Hard Bargain Mt. Hope Redevelopment Inc.
Fiscal Year
Fiscal Year Start
01/01/2023
Fiscal Year End
12/31/2023
Projected Revenue
$1,673,629.00
Projected Expenses
$672,032.00
Organizational Budgets and Other Documents
IRS Letter of Exemption
| Hard Bargain Mt. Hope Redevelopment, Inc. Tax Exempt Status |
Detailed Financials
Revenue and Expenses
| Fiscal Year | 2022 | 2021 | 2020 |
|---|---|---|---|
| Total Revenue | $930,188.00 | $331,998.00 | $268,164.00 |
| Total Expenses | $874,113.00 | $399,938.00 | $288,571.00 |
| Revenue Less Expenses | $56,075.00 | ($67,940.00) | ($20,407.00) |
Revenue Sources
| Fiscal Year | 2022 | 2021 | 2020 |
|---|---|---|---|
| Foundation and Corporation Contributions | $0.00 | $0.00 | $0.00 |
| Government - Federal | $0.00 | $0.00 | $0.00 |
| Government - State | $0.00 | $0.00 | $0.00 |
| Government - Local | $0.00 | $0.00 | $0.00 |
| Government - Unspecified | $0.00 | $0.00 | $118,525.00 |
| Contributions, Gifts, and Grants | $335,333.00 | $226,326.00 | $116,268.00 |
| Indirect Public Support | $0.00 | $0.00 | $0.00 |
| Earned Revenue | $470,160.00 | $229.00 | $552.00 |
| Investment Income, Net of Losses | $11,420.00 | $7,219.00 | $5,016.00 |
| Membership Dues | $0.00 | $0.00 | $0.00 |
| Special Events | $66,687.00 | $51,636.00 | $27,623.00 |
| Revenue In-Kind | $46,588.00 | $46,588.00 | $180.00 |
| Other | $0.00 | $17,908.00 | $0.00 |
Expense Allocation
| Fiscal Year | 2022 | 2021 | 2020 |
|---|---|---|---|
| Program Expense | $691,429.00 | $212,825.00 | $198,013.00 |
| Administration Expense | $96,812.00 | $116,832.00 | $60,766.00 |
| Fundraising Expense | $85,872.00 | $70,281.00 | $29,792.00 |
| Total Revenue/Total Expenses | 106% | 83% | 93% |
| Program Expense/Total Expenses | 79% | 53% | 69% |
| Fundraising Expense/Contributed Revenue | 10% | 18% | 10% |
Top Funding Sources
| Fiscal Year | 2022 | 2021 | 2020 |
|---|---|---|---|
| Top Funding Source & Dollar Amount | Program Revenue $470,160.00 | Contributions, Gifts, and Grants $226,326.00 | Government Grants $118,525.00 |
| Second Highest Funding Source & Dollar Amount | Contributions, Gifts, and Grants $335,333.00 | Fundraising Events $51,636.00 | Contributions, Gifts, and Grants $116,268.00 |
| Third Highest Funding Source & Dollar Amount | Fundraising Events $66,687.00 | Noncash Contributions $46,588.00 | Fundraising Events $27,623.00 |
Assets and Liabilities
| Fiscal Year | 2022 | 2021 | 2020 |
|---|---|---|---|
| Total Assets | $1,741,166.00 | $1,741,166.00 | $1,809,512.00 |
| Current Assets | $1,526,602.00 | $1,526,602.00 | $1,773,717.00 |
| Long-Term Liabilities | $1,000,000.00 | $1,000,000.00 | $1,000,000.00 |
| Current Liabilities | $9,056.00 | $9,056.00 | $9,462.00 |
| Total Net Assets | $673,540.00 | $732,110.00 | $800,050.00 |
Endowment Info
Do you have an endowment?
No
Capital Campaign Info
Are you currently in a Capital Campaign?
No
Do you anticipate a campaign in the next 5 years?
No
Solicitation Permit Info
State Charitable Solicitations Permit
Yes
Permit Expiration Month
June
Permit Expiration Year
2024
Solicitations Permit
Form 990s
Audit Documents
CEO/Executive Director/Board Comments
| In October 2017, we paid off both of the loans used to fund the infrastructure costs of our Planned Unit Development. We have built 5 new homes on the 'Bungalow Court'on Mount Hope Street. (The last house was completed in December 2018.) We have a board reserve of $95,000 designated for 8 months of operating expenses that can be used for loan pay down or pay off. However, we are confident that we can continue to raise the funds through donations without cannibalizing our operating and new house construction/rehab program donations.Generally Accepted Accounting Principles (GAAP) require that we expense 1/5 of the total capitalized Planned Unit Development costs as we build and sell each of the 5 houses planned over the next few years. Therefore, total expenses over the next few years will include this expense until all five planned houses are completed and sold. The donated and grant revenues that were used to cover the infrastructure costs of the PUD are recorded in the years ended 2013, 2014, 2015 2016, & 2017. Therefore, one should view our financials from 2013 through the 2019, after of building and selling the 5th PUD house, to get a complete financial picture. Our audit for 2018 and IRS form 990 will be completed by August 2019. They will be prepared by Puryear & Noonan, CPAs. |
Foundation Staff Comments
| Financials taken primarily from the audit. Financials prepared by Blankenship CPA Group, PLLC. Comments provided by Hayley Sulfridge 11/20/23. |
