Civic Intelligence

Promise Academy Inc

EIN 20-1608155 • 501(c)3 • Memphis, TN

Profile

Our central and only work is to teach and inspire the mind, body and spirit of our children so that they can succeed in any academic or cultural setting. Promise academy is committed to preparing children to excel in the nation's most rigorous schools.

1346 Bryan StreetMemphis, TN 38108

promiseacademy.com

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

62nd percentile

0.23x

Higher debt load relative to assets than 62% of similar nonprofits.

501(c)3 • $5M-$10M nonprofits • Source year 2025

Liabilities / Revenue

52nd percentile

0.17x

Higher debt load relative to revenue than 52% of similar nonprofits.

501(c)3 • $5M-$10M nonprofits • Source year 2025

Net Margin

27th percentile

-4.4%

Higher net margin than 27% of similar nonprofits.

501(c)3 • $5M-$10M nonprofits • Source year 2025

Top Officer Pay

78th percentile

$175,885

Higher top officer pay than 78% of similar nonprofits.

Top officer pay equals 3.4% of source-year revenue.

501(c)3 • $5M-$10M nonprofits • Source year 2025

Asset Growth

6th percentile

-20%

Faster asset growth than 6% of similar nonprofits.

501(c)3 • $5M-$10M nonprofits • Annualized from 2022 to 2025

Revenue Growth

24th percentile

-7.1%

Faster revenue growth than 24% of similar nonprofits.

501(c)3 • $5M-$10M nonprofits • Annualized from 2022 to 2025

Balance Sheet
Liabilities / Assets62nd percentile

Assets

Down

$3,749,890

Down $444,483 (-11%) from 2024

Liabilities

Down

$876,637

Down $217,322 (-20%) from 2024

Net Assets

Down

$2,873,253

Down $227,161 (-7.3%) from 2024

Operations
Liabilities / Revenue52nd percentileNet Margin27th percentile

Revenue

Down

$5,159,361

Down $131,155 (-2.5%) from 2024

Expenses

Down

$5,386,522

Down $182,106 (-3.3%) from 2024

Net Income

Up

-$227,161

Up $50,951 (+18%) from 2024

Trend Graphs

Balance Sheet Trend

Asset Growth6th percentile

Grouped bars show assets, liabilities, and net assets across loaded filings.

$8.0M$6.0M$4.0M$2.0M$0Assets 2010: $518,262Liabilities 2010: $309,191Net Assets 2010: $209,0712010Assets 2011: $656,720Liabilities 2011: $400,386Net Assets 2011: $256,3342011Assets 2012: $689,227Liabilities 2012: $259,593Net Assets 2012: $429,6342012Assets 2013: $934,351Liabilities 2013: $177,543Net Assets 2013: $756,8082013Assets 2014: $1,042,756Liabilities 2014: $326,344Net Assets 2014: $716,4122014Assets 2015: $1,468,095Liabilities 2015: $1,106,437Net Assets 2015: $361,6582015Assets 2016: $2,302,246Liabilities 2016: $1,762,789Net Assets 2016: $539,4572016Assets 2017: $1,514,707Liabilities 2017: $731,109Net Assets 2017: $783,5982017Assets 2018: $2,024,890Liabilities 2018: $598,947Net Assets 2018: $1,425,9432018Assets 2019: $2,317,903Liabilities 2019: $605,044Net Assets 2019: $1,712,8592019Assets 2020: $3,073,738Liabilities 2020: $1,357,432Net Assets 2020: $1,716,3062020Assets 2021: $3,483,000Liabilities 2021: $479,116Net Assets 2021: $3,003,8842021Assets 2022: $7,397,276Liabilities 2022: $3,657,125Net Assets 2022: $3,740,1512022Assets 2023: $4,499,082Liabilities 2023: $1,120,556Net Assets 2023: $3,378,5262023Assets 2024: $4,194,373Liabilities 2024: $1,093,959Net Assets 2024: $3,100,4142024Assets 2025: $3,749,890Liabilities 2025: $876,637Net Assets 2025: $2,873,2532025

Highlighted filing

2025

Assets$3,749,890
Liabilities$876,637
Net Assets$2,873,253
Open 2025 Filing

Operations Trend

Revenue Growth24th percentile

Revenue, expenses, and net income by year, with the latest filing highlighted.

$8.0M$6.0M$4.0M$2.0M$0-$2.0MExpenses 2010: $3,314,5672010Revenue 2011: $3,726,180Expenses 2011: $3,678,917Net Income 2011: $47,2632011Expenses 2012: $3,895,8962012Expenses 2013: $4,095,7382013Revenue 2014: $4,567,777Expenses 2014: $4,608,173Net Income 2014: -$40,3962014Revenue 2015: $4,802,415Expenses 2015: $4,473,490Net Income 2015: $328,9252015Revenue 2016: $4,590,209Expenses 2016: $4,412,410Net Income 2016: $177,7992016Revenue 2017: $4,670,597Expenses 2017: $4,426,456Net Income 2017: $244,1412017Revenue 2018: $4,648,895Expenses 2018: $4,534,681Net Income 2018: $114,2142018Revenue 2019: $5,177,346Expenses 2019: $4,890,430Net Income 2019: $286,9162019Revenue 2020: $4,883,444Expenses 2020: $4,879,997Net Income 2020: $3,4472020Revenue 2021: $5,120,394Expenses 2021: $4,485,883Net Income 2021: $634,5112021Revenue 2022: $6,428,391Expenses 2022: $5,692,124Net Income 2022: $736,2672022Revenue 2023: $5,346,212Expenses 2023: $5,741,547Net Income 2023: -$395,3352023Revenue 2024: $5,290,516Expenses 2024: $5,568,628Net Income 2024: -$278,1122024Revenue 2025: $5,159,361Expenses 2025: $5,386,522Net Income 2025: -$227,1612025

Highlighted filing

2025

Revenue$5,159,361
Expenses$5,386,522
Net Income-$227,161
Open 2025 Filing

Filings

Most recent year

2025 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$3,749,890
Liabilities
$876,637
Net assets
$2,873,253
Revenue
$5,159,361
Expenses
$5,386,522
Net income
-$227,161
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Detailed filing. Detailed filing data is available for this year.$3.75$0.88$2.87$5.16$5.39$0.23
2024Detailed filing. Detailed filing data is available for this year.$4.19$1.09$3.10$5.29$5.57$0.28
2023Detailed filing. Detailed filing data is available for this year.$4.50$1.12$3.38$5.35$5.74$0.40
2022Detailed filing. Detailed filing data is available for this year.$7.40$3.66$3.74$6.43$5.69$0.74
2021Detailed filing. Detailed filing data is available for this year.$3.48$0.48$3.00$5.12$4.49$0.63
2020Detailed filing. Detailed filing data is available for this year.$3.07$1.36$1.72$4.88$4.88$0.00
2019Detailed filing. Detailed filing data is available for this year.$2.32$0.61$1.71$5.18$4.89$0.29
2018Detailed filing. Detailed filing data is available for this year.$2.02$0.60$1.43$4.65$4.53$0.11
2017Detailed filing. Detailed filing data is available for this year.$1.51$0.73$0.78$4.67$4.43$0.24
2016Detailed filing. Detailed filing data is available for this year.$2.30$1.76$0.54$4.59$4.41$0.18
2015Detailed filing. Detailed filing data is available for this year.$1.47$1.11$0.36$4.80$4.47$0.33
2014Detailed filing. Detailed filing data is available for this year.$1.04$0.33$0.72$4.57$4.61$0.04
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.93$0.18$0.76$4.10
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.69$0.26$0.43$3.90
2011Summary only. Only limited summary data is available for this year.$0.66$0.40$0.26$3.73$3.68$0.05
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.52$0.31$0.21$3.31
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jul 1, 2024 to Jun 30, 2025
Signed
Jan 28, 2026
Return Version
2024v5.5
Gross Receipts
$5,159,361
Mission and Program Overview

Mission

Our central work is to teach and inspire the mind, body and spirit of our children so that they can rise above the rest and succeed in any academic and cultural setting. Promise academy is committed to preparing children to excel in the nation's most rigorous schools.

Our central and only work is to teach and inspire the mind, body and spirit of our children so that they can succeed in any academic or cultural setting. Promise academy is committed to preparing children to excel in the nation's most regorous schools.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$1,808,270$1,635,131▼ $173,139
Receivables From Officers Etc-$231,534-
Accounts Receivable$575,391$223,692▼ $351,699
Cash and Non-Interest-Bearing Accounts$354,672$203,172▼ $151,500
Investments Other Securities$108,725$128,254▲ $19,529
Intangible Assets$79,426$52,951▼ $26,475
Prepaid Expenses and Deferred Charges$50,809$3,350▼ $47,459
Total Assets$4,194,373$3,749,890▼ $444,483
Other Assets Total$1,217,080$1,271,806▲ $54,726
Liabilities
Mortgage Notes Payable Secured by Investment Property$435,846$522,048▲ $86,202
Accounts Payable and Accrued Expenses$423,168$187,648▼ $235,520
Other Liabilities$234,945$166,941▼ $68,004
Total Liabilities$1,093,959$876,637▼ $217,322
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$2,369,513$1,876,841▼ $492,672
Net Assets With Donor Restrictions$730,901$996,412▲ $265,511
Total Net Assets Fund Balance$3,100,414$2,873,253▼ $227,161
Total Liabilities and Net Assets / Fund Balance$4,194,373$3,749,890▼ $444,483

Asset Categories

AssetBook ValueDepreciationBasis
Leasehold Improvements$1,375,944$443,613$1,819,557
Equipment$67,752$693,929$761,681
Other Land Buildings$79,671$159,296$238,967
Land$111,764-$111,764
Other Assets Org$403,648--
Compensation and Service Providers
Top Officer Pay78th percentile

Employees

NameTitleFull / Part TimeBaseTotal
Kiasi MaloneChief of AccountabilityFT$162,284$162,284
Willie RichardsonChief of TechnologyFT$110,335$110,335
Jeffrey MonroePrincipalFT$102,350$102,350
Carmen FondrenFinancial ManagerFT$101,896$101,896
Steven TerryFacilities ManagerFT$101,670$101,670

Board Members and Trustees

NameTitle
Charles GerberPresident & Chairman
Anthony BranchBoard Member
Candis DawsonBoard Member
Colenzo HubbardBoard Member
Diana BurtonBoard Member
Emily WoodsideBoard Member
Emma ReddenBoard Member
Johnny MooreBoard Member
Katherine WhiteBoard Member
Patrick WashingtonExecutive Director
Stephanie ChittomTreasurer

Highest Paid Contractors

ContractorServicesLocationCompensation
Lavinia Group LLCProfessional Learning2805 DODD RD STE 200, Eagan, MN 55121$230,053
First Choice Entertainment LLCEntertainment1048 CROSS WOOD LANE, Cordova, TN 38018$160,509
Revenue and Support

Revenue Composition

Contributions and Grants
$4,793,358
Program Service Revenue
$366,003
Investment Income
$0
Other Revenue
$0
All Other Contributions
$1,268,803
Change in Net Assets
$-227,161

Audited Revenue Reconciliation

Revenue per Audited Statements
$5,159,361
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$0
Total Revenue per Audited Statements
$5,159,361
Total Revenue per Form 990
$5,159,361
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$3,127,341
Other Expenses$2,259,181
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$1,898,262$23,968-$1,922,230
Fees for Services Other$563,995$576,525-$1,140,520
Other Employee Benefits$501,261$125,315-$626,576
Current Officers, Directors, Trustees, and Key Employees$102,350$476,185-$578,535
Depreciation Depletion$179,653$19,961-$199,614
Occupancy$65,506$7,278-$72,784
Office Expenses$52,896$5,877-$58,773
Interest$30,412$3,379-$33,791
Other Expenses$5,498$72,376-$5,498
Total Functional Expenses$3,958,665$1,427,857$0$5,386,522

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$5,386,522
Total Expenses per Audited Statements$5,386,522
Total Expenses per Form 990$5,386,522
Expenses Not Reported on Financial Statements$0
Expenses Not Reported on Form 990$0
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Receivables from Officers, Directors, Trustees, and Key Employees-$231,534-
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Net Pension Liability$166,941
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
No
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section B, Line 11B

“After the return is prepared by an independent accounting firm, the return is reviewed by the board of directors before submission to the irs.”

Form 990, Part VI, Section B, Line 12C

“The directors sign a statement annually confirming their compliance with the conflicts of interest policy.”

Form 990, Part VI, Section B, Line 15

“Compensation for a position is determined as to what is reasonable for the experience, expertise, geography and needs of the organization. Compensation is reviewed by the board finance committee, discussed and voted on at board meetings. The resulting decision is recorded in the minutes.”

Form 990, Part VI, Section C, Line 18

“The organization's tax documents are available to the public upon request.”

Form 990, Part VI, Section C, Line 19

“The organization makes its governing documents and financial statements available to the public upon request.”

FORM 990, PART VI, SECTION C, LINE 19:

“The organization makes its governing documents and financial statments available to the public upon request.”

FORM 990, PART VI, SECTION C, LINE 18:

“The organization's tax documents are available to the public upon request.”

Filing and Contact Details

Filer

Filer Name
Promise Academy Inc
EIN
20-1608155
Phone
9013244456
Address
1346 BRYAN STREET, MEMPHIS, TN 38108

Signing Officer

Name
Patrick Washington
Title
Executive Director
Phone
9013244456
Signed
2026-01-28
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Patrick Washington
Formed
2004
Legal Domicile
Tn
Voting Board Members
10
Independent Board Members
10
Employees
55
Volunteers
0

Preparer

Firm
The Marston Group Plc
Address
1661 INTERNATIONAL DRIVE SUITE 250, MEMPHIS, TN 38120
Preparer
Susan M Lattimore
Phone
9017613003
Supplemental Narrative

Additional Explanations

Form 990, Part IX, Line 11G

“Contracted services: program service expenses 563,995. Management and general expenses 576,525. Fundraising expenses 0. Total expenses 1,140,520.”

Part XII, Line 2C

“There was no change from the prior year.”

Raw XML AppendixShowing 400 of 581 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990/Form990PartVIISectionAGrp/PersonNm8EMMA REDDEN
IRS990/Form990PartVIISectionAGrp/PersonNm9KATHERINE WHITE
IRS990/Form990PartVIISectionAGrp/PersonNm10PATRICK WASHINGTON
IRS990/Form990PartVIISectionAGrp/PersonNm11KIASI MALONE
IRS990/Form990PartVIISectionAGrp/PersonNm12WILLIE RICHARDSON
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IRS990/Form990PartVIISectionAGrp/PersonNm14JEFFREY MONROE
IRS990/Form990PartVIISectionAGrp/PersonNm15STEVEN TERRY
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IRS990/Form990PartVIISectionAGrp/TitleTxt9BOARD MEMBER
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IRS990/Form990PartVIISectionAGrp/TitleTxt11CHIEF OF ACCOUNTABILITY
IRS990/Form990PartVIISectionAGrp/TitleTxt12CHIEF OF TECHNOLOGY
IRS990/Form990PartVIISectionAGrp/TitleTxt13FINANCIAL MANAGER
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IRS990/Form990PartVIISectionAGrp/TitleTxt15FACILITIES MANAGER
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IRS990/MissionDesc0OUR CENTRAL AND ONLY WORK IS TO TEACH AND INSPIRE THE MIND, BODY AND SPIRIT OF OUR CHILDREN SO THAT THEY CAN SUCCEED IN ANY ACADEMIC OR CULTURAL SETTING. PROMISE ACADEMY IS COMMITTED TO PREPARING CHILDREN TO EXCEL IN THE NATION'S MOST REGOROUS SCHOOLS.
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IRS990ScheduleE/SupplementalInformationDetail/ExplanationTxt0PROMISE ACADEMY INC IS NOT A PRIVATE SCHOOL. IT IS A PUBLIC CHARTER SCHOOL AND ACCEPTS STUDENTS OF ALL RACES.
IRS990ScheduleE/SupplementalInformationDetail/ExplanationTxt1PROMISE ACADEMY INC IS NOT A PRIVATE SCHOOL. IT IS A PUBLIC CHARTER SCHOOL. NO FEES ARE CHARGED; NO SCHOLARSHIPS NEEDED.
IRS990ScheduleE/SupplementalInformationDetail/ExplanationTxt2GRANTS RECEIVED FROM THE ESSER GRANTS, THE STATE OF TENNESSEE, SHELBY COUNTY TENNESSEE PER PUPIL ALLOCATION, AND TITLE 1 GRANTS TO LOCAL AGENCIES.
IRS990ScheduleE/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE E, PART I, LINE 3
IRS990ScheduleE/SupplementalInformationDetail/FormAndLineReferenceDesc1SCHEDULE E, PART I, LINE 4
IRS990ScheduleE/SupplementalInformationDetail/FormAndLineReferenceDesc2SCHEDULE E, PART I, LINE 6
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