Form 990 for tax year 2022

Filed by HOPE ENTERPRISE CORPORATION.

Totals

Total revenue: $16,452,878
Total expenses: $13,825,024
Contributions and grants received: $12,778,063
Grants paid: $765,398
Program service revenue: $3,753,179
Investment income: $9,517
Other revenue: -$87,881
Total assets, end of year: $124,090,537
Total liabilities, end of year: $71,756,890
Net assets or fund balances, end of year: $52,333,647
Program services expenses (Part IX): $7,226,174
Management and general expenses: $6,112,537
Fundraising expenses: $486,313
Program service expenses (Part III): $7,226,174

Program services were 52.3% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

1e · Government grants (contributions)

$3,153,274
1f · All other contributions, gifts and grants

$9,624,789
2a · Program service revenue: LOAN,ORIGIN,OTHER FEES

total $2,168,723 · related or exempt $2,168,723
2b · Program service revenue: INTEREST INCOME ON LOANS

total $1,584,456 · related or exempt $1,584,456
3 · Investment income

total $20,656 · excluded $20,656
7a · Gross sales of assets other than inventory

securities $4,050,096
7b · Less cost or other basis and sales expenses

securities $4,061,235
7c · Gain or loss

securities -$11,139
7d · Net gain or loss

total -$11,139 · excluded -$11,139
11a · Other revenue: CONTRACT REVENUE

total $10,000 · excluded $10,000
11b · Other revenue: HONORARIUMS

total $2,911 · excluded $2,911
11c · Other revenue: OTHER INCOME

total $1,208 · excluded $1,208
11d · All other revenue

total -$102,000 · related or exempt -$102,000
11e · Other revenue, total

-$87,881

Functional expenses

Part IX, the statement of functional expenses.

1 · Grants to domestic organizations and governments

total $765,398 · program services $765,398
5 · Compensation of officers, directors and key employees

total $1,056,584 · program services $542,163 · management and general $458,859 · fundraising $55,562
7 · Other salaries and wages

total $2,925,055 · program services $1,135,492 · management and general $1,542,855 · fundraising $246,708
8 · Pension plan contributions

total $79,651 · program services $11,436 · management and general $59,697 · fundraising $8,518
9 · Other employee benefits

total $291,916 · program services $114,844 · management and general $152,968 · fundraising $24,104
10 · Payroll taxes

total $228,820 · program services $94,431 · management and general $116,735 · fundraising $17,654
11b · Fees: legal

total $54,452 · management and general $54,452
11c · Fees: accounting

total $278,283 · management and general $278,283
11f · Fees: investment management

total $38,515 · program services $15,283 · management and general $23,232
11g · Fees: other

total $2,474,540 · program services $2,050,999 · management and general $404,251 · fundraising $19,290
13 · Office expenses

total $483,589 · program services $406,430 · management and general $66,835 · fundraising $10,324
14 · Information technology

total $705,449 · program services $273,902 · management and general $383,417 · fundraising $48,130
16 · Occupancy

total $541,169 · program services $174,907 · management and general $334,774 · fundraising $31,488
17 · Travel

total $294,645 · program services $145,469 · management and general $137,584 · fundraising $11,592
19 · Conferences, conventions and meetings

total $99,329 · program services $70,021 · management and general $27,260 · fundraising $2,048
20 · Interest

total $1,091,420 · program services $127,808 · management and general $963,612
22 · Depreciation, depletion and amortization

total $410,693 · management and general $410,693
23 · Insurance

total $232,496 · management and general $232,496
24a · Other expenses: HFCU OPERATION SUPPORT

total $494,300 · program services $494,300
24b · Other expenses: FORGIVABLE LOAN EXPENSE

total $400,751 · program services $400,751
24c · Other expenses: SERVICE FEES

total $388,685 · program services $167,492 · management and general $215,891 · fundraising $5,302
24d · Other expenses: TEMPORARY STAFFING

total $174,435 · program services $73,903 · management and general $100,532
24e · All other expenses

total $314,849 · program services $161,145 · management and general $148,111 · fundraising $5,593

Balance sheet

Part X, book values.

1 · Cash, non-interest-bearing

beginning of year $29,654,392 · end of year $21,307,567
2 · Savings and temporary cash investments

beginning of year $892,346 · end of year $10,509,858
3 · Pledges and grants receivable

beginning of year $497,780 · end of year $1,186,510
4 · Accounts receivable

beginning of year $340,225 · end of year $279,021
7 · Other notes and loans receivable

beginning of year $46,501,828 · end of year $20,529,594
9 · Prepaid expenses and deferred charges

beginning of year $390,175 · end of year $416,942
10a · Land, buildings and equipment: cost or other basis

$8,271,822
10b · Land, buildings and equipment: accumulated depreciation

$6,261,115
10c · Land, buildings and equipment, net

beginning of year $2,033,065 · end of year $2,010,707
12 · Investments: other securities

beginning of year $65,515,413 · end of year $63,208,053
15 · Other assets

beginning of year $4,523,919 · end of year $4,642,285
17 · Accounts payable and accrued expenses

beginning of year $2,346,119 · end of year $2,450,296
19 · Deferred revenue

beginning of year $7,046,214 · end of year $4,864,146
23 · Secured mortgages and notes payable

beginning of year $86,956,038 · end of year $64,356,391
25 · Other liabilities

beginning of year $746,305 · end of year $86,057
27 · Net assets without donor restrictions

beginning of year $35,464,668 · end of year $34,819,584
28 · Net assets with donor restrictions

beginning of year $17,789,799 · end of year $17,514,063

Mission and programs · 2022

Mission

TO STRENGTHEN THE FINANCIAL HEALTH AND WEALTH OF PEOPLE IN UNDER-RESOURCED DEEP SOUTH COMMUNITIES.

Activities or mission (Part I)

STRENGTHEN FINANCIAL HEALTH & WEALTH OF PEOPLE IN UNDER-RESOURCED DEEP SOUTH COMMUNITIES.

REGIONAL DEVELOPMENT OF SYSTEMS AND ORGANIZATIONS TO IMPROVE HOUSING, COMMUNICATIONS, WORKFORCE TRAINING, GENERAL BUSINESS DEVELOPMENT AND ACCESS TO CAPITAL.

Expenses $3,393,775 · Grants $309,699 · Revenue $2,111,622
DEVELOPMENT FINANCE SPECIALIZES IN LOANS TO SMALL TO MEDIUM SIZED MANUFACTURING AND SERVICE BUSINESSES.

Expenses $2,549,531 · Grants $455,699 · Revenue $1,460,601
TECHNICAL ASSISTANCE TO SMALL AND MEDIUM SIZED MANUFACTURING AND SERVICE BUSINESSES IN THE AREA OF MANAGEMENT CONSULTING AND IN THE AREAS OF IMPROVEMENTS OF PROCESSES AND SYSTEMS.

Expenses $748,766
HOUSING INITIATIVE PROVIDES FINANCE FOR AFFORDABLE HOUSING TO FAMILIES.

Expenses $534,102 · Revenue $78,956

As filed on the 2022 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

Mike EspyMIKE ESPY

CHAIR - THRU 12/16/22

Total calculated

$0

Hours/week

0.04
Ivye AllenIVYE ALLEN

SECRETARY

Total calculated

$0

Hours/week

0.04
Claiborne BarksdaleCLAIBORNE BARKSDALE

DIRECTOR

Total calculated

$0

Hours/week

0.04
Ann Marie BurgoyneANN MARIE BURGOYNE

DIRECTOR

Total calculated

$0

Hours/week

0.04
Mauricio CalvoMAURICIO CALVO

DIRECTOR

Total calculated

$0

Hours/week

0.04
Susannah CarrierSUSANNAH CARRIER

DIRECTOR

Total calculated

$0

Hours/week

0.04
Ronnie CrudupRONNIE CRUDUP

DIRECTOR

Total calculated

$0

Hours/week

0.04 + 0.08 related
Rebecca DixonREBECCA DIXON

DIRECTOR

Total calculated

$0

Hours/week

0.27
Robert GibbsROBERT GIBBS

DIRECTOR

Total calculated

$0

Hours/week

0.04
Herschell HamiltonHERSCHELL HAMILTON

DIRECTOR

Total calculated

$0

Hours/week

0.04 + 0.08 related
Carolyn JeffersonCAROLYN JEFFERSON

DIRECTOR

Total calculated

$0

Hours/week

0.04
Maurice JonesMAURICE JONES

DIRECTOR

Total calculated

$0

Hours/week

0.04
Dan LetendreDAN LETENDRE

DIRECTOR

Total calculated

$0

Hours/week

0.04
Blanche LincolnBLANCHE LINCOLN

DIRECTOR

Total calculated

$0

Hours/week

0.04
Felecia LuckyFELECIA LUCKY

DIRECTOR

Total calculated

$0

Hours/week

0.19
Fred MillerFRED MILLER

DIRECTOR

Total calculated

$0

Hours/week

0.04
Judy Reese MorseJUDY REESE MORSE

DIRECTOR

Total calculated

$0

Hours/week

0.19
Martha MurphyMARTHA MURPHY

DIRECTOR

Total calculated

$0

Hours/week

0.04
Jeffrey NolanJEFFREY NOLAN

DIRECTOR

Total calculated

$0

Hours/week

0.04
Billy PercyBILLY PERCY

DIRECTOR

Total calculated

$0

Hours/week

0.04
Alex WiseALEX WISE

DIRECTOR

Total calculated

$0

Hours/week

0.04
William BynumWILLIAM BYNUM

PRESIDENT/CEO

Total calculated

$630,801

From this org

$396,471

From related orgs

$359

Other

$233,971

Hours/week

29.52 + 0.04 related

Schedule J breakdown matched by us

Base

$304,187 + $239 related

Bonus

$89,895 + $117 related

Other

$2,389 + $3 related

Deferred

$225,517 + $10 related

Nontaxable benefits

$8,433 + $11 related

Filer's total

$630,421 + $380 related
Alan BransonALAN BRANSON

EVP/CFO/TREASURER/ASST SECRETARY

Total calculated

$128,295

From this org

$112,685

From related orgs

$148

Other

$15,462

Hours/week

21.08 + 0.06 related
Edward D Sivak JrEDWARD D SIVAK JR

EVP/CHIEF POLICY & COMM. OFFICER

Total calculated

$173,850

From this org

$155,653

From related orgs

$0

Other

$18,197

Hours/week

43.46

Schedule J breakdown matched by us

Base

$134,984

Bonus

$20,224

Other

$445

Deferred

$6,399

Nontaxable benefits

$11,798

Filer's total

$173,850
Kimberla LittleKIMBERLA LITTLE

EVP/CHIEF HUMAN ASSETS OFFICER

Total calculated

$89,513

From this org

$81,987

From related orgs

$0

Other

$7,526

Hours/week

20
Pearl WicksPEARL WICKS

EVP/CHIEF OPERATING OFFICER

Total calculated

$2,333

From this org

$2,043

From related orgs

$0

Other

$290

Hours/week

0.38
Cassandra WilliamsCASSANDRA WILLIAMS

EVP/CHIEF PROGRAM OFFICER

Total calculated

$31,791

From this org

$26,900

From related orgs

$0

Other

$4,891

Hours/week

7.31

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

3 · Independent compensation consultant
3 · Compensation survey or study
3 · Approval by the board or compensation committee
4b · Supplemental nonqualified retirement plan
7 · Other non-fixed payments

Answered no

4a · Severance or change-of-control payment
4c · Equity-based compensation arrangement
5a · Pay contingent on this organization's revenues
5b · Pay contingent on a related organization's revenues
6a · Pay contingent on this organization's net earnings
6b · Pay contingent on a related organization's net earnings
8 · Paid under the initial-contract exception

The filer's explanations (Part III)

PART I, LINE 4B: HOPE ENTERPRISE CORPORATION (HOPE) WILL SET ASIDE AN AMOUNT EQUAL TO $20,000, AND AN ADDITIONAL $20,000 ON JANUARY 1 OF EACH SUBSEQUENT YEAR FOR A TOTAL OF $100,000 UNDER A 457(F) PLAN FOR THE CEO.
PART I, LINE 7: THE CEO SHALL BE ELIGIBLE TO RECEIVE ANNUAL INCENTIVE COMPENSATION PAYMENT OF UP TO 30% OF HIS BASE SALARY PER ANNUM IN RELATIONSHIP TO THE ACHIEVEMENT OF FINANCIAL GOALS AND OBJECTIVES AS ESTABLISHED BY HOPE AT THE BEGINNING OF EACH FISCAL YEAR. THE BOARD, HOPE'S EXECUTIVE COMMITTEE, AND THE CEO SHALL ESTABLISH HOPE'S FINANCIAL GOALS AND OBJECTIVES. THE BOARD AND HOPE'S EXECUTIVE COMMITTEE (WITHOUT THE CEO) SHALL ESTABLISH THE AMOUNT OF INCENTIVE COMPENSATION PAYABLE TO THE CEO BASED ON THE EXTENT TO WHICH THE GOALS AND OBJECTIVES ARE ACHIEVED. IF HOPE AND THE CEO ARE UNABLE TO AGREE ON HOPE'S FINANCIAL GOALS AND OBJECTIVES FOR THE FISCAL YEAR, THE CEO WILL RECEIVE AN INCENTIVE COMPENSATION PAYMENT EQUAL TO TEN PERCENT (10%) OF HIS BASE SALARY FOR THAT FISCAL YEAR, PAYABLE AT THE END OF THAT FISCAL YEAR. FOR OTHER EMPLOYEES, HOPE MAY PROVIDE THE OPPORTUNITY TO EARN BONUSES BASED ON THEIR INDIVIDUAL PERFORMANCE AND ON THE CORPORATION'S OVERALL FINANCIAL PERFORMANCE. THE BONUSES ARE INTENDED TO DIRECT INDIVIDUAL AND CORPORATE PERFORMANCE AND REWARD EMPLOYEES FOR BEHAVIOR THAT CONTRIBUTES TO THE SUCCESS OF HOPE. PAYMENT MAY BE MADE QUARTERLY AND/OR ANNUALLY AND MAY BE BASED ON A COMBINATION OF INDIVIDUAL, TEAM, AND CORPORATE PERFORMANCE. THE STRUCTURE OF THE BONUSES WILL BE REVIEWED EACH YEAR BY SENIOR MANAGEMENT AND IS SUBJECT TO CHANGE.

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

PRO QUALITY LAWN CARE

$25,000

CREDIT ENHANCEMENT GRANT
ALL IN 1 NUTRITION

$25,000

CREDIT ENHANCEMENT GRANT
OFFBEAT ART

$25,000

CREDIT ENHANCEMENT GRANT
CREATIVE IMAGINATION

$25,000

CREDIT ENHANCEMENT GRANT
20-20 VISIONS LLC

$10,229

EQUIPMENT PURCHASE
KEISHAWN BILLING & CODING SERVICES LLC

$10,166

EQUIPMENT/PAYROLL
FULFORD INTERNATIONAL

$10,064

REAL ESTATE RENOVATION
SABRINA NARCISSE LLC

$10,006

PURCHASE INVENTORY
CHEATHAMS WHIPS

$10,001

HIRE EMPLOYEES
DOWNTOWN SNACK SHOP

$10,000

CREDIT ENHANCEMENT GRANT

The 10 largest by cash amount. The API serves every itemized grant.

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

HOME AGAIN INC

501(C)(3) · AFFORDABLE HOUSING DEVELOPMENT · MS · controlled entity

Directly controlled by HOPE ENTERPRISE CORPORATION

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Related partnerships

Part III: related organizations taxable as a partnership, with the filer's share.

ECD INVESTMENTS LLC

RELATED · COMMUNITY/BUS. DEVELOPMENT · MS · 100% owned · share of income -$10,769 · share of assets -$237,612 · general or managing partner

Directly controlled by HOPE ENTERPRISE CORPORATION
ECD ASSIOCIATES LLC

RELATED · COMMUNITY/BUS. DEVELOPMENT · MS · 28.57% owned · share of income $4,071 · share of assets $644,669 · general or managing partner

Directly controlled by HOPE ENTERPRISE CORPORATION
ECD NEW MARKETS LLC

RELATED · COMMUNITY/BUS. DEVELOPMENT · MS · 39.94% owned · share of income $9,639 · share of assets $1,257,836 · general or managing partner

Directly controlled by HOPE ENTERPRISE CORPORATION
HOPE NEW MARKETS 5 LLC

RELATED · COMMUNITY/BUS. DEVELOPMENT · MS · 0.01% owned · share of income -$5 · share of assets $578 · general or managing partner

Directly controlled by HOPE ENTERPRISE CORPORATION
HOPE NEW MARKETS 7 LLC

RELATED · COMMUNITY/BUS. DEVELOPMENT · MS · 0.01% owned · share of income $4 · share of assets $780 · general or managing partner

Directly controlled by HOPE ENTERPRISE CORPORATION
HOPE NEW MARKETS 8 LLC

RELATED · COMMUNITY/BUS. DEVELOPMENT · MS · 0.01% owned · share of income $18 · share of assets $73 · general or managing partner

Directly controlled by HOPE ENTERPRISE CORPORATION
HOPE NEW MARKETS 9 LLC

RELATED · COMMUNITY/BUS. DEVELOPMENT · MS · 0.01% owned · share of income $27 · share of assets $878 · general or managing partner

Directly controlled by HOPE ENTERPRISE CORPORATION
HOPE NEW MARKETS 10 LLC

RELATED · COMMUNITY/BUS. DEVELOPMENT · MS · 0.01% owned · share of income $18 · share of assets $793 · general or managing partner

Directly controlled by HOPE ENTERPRISE CORPORATION
HOPE NEW MARKETS 12 LLC

RELATED · COMMUNITY/BUS. DEVELOPMENT · MS · 0.01% owned · share of income $4 · share of assets $986 · general or managing partner

Directly controlled by HOPE ENTERPRISE CORPORATION
HOPE NEW MARKETS 13 LLC

RELATED · COMMUNITY/BUS. DEVELOPMENT · MS · 0.01% owned · share of income $6 · share of assets $787 · general or managing partner

Directly controlled by HOPE ENTERPRISE CORPORATION
HOPE NEW MARKETS 14 LLC

RELATED · COMMUNITY/BUS. DEVELOPMENT · MS · 0.01% owned · share of income $3 · share of assets $691 · general or managing partner

Directly controlled by HOPE ENTERPRISE CORPORATION
HOPE NEW MARKETS 15 LLC

RELATED · COMMUNITY/BUS. DEVELOPMENT · MS · 0.01% owned · share of income $4 · share of assets $1,383 · general or managing partner

Directly controlled by HOPE ENTERPRISE CORPORATION
HOPE NEW MARKETS 16 LLC

RELATED · COMMUNITY/BUS. DEVELOPMENT · MS · 0.01% owned · share of income $2 · share of assets $693 · general or managing partner

Directly controlled by HOPE ENTERPRISE CORPORATION
HOPE NEW MARKETS 17 LLC

RELATED · COMMUNITY/BUS. DEVELOPMENT · MS · 0.01% owned · share of income $5 · share of assets $988 · general or managing partner

Directly controlled by HOPE ENTERPRISE CORPORATION
HOPE NEW MARKETS 18 LLC

RELATED · COMMUNITY/BUS. DEVELOPMENT · MS · 0.01% owned · share of income $1 · share of assets $698 · general or managing partner

Directly controlled by HOPE ENTERPRISE CORPORATION
HOPE NEW MARKETS 19 LLC

RELATED · COMMUNITY/BUS. DEVELOPMENT · MS · 0.01% owned · share of income $3 · share of assets $1,395 · general or managing partner

Directly controlled by HOPE ENTERPRISE CORPORATION
HOPE NEW MARKETS 20 LLC

RELATED · COMMUNITY/BUS. DEVELOPMENT · MS · 0.01% owned · share of income $2 · share of assets $797 · general or managing partner

Directly controlled by HOPE ENTERPRISE CORPORATION
HOPE NEW MARKETS 21 LLC

RELATED · COMMUNITY/BUS. DEVELOPMENT · MS · 0.01% owned · share of assets $600 · general or managing partner

Directly controlled by HOPE ENTERPRISE CORPORATION

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

HOPE NEW MARKETS 6 LLC

C · COMMUNITY/BUS. DEVELOPMENT · MS · 0.01% owned · share of income $12 · share of assets $1,085

Directly controlled by VHS INVEST
HOPE NEW MARKETS 11 LLC

C · COMMUNITY/BUS. DEVELOPMENT · MS · 0.01% owned · share of income $10 · share of assets $851

Provenance

Return type: form_990
Tax year: 2022
Filed: 13 November 2023
IRS schema version: 2022v5.0
Source object: 202313189349316761

Check it against the return as filed: the GivingTuesday Data Lake hosts a public copy of the original XML.

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