Hope Clinic for Women
Fiscal Year
Fiscal Year Start
10/01/2023
Fiscal Year End
09/30/2024
Projected Revenue
$1,900,000.00
Projected Expenses
$1,860,000.00
Organizational Budgets and Other Documents
IRS Letter of Exemption
| hope clinic for women irs ltr |
Detailed Financials
Revenue and Expenses
| Fiscal Year | 2023 | 2022 | 2021 |
|---|---|---|---|
| Total Revenue | $2,236,053.00 | $2,042,922.00 | $1,458,139.00 |
| Total Expenses | $1,478,357.00 | $1,332,745.00 | $1,292,313.00 |
| Revenue Less Expenses | $757,696.00 | $710,177.00 | $165,826.00 |
Revenue Sources
| Fiscal Year | 2023 | 2022 | 2021 |
|---|---|---|---|
| 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 | $1,021,677.00 |
| Contributions, Gifts, and Grants | $1,196,034.00 | $1,532,369.00 | $0.00 |
| Indirect Public Support | $0.00 | $0.00 | $0.00 |
| Earned Revenue | $45,738.00 | $218,162.00 | $51,191.00 |
| Investment Income, Net of Losses | $24,528.00 | $0.00 | $0.00 |
| Membership Dues | $0.00 | $0.00 | $0.00 |
| Special Events | $505,902.00 | $288,433.00 | $265,939.00 |
| Revenue In-Kind | $0.00 | $0.00 | $0.00 |
| Other | $463,851.00 | $3,958.00 | $119,332.00 |
Expense Allocation
| Fiscal Year | 2023 | 2022 | 2021 |
|---|---|---|---|
| Program Expense | $1,152,316.00 | $1,033,583.00 | $999,004.00 |
| Administration Expense | $190,709.00 | $145,252.00 | $154,242.00 |
| Fundraising Expense | $135,332.00 | $153,910.00 | $139,067.00 |
| Total Revenue/Total Expenses | 151% | 153% | 113% |
| Program Expense/Total Expenses | 78% | 78% | 77% |
| Fundraising Expense/Contributed Revenue | 9% | 12% | 11% |
Top Funding Sources
| Fiscal Year | 2023 | 2022 | 2021 |
|---|---|---|---|
| Top Funding Source & Dollar Amount | Contributions, Gifts, & Grants $1,196,034.00 | Contributions, Gifts, and Grants $1,532,369.00 | Government Grants $1,021,677.00 |
| Second Highest Funding Source & Dollar Amount | Fundraising Events $505,902.00 | Fundraising Events $288,433.00 | Fundraising Events $265,939.00 |
| Third Highest Funding Source & Dollar Amount | Other Revenue $463,851.00 | Program Revenue $218,162.00 | Program Revenue $51,191.00 |
Assets and Liabilities
| Fiscal Year | 2023 | 2022 | 2021 |
|---|---|---|---|
| Total Assets | $2,370,540.00 | $1,610,164.00 | $897,480.00 |
| Current Assets | $1,603,501.00 | $890,064.00 | $3,351,488.00 |
| Long-Term Liabilities | $0.00 | $0.00 | $0.00 |
| Current Liabilities | $8,374.00 | $5,694.00 | $3,187.00 |
| Total Net Assets | $2,362,166.00 | $1,604,470.00 | $894,293.00 |
Endowment Info
Do you have an endowment?
Yes
What is the value of the endowment?
$250,000.00
What is the spending policy for your endowment?
N/A
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
March
Permit Expiration Year
2025
Solicitations Permit
Form 990s
Audit Documents
CEO/Executive Director/Board Comments
| When Hope Clinic's CEO arrived in 2004, it was her aim to ensure we operated with a cash based accounting model year round. The aim was to never spend more than we received and not 'count on' pledges to make current spending decisions. The CEO also reduced Operating/Admin expenses by 25% her first year. In the last 10 years the operating budget has doubled but the client visit rate has grown by 500%. The current CEO has a BS in Finance and meets monthly with the Business Committee to review P&Ls, Balance Sheets, and projection reports. Typically her projections are within 2% of actual. This is a difficult process as 98% of the nearly 800,000 budget is donations with less than 20% pledged and over 36% arriving from Thanksgiving through December 31. Because of this cycle the Board agreed to move the fiscal year from January-December to October-September. This will allow the CEO and Board to have more time to react to any large change in year-end donations. This was accomplished in 2013 and has made a significant difference in meeting budget needs and making adjustments in the 2013/2014 fiscal year. There were two years that a significant operating loss occurred. In 2008-2009 Hope Clinic was in the middle a capital campaign. This coincided with the market crash. We took a 289,000 loss that year. In 2011 we increased program staff to help the exploding client numbers and had 3 significant changes in funding that were not known until the last quarter of the fiscal year. We took an 89,000 loss that year. The other significant item affecting our financials was the sale of the maternity home in 2011 and the $220,000 loss we took on the value of the home vs. the sales price. These journal entry adjustments for accruals and pledges impact final numbers seen in our audits over the last few years. Paying down debt and building a cash reserve is paramount for Hope Clinic. The line of credit balance is at $0 and just this past fiscal year able to move $25,000 to an unrestricted cash reserve account. |
Foundation Staff Comments
| Financial figures taken from the 990. foundation and corporate grants may be included in the Contributions, Gifts, and Grants sum, as these amounts are not separated in Form 990. Financials completed by Bellenfant PLLC. Comments provided by Hayley Sulfridge 8/23/24. |
