Civic Intelligence

Promise Academy Inc

990 • Fiscal year 2013 • EIN 20-1608155

Jul 01, 2012 to Jun 30, 2013 • Filed on Feb 06, 2014

Organization ProfilePROMISEACADEMY.COM
1346 Bryan St38108
Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

58th percentile

0.19x

Higher debt load relative to assets than 58% of similar nonprofits.

2013 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2013

Liabilities / Revenue

Score unavailable

No value available

Liabilities-to-revenue requires both liabilities and revenue on this filing.

Source year 2013

Net Margin

Score unavailable

No value available

Net margin requires both revenue and expenses on this filing.

Source year 2013

Top Officer Pay

Score unavailable

No value available

This filing does not contain officer compensation rows.

Source year 2013

Asset Growth

89th percentile

36%

Faster asset growth than 89% of similar nonprofits.

2013 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2012 to 2013

Revenue Growth

Score unavailable

No value available

No valid filing value is available for this score.

Balance Sheet
Liabilities / Assets58th percentile

Assets

Up

$934,351

Up $245,124 (+36%) from 2012

Net Assets

Up

$756,808

Up $327,174 (+76%) from 2012

Liabilities

Down

$177,543

Down $82,050 (-32%) from 2012

Revenue And Expenses
Liabilities / RevenueScore unavailableNet MarginScore unavailable

Revenue

-

No earlier filing loaded for comparison.

Expenses

Up

$4,095,738

Up $199,842 (+5.1%) from 2012

Net Income

-

No earlier filing loaded for comparison.

Historical Trend

Balance Sheet Trend

Asset Growth89th percentile

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$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

2013

Assets$934,351
Liabilities$177,543
Net Assets$756,808
Open 2013 Filing

Operations Trend

Revenue GrowthScore unavailable

Revenue, expenses, and net income across loaded years, with this 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

2013

Revenue-
Expenses$4,095,738
Net Income-
Open 2013 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2012 to Jun 30, 2013
Signed
Feb 6, 2014
Return Version
2012v2.1
Gross Receipts
$4,428,804
Mission and Program Overview

Mission

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.

Filing and Contact Details

Filer

EIN
20-1608155
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IRS990/MissionDescription0OUR CENTAL 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.
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IRS990ScheduleE/Form990ScheduleEPartII/Explanation0PROMISE ACADEMY INC IS NOT A PRIVATE SCHOOL. IT IS A PUBLIC CHARTER SCHOOL AND ACCEPTS STUDENTS OF ALL RACES.
IRS990ScheduleE/Form990ScheduleEPartII/Explanation1PROMISE ACADEMY INC IS NOT A PRIVATE SCHOOL. IT IS A PUBLIC CHARTER SCHOOL. NO FEES ARE CHARGED; NO SCHOLARSHIPS NEEDED.
IRS990ScheduleE/Form990ScheduleEPartII/Explanation2THE SCHOOL RECEIVES FUNDS FROM MEMPHIS CITY SCHOOLS BASED ON A PER-PUPIL ALLOCATION; THE SCHOOL ALSO RECEIVES FEDERAL TITLE I FUNDING THAT PROVIDES FINANCIAL ASSISTANCE TO LOW INCOME AREA SCHOOLS.
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IRS990ScheduleL/Form990ScheduleLPartIV/AmountOfTransaction167602
IRS990ScheduleL/Form990ScheduleLPartIV/DescriptionOfTransaction0GUARANTOR OF SUNTRUST NOTE; PROMISE ACADEMY PAID THE $67,602 BALANCE OF THE NOTE OFF DURING THE YEAR AND OWED $0 ON THE NOTE AT JUNE 30, 2013.
IRS990ScheduleL/Form990ScheduleLPartIV/DescriptionOfTransaction1PRESIDENT OF SUNTRUST BANK; PROMISE ACADEMY PAID THE $67,602 BALANCE OF THE NOTE OFF AND OWED $0 ON THE NOTE TO SUNTRUST BANK AT JUNE 30, 2013.
IRS990ScheduleL/Form990ScheduleLPartIV/NameOfInterestedPerson/NamePerson0CHARLES GERBER
IRS990ScheduleL/Form990ScheduleLPartIV/NameOfInterestedPerson/NamePerson1JOHNNY MOORE
IRS990ScheduleL/Form990ScheduleLPartIV/Relationship0BOARD PRESIDENT
IRS990ScheduleL/Form990ScheduleLPartIV/Relationship1BOARD MEMBER
IRS990ScheduleL/Form990ScheduleLPartIV/SharingOfRevenues00
IRS990ScheduleL/Form990ScheduleLPartIV/SharingOfRevenues10
IRS990ScheduleO/GeneralExplanation/Explanation0CHARLES GERBER AND ANDY TAYLOR ARE BUSINESS PARTNERS; THEY EMPLOY MARY CORNPROPST AS THEIR CHIEF FINANCIAL OFFICER. MARY GARRISON IS GRADY GARRISON'S SPOUSE.
IRS990ScheduleO/GeneralExplanation/Explanation1THE FINANCE COMMITTEE PRESENTS THE FORM 990 TO THE BOARD OF DIRECTORS FOR REVIEW AT A MONTHLY MEETING.
IRS990ScheduleO/GeneralExplanation/Explanation2GRADY GARRISON, THE BOARD ATTORNEY, MONITORS THIS AT MONTHLY MEETINGS.
IRS990ScheduleO/GeneralExplanation/Explanation3COMPENSATION IS BASED ON COMPARABLE SALARIES IN THE AREA.
IRS990ScheduleO/GeneralExplanation/Explanation4UPON REQUEST.
IRS990ScheduleO/GeneralExplanation/Explanation5ANDY TAYLOR - ONE COMMERCE SQUARE, SUITE 1900, MEMPHIS, TN 38103. CHARLES C GERBER - ONE COMMERCE SQUARE, SUITE 1900, MEMPHIS, TN 38103. GRADY GARRISON - 165 MADISON AVENUE, SUITE 2000, MEMPHIS, TN 38103. DIANA BURTON - 3670 HACKS CROSS RD, BLDG G, 3RD FLOOR, MEMPHIS, TN 38125. MARY CORNPROPST - 2930 WATERLEAF DRIVE, GERMANTOWN, TN 38138. FATHER COLENZO HUBBARD - 604 ST. PAUL AVENUE, MEMPHIS, TN 38126. JOHNNY MOORE - 999 S. SHADY GROVE ROAD, SUITE 202, MEMPHIS, TN 38120. EMILY WOODSIDE - 1602 EAST CLANLO DRIVE, MEMPHIS, TN 38104. JAMAL MCCALL - 2670 UNION AVENUE EXTD, SUITE 1100, MEMPHIS, TN 38112. JENNIFER FALKOF - 811 EATON , MEMPHIS, TN 38120. MARY GARRISON - 1586 ROLAND PLACE, MEMPHIS , TN 38104. J. LEWIS WARDLEW - 6410 POPLAR AVENUE, SUITE 1000, MEMPHIS, TN 38119.
IRS990ScheduleO/GeneralExplanation/Explanation6NO CHANGE FROM PRIOR YEAR.
IRS990ScheduleO/GeneralExplanation/Identifier0CONTACT ADDRESSES FOR OFFICERS, DIRECTORS, ETC
IRS990ScheduleO/GeneralExplanation/ReturnReference0FORM 990, PART VI, SECTION A, LINE 2
IRS990ScheduleO/GeneralExplanation/ReturnReference1FORM 990, PART VI, SECTION B, LINE 11
IRS990ScheduleO/GeneralExplanation/ReturnReference2FORM 990, PART VI, SECTION B, LINE 12C
IRS990ScheduleO/GeneralExplanation/ReturnReference3FORM 990, PART VI, SECTION B, LINE 15
IRS990ScheduleO/GeneralExplanation/ReturnReference4FORM 990, PART VI, SECTION C, LINE 19
IRS990ScheduleO/GeneralExplanation/ReturnReference5FORM 990, PART VII
IRS990ScheduleO/GeneralExplanation/ReturnReference6FORM 990, PART XII, LINE 2C:
IRS990/ScheduleORequired01
IRS990/School01
IRS990/SignificantChange00
IRS990/SignificantNewProgramServices00
IRS990/StateLegalDomicile0TN
IRS990/StatesWhereCopyOfReturnIsFiled0TN
IRS990/SubjectToProxyTax00
IRS990/TaxablePartyNotification00
IRS990/TaxExemptBonds00
IRS990/TemporarilyRestrictedNetAssets/BOY059558
IRS990/TemporarilyRestrictedNetAssets/EOY0144518
IRS990/Terminated00
IRS990/TermOrPermanentEndowments00
IRS990/TheBooksAreInCareOf/AddressUS/AddressLine101346 BRYAN STREET
IRS990/TheBooksAreInCareOf/AddressUS/City0MEMPHIS
IRS990/TheBooksAreInCareOf/AddressUS/State0TN
IRS990/TheBooksAreInCareOf/AddressUS/ZIPCode038108
IRS990/TheBooksAreInCareOf/NameBusiness/BusinessNameLine10BETH BAILEY
IRS990/TheBooksAreInCareOf/TelephoneNumber09013244456
IRS990/TotalAssets/BOY0689227

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Filings

Displayed year

2013 • Form 990Facts available. Structured filing facts are available, but richer extracted sections are limited.

Open filing
Assets
$934,351
Liabilities
$177,543
Net assets
$756,808
Revenue
-
Expenses
$4,095,738
Net income
-
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