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Nonprofiteer
← HOPE DEVELOPMENT CORPORATION

Form 990 for tax year 2024

Filed by HOPE DEVELOPMENT CORPORATION.

Totals

Total revenue
$51,253
Total expenses
$150,433
Contributions and grants received
$1,249
Grants paid
$0
Program service revenue
$50,004
Investment income
$0
Other revenue
$0
Total assets, end of year
$1,939,669
Total liabilities, end of year
$19,267
Net assets or fund balances, end of year
$1,920,402
Program services expenses (Part IX)
$150,433
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
$150,433

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.

  • 1f · All other contributions, gifts and grants

    $1,249

  • 2a · Program service revenue: RENTAL INCOME

    total $50,004 · related or exempt $50,004

Functional expenses

Part IX, the statement of functional expenses.

  • 11a · Fees: management

    total $9,000 · program services $9,000

  • 11c · Fees: accounting

    total $7,659 · program services $7,659

  • 16 · Occupancy

    total $67,000 · program services $67,000

  • 22 · Depreciation, depletion and amortization

    total $49,808 · program services $49,808

  • 23 · Insurance

    total $16,966 · program services $16,966

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $49,558 · end of year $54,936

  • 3 · Pledges and grants receivable

    beginning of year $169,012 · end of year $103,261

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

    $1,942,497

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

    $166,025

  • 10c · Land, buildings and equipment, net

    beginning of year $1,826,279 · end of year $1,776,472

  • 15 · Other assets

    beginning of year $5,000 · end of year $5,000

  • 17 · Accounts payable and accrued expenses

    beginning of year $30,100 · end of year $10,100

  • 19 · Deferred revenue

    beginning of year $4,167 · end of year $4,167

  • 25 · Other liabilities

    beginning of year $5,000 · end of year $5,000

  • 29 · Capital stock, trust principal or current funds

    beginning of year $0 · end of year $0

  • 30 · Paid-in or capital surplus, or land, building or equipment fund

    beginning of year $0 · end of year $0

  • 31 · Retained earnings, endowment or other funds

    beginning of year $2,010,582 · end of year $1,920,402

Mission and programs · 2024

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.

Activities or mission (Part I)

SEE PAGE 2, PART III, LINE 1.

  • SUBLEASED A PROPERTY IN RHODE ISLAND FOR THE OPERATION OF A SCHOOL FOR GRADES PRE-KINDERGARTEN THROUGH 12.

    Expenses $150,433 · Revenue $50,004

As filed on the 2024 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Christopher Vitale

    PRESIDENT/DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • William Fischer

    VP/SECRETARY/DIRECTOR

    Total calculated
    $0
    Hours/week
    0.25

  • Theodore Karousos

    TREASURER/ASST. SECRETARY/

    Total calculated
    $0
    Hours/week
    0.25

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.

Grants on this return

No itemized grants to organizations on this return.

Provenance

Return type
form_990
Tax year
2024
Filed
11 November 2025
IRS schema version
2024v5.2
Source object
202523159349301017

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