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← 1231-1235 GOOD HOPE ROAD INC

Form 990 for tax year 2024

Filed by 1231-1235 GOOD HOPE ROAD INC.

Totals

Total revenue
$135,004
Total expenses
$1,315,288
Contributions and grants received
$4,650
Grants paid
$0
Program service revenue
$0
Investment income
$130,354
Other revenue
$0
Total assets, end of year
$7,804,212
Total liabilities, end of year
$4,247,177
Net assets or fund balances, end of year
$3,557,035
Program services expenses (Part IX)
$1,315,288
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
$1,315,288

Program services were 100.0% 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.

  • 1d · Related organizations

    $4,650

  • 3 · Investment income

    total $130,354 · excluded $130,354

Functional expenses

Part IX, the statement of functional expenses.

  • 7 · Other salaries and wages

    total $3,843 · program services $3,843

  • 8 · Pension plan contributions

    total $192 · program services $192

  • 9 · Other employee benefits

    total $319 · program services $319

  • 10 · Payroll taxes

    total $294 · program services $294

  • 11c · Fees: accounting

    total $3,025 · program services $3,025

  • 13 · Office expenses

    total $591 · program services $591

  • 20 · Interest

    total $23,810 · program services $23,810

  • 22 · Depreciation, depletion and amortization

    total $1,283,214 · program services $1,283,214

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $632,367 · end of year $103,757

  • 2 · Savings and temporary cash investments

    beginning of year $3,002,194 · end of year $2,109,482

  • 3 · Pledges and grants receivable

    beginning of year $760,046 · end of year $0

  • 9 · Prepaid expenses and deferred charges

    beginning of year $2,000 · end of year $23,296

  • 10a · Land, buildings and equipment: cost or other basis

    $5,886,297

  • 10b · Land, buildings and equipment: accumulated depreciation

    $318,620

  • 10c · Land, buildings and equipment, net

    beginning of year $6,535,035 · end of year $5,567,677

  • 17 · Accounts payable and accrued expenses

    beginning of year $96,841 · end of year $1,495

  • 23 · Secured mortgages and notes payable

    beginning of year $5,250,000 · end of year $3,750,000

  • 25 · Other liabilities

    beginning of year $878,065 · end of year $495,682

  • 27 · Net assets without donor restrictions

    beginning of year $1,706,736 · end of year $1,557,035

  • 28 · Net assets with donor restrictions

    beginning of year $3,000,000 · end of year $2,000,000

Mission and programs · 2024

Mission

TO INTEGRALLY SUPPORT THE FUNCTIONS OF, AND CARRY OUT THE PURPOSES OF, THE WASHINGTON AREA COMMUNITY INVESTMENT FUND, INC (WACIF).

Activities or mission (Part I)

TO INTEGRALLY SUPPORT THE FUNCTIONS OF, AND CARRY OUT THE PURPOSES OF, WACIF.

  • 1231-1235 GOOD HOPE ROAD, INC. (THE CORPORATION) ACQUIRED SAID PROPERTY FOR THE PURPOSE OF CREATING A HUB FOR INCLUSIVE ENTREPRENEURSHIP, LEVERAGING MULTIPLE SOURCES OF CAPITAL, INCLUDING THE NEW MARKETS TAX CREDITS (NMTC) PROGRAM, TO DESIGN, CONSTRUCT, AND EQUIP, OPERATE AND MAINTAIN COMMERCIAL, OFFICE, AND RETAIL SPACE IN THE WARD 8 COMMUNITY OF WASHINGTON, D.C. BY SEEKING QUALIFICATION AS A "QUALIFIED ACTIVE LOW-INCOME COMMUNITY BUSINESS" UNDER SECTION 45D OF THE CODE. THE CORPORATION INTENDS TO CARRY ON THE CONSTRUCTION, DEVELOPMENT, AND EQUIPPING OF THE PROJECT.

    Expenses $1,315,288

As filed on the 2024 return.

Listed in Part VII

  • Anne Morrison

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • Dawnn Leary

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • Kevin Fryatt

    CFOO & CO-INTERIM CEO UNTIL 5/3/24

    Total calculated
    $94,825
    From this org
    $0
    From related orgs
    $82,837
    Other
    $11,988
    Hours/week
    2 + 42 related

  • Shannan Herbert

    CHIEF EXECUTIVE OFFICER

    Total calculated
    $233,491
    From this org
    $0
    From related orgs
    $209,947
    Other
    $23,544
    Hours/week
    2 + 42 related

    Schedule J breakdown matched by us

    Base
    $0 + $194,947 related
    Bonus
    $0 + $15,000 related
    Other
    $0
    Deferred
    $0 + $9,937 related
    Nontaxable benefits
    $0 + $13,607 related
    Filer's total
    $0 + $233,491 related

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)

PART I, LINE 3
THE CORPORATION DOES NOT DIRECTLY HIRE OR COMPENSATE ITS OFFICERS OR DIRECTORS. ALL COMPENSATION IS PAID BY THE WASHINGTON AREA COMMUNITY INVESTMENT FUND, INC. (WACIF), A RELATED ORGANIZATION UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE AND THE COMPENSATION IS REPORTED ACCORDINGLY ON WACIF'S FORM 990.

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.

Provenance

Return type
form_990
Tax year
2024
Filed
18 July 2025
IRS schema version
2024v5.2
Source object
202521999349300112

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