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Yvonne M. Thompson, PhD is a dynamic, highly motivated woman who became associated with our firm in the fall of 2007. She is a woman with a mission. When Yvonne moved back to Hampton Roads, it wasn’t long until she saw a need, researched the possibilities, and started a not-for-profit charitable organization to provide some solutions.
There are charities that help people in crisis and in the transitional stage of life. But resources are limited for those who are "ready" to mainstream into society. For our neighbors in low- to moderate-income households who are at or below 80% of the area’s median income, it’s tough to achieve the American dream of owning a home in a decent community. The mortgage approval process is difficult when someone has experienced one of life’s “hiccups” and their credit or job history have been damaged, or if they’ve not yet developed a credit history. Those for whom English is not their first language face even more challenges. These people need help to become financially established.
Yvonne founded House of Hope Foundation, Inc. in 2004, a 501(C)(3) organization to act as a catalyst in assisting individuals and families with housing and community development issues. Start-up funding came from a local businessman who liked her business plan. Then she recruited a strong Board of Directors. She secured listings for the agency on the IRS (search LITC VA) and Virginia Housing & Development Authority websites. The Addison Group designed a website explaining the Foundation’s mission and services in both English and Spanish (www.houseofhopefoundation.org). The Foundation is listed with United Way (independent organization), Giveline (up to 16% of purchases at the online store are donated to a designated charity – see "Donate Now" on the agency’s website), and www.guidestar.org (its free Basic service allows users to verify a nonprofit’s legitimacy and whether a contribution is tax deductible). Yvonne also raised agency funding by applying for various government, public, and private grants.
Meanwhile, Yvonne built contacts with local developers and community agencies, to arrange housing once the agency’s clients qualified for financing. Yvonne believes that the key to revitalization and housing rehabilitation is education. "People go to school but never learn about saving, generating a spending plan, how to handle credit cards and establish a paper trail [using a checking account] for credit and tax purposes," she explains. "We utilize counseling, classroom sessions, seminars, video/web-based training sessions, workshops, and one-on-one contact with clients…The results are ‘winning solutions’ for the community, individuals, and families."
Yvonne has a strong referral base of other organizations to assist if the Foundation can’t. For instance, people with bad credit are directed to a bank featuring "Second Chance Checking", with minimal fees and usage of a debit card. The agency has a mutual support relationship with other not-for-profit organizations, such as Barrett Transitional Home (BTH) (www.nowomanalone.com). Yvonne is also planning a program to teach teens how to incorporate and run their own business, to learn how expenses affect revenues. "Every action has a consequence," says this woman who earned her PhD in finance. "If you understand that every monetary transaction and decision you make during the year affects you, we can ‘bridge the gap of understanding’ between financial decisions and how they affect taxes."
House of Hope Foundation, Inc. is always looking for volunteers. Corporate sponsorship and support is welcomed (gifts-in-kind, financial support and/or employee volunteers). If you’re interested in serving the community by volunteering, or believe you know someone who would benefit from the agency, please call 757-558-4673 (HOPE) or 1-866-654-4673 (HOPE).
View other team members
Lorri Barrett
James A. Hartle, MA, CPA
Stephanie Holland
Jacquelyn B. Horeth, B.Sc.
Belinda M. Loerzel, BA
Debra W. Page, MBA, CPA
Nicholas L. Potocska, CPA
Pam Potocska
Yvonne M. Thompson, PhD
Gary Whitelam, Jr.
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