Civic Intelligence

The Hope Academy

990 • Fiscal year 2018 • EIN 46-4845929

Jul 01, 2017 to Jun 30, 2018 • Filed on Sep 25, 2018

1000 Eddy StProvidence, RI 02905

(401) 533-9100

Siviq Scores

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

Liabilities / Assets

67th percentile

0.24x

Higher debt load relative to assets than 67% of similar nonprofits.

2018 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2018

Liabilities / Revenue

44th percentile

0.07x

Higher debt load relative to revenue than 44% of similar nonprofits.

2018 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2018

Net Margin

61st percentile

7.2%

Higher net margin than 61% of similar nonprofits.

2018 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2018

Top Officer Pay

66th percentile

$94,500

Higher top officer pay than 66% of similar nonprofits.

Top officer pay equals 4.2% of source-year revenue.

2018 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2018

Asset Growth

Score unavailable

No value available

A valid growth rate could not be computed from the available filing history.

Annualized from 2017 to 2018

Revenue Growth

83rd percentile

36%

Faster revenue growth than 83% of similar nonprofits.

2018 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2017 to 2018

Assets

Up

$625,183

Up $625,183 from 2017

Net Assets

Up

$472,104

Up $472,104 from 2017

Liabilities

Up

$153,079

Up $153,079 from 2017

Revenue

Up

$2,234,965

Up $589,707 (+36%) from 2017

Expenses

Up

$2,073,927

Up $622,989 (+43%) from 2017

Net Income

Down

$161,038

Down $33,282 (-17%) from 2017

Historical Trend

Balance Sheet Trend

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

$6.0M$4.0M$2.0M$0Assets 2015: $54,525Liabilities 2015: $45,980Net Assets 2015: $8,5452015Assets 2016: $0Liabilities 2016: $0Net Assets 2016: $02016Assets 2017: $0Liabilities 2017: $0Net Assets 2017: $02017Assets 2018: $625,183Liabilities 2018: $153,079Net Assets 2018: $472,1042018Assets 2019: $872,035Liabilities 2019: $198,407Net Assets 2019: $673,6282019Assets 2020: $1,425,949Liabilities 2020: $585,646Net Assets 2020: $840,3032020Assets 2021: $1,585,925Liabilities 2021: $304,485Net Assets 2021: $1,281,4402021Assets 2022: $1,642,138Liabilities 2022: $169,593Net Assets 2022: $1,472,5452022Assets 2023: $5,922,457Liabilities 2023: $3,856,481Net Assets 2023: $2,065,9762023Assets 2024: $5,016,708Liabilities 2024: $2,808,681Net Assets 2024: $2,208,0272024

Highlighted filing

2018

Assets$625,183
Liabilities$153,079
Net Assets$472,104

Operations Trend

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

$8.0M$6.0M$4.0M$2.0M$0-$2.0MRevenue 2015: $812,008Expenses 2015: $803,463Net Income 2015: $8,5452015Revenue 2016: $1,161,433Expenses 2016: $1,178,114Net Income 2016: -$16,6812016Revenue 2017: $1,645,258Expenses 2017: $1,450,938Net Income 2017: $194,3202017Revenue 2018: $2,234,965Expenses 2018: $2,073,927Net Income 2018: $161,0382018Revenue 2019: $2,991,310Expenses 2019: $2,789,786Net Income 2019: $201,5242019Revenue 2020: $3,549,017Expenses 2020: $3,382,342Net Income 2020: $166,6752020Revenue 2021: $4,612,432Expenses 2021: $4,171,295Net Income 2021: $441,1372021Revenue 2022: $5,145,628Expenses 2022: $4,959,247Net Income 2022: $186,3812022Revenue 2023: $6,378,003Expenses 2023: $5,741,577Net Income 2023: $636,4262023Revenue 2024: $6,553,173Expenses 2024: $6,405,013Net Income 2024: $148,1602024

Highlighted filing

2018

Revenue$2,234,965
Expenses$2,073,927
Net Income$161,038
Jump To
Filing Snapshot
Filing Period
Jul 1, 2017 to Jun 30, 2018
Signed
Sep 25, 2018
Return Version
2017v2.2
Gross Receipts
$2,234,965
Mission and Program Overview

Mission

The hope academy is committed

The hope academy is committed to an educational model focusing on the academic and social success of each individual, preparing students to meet the challenges of

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$273,859$517,670▲ $243,811
Accounts Receivable$63,322$69,845▲ $6,523
Prepaid Expenses and Deferred Charges$9,733$3,668▼ $6,065
Total Assets$346,914$625,183▲ $278,269
Other Assets Total-$34,000-
Liabilities
Accounts Payable and Accrued Expenses$90,782$153,079▲ $62,297
Total Liabilities$90,782$153,079▲ $62,297
Net Assets / Fund Balance
Unrestricted Net Assets$254,754$470,273▲ $215,519
Temporarily Rstr Net Assets$1,378$1,831▲ $453
Total Net Assets Fund Balance$256,132$472,104▲ $215,972
Total Liabilities and Net Assets / Fund Balance$346,914$625,183▲ $278,269

Asset Categories

AssetBook ValueDepreciationBasis
Other Assets Org$34,000--
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseTotal
Angela HoltCurrent Head of SchoolFT$94,500$94,500
Margaret KnowltonSuperintendentPT$14,000$14,000

Board Members and Trustees

NameTitle
Mayor Charles a LombardiChairperson
Mayor Jorge O ElorzaVice Chairperson
Amanda McmullenDirector
David SluterDirector
Michael a Rocchio MdDirector
Bianca RodriguezDirector/founder
Courtney HawkinsDirector/mayor Designee
Deana TineoElected Parent Member
Matthew HarveyElected Parent Member
Michael DeragonElected Parent Member
John KellySecretary/treasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$1,514,281
Program Service Revenue
$720,684
Investment Income
$0
Other Revenue
$0
Change in Net Assets
$161,038
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$1,235,787
Other Expenses$838,140
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Current Officers, Directors, Trustees, and Key Employees$889,785$121,622$0$1,011,407
Occupancy$370,000$22,750$0$392,750
Other Employee Benefits$123,856$13,013$0$136,869
Other Expenses$93,247$9,541$0$102,788
Office Expenses$74,438$12,041$0$86,479
Payroll Taxes$65,566$9,095$0$74,661
Fees for Services Accounting$0$58,845$0$58,845
Fees for Services Other$54,456$0$0$54,456
Fees for Services Management$0$30,000$0$30,000
Information Technology$16,659$10,993$0$27,652
Pension Plan Contributions$11,035$1,815$0$12,850
Insurance$0$10,556$0$10,556
Fees for Services Legal$0$1,918$0$1,918
Conferences and Meetings$1,626$0$0$1,626
Total Functional Expenses$1,766,388$307,539$0$2,073,927
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
Lobbying activity
No
Subject to proxy tax
No
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
Yes
Annual disclosure for covered persons
Yes
Audit committee
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
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No
Filing and Contact Details

Filer

Filer Name
Hope Academy
EIN
46-4845929
Phone
4015339100
Address
1000 EDDY ST, PROVIDENCE, RI 02905

Signing Officer

Name
Angela Holt
Title
Head of School
Phone
4015339100
Signed
2018-09-25
Discuss with paid preparer
Yes

Organization Details

Formed
2014
Legal Domicile
Ri
Voting Board Members
11
Independent Board Members
11
Employees
25
Volunteers
0

Preparer

Firm
Parmelee Poirier & Associates LLP
Address
469 Centerville Road Suite 203, Warwick, RI 02886
Preparer
Bernard a Poirier CPA
Phone
4017380010
Supplemental Narrative

Additional Explanations

Pt VI, Line 15B

Salary adjustments are not automatic and are dependent upon the approval of the annual budget by the Board of Directors and the employee's performance and job responsibilities. The Head of School may recommend no increase depending on the employee's performance or the salary level of the position. Special salary adjustments may be made at the time of a promotion, demotion, for increased job responsibilities or based on market modifications. Salaries are generally reviewed annually. Any salary increase is based on merit and The Hope Academy's fiscal condition.

Pt VI, Line 15A

The superintendent evaluates the Head of School and recommends merit increases as a result.

Pt VI, Line 12C

All new employees sign a written conflict of interest statement at the time of hire. Conflict of interest is discussed at the orientation all new employees go through before they begin work. Employees are required to disclose conflicts of interests as they arise.

Pt VI, Line 11B

The 990 is reviewed by officers and ratified by the full board of directors.

Pt X

Hope Academy began the year with a bank account of cash overdrawn by $617. The $617 was for bank service fees. At this point in time, the organization did not yet receive any funding and was able to successfully negotiate the removal these service charges later within the fiscal year.

Financial Statement Notes

Pt IV, Line 2B

The hope academy is a custodian for student activity funds. Money is received from students and the pto organization to be held for future activities.

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IRS990/OtherExpensesGrp/ManagementAndGeneralAmt15350
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt29541
IRS990/OtherExpensesGrp/ProgramServicesAmt0413
IRS990/OtherExpensesGrp/ProgramServicesAmt165307
IRS990/OtherExpensesGrp/ProgramServicesAmt293247
IRS990/OtherExpensesGrp/TotalAmt0413
IRS990/OtherExpensesGrp/TotalAmt170657
IRS990/OtherExpensesGrp/TotalAmt2102788
IRS990/PartialLiquidationInd0false
IRS990/PayPremiumsPrsnlBnftCntrctInd0false
IRS990/PayrollTaxesGrp/FundraisingAmt00
IRS990/PayrollTaxesGrp/ManagementAndGeneralAmt09095
IRS990/PayrollTaxesGrp/ProgramServicesAmt065566
IRS990/PayrollTaxesGrp/TotalAmt074661
IRS990/PensionPlanContributionsGrp/FundraisingAmt00
IRS990/PensionPlanContributionsGrp/ManagementAndGeneralAmt01815
IRS990/PensionPlanContributionsGrp/ProgramServicesAmt011035
IRS990/PensionPlanContributionsGrp/TotalAmt012850
IRS990/PoliticalCampaignActyInd0false
IRS990/PrepaidExpensesDefrdChargesGrp/BOYAmt09733
IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt03668
IRS990/PrincipalOfcrBusinessName/BusinessNameLine1Txt0ANGELA HOLT
IRS990/ProfessionalFundraisingInd0false
IRS990/ProgramServiceRevenueGrp/BusinessCd0611110
IRS990/ProgramServiceRevenueGrp/BusinessCd1611110
IRS990/ProgramServiceRevenueGrp/Desc0TUITIONS
IRS990/ProgramServiceRevenueGrp/Desc1FOOD SALES
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt0720231
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt1453
IRS990/ProgSrvcAccomActy2Grp/Desc0SCHOOL FOOD SERVICE FUND THE HOPE ACADEMY PROVIDES BREAKFAST & LUNCH FOR ITS STUDENTS. FEES ARE ASSESSED BASED ON INCOME LEVEL. REVENUES ALSO COME FROM FEDERAL PROGRAMS.
IRS990/ProgSrvcAccomActy2Grp/ExpenseAmt054456
IRS990/ProgSrvcAccomActy2Grp/RevenueAmt054909
IRS990/ProhibitedTaxShelterTransInd0false
IRS990/PYContributionsGrantsAmt01104243
IRS990/PYExcessBenefitTransInd0false
IRS990/PYOtherExpensesAmt0693610
IRS990/PYProgramServiceRevenueAmt0541015
IRS990/PYRevenuesLessExpensesAmt0194320
IRS990/PYSalariesCompEmpBnftPaidAmt0757328
IRS990/PYTotalExpensesAmt01450938
IRS990/PYTotalRevenueAmt01645258
IRS990/QuidProQuoContributionsInd0false
IRS990/RcvFndsToPayPrsnlBnftCntrctInd0false
IRS990/ReconcilationRevenueExpnssAmt0161038
IRS990/RegularMonitoringEnfrcInd0true
IRS990/RelatedEntityInd0false
IRS990/RelatedOrganizationCtrlEntInd0false
IRS990/ReportInvestmentsOtherSecInd0false
IRS990/ReportLandBuildingEquipmentInd0false
IRS990/ReportOtherAssetsInd0true
IRS990/ReportOtherLiabilitiesInd0false
IRS990/ReportProgramRelatedInvstInd0false
IRS990/RevenueAmt02234989
IRS990ScheduleA/GrossInvestmentIncome170Grp/TotalAmt00
IRS990ScheduleA/InvestmentIncomeCYPct00
IRS990ScheduleA/PublicSupportCY170Pct00
IRS990ScheduleA/PublicSupportCY509Pct00
IRS990ScheduleA/PublicSupportTotal170Amt00
IRS990ScheduleA/PublicSupportTotal509Amt00
IRS990ScheduleA/SchoolInd0X
IRS990/ScheduleBRequiredInd0false
IRS990ScheduleD/AgentTrusteeEtcInd0false
IRS990ScheduleD/BeginningBalanceAmt0667
IRS990ScheduleD/EndingBalanceAmt0667
IRS990ScheduleD/InclEscrowCustodialAcctLiabInd0false
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt034000
IRS990ScheduleD/OtherAssetsOrgGrp/Desc0SECURITY DEPOSITS
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0THE HOPE ACADEMY IS A CUSTODIAN FOR STUDENT ACTIVITY FUNDS. MONEY IS RECEIVED FROM STUDENTS AND THE PTO ORGANIZATION TO BE HELD FOR FUTURE ACTIVITIES.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0Pt IV, Line 2b
IRS990ScheduleD/TotalBookValueOtherAssetsAmt034000
IRS990ScheduleE/ComplianceWithRevProc7550Ind0true
IRS990ScheduleE/DiscriminateRaceAdmissPlcyInd0false
IRS990ScheduleE/DiscriminateRaceAthltProgInd0false
IRS990ScheduleE/DiscriminateRaceEducPlcyInd0false
IRS990ScheduleE/DiscriminateRaceEmplmFcultyInd0false
IRS990ScheduleE/DiscriminateRaceOtherActyInd0false
IRS990ScheduleE/DiscriminateRaceSchsInd0false
IRS990ScheduleE/DiscriminateRaceStdntsRghtsInd0false
IRS990ScheduleE/DiscriminateRaceUseOfFcltsInd0false
IRS990ScheduleE/GovernmentFinancialAidRcvdInd0true
IRS990ScheduleE/GovernmentFinancialAidRvkdInd0false
IRS990ScheduleE/MaintainCpyOfAllSolInd0false
IRS990ScheduleE/MaintainCpyOfBrochuresEtcInd0true
IRS990ScheduleE/MaintainRacialCompRecsInd0true
IRS990ScheduleE/MaintainScholarshipsRecsInd0false
IRS990ScheduleE/NondiscriminatoryPolicyStmtInd0true
IRS990ScheduleE/PlcyPblczdViaBroadcastMediaInd0true
IRS990ScheduleE/PolicyStmtInBrochuresEtcInd0true
IRS990ScheduleE/SupplementalInformationDetail/ExplanationTxt0HOPE ACADEMY COMMUNICATES ITS RACIALLY NONDISCRIMINATORY POLICY DIRECTLY ON THE APPLICATION FOR ADMISSION. HOPE ACADEMY COMMUNICATES ITS RACIALLY NONDISCRIMINATORY POLICY DIRECTLY ON THE APPLICATION FOR ADMISSION.
IRS990ScheduleE/SupplementalInformationDetail/ExplanationTxt14B - THE HOPE ACADEMY DOES NOT OFFER SCHOLARSHIPS OR FINANCIAL ASSISTANCE. IT IS A PUBLIC SCHOOL WITHOUT TUITIONS;ADMISSION IS BASED ON LOTTERY. THE HOPE ACADEMY HAVE NOT, AS OF YET, SOLICITED CONTRIBUTIONS.
IRS990ScheduleE/SupplementalInformationDetail/ExplanationTxt2THE ORGANIZATION RECEIVED A CHARTER SCHOOL PLANNING & IMPLEMENTATION GRANT FROM FEDERAL SOURCES.
IRS990ScheduleE/SupplementalInformationDetail/FormAndLineReferenceDesc0Line 3
IRS990ScheduleE/SupplementalInformationDetail/FormAndLineReferenceDesc1Line 4d
IRS990ScheduleE/SupplementalInformationDetail/FormAndLineReferenceDesc2Line 6b
IRS990/ScheduleJRequiredInd0false
IRS990/ScheduleORequiredInd0true
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0Salary adjustments are not automatic and are dependent upon the approval of the annual budget by the Board of Directors and the employee's performance and job responsibilities. The Head of School may recommend no increase depending on the employee's performance or the salary level of the position. Special salary adjustments may be made at the time of a promotion, demotion, for increased job responsibilities or based on market modifications. Salaries are generally reviewed annually. Any salary increase is based on merit and The Hope Academy's fiscal condition.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1The superintendent evaluates the Head of School and recommends merit increases as a result.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2All new employees sign a written conflict of interest statement at the time of hire. Conflict of interest is discussed at the orientation all new employees go through before they begin work. Employees are required to disclose conflicts of interests as they arise.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3The 990 is reviewed by officers and ratified by the full board of directors.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4Hope Academy began the year with a bank account of cash overdrawn by $617. The $617 was for bank service fees. At this point in time, the organization did not yet receive any funding and was able to successfully negotiate the removal these service charges later within the fiscal year.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Pt VI, Line 15b
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Pt VI, Line 15a
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2Pt VI, Line 12c
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3Pt VI, Line 11b
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4Pt X
IRS990/SchoolOperatingInd0true
IRS990/SignificantChangeInd0false
IRS990/SignificantNewProgramSrvcInd0false
IRS990/SubjectToProxyTaxInd0false
IRS990/TaxableDistributionsInd0false
IRS990/TaxablePartyNotificationInd0false
IRS990/TaxExemptBondsInd0false
IRS990/TemporarilyRstrNetAssetsGrp/BOYAmt01378
IRS990/TemporarilyRstrNetAssetsGrp/EOYAmt01831
IRS990/TempOrPermanentEndowmentsInd0false
IRS990/TerminateOperationsInd0false
IRS990/TotalAssetsBOYAmt0346914
IRS990/TotalAssetsEOYAmt0625183
IRS990/TotalAssetsGrp/BOYAmt0346914
IRS990/TotalAssetsGrp/EOYAmt0625183
IRS990/TotalCompGreaterThan150KInd0false
IRS990/TotalContributionsAmt01514281
IRS990/TotalEmployeeCnt025
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt0307539
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt01766388
IRS990/TotalFunctionalExpensesGrp/TotalAmt02073927
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt090782
IRS990/TotalLiabilitiesEOYAmt0153079
IRS990/TotalLiabilitiesGrp/BOYAmt090782
IRS990/TotalLiabilitiesGrp/EOYAmt0153079
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt0256132
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt0472104
IRS990/TotalProgramServiceExpensesAmt01766388
IRS990/TotalProgramServiceRevenueAmt0720684
IRS990/TotalReportableCompFromOrgAmt0108500
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt0720684
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt02234965
IRS990/TotalVolunteersCnt00
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt0346914
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt0625183
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd0false
IRS990/UnrestrictedNetAssetsGrp/BOYAmt0254754
IRS990/UnrestrictedNetAssetsGrp/EOYAmt0470273
IRS990/USAddress/AddressLine1Txt01000 EDDY ST

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