Form 990 for tax year 2023
Filed by HOPE HEALTH AND WELLNESS CENTER QALICB.
Totals
- Total revenue
- $289,581
- Total expenses
- $1,286,619
- Contributions and grants received
- $0
- Grants paid
- $0
- Program service revenue
- $234,000
- Investment income
- $46,031
- Other revenue
- $9,550
- Total assets, end of year
- $28,114,597
- Total liabilities, end of year
- $27,752,025
- Net assets or fund balances, end of year
- $362,572
- Program services expenses (Part IX)
- $902,816
- Management and general expenses
- $383,803
- Fundraising expenses
- $0
- Program service expenses (Part III)
- $902,816
Program services were 70.2% 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.
-
2a · Program service revenue: RENTAL INCOME
total $224,000 · related or exempt $224,000
-
2b · Program service revenue: EQUIPMENT RENTAL REVENUE
total $10,000 · related or exempt $10,000
-
2f · All other program service revenue
total $0 · related or exempt $0 · unrelated business $0 · excluded $0
-
3 · Investment income
total $46,031 · excluded $46,031
-
6c · Rental income or loss
real property $0 · personal property $0
-
7c · Gain or loss
securities $0 · other assets $0
-
11a · Other revenue: MISCELLANEOUS REVENUE
total $9,550 · excluded $9,550
-
11d · All other revenue
total $0 · related or exempt $0 · unrelated business $0 · excluded $0
-
11e · Other revenue, total
$9,550
Functional expenses
Part IX, the statement of functional expenses.
-
11g · Fees: other
total $54,200 · program services $0 · management and general $54,200 · fundraising $0
-
13 · Office expenses
total $135,400 · program services $1,763 · management and general $133,637
-
16 · Occupancy
total $430,743 · program services $430,053 · management and general $690
-
20 · Interest
total $195,276 · management and general $195,276
-
22 · Depreciation, depletion and amortization
total $471,000 · program services $471,000
-
24e · All other expenses
total $0 · program services $0 · management and general $0 · fundraising $0
Balance sheet
Part X, book values.
-
1 · Cash, non-interest-bearing
beginning of year $469,129 · end of year $1,110,086
-
2 · Savings and temporary cash investments
beginning of year $7,769,886 · end of year $2,141,933
-
4 · Accounts receivable
beginning of year $30,682 · end of year $38,730
-
5 · Loans and receivables from officers and key people
beginning of year $0 · end of year $0
-
6 · Loans and receivables from disqualified persons
beginning of year $0 · end of year $0
-
9 · Prepaid expenses and deferred charges
beginning of year $0 · end of year $34,530
-
10a · Land, buildings and equipment: cost or other basis
$24,967,763
-
10b · Land, buildings and equipment: accumulated depreciation
$471,000
-
10c · Land, buildings and equipment, net
beginning of year $23,391,546 · end of year $24,496,763
-
12 · Investments: other securities
beginning of year $0
-
13 · Investments: program-related
beginning of year $0
-
15 · Other assets
beginning of year $64,077 · end of year $292,555
-
17 · Accounts payable and accrued expenses
beginning of year $3,530,715 · end of year $499,627
-
22 · Loans and payables to officers and key people
beginning of year $0 · end of year $0
-
23 · Secured mortgages and notes payable
beginning of year $26,834,995 · end of year $26,888,148
-
25 · Other liabilities
beginning of year $0 · end of year $364,250
-
27 · Net assets without donor restrictions
beginning of year $1,359,610 · end of year $362,572
Mission and programs · 2023
Mission
N/A
Activities or mission (Part I)
PERFORM CHARITABLE ACTIVITIES SUPPORTING THE CHARITABLE PURPOSES OF HOPE CLINIC.
-
CONSTRUCTING A COMMERCIAL BUILDING LOCATED AT 13930 BELLAIRE BOULEVARD, HOUSTON, TEXAS, WHICH IS UNDER CONSTRUCTION AS OF DECEMBER 31, 2023. THE COMMERCIAL BUILDING WILL BE LEASED TO THE HEALTH CENTER. THE QALICB WILL OPERATE THE SITE IN A MANNER ENABLING IT TO QUALIFY AS A QUALIFIED ACTIVE LOW INCOME BENEFICIARY THAT RECEIVES QUALIFIED LOW-INCOME INVESTMENT (QLICI) LOANS UNDER THE NEW MARKETS TAX CREDIT (NMTC) PROGRAM.
Expenses $902,816 · Revenue $234,000
As filed on the 2023 return.
Listed in Part VII
-
Andrea CaracostisANDREA CARACOSTIS
DIRECTOR/CEO
- Total calculated
- $268,093
- From this org
- $0
- From related orgs
- $249,887
- Other
- $18,206
- Hours/week
- 2 + 40 related
Schedule J breakdown matched by us
- Base
- $0 + $232,387 related
- Bonus
- $0 + $17,500 related
- Other
- $0
- Deferred
- $0 + $7,826 related
- Nontaxable benefits
- $0 + $10,380 related
- Filer's total
- $0 + $268,093 related
-
John WatsonJOHN WATSON
BOARD CHAIRMAN
- Total calculated
- $0
- Hours/week
- 2 + 2 related
-
Penny YangPENNY YANG
CFO/SERETARY/TREASURER
- Total calculated
- $179,276
- From this org
- $0
- From related orgs
- $172,480
- Other
- $6,796
- Hours/week
- 2 + 40 related
Schedule J breakdown matched by us
- Base
- $0 + $169,480 related
- Bonus
- $0 + $3,000 related
- Other
- $0
- Deferred
- $0 + $4,642 related
- Nontaxable benefits
- $0 + $2,154 related
- Filer's total
- $0 + $179,276 related
-
David AcostaDAVID ACOSTA
DIRECTOR
- Total calculated
- $0
- Hours/week
- 2 + 2 related
-
Jason LimJASON LIM
DIRECTOR
- Total calculated
- $0
- Hours/week
- 2
-
Su NguyenSU NGUYEN
DIRECTOR
- Total calculated
- $0
- Hours/week
- 2
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
None.
Answered no
- 4a · Severance or change-of-control payment
- 4b · Supplemental nonqualified retirement plan
- 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
- 7 · Other non-fixed payments
- 8 · Paid under the initial-contract exception
The filer's explanations (Part III)
- Schedule J, Part I, Line 3 Arrangement used to establish the top management official's compensation
- HOPE CLINIC, A RELATED ORGANIZATION, USES WRITTEN EMPLOYMENT CONTRACT, COMPENSATION SURVEY OR STUDY, AND APPROVAL BY THE BOARD OR COMPENSATION COMMITEE IN DETERMINING THE COMPENSATION OF THE CEO.
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
No itemized grants to organizations on this return.
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.
-
ASIAN AMERICAN HEALTH COALITION
501(c)(3) · HEALTH CARE · TX
Directly controlled by NA
Provenance
- Return type
- form_990
- Tax year
- 2023
- Filed
- 7 August 2024
- IRS schema version
- 2023v5.1
- Source object
- 202422209349301802
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