Overview
What is Hope Plaza Inc?
Hope Plaza Inc is a nonprofit organization situated in Philadelphia, Pennsylvania, specifically at 2001 West Lehigh Avenue. Their primary mission is to stimulate economic growth and opportunities in a disadvantaged section of the city. They achieve this by managing a commercial retail center, offering leases for buildings and grounds. This initiative fosters employment, management, and ownership prospects for local minorities and disadvantaged residents, addressing a significant need within the community. In essence, Hope Plaza Inc aims to uplift North Philadelphia by providing jobs, training, and placement opportunities for its underserved citizens, thereby contributing to their overall empowerment. The organization currently employs a team of four individuals.
What are the reviews and ratings of this charity?
Charity Navigator Rating: 67% (Two-Star out of Four Stars)
Hope Plaza Inc has received a score of 67%, which translates to a Two-Star rating. This score reflects a mixed performance in key areas of accountability and finance. The organization shows strong financial discipline with a high program expense ratio of 95.18%, indicating that a significant portion of its funding is directly allocated to its programs. Additionally, it has a fully independent board with 60% of members being independent, which is a positive aspect.
However, the nonprofit faces notable limitations, particularly in its governance practices. There are missing policies regarding conflict of interest, whistleblower protections, and document retention, which raises concerns about transparency and accountability. Furthermore, the liabilities to assets ratio is quite high at 138.91%, signaling potential financial risks that could impact the organization's stability and future operations.
In summary, while Hope Plaza Inc demonstrates strong commitment to program funding and has established governance structures like documenting board meeting minutes, it needs to address significant gaps in policy and financial management to enhance its overall rating and ensure long-term sustainability.
This AI summary has been generated from information found on Charity Navigator.
Is Hope Plaza Inc legitimate?
Hope Plaza Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Hope Plaza 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: $0
Professional Fundraising Fees: $0
Other Salaries and Wages: $105,448
For more financial information, click here
What is the mission statement of Hope Plaza Inc?
Hope Plaza Inc's mission is centered around promoting economic empowerment. The organization aims to provide opportunities for minorities and disadvantaged citizens, helping them secure jobs, gain necessary training, and secure placements within their community. By operating a commercial retail center, Hope Plaza Inc stimulates employment opportunities, fostering management and ownership chances for those in need, addressing a significant employment void in economically challenged areas.
Who is the CEO of Hope Plaza Inc?
Glen Spaulding is the President of Hope Plaza Inc.
What is the revenue of Hope Plaza Inc?
Hope Plaza Inc's revenue in 2022 was $1,078,063.
Who are the executives of Hope Plaza Inc and what are their salaries?
The average compensation at Hope Plaza Inc during 2022 was $26,362. There are 4 employees and 8 volunteers at Hope Plaza Inc.
Here are 10 key members and their salaries:
- Compensation: $0
- Related: $222,061
- Other: $9,350
- Compensation: $0
- Related: $59,026
- Other: $0
- Compensation: $0
- Related: $31,707
- Other: $0
- Compensation: $0
- Related: $6,280
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
Where can I find the form 990 for Hope Plaza Inc?
Hope Plaza Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Hope Plaza Inc
Hope Plaza Inc, a nonprofit organization, was established with a mission to infuse economic empowerment into North Philadelphia's community. The primary aim of this mission is to offer support and opportunities to minorities and disadvantaged citizens, enabling them to secure jobs, undergo training, and acquire placements within their community. To accomplish this objective, Hope Plaza Inc operates a commercial retail center, providing both ground and building leases. This initiative stimulates employment opportunities, fosters business management, and encourages ownership among local residents, addressing a pressing need in an economically challenged part of Philadelphia. By offering these leases, Hope Plaza Inc is playing a pivotal role in uplifting the community by providing a platform for sustainable growth and development.
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Impact
October, 2024
Hope Plaza Inc. plays a vital role in enhancing economic empowerment in North Philadelphia, specifically targeting minorities and disadvantaged citizens. By establishing a commercial retail center, the organization not only creates job opportunities but also fosters management and ownership prospects for community members. This initiative addresses the critical employment needs in an economically challenged area, providing essential training and placement services that can transform lives. The impact of Hope Plaza Inc. resonates throughout the community, instilling hope and facilitating upward mobility for residents.
This information is meant to be a general summary of Hope Plaza 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 2022.
- Program Service Revenue: $1,078,063
- Gross Receipts: $1,078,063
Assets and Liabilities:
- Total Assets: $1,724,259
- Total Liabilities: $2,395,205
- Net Assets: -$670,946
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
Rental Income
Revenue
$1,078,063
Organization Details
Founding Year
1984
Principal Officer
Glen Spaulding
Main Address
2001 West Lehigh Avenue, Philadelphia, PA, 19132
NTEE Category
Code: J220 - Employment
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