Cottages of Hope Inc

What it reported doing in 2024

Workforce Development: (The Prosperity Center): Our resource center offers freecomputer and internet access, technical assistance, phone(fax), and information about other valuable community resources. The Center utilizes volunteers and work based learning participants from the Federal Work Study Program, Family Employment Program(FEP, Job Corps, and Easter Seals). A majority of our efforts in the center are still focused primarily on helping individuals find stable employment.Free Tax Preparation: Cottages of Hope continues to offer the Volunteer Income TaxAssistance (VITA) program where we prepared returns in 2015. Our purpose or goal inoffering this services is to help the client obtain all of the credits they qualifyfor and to encourage them to use their tax refunds to become more financially stable. Suggestions include setting up an emergency fund, paying down debt, paying for additional schooling, or making needed car and home repairs. While having their taxes done, clients are invited to complete our "Get Connected" card that helps us maintain our relationship with them throughout the year. This enables us to contact them concerning programs and services (ours and those offered by our community partners) that make sense based on their needs.Financial Literacy: In addition to teaching classes at our location, we taughtnumerous off-site financial presentations for nonprofit, religious, and studentgroups.Other Programs (Services): In addition, Cottages of Hope also provides a number ofservices that lead to greater levels of financial stability. On a case by casebasis, Cottages of Hope provides one on one financial and job coaching and educationsessions intended to help clients learn to create budgets, create plans to reduce debt, to improve credit scores, to improve resumes, and to increase the quality of their interview skills.Cottages of Hope is a SparkPoint Center where hard-working, low-income people canaccess a full range of services to help them get out of poverty and achieve long-term financial stability. The Center brings together the most effective nonprofit and government partners to help clients build assets, grow income, and manage debt. Each client works with a personal coach, who helps create a step-by-step plan toaccomplish financial goals. This long-term approach provides on-going support untilgoals are accomplished.

Financial Efficiency

• Mission deployment rate: 74.8%; rating input score 75
• Program expense ratio: 92%; rating input score 92
• Fundraising efficiency: $41.01 raised per $1 spent on fundraising; rating input score 74; 74th percentile among comparable filings

Transparency & Controls

• Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
• Pay-setting controls: Limited
• Foreign activity oversight: Limited
• Grant itemization coverage: Limited
• Major donor itemization: Limited
• Related-party transparency: Limited

Accountability

• Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
• Governance controls: 4 of 7 controls in place; rating input score 57
  • Conflict-of-interest policy: Pass
  • Whistleblower policy: Fail
  • Document-retention policy: Fail
  • CEO compensation review process: NotApplicable
  • Other executive compensation review process: NotApplicable
  • Form 990 shared with the board: Pass
  • Board meeting minutes documented: Pass
  • Audit committee oversight: Fail
  • Independent financial-statement audit: Pass

Sustainability

• Operating margin: 18.7%; rating input score 75; 75th percentile among comparable filings
• Total-asset coverage ratio: 0.53; rating input score 25; 25th percentile among comparable filings
• Liabilities to assets ratio: 0.04; rating input score 54; 54th percentile among comparable filings
• Officer compensation ratio: 0%; rating input score 81; 81st percentile among comparable filings

Growth

• Program expense growth: 5.3% per year; rating input score 100; 44th percentile among comparable filings
• Revenue growth: 7.9% per year; rating input score 100; 58th percentile among comparable filings
• Asset growth: 11.3% per year; rating input score 100; 63rd percentile among comparable filings