2024-11-07T16:13:15-06:00 2023-12-31 410746749 CLIFTONLARSONALLEN LLP 420 SOUTH ORANGE AVENUE SUITE 900 ORLANDO FL 32801 990 2023-01-01 640851798 HOPE ENTERPRISE CORPORATION HOPE 6019441100 4 OLD RIVER PLACE A JACKSON MS 39202 ALAN BRANSON CFO 6019441100 2024-11-06 1 0 LACEY M QUATSOE P01300865 4078021200 2024-11-05 2023 2024-10-15 13:58:12Z WILLIAM BYNUM 4 OLD RIVER PLACE A JACKSON MS 39202 19506645 0 X WWW.HOPE-EC.ORG X 1993 MS STRENGTHEN FINANCIAL HEALTH & WEALTH OF PEOPLE IN UNDER-RESOURCED DEEP SOUTH COMMUNITIES 20 20 58 20 0 0 12778063 14660408 3753179 4322212 9517 16884 -87881 424 16452878 18999928 765398 1928210 0 0 4582026 5208296 0 0 473904 8477600 17986684 13825024 25123190 2627854 -6123262 124090537 122583166 71756890 75617432 52333647 46965734 X TO STRENGTHEN THE FINANCIAL HEALTH AND WEALTH OF PEOPLE IN UNDER-RESOURCED DEEP SOUTH COMMUNITIES. 0 0 10615929 1706310 1523685 DEVELOPMENT FINANCE SPECIALIZES IN LOANS TO SMALL TO MEDIUM SIZED MANUFACTURING AND SERVICE BUSINESSES. 6158952 221900 2761270 REGIONAL DEVELOPMENT OF SYSTEMS AND ORGANIZATIONS TO IMPROVE HOUSING, COMMUNICATIONS, WORKFORCE TRAINING, GENERAL BUSINESS DEVELOPMENT AND ACCESS TO CAPITAL. 708728 TECHNICAL ASSISTANCE TO SMALL AND MEDIUM SIZED MANUFACTURING AND SERVICE BUSINESSES IN THE AREA OF MANAGEMENT CONSULTING AND IN THE AREAS OF IMPROVEMENTS OF PROCESSES AND SYSTEMS. 583973 37257 HOUSING INITIATIVE PROVIDES FINANCE FOR AFFORDABLE HOUSING TO FAMILIES. 583973 37257 18067582 1 1 0 1 0 0 0 0 0 0 1 1 0 0 1 1 0 1 0 0 0 0 0 0 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 0 0 1 X 59 0 1 58 1 0 0 0 0 0 0 0 0 0 0 0 0 X 20 20 0 0 0 0 0 0 0 1 1 0 0 0 1 1 1 1 1 1 1 1 1 AL AR LA MS TN X ALAN BRANSON 6019441100 4 OLD RIVER PLACE JACKSON MS 39202 X ROBERT GIBBS CHAIR 0.04 0.00 X X 0 0 0 IVYE ALLEN SECRETARY 0.04 0.00 X X 0 0 0 CLAIBORNE BARKSDALE DIRECTOR 0.04 0.00 X 0 0 0 ANN MARIE BURGOYNE DIRECTOR 0.04 0.00 X 0 0 0 MAURICIO CALVO DIRECTOR 0.27 0.00 X 0 0 0 SUSANNAH CARRIER DIRECTOR 0.04 0.00 X 0 0 0 RONNIE CRUDUP DIRECTOR 0.04 0.08 X 0 0 0 REBECCA DIXON DIRECTOR 0.17 0.00 X 0 0 0 HERSCHELL HAMILTON DIRECTOR 0.04 0.08 X 0 0 0 CAROLYN JEFFERSON DIRECTOR 0.04 0.00 X 0 0 0 MAURICE JONES DIRECTOR 0.04 0.00 X 0 0 0 DAN LETENDRE DIRECTOR 0.04 0.00 X 0 0 0 BLANCHE LINCOLN DIRECTOR 0.04 0.00 X 0 0 0 FELECIA LUCKY DIRECTOR 0.17 0.00 X 0 0 0 FRED MILLER DIRECTOR 0.04 0.00 X 0 0 0 JUDY REESE MORSE DIRECTOR 0.17 0.00 X 0 0 0 MARTHA MURPHY DIRECTOR 0.04 0.00 X 0 0 0 JEFFREY NOLAN DIRECTOR 0.04 0.00 X 0 0 0 BILLY PERCY DIRECTOR 0.04 0.00 X 0 0 0 ALEX WISE DIRECTOR 0.04 0.00 X 0 0 0 WILLIAM BYNUM PRESIDENT/CEO 27.54 0.06 X 582826 1221 58174 ALAN BRANSON EVP/CFO/TREASURER/ASST SECRETARY 15.05 0.00 X 87107 0 11200 EDWARD D SIVAK JR EVP/CHIEF POLICY & COMM. OFFICER 42.91 0.00 X 164822 0 25686 KIMBERLA LITTLE EVP/CHIEF HUMAN ASSETS OFFICER 20.04 0.00 X 88526 0 8155 PEARL WICKS EVP/CHIEF OPERATING OFFICER 2.01 0.00 X 10730 0 1232 CASSANDRA WILLIAMS EVP/CHIEF PROGRAM OFFICER 4.75 0.15 X 21033 0 3186 JONATHAN MULKIN CHIEF MORTGAGE OFFICER 12.00 0.00 X 5529 0 0 960573 1221 107633 2 0 1 0 WILSON PERUMAL & COMPANY 13355 NOEL ROAD SUITE 1100 DALLAS TX 75240 CONSULTING 1080111 CLASSIC LAKE CONSULTING PO BOX 13122 ATLANTA GA 30324 CONSULTING 393438 STRATEGIC DEVELOPMENT 1281 WESTWOOD BLVD STE 200 LOS ANGELES CA 90024 CONSULTING 250252 PURPOSE VENTURES ADVISORS LLC 228 PARK AVE S 53452 PMB NUMBER NEW YORK NY 10003 CONSULTING 250000 CLIFTON LARSON ALLEN LLP P O BOX 679342 DALLAS TX 75267 ACCOUNTING 241233 8 4531556 10128852 14660408 LOAN,ORIGIN,OTHER FEES 525990 2722595 2722595 INTEREST INCOME ON LOANS 525990 1599617 1599617 4322212 20700 20700 498952 3949 499330 7387 -378 -3438 -3816 -3816 OTHER INCOME 900099 424 424 424 18999928 4322212 0 17308 X 1918361 1918361 9849 9849 1076456 560021 442914 73521 3426234 1609139 1576003 241092 104021 47935 49612 6474 293291 134906 136472 21913 308294 147981 138732 21581 44392 44392 205270 205270 38686 38686 4570858 3909300 620854 40704 339721 241607 91035 7079 825671 486220 336518 2933 403460 74484 328155 821 469533 292934 146415 30184 302733 244613 36810 21310 1279302 41659 1237643 411343 465 410878 244505 244505 HFCU OPERATION SUPPORT 7438845 7438845 FORGIVABLE LOAN EXPENSE 495053 495053 SERVICE FEES 381548 282604 98438 506 MEMBERSHIP DUES & FEES 137092 46390 89069 1633 398672 85216 309303 4153 25123190 18067582 6581704 473904 21307567 17019416 10509858 21336542 1186510 1571288 279021 152694 20529594 13605369 416942 462692 8339621 6672075 2010707 1667546 28147278 29060416 35060775 35060775 4642285 2646428 124090537 122583166 2450296 3052188 4864146 7271006 64356391 64114197 86057 1180041 71756890 75617432 X 34819584 28333437 17514063 18632297 52333647 46965734 124090537 122583166 X -6123262 755600 22812 -23063 X 0 1 X 1 1 1 X 11746741 37689400 15416499 12778063 14660408 92291111 3566946 5631546 9495555 3651179 4322212 26667438 15313687 43320946 24912054 16429242 18982620 118958549 7199760 30356060 11454557 5740714 6357040 61108131 607560 491468 399976 1499004 7807320 30356060 11454557 6232182 6757016 62607135 56351414 763568 661943 74478 20656 20700 1541345 763568 661943 74478 20656 20700 1541345 -558154 14119 424 -543611 16077255 43424735 24986532 16464017 19003744 119956283 0.46980 0.49460 0.01280 0.01820 X SCHEDULE A, PART III, LINE 12, EXPLANATION OF OTHER INCOME: MISCELLANEOUS LOSS - 2020 AMOUNT: $ -558,154. OTHER INCOME - 2022 AMOUNT: $ 1,208. 2023 AMOUNT: $ 424. CONTRACT REVENUE - 2022 AMOUNT: $ 10,000. HONORARIUMS - 2022 AMOUNT: $ 2,911. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 25123190 25123190 1000000 250000 0 0 976677 1000000 841251 1000000 3817928 5726892 118782 28802 147584 244169 250000 210313 250000 954482 1431723 2004386 845381 1159005 23269 22278 991 5373135 5038088 335047 938831 766328 172503 1667546 SECONDARY CAPITAL OF HFCU 35060775 F 35060775 DUE TO AFFILIATE 1008457 LEASE LIABLILITY 171584 1180041 X PART X, LINE 2: THE COMPANY HAS RECEIVED A RULING FROM THE INTERNAL REVENUE SERVICE FOR EXEMPTION FROM INCOME TAXES AS A PUBLIC CHARITY UNDER INTERNAL REVENUE CODE SECTIONS 501(C)(3) AND 509 (A)(2). POTENTIAL EXPOSURES INVOLVING TAX POSITIONS TAKEN THAT MAY BE CHALLENGED BY TAXING AUTHORITIES CONTAIN ASSUMPTIONS BASED UPON PAST EXPERIENCES AND JUDGMENTS ABOUT POTENTIAL ACTIONS BY TAXING JURISDICTIONS. MANAGEMENT DOES NOT BELIEVE THAT THE ULTIMATE SETTLEMENT OF THESE ITEMS WILL RESULT IN A MATERIAL AMOUNT. WITH MINIMUM EXCEPTIONS, THE COMPANY IS NO LONGER SUBJECT TO INCOME TAX EXAMINATIONS PRIOR TO 2018. 1 AIROW EXPRESS 325 POST OAK RD JACKSON MS 39206 861814223 10000 0 CREDIT ENHANCEMENT GRANT AMAZING BRAIDS 1006 KING COLE MONTGOMERY AL 36104 861649769 7977 0 BUSINESS OPERATIONAL EXPENSES ART BY C MONET 135 BOUNDS STREET JACKSON MS 39206 823608754 10000 0 CREDIT ENHANCEMENT GRANT AUDIOTHENTICITY 2024 KINGSBURY DR MONTGOMERY AL 36106 853021629 10156 0 EQUIPMENT FOR BUSINESS AWE GLOBAL MEETING 135 BOUNDS STREET JACKSON MS 39206 831295631 10000 0 CREDIT ENHANCEMENT GRANT BATES COMMUNICATIONS 6093 WOODLEA RD JACKSON MS 39206 900169052 25000 0 CREDIT ENHANCEMENT GRANT C&L RENTALS 820 FOLEY ST JACKSON MS 39202 825507483 10000 0 CREDIT ENHANCEMENT GRANT CALVIN SHERIFF TRUCKING 5335 WILLIAMS DR JACKSON MS 39209 921441639 25000 0 CREDIT ENHANCEMENT GRANT CANDY COATED LLC 125 W NORTHSIDE DR JACKSON MS 39206 921812012 10000 0 CREDIT ENHANCEMENT GRANT CANSECO PROPERTIES FILMORE LLC 3135 ESPLANADE 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10000 0 CREDIT ENHANCEMENT GRANT GLAMOUR BAR HAIR CARE 1500 UNIVERSITY BLVD JACKSON MS 39204 510543915 10000 0 CREDIT ENHANCEMENT GRANT GLOBAL HUSTLE 9315 BREAKSONTE CV COLLIERVILLE TN 38017 850926597 9892 0 WORKING CAPITAL FOR MARKETING GODDESS OF GREAT LENGTHS 1025 W NORTHSIDE DR JACKSON MS 39047 463989460 50000 0 CREDIT ENHANCEMENT GRANT GRINDLE TRANSPORTATION 302 BOWLING ST HATTISBURG MS 39401 834078528 9036 0 BUSINESS OPERATIONAL EXPENSES HARMONY HOUSE CALLS 7 LAKELAND CIR W JACKSON MS 39216 823344062 25000 0 CREDIT ENHANCEMENT GRANT INSPIRATIONAL TEES LLC 175 SHADEVILLE RD WIGGIS MS 39577 852779921 37408 0 BUSINESS OPERATIONAL EXPENSES J Q TOWING LLC 5820 WILLOW ST NEW ORLEANS LA 70115 852175308 9159 0 BUSINESS OPERATIONAL EXPENSES JADE ENTERPRISE 1914 CHRISTINE DR BYRAM MS 39272 822699923 25000 0 CREDIT ENHANCEMENT GRANT JAWS CLEANING SERVICE 300 WEST SOUTH ST JACKSON MS 39829 272100647 10000 0 CREDIT ENHANCEMENT GRANT JAZZY BRAIDS 1735 TOPP AVE JACKSON MS 39204 274308237 10000 0 CREDIT ENHANCEMENT GRANT JJ&L INDUSTRIES 1200 JOHN BARROW RD LITTLE ROCK AR 72205 844115009 8468 0 BUSINESS OPERATIONAL EXPENSES KIPS TREE SERVICE 404 MEADOWBROOK JACKSON MS 39206 208916411 50000 0 CREDIT ENHANCEMENT GRANT KITCHEN CABINETS FACTORY DIRECT 250 OUTER CIR JACKSON MS 39209 810744367 50000 0 CREDIT ENHANCEMENT GRANT KREATIVE DESIGNZ &EVENT PLANNING 2313 LAKE GLEN DR JACKSON MS 39213 841919966 10000 0 CREDIT ENHANCEMENT GRANT KUTTIN UP BEAUTY & BARBER 2100 MIDDLE RD EDWARDS MS 39066 550890501 10000 0 CREDIT ENHANCEMENT GRANT LEAPS AND BOUNDS DEV 4830 SOUTH DR JACKSON MS 39209 464459689 50000 0 CREDIT ENHANCEMENT GRANT LIFEWELL 3580 MCGEEHEE PLACE MONTGOMERY AL 36111 863216688 8569 0 BUSINESS OPERATIONAL EXPENSES LOUISVILLE PALLETE 1935 STILLCREEK DR JACKSON MS 39204 833607041 10000 0 CREDIT ENHANCEMENT GRANT METROPOLITAN BAR & GRILLE 6340 RIDGEWOOD CT DR JACKSON MS 39211 461906157 50000 0 CREDIT ENHANCEMENT GRANT MONROE'S DONUTS & BAKERY 6310 MEDGAR EVERS BLVD JACKSON MS 39213 640869410 25000 0 CREDIT ENHANCEMENT GRANT MOOREHEAD & DREW PO BOX 384 GREENWOOD MS 28935 812456398 21400 0 MOOREHEAD & DREW STRATEGIC PLAN PROGRAM UPDATE NEICEY NAILS GLAM BAR 321 GATOR DR BYRAM MS 39272 850605674 10000 0 CREDIT ENHANCEMENT GRANT NETWORKING WORKS 1325 ALAMO ST JACKSON MS 39213 463999105 10000 0 CREDIT ENHANCEMENT GRANT NEW FINISH KUSTOMS 4706 NORWAY DR JACKSON MS 39206 813552047 10000 0 CREDIT ENHANCEMENT GRANT NEW WAY MISSISSIPPI 6510 COLE RD RIDGELAND MS 39157 731631055 501(C)(3) 50000 0 CREDIT ENHANCEMENT GRANT OPTICLEAN SERVICE 7281 HARRELL DR ZACHARY LA 70791 862045794 10275 0 PERSONAL INVESTMENTS PAINT WORKS 300 BATTERY DR CLINTON MS 39056 472169021 25000 0 CREDIT ENHANCEMENT GRANT PDT LOGISTICS 6 EASTPARKE COVE JACKSON MS 39211 824625796 50000 0 CREDIT ENHANCEMENT GRANT POLK ENTERPRISE TRUCKING 124 LEVON OWENS RD RAYMOND MS 39154 833897918 10000 0 CREDIT ENHANCEMENT GRANT POSH EARLY ACHIEVER 5963 I-55 NN JACKSON MS 39213 834047843 25000 0 CREDIT ENHANCEMENT GRANT PRETTY SLAYER BEAUTY BOUTIQUE 115 N STATE ST JACKSON MS 39201 812672194 25000 0 CREDIT ENHANCEMENT GRANT PRISCILLA IMAGES 5731 OLD CANTON RD JACKSON MS 39211 364746609 10000 0 CREDIT ENHANCEMENT GRANT REAL ROOTS TRUCK 73 SPRIGRIDGE CIR JACKSON MS 39211 161722741 8389 0 BUSINESS OPERATIONAL EXPENSES REDDIX MEDICAL GROUP 6501 DOGWOOD VIEW PKWY JACKSON MS 39213 640825603 50000 0 CREDIT ENHANCEMENT GRANT RENAISSANCE ADJUSTING AND CLAIMS 1850 AIRPORT BLVD MOBILE AL 36606 921174682 9313 0 BUSINESS OPERATIONAL EXPENSES RHODES FINANCIAL GRP 914 RUTHERFORD DR JACKSON MS 39206 825161376 25000 0 CREDIT ENHANCEMENT GRANT ROBINSON TRUCKING84 LLC 166 DALTON CV BYRAM MS 39272 862701846 25000 0 CREDIT ENHANCEMENT GRANT SHERIFF'S TRUCKING 33 PIKE ST BYRAM MS 39272 271733606 25000 0 CREDIT ENHANCEMENT GRANT SIMS LAWN &MOBILE DETAIL 3514 WHEATLEY ST JACKSON MS 39212 562615272 25000 0 CREDIT ENHANCEMENT GRANT SONYA BEE'S BOUTIQUE 105 GREER CT BYRAM MS 39272 832356290 50000 0 CREDIT ENHANCEMENT GRANT STEAM KING ASSOCIATES 3631 I-55 S FRONTAGE JACKSON MS 39212 263177605 25000 0 CREDIT ENHANCEMENT GRANT SWIFTY TAX SERVICE 2384 HWY 80 W STE B JACKSON MS 39204 251921009 10000 0 CREDIT ENHANCEMENT GRANT TD TAX 202 GREENCREST DR LITTLE ROCK AR 72204 873317918 8970 0 BUSINESS OPERATIONAL EXPENSES THE NAIL LINK 499 S PEAR ORCHARD RD RIDGELAND MS 39157 208184042 10000 0 CREDIT ENHANCEMENT GRANT THORNTON BROADCAST 1501 S MAIN LITTLE ROCK AR 72202 452849433 9832 0 BUSINESS OPERATIONAL EXPENSES TRACY BARBER AND BEAUTY SALON 5425 EXECUTIVE PLACE SUITE A JACKSON MS 39206 461453870 10000 0 CREDIT ENHANCEMENT GRANT TYNER CONCRETE FINISHERS 1517 WEEKS ST JACKSON MS 39213 142001947 10000 0 CREDIT ENHANCEMENT GRANT VANITY BEAUTY 11 NORTHTOWN RD STE 110 JACKSON MS 39211 842001203 25000 0 CREDIT ENHANCEMENT GRANT WARE DENTAL 5800 RIDGEWOOD RD STE 104 JACKSON MS 39211 471087628 50000 0 CREDIT ENHANCEMENT GRANT WHITES PERFECT KUTZ AND STYLE 3645 METRO DR JACKSON MS 39209 921672117 10000 0 CREDIT ENHANCEMENT GRANT WORKING TOGETHER MISSISSIPPI 4915 I-55 JACKSON MS 39206 900780418 501(C)(3) 200000 0 HEALTHCARE INFRASTRUCTURE ORGANIZING YASHUA TRANSPORTATION 1944 LINDA LN JACKSON MS 39213 850662470 10000 0 CREDIT ENHANCEMENT GRANT YOLANDA IN HOME 13416 NEWBERRY DR GULFPORT MS 39503 863394840 8072 0 BUSINESS OPERATIONAL EXPENSES YOUNG BLACK BOSSES 1965 WEST MURIEL BATON ROUGE LA 70816 814151070 7603 0 BUSINESS OPERATIONAL EXPENSES 2 82 PAYROLL & BUSINESS EXPENSES 1 9849 PART I, LINE 2: THE INVESTOR RELATIONS TEAM MONITORS GRANTS VIA REPORTING MODULES IN SALESFORCE ALONG WITH QUARTERLY RECONCILIATIONS WITH THE GENERAL LEDGER SYSTEM MANAGED BY THE FISCAL TEAM. IN THE RECONCILIATION PROCESS, ALL ACTIVE GRANTS ARE REVIEWED ALONG WITH DISCUSSIONS ABOUT KEY TOPICS SUCH AS REVENUE RECOGNITION, GRANT EXPENDITURES, RESTRICTION RELEASES, AND DOCUMENTATION. X X X 0 1 0 0 0 0 0 1 0 WILLIAM BYNUM PRESIDENT/CEO 186013 1030 86861 182 309952 9 46229 18 11902 25 640957 1264 305805 0 EDWARD D SIVAK JR EVP/CHIEF POLICY & COMM. OFFICER 142594 0 21788 0 440 0 6092 0 19594 0 190508 0 0 0 PART I, LINE 4B HOPE ENTERPRISE CORPORATION (HOPE) WILL SET ASIDE AN AMOUNT EQUAL TO $20,000, AND AN ADDITIONAL $20,000 ON JANUARY 1 OF EACH SUBSEQUENT YEAR FOR A TOTAL OF $100,000 UNDER A 457(F) PLAN FOR THE CEO. PART I, LINE 7 THE CEO SHALL BE ELIGIBLE TO RECEIVE ANNUAL INCENTIVE COMPENSATION PAYMENT OF UP TO 30% OF HIS BASE SALARY PER ANNUM IN RELATIONSHIP TO THE ACHIEVEMENT OF FINANCIAL GOALS AND OBJECTIVES AS ESTABLISHED BY HOPE AT THE BEGINNING OF EACH FISCAL YEAR. THE BOARD, HOPE'S EXECUTIVE COMMITTEE, AND THE CEO SHALL ESTABLISH HOPE'S FINANCIAL GOALS AND OBJECTIVES. THE BOARD AND HOPE'S EXECUTIVE COMMITTEE (WITHOUT THE CEO) SHALL ESTABLISH THE AMOUNT OF INCENTIVE COMPENSATION PAYABLE TO THE CEO BASED ON THE EXTENT TO WHICH THE GOALS AND OBJECTIVES ARE ACHIEVED. IF HOPE AND THE CEO ARE UNABLE TO AGREE ON HOPE'S FINANCIAL GOALS AND OBJECTIVES FOR THE FISCAL YEAR, THE CEO WILL RECEIVE AN INCENTIVE COMPENSATION PAYMENT EQUAL TO TEN PERCENT (10%) OF HIS BASE SALARY FOR THAT FISCAL YEAR, PAYABLE AT THE END OF THAT FISCAL YEAR. FOR OTHER EMPLOYEES, HOPE MAY PROVIDE THE OPPORTUNITY TO EARN BONUSES BASED ON THEIR INDIVIDUAL PERFORMANCE AND ON THE CORPORATION'S OVERALL FINANCIAL PERFORMANCE. THE BONUSES ARE INTENDED TO DIRECT INDIVIDUAL AND CORPORATE PERFORMANCE AND REWARD EMPLOYEES FOR BEHAVIOR THAT CONTRIBUTES TO THE SUCCESS OF HOPE. PAYMENT MAY BE MADE QUARTERLY AND/OR ANNUALLY AND MAY BE BASED ON A COMBINATION OF INDIVIDUAL, TEAM, AND CORPORATE PERFORMANCE. THE STRUCTURE OF THE BONUSES WILL BE REVIEWED EACH YEAR BY SENIOR MANAGEMENT AND IS SUBJECT TO CHANGE. PART II, LINE 1F WILLIAM BYNUM RECEIVED A 457(F) DEFERRED COMPENSATION DISTRIBUTION OF $305,805 IN JANUARY 2023 THAT WAS PREVIOUSLY REPORTED IN SCHEDULE J, PART II, COLUMN C. FORM 990, PART V, LINE 1A: THE NUMBER OF EMPLOYEES LISTED AS BEING ON FORM W-3 IS THE TOTAL EMPLOYEE COUNT FOR THE FILING ORGANIZATION. WHILE HOPE ENTERPRISE CORPORATION IS THE COMMON PAYMASTER FOR RELATED AND UNRELATED ENTITIES, THE NUMBER OF EMPLOYEES FOR PART V, LINE 1A ONLY INCLUDES THE EMPLOYEE COUNT FOR THE FILING ORGANIZATION. FORM 990, PART VI, SECTION A, LINE 1A EXECUTIVE AND GOVERNANCE COMMITTEE MAY EXERCISE THE AUTHORITY OF THE BOARD OF DIRECTORS TO THE EXTENT SPECIFIED BY THE BOARD OF DIRECTORS. A COMMITTEE MAY NOT, HOWEVER, AUTHORIZE DISTRIBUTIONS; APPROVE OR RECOMMEND DISSOLUTION, MERGER OR THE SALE, PLEDGE OR TRANSFER OF ALL OR SUBSTANTIALLY ALL OF THE CORPORATION'S ASSETS; ELECT, APPOINT OR REMOVE DIRECTORS OR FILL VACANCIES ON THE BOARD OF DIRECTORS OR ON ANY OF ITS COMMITTEES; OR ADOPT, AMEND, OR REPEAL THE ARTICLES OF INCORPORATION OR BYLAWS. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 IS INITIALLY REVIEWED BY THE SVP FISCAL AND CFO. AFTER THEIR REVIEW, THE FORM 990 IS SHARED WITH THE GOVERNING BODY PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C EACH DIRECTOR, OFFICER, AND EMPLOYEE SHALL SIGN ANNUALLY A STATEMENT WHICH AFFIRMS THAT SUCH PERSON HAS RECEIVED A COPY OF THIS CONFLICTS OF INTEREST POLICY, HAS READ AND UNDERSTANDS THE POLICY AND HAS AGREED TO COMPLY WITH THIS POLICY. THE BOARD YEARLY MONITORS THE POLICY FOR ANY UPDATES THAT NEED TO BE MADE. IT IS REVIEWED BY HUMAN ASSETS, LEGAL AND COMPLIANCE WHEN CONFLICTS OF INTEREST (PERCEIVED OR POTENTIAL) ARE DISCLOSED BY THE INDIVIDUAL. THE COMPLIANCE DEPARTMENT AND HUMAN ASSESTS ARE RESPONSIBLE FOR ENFORCING COMPLIANCE WITH THE CONFLICT OF INTEREST POLICY. UPON THE FIRST KNOWLEDGE BY AN INTERESTED PERSON THAT THE ORGANIZATION IS CONSIDERING OR HAS CONSIDERED A TRANSACTION OR ARRANGEMENT WITH A TRANSACTION ENTITY OR INDIVIDUAL WITH WHICH THE INTERESTED PERSON HAS AN INTEREST, THE INTERESTED PERSON MUST DISCLOSE THE EXISTENCE AND NATURE OF HIS OR HER INTEREST TO THE PRESIDENT OR CHAIRMAN OF THE BOARD OF DIRECTORS. AFTER DISCLOSURE OF THE INTEREST, THE INTERESTED PERSON MAY NOT PARTICIPATE IN CONSIDERATION OF THE PROPOSED TRANSACTION OR ARRANGEMENT AND SHALL NOT BE PRESENT FOR THE CONSIDERATION OF OR VOTE ON SUCH TRANSACTION UNLESS THE PRESIDENT REQUESTS INFORMATION OR INTERPRETATION FROM THE INTERESTED PERSON. THE PRESIDENT SHALL THEN DETERMINE OR REFER TO THE CHAIRMAN OF THE BOARD AND/OR THE BOARD FOR DETERMINATION OF WHETHER THE TRANSACTION OR ARRANGEMENT IS IN HEC'S BEST INTERESTS AND IS FAIR AND REASONABLE TO HEC AND SHALL MAKE A DECISION WHETHER TO ENTER INTO THE TRANSACTION OR ARRANGEMENT IN ACCORDANCE WITH SUCH DETERMINATION. WHEN THE PRESIDENT, CHAIRMAN OF THE BOARD OR THE BOARD MAKE A DETERMINATION AND DECISION ON THE INTEREST OF AN INTERESTED PERSON, THE MINUTES SHALL CONTAIN THE NAMES OF THE INTERESTED PERSON(S) WHO DISCLOSED OR OTHERWISE WERE FOUND TO HAVE AN INTEREST, THE NATURE OF THE INTEREST, A RECORD OF ANY DETERMINATION AS TO WHETHER A TRANSACTION OR ARRANGEMENT WAS IN THE BEST INTERESTS OF AND FAIR AND REASONABLE TO HEC AND THE NAMES OF THE PERSONS WHO WERE PRESENT FOR THE DISCUSSIONS ON THE TRANSACTION OR ARRANGEMENT AND A RECORD OF ANY VOTES TAKEN IN CONNECTION THEREWITH. IF THE PRESIDENT, CHAIRMAN OF THE BOARD OR THE BOARD HAS REASONABLE CAUSE TO BELIEVE AN INTERESTED PERSON HAS FAILED TO DISCLOSE AN ACTUAL OR POSSIBLE INTEREST, HE, SHE OR THEY SHALL INFORM THE INTERESTED PERSON OF THE BASIS FOR SUCH BELIEF AND AFFORD THE INTERESTED PERSON AN OPPORTUNITY TO EXPLAIN THE ALLEGED FAILURE TO DISCLOSE. IF AFTER HEARING THE RESPONSE OF THE INTERESTED PERSON AND MAKING SUCH INVESTIGATION AS MAY BE WARRANTED IN THE CIRCUMSTANCES, THE PRESIDENT, THE CHAIRMAN OF THE BOARD OR THE BOARD SHALL TAKE APPROPRIATE DISCIPLINARY AND CORRECTIVE ACTION. FORM 990, PART VI, SECTION B, LINE 15 STRATEGIC PERFORMANCE GROUP WAS RETAINED TO COMPLETE A COMPENSATION REVIEW FOR HOPE ENTERPRISE CORPORATION/HOPE CREDIT UNION/HOPE POLICY INSTITUTE (HOPE). THE OBJECTIVE OF THE ENGAGEMENT WAS TO ESTABLISH A COMPETITIVE, EQUITABLE COMPENSATION AND BENEFITS STRUCTURE THAT ALLOWS HOPE TO ATTRACT AND RETAIN THE TALENT NECESSARY TO ADVANCE ITS MISSION. THE GOALS OF THE PROJECT WERE AS FOLLOWS: - ASSIST HOPE IN UPDATING ITS COMPENSATION PHILOSOPHY BASED ON THE UNIQUE MISSION, BUSINESS DRIVERS, AND BUSINESS MODEL OF THE ORGANIZATION. - ACHIEVE EXTERNAL EQUITY, ENSURING THAT HOPE STAFF ARE PAID FAIRLY AND COMPETITIVELY IN RELATION TO THE EXTERNAL MARKETPLACE. - ACHIEVE INTERNAL EQUITY, ENSURING THAT HOPE EMPLOYEES ARE PAID FAIRLY IN RELATION TO ONE ANOTHER. - DEVELOP A CONSISTENT METHODOLOGY FOR CLASSIFYING JOB LEVELS BASED ON ENTERPRISE-WIDE CRITERIA, JOB SCOPE, COMPLEXITY, AND KNOWLEDGE, SKILLS AND ABILITIES REQUIRED TO PERFORM THE WORK, WHICH PROMOTES TRUST AND CONFIDENCE IN THE ORGANIZATION'S COMPENSATION AND PROMOTIONS PROCESSES. - ESTABLISH SALARY BANDS FOR EACH JOB FAMILY WITH AN ENTRY, MID-LEVEL AND SENIOR LEVEL INTO WHICH ALL POSITIONS CAN BE GROUPED. - PROVIDE GUIDELINES TO HELP HOPE TO MAKE COMPENSATION DECISIONS BASED ON THE COMPENSATION PHILOSOPHY THAT ARE EQUITABLE, OBJECTIVE, AND TRANSPARENT. - RECOMMEND PAY MANAGEMENT PRACTICES GOVERNING SALARY INCREASES, MARKET ADJUSTMENTS, PROMOTIONS, VARIABLE COMPENSATION AND OTHER COMPENSATION ADMINISTRATION ISSUES. - ADVISE HOPE ON STRATEGIES TO RESPOND TO COMPENSATION CHALLENGES PRESENTED BY HIGH INFLATION, VOLATILITY IN THE LABOR MARKET, AND COMPRESSION BETWEEN SALARY RANGES DUE TO LABOR MARKET FORCES. - DEVELOP A COMMUNICATIONS STRATEGY TO INFORM AND EDUCATE STAFF REGARDING THE COMPENSATION PROGRAM, TAKING INTO ACCOUNT HOPE'S UNIQUE CULTURE AND COMPENSATION PHILOSOPHY. SOURCES OF DATA: DATA FROM PUBLISHED SURVEYS SERVED AS THE PRIMARY SOURCE OF INFORMATION IN BENCHMARKING HOPE POSITIONS. MARKET SALARIES WERE DETERMINED BY REVIEWING COMPENSATION DATA FROM THE EXTERNAL MARKET FOR ALL JOB LEVELS WITHIN EACH JOB FAMILY. DATA WAS EXTRACTED FROM THE FOLLOWING SOURCES: - U.S. MERCER BENCHMARK DATABASE: PARTICIPANTS CONSIST PRIMARILY OF CORPORATE (FOR PROFIT) ENTITIES LOCATED IN THE U.S. - HUMAN RESOURCES ASSOCIATION - NATIONAL CAPITAL AREA SALARY SURVEY: PARTICIPANTS CONSIST OF ORGANIZATIONS ACROSS ALL INDUSTRIES IN THE WASHINGTON, DC AREA INCLUDING NONPROFITS (DATA WAS ADJUSTED TO THE VARIOUS LABOR MARKETS WHERE HOPE EMPLOYEES WORK). - COMPANALYST ONLINE DATABASE: PARTICIPANTS CONSIST OF BOTH NONPROFIT AND FOR-PROFIT ORGANIZATIONS LOCATED IN THE U.S. - ECONOMIC RESEARCH INSTITUTE SALARY ASSESSOR: PARTICIPANTS CONSIST OF BOTH NONPROFIT AND FOR-PROFIT ORGANIZATIONS LOCATED IN THE U.S. - CREDIT UNION NATIONAL ASSOCIATION (CUNA) STAFF SALARY REPORT: PARTICIPANTS CONSIST OF CREDIT UNIONS IN THE U.S. WITH UNDER $50M IN ASSETS. - LOUISIANA CREDIT UNION LEAGUE & MISSISSIPPI CREDIT UNION ASSOCIATION COMPENSATION SURVEY: PARTICIPANTS CONSIST OF CREDIT UNIONS LOCATED IN LOUISIANA AND MISSISSIPPI. - AMERICAN BANKERS ASSOCIATION COMPENSATION AND BENEFITS SURVEY: PARTICIPANTS CONSIST OF BANKS LOCATED IN THE U.S., GROUPED BY ASSET SIZE - PRM MANAGEMENT COMPENSATION REPORT OF NOT-FOR-PROFIT ORGANIZATIONS: PARTICIPANTS CONSIST OF NON-PROFITS IN THE U.S. - IRS FORM 990 DATA FROM A SET OF HOPE COMPARATORS (FEDERALLY INSURANCE CREDIT UNIONS DESIGNATED AS SERVICING LOW-INCOME POPULATIONS EXECUTIVE POSITIONS ONLY). ALL COMPENSATION DECISIONS ARE DETERMINED BY THE HIRING MANAGER AND HUMAN ASSETS. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION CAN BE CONTACTED DIRECTLY IN ORDER TO REQUEST GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS. FORM 990, PART VII, SECTION A: THE FILING ORGANIZATION IS A COMMON PAYMASTER FOR RELATED AND UNRELATED ENTITIES (AS DEFINED IN FORM 990, SCHEDULE R). THE COMPENSATION FOR THE OFFICERS OF THE FILING ORGANIZATION IS REIMBURSED BY THE UNRELATED ORGANIZATION BUT IS NOT REIMBURSED BY THE RELATED ORGANIZATION. PART VII IS PRESENTED TO SHOW THE ALLOCATION BETWEEN THE TWO RELATED ENTITIES BASED ON TIME CARDS. THE UNRELATED PORTION IS NOT SHOWN. TOTAL W-2 COMPENSATION PAID TO THE OFFICERS IS AS FOLLOWS: WILLIAM BYNUM $892,484 ALAN BRANSON $252,043 PEARL WICKS $213,275 EDWARD D SIVAK JR $191,850 KIMBERLA LITTLE $176,711 CASSANDRA WILLIAMS $181,862 JONATHAN MULKIN $13,822 FORM 990, PART IX, LINE 11G CONTRACT SERVICES CONSULTANTS: PROGRAM SERVICE EXPENSES 3,909,300. MANAGEMENT AND GENERAL EXPENSES 620,854. FUNDRAISING EXPENSES 40,704. TOTAL EXPENSES 4,570,858. FORM 990, PART XI, LINE 9: LOAN ALLOWANCE PROVISION -23,063. HOME AGAIN INC 4 OLD RIVER PLACE SUITE A JACKSON MS 39202 204526894 AFFORDABLE HOUSING DEVELOPMENT MS 501(C)(3) 10 HOPE ENTERPRISE CORPORATION 1 ECD INVESTMENTS LLC 4 OLD RIVER PLACE SUITE A JACKSON MS 39202 721376692 COMMUNITY/BUS. DEVELOPMENT MS HOPE ENTERPRISE CORPORATION RELATED -38 0 1 1.00000 ECD ASSIOCIATES LLC 4 OLD RIVER PLACE SUITE A JACKSON MS 39202 300224328 COMMUNITY/BUS. DEVELOPMENT MS HOPE ENTERPRISE CORPORATION RELATED 5194 629868 0 1 0.28570 ECD NEW MARKETS LLC 4 OLD RIVER PLACE SUITE A JACKSON MS 39202 550787936 COMMUNITY/BUS. DEVELOPMENT MS HOPE ENTERPRISE CORPORATION RELATED 10391 1257756 0 1 0.39940 HOPE NEW MARKETS 5 LLC 4 OLD RIVER PLACE SUITE A JACKSON MS 39202 364852627 COMMUNITY/BUS. DEVELOPMENT MS HOPE ENTERPRISE CORPORATION RELATED -4 574 0 1 0.00010 HOPE NEW MARKETS 7 LLC 4 OLD RIVER PLACE SUITE A JACKSON MS 39202 364852910 COMMUNITY/BUS. DEVELOPMENT MS HOPE ENTERPRISE CORPORATION RELATED 4 776 0 1 0.00010 HOPE NEW MARKETS 8 LLC 4 OLD RIVER PLACE SUITE A JACKSON MS 39202 352578311 COMMUNITY/BUS. DEVELOPMENT MS HOPE ENTERPRISE CORPORATION RELATED 18 69 0 1 0.00010 HOPE NEW MARKETS 9 LLC 4 OLD RIVER PLACE SUITE A JACKSON MS 39202 364853101 COMMUNITY/BUS. DEVELOPMENT MS HOPE ENTERPRISE CORPORATION RELATED 27 874 0 1 0.00010 HOPE NEW MARKETS 10 LLC 4 OLD RIVER PLACE SUITE A JACKSON MS 39202 611809803 COMMUNITY/BUS. DEVELOPMENT MS HOPE ENTERPRISE CORPORATION RELATED 18 790 0 1 0.00010 HOPE NEW MARKETS 12 LLC 4 OLD RIVER PLACE SUITE A JACKSON MS 39202 611810268 COMMUNITY/BUS. DEVELOPMENT MS HOPE ENTERPRISE CORPORATION RELATED 4 982 0 1 0.00010 HOPE NEW MARKETS 13 LLC 4 OLD RIVER PLACE SUITE A JACKSON MS 39202 352579556 COMMUNITY/BUS. DEVELOPMENT MS HOPE ENTERPRISE CORPORATION RELATED 6 783 0 1 0.00010 HOPE NEW MARKETS 14 LLC 4 OLD RIVER PLACE SUITE A JACKSON MS 39202 352579181 COMMUNITY/BUS. DEVELOPMENT MS HOPE ENTERPRISE CORPORATION RELATED 3 688 0 1 0.00010 HOPE NEW MARKETS 15 LLC 4 OLD RIVER PLACE SUITE A JACKSON MS 39202 831979734 COMMUNITY/BUS. DEVELOPMENT MS HOPE ENTERPRISE CORPORATION RELATED 4 1377 0 1 0.00010 HOPE NEW MARKETS 16 LLC 4 OLD RIVER PLACE SUITE A JACKSON MS 39202 842018487 COMMUNITY/BUS. DEVELOPMENT MS HOPE ENTERPRISE CORPORATION RELATED 2 690 0 1 0.00010 HOPE NEW MARKETS 17 LLC 4 OLD RIVER PLACE SUITE A JACKSON MS 39202 842032672 COMMUNITY/BUS. DEVELOPMENT MS HOPE ENTERPRISE CORPORATION RELATED 5 983 0 1 0.00010 HOPE NEW MARKETS 18 LLC 4 OLD RIVER PLACE SUITE A JACKSON MS 39202 842049645 COMMUNITY/BUS. DEVELOPMENT MS HOPE ENTERPRISE CORPORATION RELATED 1 695 0 1 0.00010 HOPE NEW MARKETS 19 LLC 4 OLD RIVER PLACE SUITE A JACKSON MS 39202 842063274 COMMUNITY/BUS. DEVELOPMENT MS HOPE ENTERPRISE CORPORATION RELATED 4 1389 0 1 0.00010 HOPE NEW MARKETS 20 LLC 4 OLD RIVER PLACE SUITE A JACKSON MS 39202 842080890 COMMUNITY/BUS. DEVELOPMENT MS HOPE ENTERPRISE CORPORATION RELATED 3 793 0 1 0.00010 HOPE NEW MARKETS 21 LLC 4 OLD RIVER PLACE SUITE A JACKSON MS 39202 872878161 COMMUNITY/BUS. DEVELOPMENT MS HOPE ENTERPRISE CORPORATION RELATED 4 597 0 1 0.00010 HOPE NEW MARKETS 23 LLC 4 OLD RIVER PLACE SUITE A JACKSON MS 39202 872883088 COMMUNITY/BUS. DEVELOPMENT MS HOPE ENTERPRISE CORPORATION RELATED 747 0 1 0.00010 HOPE NEW MARKETS 24 LLC 4 OLD RIVER PLACE SUITE A JACKSON MS 39202 872883284 COMMUNITY/BUS. DEVELOPMENT MS HOPE ENTERPRISE CORPORATION RELATED 4 1439 0 1 0.00010 HOPE NEW MARKETS 25 LLC 4 OLD RIVER PLACE SUITE A JACKSON MS 39202 872883370 COMMUNITY/BUS. DEVELOPMENT MS HOPE ENTERPRISE CORPORATION RELATED 699 0 1 0.00010 HOPE NEW MARKETS 6 LLC 4 OLD RIVER PLACE SUITE A JACKSON MS 39202 371842771 COMMUNITY/BUS. DEVELOPMENT MS VHS INVEST C 12 1089 0.00010 0 HOPE NEW MARKETS 11 LLC 4 OLD RIVER PLACE SUITE A JACKSON MS 39202 320512233 COMMUNITY/BUS. DEVELOPMENT MS N/A C 10 889 0.00010 0 0 1 1 1 0 0 0 0 0 0 0 1 0 1 1 0 1 0 0 HOPE NEW MARKETS 19 LLC L 66000 COST HOPE NEW MARKETS 21 LLC L 205000 COST HOPE NEW MARKETS 23 LLC L 253125 COST HOPE NEW MARKETS 24 LLC L 478421 COST HOPE NEW MARKETS 25 LLC L 223578 COST HOME AGAIN INC Q 174161 COST HOPE NEW MARKETS 6 LLC Q 71284 COST