a TimkoTrustee
L David RicciTrustee
Candace FaunceCFO
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$449,583
Investment Income
$196
Other Revenue
$0
Change in Net Assets
$28,247
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$421,532
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Interest$159,109--$159,109
Depreciation Depletion$131,209--$131,209
Payments to Affiliates$130,000--$130,000
Other Expenses$1,214--$1,214
Total Functional Expenses$421,532$0$0$421,532
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Subject to proxy tax
No
Insider Transactions and Loans

Loans and Receivables

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

Other Reported Liabilities

LiabilityAmount
Security Deposits$74,166
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
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
No
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, SECTION B, LINE 11:

“Members of the board of trustees review and approve the form 990 information return prior to filing with the irs.”

FORM 990, PART VI, SECTION B, LINE 12C:

“Board members are required to complete conflict of interest statements annually. Prior to decisions on a matter, board members are reminded to disclose any conflicts and recuse themselves should they have a personal interest in a decision.”

FORM 990, PART VI, SECTION B, LINE 15:

“Neither directors nor officers of the organization are compensated. Also, the organization does not have any employees.”

FORM 990, PART VI, SECTION C, LINE 19:

“Required documents are available upon request.”

Filing and Contact Details

Filer

Filer Name
Friends of Hope Charter School Inc
EIN
46-1005677
In Care Of
% CANDACE FAUNCE
Phone
7326351000
Address
101 SEYMOUR AVE, EDISON, NJ 08817

Signing Officer

Name
Brian Keenan
Title
Officer
Signed
2017-08-15
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Brian Keenan
Formed
2012
Legal Domicile
Nj
Voting Board Members
6
Independent Board Members
5
Employees
0
Volunteers
5

Preparer

Firm
WithumSmithBrown PC
Address
1 SPRING STREET, NEW BRUNSWICK, NJ 08901
Preparer
James Decker
Phone
7328281614
Supplemental Narrative

Additional Explanations

Form 990, Part III, Line 1

“The corporation was formed as a 501(c)(2) organization for the purpose of furthering the charitable purpose of build with purpose, inc. A 501(c)(3) organization that provides solutions for charter school real estate needs. Specifically, this corporation was formed to own, operate, develop and lease real property for use exclusively as a school in accordance with n.j.s.a.54:4-3.6 and to operate an organization that shall not discriminate on the basis of race, religion, national origin, gender or age in its policies or membership.”

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IRS990/ReportInvestmentsOtherSecInd0false
IRS990/ReportLandBuildingEquipmentInd0true
IRS990/ReportOtherAssetsInd0false
IRS990/ReportOtherLiabilitiesInd0true
IRS990/ReportProgramRelatedInvstInd0false
IRS990/RevenueAmt0449583
IRS990/RoyaltiesGrp/TotalAmt00
IRS990/RoyaltiesRevenueGrp/TotalRevenueColumnAmt00
IRS990/SavingsAndTempCashInvstGrp/BOYAmt00
IRS990/SavingsAndTempCashInvstGrp/EOYAmt00
IRS990/ScheduleBRequiredInd0false
IRS990ScheduleD/BuildingsGrp/BookValueAmt03711240
IRS990ScheduleD/BuildingsGrp/DepreciationAmt0507005
IRS990ScheduleD/BuildingsGrp/OtherCostOrOtherBasisAmt04218245
IRS990ScheduleD/FederalIncomeTaxLiabilityAmt00
IRS990ScheduleD/OtherLandBuildingsGrp/BookValueAmt076884
IRS990ScheduleD/OtherLandBuildingsGrp/OtherCostOrOtherBasisAmt076884
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt074166
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0SECURITY DEPOSITS
IRS990ScheduleD/TotalBookValueLandBuildingsAmt03788124
IRS990ScheduleD/TotalLiabilityAmt074166
IRS990ScheduleJ/EquityBasedCompArrngmInd0false
IRS990/ScheduleJRequiredInd0true
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BaseCompensationFilingOrgAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BaseCompensationFilingOrgAmt10
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BonusFilingOrganizationAmount00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BonusFilingOrganizationAmount10
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BonusRelatedOrganizationsAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BonusRelatedOrganizationsAmt10
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompensationBasedOnRltdOrgsAmt0160240
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompensationBasedOnRltdOrgsAmt1128212
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompReportPrior990FilingOrgAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompReportPrior990FilingOrgAmt10
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompReportPrior990RltdOrgsAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompReportPrior990RltdOrgsAmt10
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/DeferredCompensationFlngOrgAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/DeferredCompensationFlngOrgAmt10
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/DeferredCompRltdOrgsAmt04875
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/DeferredCompRltdOrgsAmt10
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/NontaxableBenefitsFilingOrgAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/NontaxableBenefitsFilingOrgAmt10
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/NontaxableBenefitsRltdOrgsAmt022275
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/NontaxableBenefitsRltdOrgsAmt138175
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/OtherCompensationFilingOrgAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/OtherCompensationFilingOrgAmt10
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/OtherCompensationRltdOrgsAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/OtherCompensationRltdOrgsAmt10
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm0BRIAN KEENAN
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm1CANDACE FAUNCE
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt0PRESIDENT
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt1CFO
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationFilingOrgAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationFilingOrgAmt10
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationRltdOrgsAmt0187390
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationRltdOrgsAmt1166387
IRS990ScheduleJ/SeverancePaymentInd0false
IRS990ScheduleJ/SupplementalInformationDetail/ExplanationTxt0Compensation paid by a related organization that used a compensation committee as well as form 990s of other organizations to establish compensation of the president. Compensation was approved by the related organization's board.
IRS990ScheduleJ/SupplementalInformationDetail/FormAndLineReferenceDesc0Part 1, question 3
IRS990ScheduleJ/SupplementalNonqualRtrPlanInd0false
IRS990/ScheduleORequiredInd0true
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0MEMBERS OF THE BOARD OF TRUSTEES REVIEW AND APPROVE THE FORM 990 INFORMATION RETURN PRIOR TO FILING WITH THE IRS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1BOARD MEMBERS ARE REQUIRED TO COMPLETE CONFLICT OF INTEREST STATEMENTS ANNUALLY. PRIOR TO DECISIONS ON A MATTER, BOARD MEMBERS ARE REMINDED TO DISCLOSE ANY CONFLICTS AND RECUSE THEMSELVES SHOULD THEY HAVE A PERSONAL INTEREST IN A DECISION.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2NEITHER DIRECTORS NOR OFFICERS OF THE ORGANIZATION ARE COMPENSATED. ALSO, THE ORGANIZATION DOES NOT HAVE ANY EMPLOYEES.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3REQUIRED DOCUMENTS ARE AVAILABLE UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4THE CORPORATION WAS FORMED AS A 501(C)(2) ORGANIZATION FOR THE PURPOSE OF FURTHERING THE CHARITABLE PURPOSE OF BUILD WITH PURPOSE, INC. A 501(C)(3) ORGANIZATION THAT PROVIDES SOLUTIONS FOR CHARTER SCHOOL REAL ESTATE NEEDS. SPECIFICALLY, THIS CORPORATION WAS FORMED TO OWN, OPERATE, DEVELOP AND LEASE REAL PROPERTY FOR USE EXCLUSIVELY AS A SCHOOL IN ACCORDANCE WITH N.J.S.A.54:4-3.6 AND TO OPERATE AN ORGANIZATION THAT SHALL NOT DISCRIMINATE ON THE BASIS OF RACE, RELIGION, NATIONAL ORIGIN, GENDER OR AGE IN ITS POLICIES OR MEMBERSHIP.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PART VI, SECTION B, LINE 11:
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PART VI, SECTION B, LINE 12C:
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PART VI, SECTION B, LINE 15:
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PART VI, SECTION C, LINE 19:
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PART III, LINE 1
IRS990ScheduleR/AssetExchangeInd0false
IRS990ScheduleR/AssetPurchaseFromOtherOrgInd0false
IRS990ScheduleR/AssetSaleToOtherOrgInd0false
IRS990ScheduleR/GiftGrntCapContriFromOthOrgInd0false
IRS990ScheduleR/GiftGrntOrCapContriToOthOrgInd0true
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ControlledOrganizationInd0false
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DirectControllingEntityName/BusinessNameLine1Txt0NA
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DisregardedEntityName/BusinessNameLine1Txt0BUILD WITH PURPOSE
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/EIN0141882064
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ExemptCodeSectionTxt0501(C)(3)
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/LegalDomicileStateCd0NJ
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PrimaryActivitiesTxt0REAL ESTATE
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PublicCharityStatusTxt07
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/AddressLine1Txt0224 MAIN STREET
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/CityNm0METUCHEN
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/StateAbbreviationCd0NJ
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/ZIPCd008840
IRS990ScheduleR/LoansOrGuaranteesFromOthOrgInd0false
IRS990ScheduleR/LoansOrGuaranteesToOtherOrgInd0false
IRS990ScheduleR/PaidEmployeesSharingInd0false
IRS990ScheduleR/PerformOfServicesByOtherOrgInd0true
IRS990ScheduleR/PerformOfServicesForOthOrgInd0false
IRS990ScheduleR/ReceiptOfIntAnntsRntsRyltsInd0false
IRS990ScheduleR/ReimbursementPaidByOtherOrgInd0false
IRS990ScheduleR/ReimbursementPaidToOtherOrgInd0false
IRS990ScheduleR/RentalOfFacilitiesToOthOrgInd0false
IRS990ScheduleR/RentalOfFcltsFromOthOrgInd0false
IRS990ScheduleR/SharingOfFacilitiesInd0false
IRS990ScheduleR/TransactionsRelatedOrgGrp/InvolvedAmt0130000
IRS990ScheduleR/TransactionsRelatedOrgGrp/MethodOfAmountDeterminationTxt0FMV
IRS990ScheduleR/TransactionsRelatedOrgGrp/OtherOrganizationName/BusinessNameLine1Txt0BUILD WITH PURPOSE
IRS990ScheduleR/TransactionsRelatedOrgGrp/TransactionTypeTxt0M
IRS990ScheduleR/TransferFromOtherOrgInd0false
IRS990ScheduleR/TransferToOtherOrgInd0true
IRS990/SchoolOperatingInd0false
IRS990/SignificantChangeInd0false
IRS990/SignificantNewProgramSrvcInd0false
IRS990/StatesWhereCopyOfReturnIsFldCd0NJ
IRS990/SubjectToProxyTaxInd0false
IRS990/TaxablePartyNotificationInd0false
IRS990/TaxExemptBondLiabilitiesGrp/BOYAmt00
IRS990/TaxExemptBondLiabilitiesGrp/EOYAmt00
IRS990/TaxExemptBondsInd0false
IRS990/TemporarilyRstrNetAssetsGrp/BOYAmt00
IRS990/TemporarilyRstrNetAssetsGrp/EOYAmt00
IRS990/TempOrPermanentEndowmentsInd0false
IRS990/TerminateOperationsInd0false
IRS990/TotalAssetsBOYAmt03983227
IRS990/TotalAssetsEOYAmt03902190
IRS990/TotalAssetsGrp/BOYAmt03983227
IRS990/TotalAssetsGrp/EOYAmt03902190
IRS990/TotalCompGreaterThan150KInd0true
IRS990/TotalContributionsAmt00
IRS990/TotalEmployeeCnt00
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt00
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt0421532
IRS990/TotalFunctionalExpensesGrp/TotalAmt0421532
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt03909166
IRS990/TotalLiabilitiesEOYAmt03799882
IRS990/TotalLiabilitiesGrp/BOYAmt03909166
IRS990/TotalLiabilitiesGrp/EOYAmt03799882
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt074061

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