Civic Intelligence

Hope Development Corporation C/O Christopher Vitale

EIN 86-2063114 • 501(c)3 • Providence, RI

Profile

Formed in 2021, hope development corporation (hdc) was founded to improve education opportunities in and around providence, ri. Hdc will focus on community revitalization and improvement through investments (continued on sch o) (continued from 990 page 2) in development of education facilities, strategic management of facilities, and the charging of nominal rent to non-profit school tenants, made possible from funding by public donations.

39 Pike StreetProvidence, RI 02903

n/A

Siviq Scores

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

Liabilities / Assets

32nd percentile

0.01x

Higher debt load relative to assets than 32% of similar nonprofits.

501(c)3 • $1M-$5M nonprofits • Source year 2024

Liabilities / Revenue

77th percentile

0.38x

Higher debt load relative to revenue than 77% of similar nonprofits.

501(c)3 • $1M-$5M nonprofits • Source year 2024

Net Margin

2nd percentile

-194%

Higher net margin than 2% of similar nonprofits.

501(c)3 • $1M-$5M nonprofits • Source year 2024

Top Officer Pay

Score unavailable

No value available

No filing with officer rows is available for this organization yet.

Asset Growth

40th percentile

0.6%

Faster asset growth than 40% of similar nonprofits.

501(c)3 • $1M-$5M nonprofits • Annualized from 2022 to 2024

Revenue Growth

2nd percentile

-78%

Faster revenue growth than 2% of similar nonprofits.

501(c)3 • $1M-$5M nonprofits • Annualized from 2022 to 2024

Balance Sheet
Liabilities / Assets32nd percentile

Assets

Down

$1,939,669

Down $110,180 (-5.4%) from 2023

Liabilities

Down

$19,267

Down $20,000 (-51%) from 2023

Net Assets

Down

$1,920,402

Down $90,180 (-4.5%) from 2023

Operations
Liabilities / Revenue77th percentileNet Margin2nd percentile

Revenue

Up

$51,253

Up $24,424 (+91%) from 2023

Expenses

Down

$150,433

Down $23,322 (-13%) from 2023

Net Income

Up

-$99,180

Up $47,746 (+32%) from 2023

Trend Graphs

Balance Sheet Trend

Asset Growth40th percentile

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

$3.0M$2.0M$1.0M$0Assets 2021: $2,065,470Liabilities 2021: $1,184,093Net Assets 2021: $881,3772021Assets 2022: $1,917,663Liabilities 2022: $82,795Net Assets 2022: $1,834,8682022Assets 2023: $2,049,849Liabilities 2023: $39,267Net Assets 2023: $2,010,5822023Assets 2024: $1,939,669Liabilities 2024: $19,267Net Assets 2024: $1,920,4022024

Highlighted filing

2024

Assets$1,939,669
Liabilities$19,267
Net Assets$1,920,402
Open 2024 Filing

Operations Trend

Revenue Growth2nd percentile

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

$1.5M$1.0M$500K$0-$500KRevenue 2021: $975,600Expenses 2021: $119,225Net Income 2021: $856,3752021Revenue 2022: $1,059,834Expenses 2022: $156,343Net Income 2022: $903,4912022Revenue 2023: $26,829Expenses 2023: $173,755Net Income 2023: -$146,9262023Revenue 2024: $51,253Expenses 2024: $150,433Net Income 2024: -$99,1802024

Highlighted filing

2024

Revenue$51,253
Expenses$150,433
Net Income-$99,180
Open 2024 Filing

Filings

Most recent year

2024 • Form 990Facts available. Structured filing facts are available, but richer extracted sections are limited.

Open filing
Assets
$1,939,669
Liabilities
$19,267
Net assets
$1,920,402
Revenue
$51,253
Expenses
$150,433
Net income
-$99,180
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.94$0.02$1.92$0.05$0.15$0.10
2023Detailed filing. Detailed filing data is available for this year.$2.05$0.04$2.01$0.03$0.17$0.15
2022Detailed filing. Detailed filing data is available for this year.$1.92$0.08$1.83$1.06$0.16$0.90
2021Detailed filing. Detailed filing data is available for this year.$2.07$1.18$0.88$0.98$0.12$0.86
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jan 1, 2024 to Dec 31, 2024
Signed
Nov 11, 2025
Return Version
2024v5.2
Gross Receipts
$51,253
Mission and Program Overview

Mission

Formed in 2021, hope development corporation (hdc) was founded to improve education opportunities in and around providence, ri. Hdc will focus on community revitalization and improvement through investments (continued on sch o) (continued from 990 page 2) in development of education facilities, strategic management of facilities, and the charging of nominal rent to non-profit school tenants, made possible from funding by public donations.

See page 2, part iii, line 1.

Balance Sheet Detail
LineBeginningEndChange
Assets
Rtn Earn Endowment Incm Other Fnds$2,010,582$1,920,402▼ $90,180
Land, Buildings, and Equipment, Net$1,826,279$1,776,472▼ $49,807
Pledges and Grants Receivable$169,012$103,261▼ $65,751
Cash and Non-Interest-Bearing Accounts$49,558$54,936▲ $5,378
Pd in Cap Srpls Land Bldg Eqp Fund$0$0→ $0
Cap Stk Tr Prin Current Funds$0$0→ $0
Total Assets$2,049,849$1,939,669▼ $110,180
Other Assets Total$5,000$5,000→ $0
Liabilities
Accounts Payable and Accrued Expenses$30,100$10,100▼ $20,000
Other Liabilities$5,000$5,000→ $0
Deferred Revenue$4,167$4,167→ $0
Total Liabilities$39,267$19,267▼ $20,000
Net Assets / Fund Balance
Total Net Assets Fund Balance$2,010,582$1,920,402▼ $90,180
Total Liabilities and Net Assets / Fund Balance$2,049,849$1,939,669▼ $110,180

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$1,776,472$166,025$1,942,497
Compensation and Service Providers
Top Officer PayScore unavailable

Board Members and Trustees

NameTitle
Christopher VitalePresident/director
William FischerVP/secretary/director
Theodore KarousosTreasurer/asst. Secretary/
Revenue and Support

Revenue Composition

Contributions and Grants
$1,249
Program Service Revenue
$50,004
Investment Income
$0
Other Revenue
$0
All Other Contributions
$1,249
Change in Net Assets
$-99,180
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$150,433
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
Occupancy$67,000--$67,000
Depreciation Depletion$49,808--$49,808
Insurance$16,966--$16,966
Fees for Services Management$9,000--$9,000
Fees for Services Accounting$7,659--$7,659
Total Functional Expenses$150,433$0$0$150,433
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
Security Deposit Sublease$5,000
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
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
Yes

Governance Explanations

Form 990, Part VI, Section A, Line 2

“The president/director and treasurer/director have a family relationship.”

Form 990, Part VI, Section A, Line 3

“The management of certain financial operations has been delegated to verdolino & lowey, p.c.”

Form 990, Part VI, Section A, Line 8B

“The organization does not have any committees.”

Form 990, Part VI, Section B, Line 11B

“Each member of the board of directors and officers are provided a copy of the form 990 prior to filing with sufficient time to provide comments, if any.”

Form 990, Part VI, Section B, Line 12C

“Hope development corporation asks all officers and directors annually to sign a statement which affirms that such person has read and agrees to comply with the organization's conflict of interest policy.”

Form 990, Part VI, Section C, Line 18

“The form 990 and form 1023 are available to the public upon request. Copies will be provided immediately in the case of in-person requests during normal business hours providing no unusual circumstances exist. Written, phoned, faxed or e-mailed requests will be honored in accordance with regulation sec. 301.6104(d)-1(d)(2)(ii). The current and two prior years (excluding non-public information) and form 1023 can be requested. We reserve the right to charge a reasonable copying fee plus actual postage.”

Form 990, Part VI, Section C, Line 19

“The governing documents and financial statements are filed with the appropriate regulatory agencies and are available through these public sources. The conflict of interest policy is available upon request to hope developement corporation.”

Filing and Contact Details

Filer

Filer Name
Hope Development Corporation
EIN
86-2063114
Phone
4012651934
Address
39 PIKE STREET, PROVIDENCE, RI 02903

Signing Officer

Name
Christopher Vitale
Title
President
Phone
4012651934
Signed
2025-11-11
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Christopher Vitale
Formed
2021
Legal Domicile
Ri
Voting Board Members
3
Independent Board Members
3
Employees
0
Volunteers
0

Preparer

Firm
Verdolino & Lowey Pc
Address
124 WASHINGTON ST SUITE 101, FOXBOROUGH, MA 02035
Preparer
Heather Medeiros CPA
Phone
5085431720
Raw XML Appendix318 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990/MissionDesc0FORMED IN 2021, HOPE DEVELOPMENT CORPORATION (HDC) WAS FOUNDED TO IMPROVE EDUCATION OPPORTUNITIES IN AND AROUND PROVIDENCE, RI. HDC WILL FOCUS ON COMMUNITY REVITALIZATION AND IMPROVEMENT THROUGH INVESTMENTS (CONTINUED ON SCH O) (CONTINUED FROM 990 PAGE 2) IN DEVELOPMENT OF EDUCATION FACILITIES, STRATEGIC MANAGEMENT OF FACILITIES, AND THE CHARGING OF NOMINAL RENT TO NON-PROFIT SCHOOL TENANTS, MADE POSSIBLE FROM FUNDING BY PUBLIC DONATIONS.
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THE PRESIDENT/DIRECTOR AND TREASURER/DIRECTOR HAVE A FAMILY RELATIONSHIP.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE MANAGEMENT OF CERTAIN FINANCIAL OPERATIONS HAS BEEN DELEGATED TO VERDOLINO & LOWEY, P.C.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THE ORGANIZATION DOES NOT HAVE ANY COMMITTEES.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3EACH MEMBER OF THE BOARD OF DIRECTORS AND OFFICERS ARE PROVIDED A COPY OF THE FORM 990 PRIOR TO FILING WITH SUFFICIENT TIME TO PROVIDE COMMENTS, IF ANY.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4HOPE DEVELOPMENT CORPORATION ASKS ALL OFFICERS AND DIRECTORS ANNUALLY TO SIGN A STATEMENT WHICH AFFIRMS THAT SUCH PERSON HAS READ AND AGREES TO COMPLY WITH THE ORGANIZATION'S CONFLICT OF INTEREST POLICY.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5THE FORM 990 AND FORM 1023 ARE AVAILABLE TO THE PUBLIC UPON REQUEST. COPIES WILL BE PROVIDED IMMEDIATELY IN THE CASE OF IN-PERSON REQUESTS DURING NORMAL BUSINESS HOURS PROVIDING NO UNUSUAL CIRCUMSTANCES EXIST. WRITTEN, PHONED, FAXED OR E-MAILED REQUESTS WILL BE HONORED IN ACCORDANCE WITH REGULATION SEC. 301.6104(D)-1(D)(2)(II). THE CURRENT AND TWO PRIOR YEARS (EXCLUDING NON-PUBLIC INFORMATION) AND FORM 1023 CAN BE REQUESTED. WE RESERVE THE RIGHT TO CHARGE A REASONABLE COPYING FEE PLUS ACTUAL POSTAGE.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt6THE GOVERNING DOCUMENTS AND FINANCIAL STATEMENTS ARE FILED WITH THE APPROPRIATE REGULATORY AGENCIES AND ARE AVAILABLE THROUGH THESE PUBLIC SOURCES. THE CONFLICT OF INTEREST POLICY IS AVAILABLE UPON REQUEST TO HOPE DEVELOPEMENT CORPORATION.
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IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc6FORM 990, PART VI, SECTION C, LINE 19
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IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt0150433
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IRS990/TotalProgramServiceRevenueAmt050004
IRS990/TotalReportableCompFromOrgAmt00
IRS990/TotalRevenueGrp/ExclusionAmt00
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt050004
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt051253
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IRS990/VotingMembersGoverningBodyCnt03
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ReturnHeader/BuildTS02025-03-06 01:10:19Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd01
ReturnHeader/BusinessOfficerGrp/PersonNm0CHRISTOPHER VITALE
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0PRESIDENT
ReturnHeader/BusinessOfficerGrp/PhoneNum04012651934
ReturnHeader/BusinessOfficerGrp/SignatureDt02025-11-11
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0HOPE DEVELOPMENT CORPORATION
ReturnHeader/Filer/BusinessName/BusinessNameLine2Txt0C/O CHRISTOPHER VITALE
ReturnHeader/Filer/BusinessNameControlTxt0HOPE
ReturnHeader/Filer/EIN0862063114
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ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0043023027
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0VERDOLINO & LOWEY PC
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt0124 WASHINGTON ST SUITE 101
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0FOXBOROUGH
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0MA
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ReturnHeader/PreparerPersonGrp/PhoneNum05085431720
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0HEATHER MEDEIROS CPA
ReturnHeader/ReturnTs02025-11-11T05:51:40-06:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02024-01-01
ReturnHeader/TaxPeriodEndDt02024-12-31
ReturnHeader/TaxYr02024

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