Overview
What is Hope Partnership Inc?
Hope Partnership Inc is a dedicated nonprofit organization based in Madison, Connecticut. Their primary focus is on creating a diverse range of affordable housing options in Lower Middlesex County and surrounding towns, such as Old Lyme. To accomplish this mission, they collaborate with various entities, including governments, businesses, religious communities, civic organizations, and individuals. In the recent fiscal year, Hope Partnership successfully launched a 17-unit affordable housing project in the Town of Essex, known as The Lofts at Spencers Corner, with significant funding from the State of Connecticut. They also acquired and became the 100% owner of The Ferry Crossing Development in Old Saybrook, which is now fully occupied. Hope Partnership is actively advocating for affordable housing, delivering presentations to community, business, and religious organizations to spread awareness about the need for such housing and its benefits to communities. They have had productive meetings with elected officials, including Senator Murphy's office and selectmen from various towns, to promote the importance of affordable housing. As of June 30, 2022, Hope Partnership was in the final stages of acquiring a new 17-unit affordable housing project in the town of Madison. With only 1 employee, this dedicated organization continues to make significant strides in addressing the affordable housing shortage in their community.
Official website here: www.hope-ct.org
What are the reviews and ratings of this charity?
Charity Navigator Rating: 96%, Four-Star out of Four Star rating
Hope Partnership Inc has achieved an impressive Four-Star rating from Charity Navigator, reflecting its strong performance in accountability and finance. With a score of 96%, the organization demonstrates a high level of transparency and responsible financial management, which is critical for donor confidence and support. The rating is based entirely on accountability metrics, underscoring the organization’s commitment to maintaining high standards in its operations.
One of the notable strengths of Hope Partnership Inc is its governance structure, which features a fully independent board comprised of 17 members. This independence is crucial for maintaining objectivity and integrity in decision-making. Additionally, the organization has established comprehensive policies, including conflict of interest and whistleblower policies, which further enhance its accountability and ethical practices.
Financially, Hope Partnership Inc shows strong performance with a low liabilities-to-assets ratio of 17.57% and a program expense ratio of 89.23%, indicating that a significant portion of its resources is directed toward its programs and services rather than administrative overhead. These factors collectively suggest that the organization is well-managed, though the summary does not provide insights into programmatic impact or community feedback, which could offer a fuller picture of its effectiveness.
This AI summary has been generated from information found on Charity Navigator.
Is Hope Partnership Inc legitimate?
Hope Partnership Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Hope Partnership Inc submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $74,888
Professional Fundraising Fees: $0
Other Salaries and Wages: $0
For more financial information, click here
Official website here: www.hope-ct.org
What is the mission statement of Hope Partnership Inc?
Hope Partnership Inc's mission is centered around creating a variety of affordable housing options to foster an economically diverse community. They achieve this goal through collaborative efforts with various sectors, including governments, businesses, religious communities, civic organizations, and individuals. By doing so, Hope Partnership aims to ensure that a wide range of housing choices is available to all citizens.
In the fiscal year ending June 2022, Hope Partnership made significant strides in achieving its mission. Notable accomplishments include the launch of a 17-unit affordable housing project in Essex, known as The Lofts at Spencers Corner, and the acquisition of a 34-unit development in Old Saybrook, CT. These projects, funded primarily by a grant from the State of Connecticut, provide affordable housing options with a mix of one, two, and three-bedroom units.
Furthermore, Hope Partnership has been advocating for affordable housing in the communities they serve, aiming to educate the public on its importance and the benefits it brings to communities. They have met with local officials and organizations to increase awareness and support for affordable housing initiatives. As of June 2022, Hope Partnership was in the final stages of acquiring a 17-unit affordable housing project in Madison, furthering their mission of providing affordable housing options to diverse communities.
Official website here: www.hope-ct.org
What is the revenue of Hope Partnership Inc?
Hope Partnership Inc's revenue in 2024 was $737,509.
Official website here: www.hope-ct.org
Who are the executives of Hope Partnership Inc and what are their salaries?
The average compensation at Hope Partnership Inc during 2024 was $74,888. There is 1 employee and 25 volunteers at Hope Partnership Inc.
Here are 17 key members and their salaries:
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Official website here: www.hope-ct.org
Where can I find the form 990 for Hope Partnership Inc?
Hope Partnership Inc's most recent form 990 was submitted in 2024 and can be accessed here.
Official website here: www.hope-ct.org
Learn more at the official website: www.hope-ct.org
Mission Statement of Hope Partnership Inc
Hope Partnership Inc is committed to creating a continuum of affordable housing options for all citizens. This mission is achieved through collaborative efforts with governments, businesses, religious communities, civic organizations, and individuals. By establishing a variety of affordable housing choices, Hope Partnership Inc aims to contribute to an eclectic economy, ensuring that everyone has access to suitable housing options.
During the fiscal year ending in June 2022, Hope Partnership Inc made significant strides towards achieving its mission. One of its notable accomplishments was the successful startup of a 17-unit affordable housing project in Essex, known as The Lofts at Spencers Corner. This project, funded primarily by a grant from the State of Connecticut, transformed a three-story commercial condo complex into affordable housing units, including one, two, and three-bedroom units. Additionally, Hope Partnership Inc purchased a 100% interest in The Ferry Crossing Development, a 34-unit affordable housing development in Old Saybrook, CT, which was previously co-owned with The Women's Institute. This development is now fully occupied.
Hope Partnership Inc also advocates for affordable housing in the communities it serves, educating the public on its importance and the benefits it brings to communities. The organization has met with various elected officials to raise awareness of the need for affordable housing and its positive impact on communities. As of June 2022, Hope Partnership Inc was in the final stages of acquiring a 17-unit affordable housing project in Madison, further cementing its commitment to creating a continuum of affordable housing options for all citizens.
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Impact
July, 2024
Hope Partnership Inc's impact can be seen through its successful creation of a continuum of affordable housing options in Lower Middlesex County, Old Lyme, and surrounding towns. Its collaborative efforts with governments, businesses, religious communities, civic organizations, and individuals have led to the development of key projects such as The Lofts at Spencers Corner in Essex and the Ferry Crossing Development in Old Saybrook. These initiatives have provided much-needed affordable housing units to the community, contributing to a more diverse and inclusive economy and housing landscape for all citizens. Additionally, Hope Partnership's advocacy and educational outreach have raised awareness about the importance of affordable housing, leading to increased support and understanding from local officials and the public. Through its dedication to this mission, Hope Partnership Inc continues to make a significant impact in creating a more equitable and sustainable housing environment in Connecticut.
This information is meant to be a general summary of Hope Partnership Inc. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2024.
- Investment Income: $1,667
- Program Service Revenue: $522,130
- Gross Receipts: $743,799
Assets and Liabilities:
- Total Assets: $9,159,443
- Total Liabilities: $1,675,649
- Net Assets: $7,483,794
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
DEVELOPER FEE INCOME
Revenue
$56,234
RENT
Revenue
$465,896
Organization Details
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