Form 990 for tax year 2023

Filed by HOPE ENTERPRISE CORPORATION.

Totals

Total revenue: $18,999,928
Total expenses: $25,123,190
Contributions and grants received: $14,660,408
Grants paid: $1,928,210
Program service revenue: $4,322,212
Investment income: $16,884
Other revenue: $424
Total assets, end of year: $122,583,166
Total liabilities, end of year: $75,617,432
Net assets or fund balances, end of year: $46,965,734
Program services expenses (Part IX): $18,067,582
Management and general expenses: $6,581,704
Fundraising expenses: $473,904
Program service expenses (Part III): $18,067,582

Program services were 71.9% 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)

$4,531,556
1f · All other contributions, gifts and grants

$10,128,852
2a · Program service revenue: LOAN,ORIGIN,OTHER FEES

total $2,722,595 · related or exempt $2,722,595
2b · Program service revenue: INTEREST INCOME ON LOANS

total $1,599,617 · related or exempt $1,599,617
3 · Investment income

total $20,700 · excluded $20,700
7a · Gross sales of assets other than inventory

securities $498,952 · other assets $3,949
7b · Less cost or other basis and sales expenses

securities $499,330 · other assets $7,387
7c · Gain or loss

securities -$378 · other assets -$3,438
7d · Net gain or loss

total -$3,816 · excluded -$3,816
11a · Other revenue: OTHER INCOME

total $424 · excluded $424
11e · Other revenue, total

$424

Functional expenses

Part IX, the statement of functional expenses.

1 · Grants to domestic organizations and governments

total $1,918,361 · program services $1,918,361
2 · Grants to domestic individuals

total $9,849 · program services $9,849
5 · Compensation of officers, directors and key employees

total $1,076,456 · program services $560,021 · management and general $442,914 · fundraising $73,521
7 · Other salaries and wages

total $3,426,234 · program services $1,609,139 · management and general $1,576,003 · fundraising $241,092
8 · Pension plan contributions

total $104,021 · program services $47,935 · management and general $49,612 · fundraising $6,474
9 · Other employee benefits

total $293,291 · program services $134,906 · management and general $136,472 · fundraising $21,913
10 · Payroll taxes

total $308,294 · program services $147,981 · management and general $138,732 · fundraising $21,581
11b · Fees: legal

total $44,392 · management and general $44,392
11c · Fees: accounting

total $205,270 · management and general $205,270
11f · Fees: investment management

total $38,686 · management and general $38,686
11g · Fees: other

total $4,570,858 · program services $3,909,300 · management and general $620,854 · fundraising $40,704
13 · Office expenses

total $339,721 · program services $241,607 · management and general $91,035 · fundraising $7,079
14 · Information technology

total $825,671 · program services $486,220 · management and general $336,518 · fundraising $2,933
16 · Occupancy

total $403,460 · program services $74,484 · management and general $328,155 · fundraising $821
17 · Travel

total $469,533 · program services $292,934 · management and general $146,415 · fundraising $30,184
19 · Conferences, conventions and meetings

total $302,733 · program services $244,613 · management and general $36,810 · fundraising $21,310
20 · Interest

total $1,279,302 · program services $41,659 · management and general $1,237,643
22 · Depreciation, depletion and amortization

total $411,343 · program services $465 · management and general $410,878
23 · Insurance

total $244,505 · management and general $244,505
24a · Other expenses: HFCU OPERATION SUPPORT

total $7,438,845 · program services $7,438,845
24b · Other expenses: FORGIVABLE LOAN EXPENSE

total $495,053 · program services $495,053
24c · Other expenses: SERVICE FEES

total $381,548 · program services $282,604 · management and general $98,438 · fundraising $506
24d · Other expenses: MEMBERSHIP DUES & FEES

total $137,092 · program services $46,390 · management and general $89,069 · fundraising $1,633
24e · All other expenses

total $398,672 · program services $85,216 · management and general $309,303 · fundraising $4,153

Balance sheet

Part X, book values.

1 · Cash, non-interest-bearing

beginning of year $21,307,567 · end of year $17,019,416
2 · Savings and temporary cash investments

beginning of year $10,509,858 · end of year $21,336,542
3 · Pledges and grants receivable

beginning of year $1,186,510 · end of year $1,571,288
4 · Accounts receivable

beginning of year $279,021 · end of year $152,694
7 · Other notes and loans receivable

beginning of year $20,529,594 · end of year $13,605,369
9 · Prepaid expenses and deferred charges

beginning of year $416,942 · end of year $462,692
10a · Land, buildings and equipment: cost or other basis

$8,339,621
10b · Land, buildings and equipment: accumulated depreciation

$6,672,075
10c · Land, buildings and equipment, net

beginning of year $2,010,707 · end of year $1,667,546
11 · Investments: publicly traded securities

beginning of year $28,147,278 · end of year $29,060,416
12 · Investments: other securities

beginning of year $35,060,775 · end of year $35,060,775
15 · Other assets

beginning of year $4,642,285 · end of year $2,646,428
17 · Accounts payable and accrued expenses

beginning of year $2,450,296 · end of year $3,052,188
19 · Deferred revenue

beginning of year $4,864,146 · end of year $7,271,006
23 · Secured mortgages and notes payable

beginning of year $64,356,391 · end of year $64,114,197
25 · Other liabilities

beginning of year $86,057 · end of year $1,180,041
27 · Net assets without donor restrictions

beginning of year $34,819,584 · end of year $28,333,437
28 · Net assets with donor restrictions

beginning of year $17,514,063 · end of year $18,632,297

Mission and programs · 2023

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

DEVELOPMENT FINANCE SPECIALIZES IN LOANS TO SMALL TO MEDIUM SIZED MANUFACTURING AND SERVICE BUSINESSES.

Expenses $10,615,929 · Grants $1,706,310 · Revenue $1,523,685
REGIONAL DEVELOPMENT OF SYSTEMS AND ORGANIZATIONS TO IMPROVE HOUSING, COMMUNICATIONS, WORKFORCE TRAINING, GENERAL BUSINESS DEVELOPMENT AND ACCESS TO CAPITAL.

Expenses $6,158,952 · Grants $221,900 · Revenue $2,761,270
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 $708,728
HOUSING INITIATIVE PROVIDES FINANCE FOR AFFORDABLE HOUSING TO FAMILIES.

Expenses $583,973 · Revenue $37,257

As filed on the 2023 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

Robert GibbsROBERT GIBBS

CHAIR

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

0.27
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

0.17
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

0.17
Fred MillerFRED MILLER

DIRECTOR

Total calculated

$0

Hours/week

0.04
Judy Reese MorseJUDY REESE MORSE

DIRECTOR

Total calculated

$0

Hours/week

0.17
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

$642,221

From this org

$582,826

From related orgs

$1,221

Other

$58,174

Hours/week

27.54 + 0.06 related

Schedule J breakdown matched by us

Base

$186,013 + $1,030 related

Bonus

$86,861 + $182 related

Other

$309,952 + $9 related

Deferred

$46,229 + $18 related

Nontaxable benefits

$11,902 + $25 related

Filer's total

$640,957 + $1,264 related
Alan BransonALAN BRANSON

EVP/CFO/TREASURER/ASST SECRETARY

Total calculated

$98,307

From this org

$87,107

From related orgs

$0

Other

$11,200

Hours/week

15.05
Edward D Sivak JrEDWARD D SIVAK JR

EVP/CHIEF POLICY & COMM. OFFICER

Total calculated

$190,508

From this org

$164,822

From related orgs

$0

Other

$25,686

Hours/week

42.91

Schedule J breakdown matched by us

Base

$142,594

Bonus

$21,788

Other

$440

Deferred

$6,092

Nontaxable benefits

$19,594

Filer's total

$190,508
Kimberla LittleKIMBERLA LITTLE

EVP/CHIEF HUMAN ASSETS OFFICER

Total calculated

$96,681

From this org

$88,526

From related orgs

$0

Other

$8,155

Hours/week

20.04
Pearl WicksPEARL WICKS

EVP/CHIEF OPERATING OFFICER

Total calculated

$11,962

From this org

$10,730

From related orgs

$0

Other

$1,232

Hours/week

2.01
Cassandra WilliamsCASSANDRA WILLIAMS

EVP/CHIEF PROGRAM OFFICER

Total calculated

$24,219

From this org

$21,033

From related orgs

$0

Other

$3,186

Hours/week

4.75 + 0.15 related
Jonathan MulkinJONATHAN MULKIN

CHIEF MORTGAGE OFFICER

Total calculated

$5,529

From this org

$5,529

From related orgs

$0

Other

$0

Hours/week

12

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 · Form 990 of other organizations
3 · Compensation survey or study
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 II, LINE 1F: WILLIAM BYNUM RECEIVED A 457(F) DEFERRED COMPENSATION DISTRIBUTION OF $305,805 IN JANUARY 2023 THAT WAS PREVIOUSLY REPORTED IN SCHEDULE J, PART II, COLUMN C.

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

WORKING TOGETHER MISSISSIPPI

$200,000

HEALTHCARE INFRASTRUCTURE ORGANIZING
CANSECO PROPERTIES FILMORE LLC

$100,000

BUSINESS OPERATIONAL EXPENSES
DIXON INTERIOR FINISHING

$50,000

CREDIT ENHANCEMENT GRANT
GODDESS OF GREAT LENGTHS

$50,000

CREDIT ENHANCEMENT GRANT
KIPS TREE SERVICE

$50,000

CREDIT ENHANCEMENT GRANT
KITCHEN CABINETS FACTORY DIRECT

$50,000

CREDIT ENHANCEMENT GRANT
LEAPS AND BOUNDS DEV

$50,000

CREDIT ENHANCEMENT GRANT
METROPOLITAN BAR & GRILLE

$50,000

CREDIT ENHANCEMENT GRANT
NEW WAY MISSISSIPPI

$50,000

CREDIT ENHANCEMENT GRANT
PDT LOGISTICS

$50,000

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 -$38 · general or managing partner

Directly controlled by HOPE ENTERPRISE CORPORATION
ECD ASSIOCIATES LLC

RELATED · COMMUNITY/BUS. DEVELOPMENT · MS · 28.57% owned · share of income $5,194 · share of assets $629,868 · 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 $10,391 · share of assets $1,257,756 · 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 -$4 · share of assets $574 · 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 $776 · 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 $69 · 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 $874 · 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 $790 · 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 $982 · 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 $783 · 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 $688 · 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 $1,377 · 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 $690 · 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 $983 · 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 $695 · 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 $4 · share of assets $1,389 · 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 $3 · share of assets $793 · 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 income $4 · share of assets $597 · general or managing partner

Directly controlled by HOPE ENTERPRISE CORPORATION
HOPE NEW MARKETS 23 LLC

RELATED · COMMUNITY/BUS. DEVELOPMENT · MS · 0.01% owned · share of assets $747 · general or managing partner

Directly controlled by HOPE ENTERPRISE CORPORATION
HOPE NEW MARKETS 24 LLC

RELATED · COMMUNITY/BUS. DEVELOPMENT · MS · 0.01% owned · share of income $4 · share of assets $1,439 · general or managing partner

Directly controlled by HOPE ENTERPRISE CORPORATION
HOPE NEW MARKETS 25 LLC

RELATED · COMMUNITY/BUS. DEVELOPMENT · MS · 0.01% owned · share of assets $699 · 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 $1,089

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 $889

Provenance

Return type: form_990
Tax year: 2023
Filed: 6 November 2024
IRS schema version: 2023v5.1
Source object: 202443129349304464

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

The source document this was parsed from is served over the API, which is where bulk and document access live.