Civic Intelligence

Hope Renovations

990 • Fiscal year 2023 • EIN 82-3675207

Jul 01, 2022 to Jun 30, 2023 • Filed on Feb 12, 2024

Organization ProfileWWW.HOPERENOVATIONS.ORG

View Organization Page

3 Bolin HeightsChapel Hill, NC 27514

(919) 960-1957

Siviq Scores

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

Liabilities / Assets

58th percentile

0.13x

Higher debt load relative to assets than 58% of similar nonprofits.

2023 filings • NTEE J • $1M-$5M nonprofits • Source year 2023

Liabilities / Revenue

37th percentile

0.05x

Higher debt load relative to revenue than 37% of similar nonprofits.

2023 filings • NTEE J • $1M-$5M nonprofits • Source year 2023

Net Margin

82nd percentile

26%

Higher net margin than 82% of similar nonprofits.

2023 filings • NTEE J • $1M-$5M nonprofits • Source year 2023

Top Officer Pay

46th percentile

$98,269

Higher top officer pay than 46% of similar nonprofits.

Top officer pay equals 5.2% of source-year revenue.

2023 filings • NTEE J • $1M-$5M nonprofits • Source year 2023

Asset Growth

97th percentile

190%

Faster asset growth than 97% of similar nonprofits.

2023 filings • NTEE J • $1M-$5M nonprofits • Annualized from 2022 to 2023

Revenue Growth

94th percentile

86%

Faster revenue growth than 94% of similar nonprofits.

2023 filings • NTEE J • $1M-$5M nonprofits • Annualized from 2022 to 2023

Balance Sheet
Liabilities / Assets58th percentile

Assets

Up

$709,125

Up $464,672 (+190%) from 2022

Net Assets

Up

$614,438

Up $496,856 (+423%) from 2022

Liabilities

Down

$94,687

Down $32,184 (-25%) from 2022

Revenue And Expenses
Liabilities / Revenue37th percentileNet Margin82nd percentile

Revenue

Up

$1,896,731

Up $876,234 (+86%) from 2022

Expenses

Up

$1,400,275

Up $361,203 (+35%) from 2022

Net Income

Up

$496,456

Up $515,031 (+2773%) from 2022

Historical Trend

Balance Sheet Trend

Asset Growth97th percentile

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

$1.5M$1.0M$500K$0Assets 2020: $264,629Liabilities 2020: $126,689Net Assets 2020: $137,9402020Assets 2021: $248,381Liabilities 2021: $112,224Net Assets 2021: $136,1572021Assets 2022: $244,453Liabilities 2022: $126,871Net Assets 2022: $117,5822022Assets 2023: $709,125Liabilities 2023: $94,687Net Assets 2023: $614,4382023Assets 2024: $1,050,144Liabilities 2024: $183,635Net Assets 2024: $866,5092024

Highlighted filing

2023

Assets$709,125
Liabilities$94,687
Net Assets$614,438
Open 2023 Filing

Operations Trend

Revenue Growth94th percentile

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

$2.0M$1.5M$1.0M$500K$0-$500KRevenue 2020: $587,895Expenses 2020: $485,230Net Income 2020: $102,6652020Revenue 2021: $351,606Expenses 2021: $354,193Net Income 2021: -$2,5872021Revenue 2022: $1,020,497Expenses 2022: $1,039,072Net Income 2022: -$18,5752022Revenue 2023: $1,896,731Expenses 2023: $1,400,275Net Income 2023: $496,4562023Revenue 2024: $1,776,798Expenses 2024: $1,498,748Net Income 2024: $278,0502024

Highlighted filing

2023

Revenue$1,896,731
Expenses$1,400,275
Net Income$496,456
Open 2023 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2022 to Jun 30, 2023
Signed
Feb 12, 2024
Return Version
2022v5.0
Gross Receipts
$1,896,731
Mission and Program Overview

Mission

We inspire hope in women and seniors for a joyful and fulfilling future. We do this by empowering women to pursue living-wage jobs in the construction trades via our hands-on training program, and by providing repairs and renovations that enable older adults to stay in their homes as they age. Our training program serves unemployed and underemployed women, helping them gain the skills they need to work in the construction trades, and connecting them to employers. This work breaks down a significant gender barrier in the industry while helping women build confidence, and pursue careers that can allow them to support themselves and their families. Our construction program carries out repairs, renovations, remodels, modifications and other projects with a primary focus on older adults and adults with disabilities who wish to age in place. In addition, this program provides a valuable on-the-job learning experience to our trainees, who gain hands-on experience alongside our crew.

We inspire hope in women and seniors for a joyful and fulfilling future. We do this by empowering women to pursue living-wage jobs in the construction trades via our hands-on training program, and by providing repairs and renovations that enable older adults to stay in their homes as they age.

Balance Sheet Detail
LineBeginningEndChange
Assets
Accounts Receivable$76,088$559,697▲ $483,609
Cash and Non-Interest-Bearing Accounts$128,219$109,406▼ $18,813
Land, Buildings, and Equipment, Net$8,753$12,674▲ $3,921
Prepaid Expenses and Deferred Charges$1,485$1,615▲ $130
Intangible Assets$607$467▼ $140
Total Assets$244,453$709,125▲ $464,672
Other Assets Total$29,301$25,266▼ $4,035
Liabilities
Other Liabilities$90,110$58,727▼ $31,383
Accounts Payable and Accrued Expenses$26,961$27,513▲ $552
Unsecured Notes Loans Payable$9,800$8,447▼ $1,353
Total Liabilities$126,871$94,687▼ $32,184
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$117,582$614,438▲ $496,856
Total Net Assets Fund Balance$117,582$614,438▲ $496,856
Total Liabilities and Net Assets / Fund Balance$244,453$709,125▲ $464,672
Compensation and Service Providers
Top Officer Pay46th percentile

Employees

NameTitleFull / Part TimeBaseTotal
Nora E SpencerCEOFT$98,269$98,269

Board Members and Trustees

NameTitle
Carrie NorryBoard Chairm
Alaina GarmanDirector
Cindy CovingtonDirector
Claire CoffeyDirector
Jennifer HoffmanDirector
Leah AdenijiDirector
Patricia SpriggDirector
Maryah Smith-overmanSecretary
Revenue and Support

Revenue Composition

Contributions and Grants
$1,575,806
Program Service Revenue
$315,960
Investment Income
$25
Other Revenue
$4,940
All Other Contributions
$1,299,313
Change in Net Assets
$496,456

Noncash Contribution Practices

Property subject to holding requirements
No
Reviewed unusual noncash gifts
Yes
Third parties used for noncash contributions
No

Noncash Contributions

Contribution TypeContribution CountReported Amount
Other Non Cash Contri Table1$36,131
Total Noncash Contributions1$36,131
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$888,475
Other Expenses$511,800
Total Fundraising Expense$71,831
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$570,307$58,556$22,561$651,424
Current Officers, Directors, Trustees, and Key Employees-$78,615$19,654$98,269
Fees for Services Other$78,585$10,259$4,800$93,644
Insurance$55,410$19,289-$74,699
Other Employee Benefits$58,934$10,409-$69,343
Occupancy$29,198$25,656-$54,854
Payroll Taxes$39,672$7,749$5,159$52,580
All Other Expenses$18,496$18,921$4,047$41,464
Fees for Services Accounting-$29,929-$29,929
Depreciation Depletion-$21,600-$21,600
Pension Plan Contributions$14,327$2,532-$16,859
Other Expenses$14,458-$50$14,508
Office Expenses$5,203$4,026$3,888$13,117
Fees for Services Management--$10,000$10,000
Information Technology$4,195$5,734-$9,929
Conferences and Meetings$9,636--$9,636
Interest-$3,356-$3,356
Advertising-$766$672$1,438
Total Functional Expenses$1,031,047$297,397$71,831$1,400,275
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
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Auto Loans$35,357
Customer Deposits$23,370
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Backup withholding compliance
Yes
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, Page 6, Part VI, Line 11B

“The form 990 was reveiwed by the ceo and board chair. It was also shared with the board for their review prior to filing.”

Form 990, Page 6, Part VI, Line 12C

“The board was provided with the conflict of interest policy for review. In addition, as board members were added, each board member disclosed potential conflicts of interest. If any conflicts arose, appropriate steps were taken and everyone was made aware of the policy and provided with the policy document.”

Form 990, Page 6, Part VI, Line 15A

“Hope renovations executive compensation committee discussed compensation for the ceo and approved an annual salary of 100,000 per year as of january 1, 2023.”

Form 990, Page 6, Part VI, Line 19

“All documents are available upon request.”

Filing and Contact Details

Filer

Filer Name
Hope Renovations
EIN
82-3675207
Phone
9199601957
Address
3 BOLIN HEIGHTS, CHAPEL HILL, NC 27514

Signing Officer

Name
Nora E Spencer
Title
CEO
Phone
9199218460
Signed
2024-02-12
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Nora E Spencer
Formed
2017
Legal Domicile
Nc
Voting Board Members
8
Independent Board Members
8
Employees
17
Volunteers
100

Preparer

Firm
Joel I Levy CPA Pllc
Address
410 MARTIN LUTHER KING JR BLVD, CHAPEL HILL, NC 27514
Preparer
Joel I Levy
Phone
9193707631
Supplemental Narrative

Additional Explanations

Form 990, Page 1, Item B

“Taxpayer is amending to change one of the officer's title”

FORM 990 - ORGANIZATION'S MISSION

“We inspire hope in women and seniors for a joyful and fulfilling future. We do this by empowering women to pursue living-wage jobs in the construction trades via our hands-on training program, and by providing repairs and renovations that enable older adults to stay in their homes as they age. Our training program serves unemployed and underemployed women, helping them gain the skills they need to work in the construction trades, and connecting them to employers. This work breaks down a significant gender barrier in the industry while helping women build confidence, and pursue careers that can allow them to support themselves and their families. Our construction program carries out repairs, renovations, remodels, modifications and other projects with a primary focus on older adults and adults with disabilities who wish to age in place. In addition, this program provides a valuable on-the-job learning experience to our trainees, who gain hands-on experience alongside our crew.”

Form 990, Part XI, Line 9

“Book / tax depreciation difference 140 prior period adjustment 260 total 400”

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IRS990/MissionDesc0WE INSPIRE HOPE IN WOMEN AND SENIORS FOR A JOYFUL AND FULFILLING FUTURE. WE DO THIS BY EMPOWERING WOMEN TO PURSUE LIVING-WAGE JOBS IN THE CONSTRUCTION TRADES VIA OUR HANDS-ON TRAINING PROGRAM, AND BY PROVIDING REPAIRS AND RENOVATIONS THAT ENABLE OLDER ADULTS TO STAY IN THEIR HOMES AS THEY AGE. OUR TRAINING PROGRAM SERVES UNEMPLOYED AND UNDEREMPLOYED WOMEN, HELPING THEM GAIN THE SKILLS THEY NEED TO WORK IN THE CONSTRUCTION TRADES, AND CONNECTING THEM TO EMPLOYERS. THIS WORK BREAKS DOWN A SIGNIFICANT GENDER BARRIER IN THE INDUSTRY WHILE HELPING WOMEN BUILD CONFIDENCE, AND PURSUE CAREERS THAT CAN ALLOW THEM TO SUPPORT THEMSELVES AND THEIR FAMILIES. OUR CONSTRUCTION PROGRAM CARRIES OUT REPAIRS, RENOVATIONS, REMODELS, MODIFICATIONS AND OTHER PROJECTS WITH A PRIMARY FOCUS ON OLDER ADULTS AND ADULTS WITH DISABILITIES WHO WISH TO AGE IN PLACE. IN ADDITION, THIS PROGRAM PROVIDES A VALUABLE ON-THE-JOB LEARNING EXPERIENCE TO OUR TRAINEES, WHO GAIN HANDS-ON EXPERIENCE ALONGSIDE OUR CREW.
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IRS990/ProgSrvcAccomActy2Grp/Desc0AGING IN PLACE CONSTRUCTION PROGRAM - DURING FYE 06/30/2023, THE CONSTRUCTION PROGRAM COMPLETED 54 JOBS RANGING IN SIZE FROM SMALL GRAB BAR INSTALLATIONS AND SAFETY MODIFICATIONS TO LARGE BATHROOM RENOVATIONS. 75% OF HOUSEHOLDS SERVED WERE 55+ AND/OR DISABLED.
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IRS990ScheduleA/Form990ScheduleAPartVIGrp/ExplanationTxt0US DEPARTMENT OF TREASURY - ERC 113,369 PPP LOAN FORGIVNESS 80,740 AUXILIARY INCOME 4,284 MISCELLANEOUS 560
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0TAXPAYER IS AMENDING TO CHANGE ONE OF THE OFFICER'S TITLE
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1WE INSPIRE HOPE IN WOMEN AND SENIORS FOR A JOYFUL AND FULFILLING FUTURE. WE DO THIS BY EMPOWERING WOMEN TO PURSUE LIVING-WAGE JOBS IN THE CONSTRUCTION TRADES VIA OUR HANDS-ON TRAINING PROGRAM, AND BY PROVIDING REPAIRS AND RENOVATIONS THAT ENABLE OLDER ADULTS TO STAY IN THEIR HOMES AS THEY AGE. OUR TRAINING PROGRAM SERVES UNEMPLOYED AND UNDEREMPLOYED WOMEN, HELPING THEM GAIN THE SKILLS THEY NEED TO WORK IN THE CONSTRUCTION TRADES, AND CONNECTING THEM TO EMPLOYERS. THIS WORK BREAKS DOWN A SIGNIFICANT GENDER BARRIER IN THE INDUSTRY WHILE HELPING WOMEN BUILD CONFIDENCE, AND PURSUE CAREERS THAT CAN ALLOW THEM TO SUPPORT THEMSELVES AND THEIR FAMILIES. OUR CONSTRUCTION PROGRAM CARRIES OUT REPAIRS, RENOVATIONS, REMODELS, MODIFICATIONS AND OTHER PROJECTS WITH A PRIMARY FOCUS ON OLDER ADULTS AND ADULTS WITH DISABILITIES WHO WISH TO AGE IN PLACE. IN ADDITION, THIS PROGRAM PROVIDES A VALUABLE ON-THE-JOB LEARNING EXPERIENCE TO OUR TRAINEES, WHO GAIN HANDS-ON EXPERIENCE ALONGSIDE OUR CREW.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THE FORM 990 WAS REVEIWED BY THE CEO AND BOARD CHAIR. IT WAS ALSO SHARED WITH THE BOARD FOR THEIR REVIEW PRIOR TO FILING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3THE BOARD WAS PROVIDED WITH THE CONFLICT OF INTEREST POLICY FOR REVIEW. IN ADDITION, AS BOARD MEMBERS WERE ADDED, EACH BOARD MEMBER DISCLOSED POTENTIAL CONFLICTS OF INTEREST. IF ANY CONFLICTS AROSE, APPROPRIATE STEPS WERE TAKEN AND EVERYONE WAS MADE AWARE OF THE POLICY AND PROVIDED WITH THE POLICY DOCUMENT.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4HOPE RENOVATIONS EXECUTIVE COMPENSATION COMMITTEE DISCUSSED COMPENSATION FOR THE CEO AND APPROVED AN ANNUAL SALARY OF 100,000 PER YEAR AS OF JANUARY 1, 2023.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5ALL DOCUMENTS ARE AVAILABLE UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt6BOOK / TAX DEPRECIATION DIFFERENCE 140 PRIOR PERIOD ADJUSTMENT 260 TOTAL 400
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PAGE 1, ITEM B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990 - ORGANIZATION'S MISSION
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Document Assets

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Filings

Displayed year

2023 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$709,125
Liabilities
$94,687
Net assets
$614,438
Revenue
$1,896,731
Expenses
$1,400,275
Net income
$496,456
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$1.05$0.18$0.87$1.78$1.50$0.28
2023Detailed filing. Detailed filing data is available for this year.$0.71$0.09$0.61$1.90$1.40$0.50
2022Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.24$0.13$0.12$1.02$1.04$0.02
2021Detailed filing. Detailed filing data is available for this year.$0.25$0.11$0.14$0.35$0.35$0.00
2020Detailed filing. Detailed filing data is available for this year.$0.26$0.13$0.14$0.59$0.49$0.10