According to the Hope For The Warriors (HOPE) audit of December 31, 2020 (Note 14, In-Kind Contributions), HOPE reports receiving in-kind contributions of "certain services, facilities, and materials" in 2020 on which it placed a value of $65,116. [Note: CharityWatch generally excludes the value of in-kind (non-cash) donations of goods and services from its calculations of Program % and Cost to Raise $100. More information on how grades are calculated and the treatment of in-kind donations can be found on the Our Process page.] |
According to the Hope For The Warriors (HOPE) audit of December 31, 2020 (Note 8, Refundable Advances): "On February 26, 2020, HOPE entered into an agreement with Cohen Veterans Network, Inc. (CVN). CVN is focused on establishing a network of free or low-cost outpatient mental health clinics for veterans and their family members. HOPE will work with CVN to support a clinic in North Carolina that will provide compassionate, evidence-based, individually-tailored, flexible, mental health treatment to veterans and their family members. Funds received from CVN are conditional grants that when performance requirements are satisfied, they can be recorded as revenue. At December 31, 2020, HOPE recorded $560,421 as refundable advances in the accompanying [audited] statements of financial position related to the funds received from CVN." |
According to the Hope For The Warriors (HOPE) audit of December 31, 2020 (Note 4, Concentrations of Risk, Revenue Risk): "A substantial portion of HOPE's revenue and support is received from a limited number of donors. Fluctuations in the level of support from these sources of revenue could affect HOPE's program activities. For the years ended December 31, 2020 and 2019, approximately 21% and 23%, respectively, of the total revenue and support came from two donors." |
According to the Hope For The Warriors (HOPE) audit of December 31, 2020 (Note 10, Conditional Contribution – Paycheck Protection Program): "Under the PPP administered by the SBA, on May 4, 2020, HOPE received $919,900 from Legacy Bank ('the PPP Loan'). The PPP Loan is subject to full forgiveness upon use of the funds for payroll and other eligible costs and compliance with certain limitations on payroll and staffing reductions over a 24-week period. As such, HOPE has accounted for this PPP Loan as a conditional contribution. As of December 31, 2020, the conditions had been substantially satisfied and the related loan has been recognized as grant revenue. Subsequent to year end, on March 12, 2021, HOPE applied for forgiveness of the first loan under the PPP. The forgiveness application was approved by the SBA on May 24, 2021. "Subsequent to year end, on January 19, 2021, HOPE applied for a second loan under the PPP. The second PPP Loan was granted to HOPE on February 2, 2021, in the amount of $936,300 with a maturity date on February 2, 2026. This PPP Loan bears interest at a fixed rate of 1.00%, which is payable monthly commencing on February 2, 2022. The PPP Loan may be repaid by HOPE at any time prior to maturity with no repayment penalties. Funds from this PPP Loan may only be used for payroll costs, benefits, mortgage payments, rent, utilities, and certain supplier costs and expenses for operations. HOPE intends to use the entire loan amount for qualifying expenses and apply for forgiveness of certain amounts up to the full amount of the loan under the terms of the PPP." |
According to the Hope For The Warriors (HOPE) audit of December 31, 2020 (Note 19, COVID-19 Pandemic):
"The COVID-19 outbreak in the United States and around the world has caused business disruptions due to mandatory lockdowns implemented in most states in order to slow down the spread of the virus. HOPE's management has been monitoring the situation and implementing certain changes in its operations and upcoming events in order to mitigate the impact of this pandemic. "While the disruption is currently expected to be temporary, there is considerable uncertainty around its duration, and the full financial impact cannot be reasonably estimated at this time." |