Civic Intelligence

Promise Academy Inc

990 • Fiscal year 2015 • EIN 20-1608155

Jul 01, 2014 to Jun 30, 2015 • Filed on May 16, 2016

Organization ProfilePROMISEACADEMY.COM
1346 Bryan StMemphis, TN 38108

(901) 324-4456

Siviq Scores

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

Liabilities / Assets

86th percentile

0.75x

Higher debt load relative to assets than 86% of similar nonprofits.

2015 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2015

Liabilities / Revenue

64th percentile

0.23x

Higher debt load relative to revenue than 64% of similar nonprofits.

2015 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2015

Net Margin

61st percentile

6.8%

Higher net margin than 61% of similar nonprofits.

2015 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2015

Top Officer Pay

75th percentile

$114,280

Higher top officer pay than 75% of similar nonprofits.

Top officer pay equals 2.4% of source-year revenue.

2015 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2015

Asset Growth

89th percentile

41%

Faster asset growth than 89% of similar nonprofits.

2015 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2014 to 2015

Revenue Growth

54th percentile

5.1%

Faster revenue growth than 54% of similar nonprofits.

2015 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2014 to 2015

Balance Sheet
Liabilities / Assets86th percentile

Assets

Up

$1,468,095

Up $425,339 (+41%) from 2014

Net Assets

Down

$361,658

Down $354,754 (-50%) from 2014

Liabilities

Up

$1,106,437

Up $780,093 (+239%) from 2014

Revenue And Expenses
Liabilities / Revenue64th percentileNet Margin61st percentile

Revenue

Up

$4,802,415

Up $234,638 (+5.1%) from 2014

Expenses

Down

$4,473,490

Down $134,683 (-2.9%) from 2014

Net Income

Up

$328,925

Up $369,321 (+914%) from 2014

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

2015

Assets$1,468,095
Liabilities$1,106,437
Net Assets$361,658
Open 2015 Filing

Operations Trend

Revenue Growth54th percentile

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

2015

Revenue$4,802,415
Expenses$4,473,490
Net Income$328,925
Open 2015 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2014 to Jun 30, 2015
Signed
May 16, 2016
Return Version
2014v6.0
Gross Receipts
$4,814,772
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.

Our purpose is to teach and inspire our children so that they can succeed in any setting.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$758,644$807,907▲ $49,263
Land, Buildings, and Equipment, Net$157,202$194,217▲ $37,015
Prepaid Expenses and Deferred Charges$39,568$36,547▼ $3,021
Accounts Receivable$87,342$24,281▼ $63,061
Total Assets$1,042,756$1,468,095▲ $425,339
Other Assets Total$0$405,143▲ $405,143
Liabilities
Other Liabilities$0$882,402▲ $882,402
Accounts Payable and Accrued Expenses$326,344$224,035▼ $102,309
Total Liabilities$326,344$1,106,437▲ $780,093
Net Assets / Fund Balance
Temporarily Rstr Net Assets$157,202$194,217▲ $37,015
Unrestricted Net Assets$559,210$167,441▼ $391,769
Total Net Assets Fund Balance$716,412$361,658▼ $354,754
Total Liabilities and Net Assets / Fund Balance$1,042,756$1,468,095▲ $425,339

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$194,217$376,614$570,831
Other Assets Org$405,143--
Compensation and Service Providers
Top Officer Pay75th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Thomas a BeazleyExecutive DirectorFT$100,137$14,143$114,280

Board Members and Trustees

NameTitle
Charles C GerberPresident and Chairman
Carol RussellDirector
Diana BurtonDirector
Dr Russell WiggingtonDirector
Emily WoodsideDirector
Father Colenzo HubbardDirector
J Lewis WardlawDirector
Jamal MccallDirector
Johnny MooreDirector
Mary GarrisonDirector
Patricia Emory-walkerDirector
Mary CornpropstAssistant Treasurer
Grady GarrisonSecretary
R Andrew TaylorTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$4,616,656
Program Service Revenue
$0
Investment Income
$0
Other Revenue
$185,759
All Other Contributions
$4,234,516
Change in Net Assets
$328,925

Audited Revenue Reconciliation

Revenue per Audited Statements
$4,802,415
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$12,857
Total Revenue per Audited Statements
$4,815,272
Total Revenue per Form 990
$4,802,415
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$2,695,407
Other Expenses$1,778,083
Total Fundraising Expense$4,533
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$1,858,959$619,653-$2,478,612
Occupancy$485,554$85,687-$571,241
Insurance$236,822$78,941-$315,763
Fees for Services Other$49,535$204,382-$253,917
Payroll Taxes$138,820$46,273-$185,093
All Other Expenses$88,296$12,084$2,045$102,425
Other Expenses$59,526$22,865$2,488$62,014
Depreciation Depletion$61,837--$61,837
Pension Plan Contributions$23,776$7,926-$31,702
Office Expenses-$22,095-$22,095
Fees for Services Accounting-$15,014-$15,014
Travel$206$68-$274
Total Functional Expenses$3,305,751$1,163,206$4,533$4,473,490

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$4,486,347
Expenses per Audited Statements$4,473,490
Total Expenses per Form 990$4,473,490
Expenses Not Reported on Form 990$12,857
Expenses Not Reported on Financial Statements$0
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Gross Income$40,020
Fundraising Direct Expenses$12,357
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Uniform Sales$15,096$15,096$4,661$10,435
Book Fair$6,345$6,345$1,959$4,386
Total Events$40,020$40,020$12,357$27,663
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Net Pension Liability$882,402
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
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 A, Line 2

“Charles gerber and andy taylor are business partners; they employ mary cornpropst as their chief financial officer. Mary garrison is grady garrison's spouse. Tom beazley, executive director has a daugher that teaches at promise, kristen mcglasson.”

Form 990, Part VI, Section B, Line 11

“The finance committee presents the form 990 to the board of directors for review at a monthly meeting.”

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

“Grady garrison, the board attorney, monitors this at monthly meetings.”

Form 990, Part VI, Section B, Line 15

“Compensation is based on comparable salaries in the area.”

Form 990, Part VI, Section C, Line 19

“UPON REQUEST.”

Filing and Contact Details

Filer

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

Signing Officer

Name
R Andrew Taylor
Title
Treasurer
Phone
9013244456
Signed
2016-05-16
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Charles C Gerber
Formed
2004
Legal Domicile
Tn
Voting Board Members
14
Independent Board Members
14
Employees
79
Volunteers
25

Preparer

Firm
Elliott Davis Decosimo LLC Pllc
Address
1000 RIDGEWAY LOOP SUITE 402, MEMPHIS, TN 38120
Preparer
M Arnold Mcgruder CPA
Phone
9016838899
Supplemental Narrative

Financial Statement Notes

PART XI, LINE 2D - OTHER ADJUSTMENTS:

“Fundraising expenses 12,357.”

PART XII, LINE 2D - OTHER ADJUSTMENTS:

“Fundraising expenses 12,357.”

Raw XML AppendixShowing 400 of 550 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.

Path#Value
IRS990/AccountantCompileOrReviewInd00
IRS990/AccountsPayableAccrExpnssGrp/BOYAmt0326344
IRS990/AccountsPayableAccrExpnssGrp/EOYAmt0224035
IRS990/AccountsReceivableGrp/BOYAmt087342
IRS990/AccountsReceivableGrp/EOYAmt024281
IRS990/ActivitiesConductedPrtshpInd00
IRS990/ActivityOrMissionDesc0OUR PURPOSE IS TO TEACH AND INSPIRE OUR CHILDREN SO THAT THEY CAN SUCCEED IN ANY SETTING.
IRS990/AllOtherContributionsAmt04234516
IRS990/AllOtherExpensesGrp/FundraisingAmt02045
IRS990/AllOtherExpensesGrp/ManagementAndGeneralAmt012084
IRS990/AllOtherExpensesGrp/ProgramServicesAmt088296
IRS990/AllOtherExpensesGrp/TotalAmt0102425
IRS990/AnnualDisclosureCoveredPrsnInd01
IRS990/AuditCommitteeInd01
IRS990/BooksInCareOfDetail/BusinessName/BusinessNameLine1Txt0BETH BAILEY
IRS990/BooksInCareOfDetail/PhoneNum09013244456
IRS990/BooksInCareOfDetail/USAddress/AddressLine1Txt01346 BRYAN STREET
IRS990/BooksInCareOfDetail/USAddress/CityNm0MEMPHIS
IRS990/BooksInCareOfDetail/USAddress/StateAbbreviationCd0TN
IRS990/BooksInCareOfDetail/USAddress/ZIPCd038108
IRS990/BusinessRlnWithFamMemInd00
IRS990/BusinessRlnWithOfficerEntInd00
IRS990/BusinessRlnWithOrgMemInd00
IRS990/CashNonInterestBearingGrp/BOYAmt0758644
IRS990/CashNonInterestBearingGrp/EOYAmt0807907
IRS990/ChangeToOrgDocumentsInd00
IRS990/CntrctRcvdGreaterThan100KCnt00
IRS990/CollectionsOfArtInd00
IRS990/CompensationFromOtherSrcsInd00
IRS990/CompensationProcessCEOInd01
IRS990/CompensationProcessOtherInd01
IRS990/ConflictOfInterestPolicyInd01
IRS990/ConservationEasementsInd00
IRS990/ConsolidatedAuditFinclStmtInd00
IRS990/CreditCounselingInd00
IRS990/CYBenefitsPaidToMembersAmt00
IRS990/CYContributionsGrantsAmt04616656
IRS990/CYGrantsAndSimilarPaidAmt00
IRS990/CYInvestmentIncomeAmt00
IRS990/CYOtherExpensesAmt01778083
IRS990/CYOtherRevenueAmt0185759
IRS990/CYProgramServiceRevenueAmt00
IRS990/CYRevenuesLessExpensesAmt0328925
IRS990/CYSalariesCompEmpBnftPaidAmt02695407
IRS990/CYTotalExpensesAmt04473490
IRS990/CYTotalFundraisingExpenseAmt04533
IRS990/CYTotalProfFndrsngExpnsAmt00
IRS990/CYTotalRevenueAmt04802415
IRS990/DecisionsSubjectToApprovaInd00
IRS990/DeductibleArtContributionInd00
IRS990/DeductibleNonCashContriInd00
IRS990/DelegationOfMgmtDutiesInd00
IRS990/DepreciationDepletionGrp/ProgramServicesAmt061837
IRS990/DepreciationDepletionGrp/TotalAmt061837
IRS990/Desc0OUR 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. THE SCHOOL PROVIDES AN ALTERNATIVE MEANS WITHIN THE PUBLIC SCHOOL SYSTEM TO ACCOMPLISH NECESSARY OUTCOMES OF EDUCATION. THE AVERAGE NUMBER OF STUDENTS ATTENDING INCREASED FROM 454 TO 466 IN THE CURRENT YEAR.
IRS990/DescribedInSection501c3Ind01
IRS990/DisregardedEntityInd00
IRS990/DocumentRetentionPolicyInd01
IRS990/DonatedServicesAndUseFcltsAmt0500
IRS990/DonorAdvisedFundInd00
IRS990/ElectionOfBoardMembersInd00
IRS990/EmployeeCnt079
IRS990/EmploymentTaxReturnsFiledInd01
IRS990/EngagedInExcessBenefitTransInd00
IRS990/ExpenseAmt03305751
IRS990/FamilyOrBusinessRlnInd01
IRS990/FederalGrantAuditRequiredInd00
IRS990/FeesForServicesAccountingGrp/ManagementAndGeneralAmt015014
IRS990/FeesForServicesAccountingGrp/TotalAmt015014
IRS990/FeesForServicesOtherGrp/ManagementAndGeneralAmt0204382
IRS990/FeesForServicesOtherGrp/ProgramServicesAmt049535
IRS990/FeesForServicesOtherGrp/TotalAmt0253917
IRS990/ForeignActivitiesInd00
IRS990/ForeignFinancialAccountInd00
IRS990/ForeignOfficeInd00
IRS990/Form8282PropertyDisposedOfInd00
IRS990/Form990PartVIISectionAGrp/AverageHoursPerWeekRltdOrgRt020.00
IRS990/Form990PartVIISectionAGrp/AverageHoursPerWeekRltdOrgRt120.00
IRS990/Form990PartVIISectionAGrp/AverageHoursPerWeekRltdOrgRt23.00
IRS990/Form990PartVIISectionAGrp/AverageHoursPerWeekRltdOrgRt30.30
IRS990/Form990PartVIISectionAGrp/AverageHoursPerWeekRltdOrgRt43.00
IRS990/Form990PartVIISectionAGrp/AverageHoursPerWeekRltdOrgRt50.30
IRS990/Form990PartVIISectionAGrp/AverageHoursPerWeekRltdOrgRt60.30
IRS990/Form990PartVIISectionAGrp/AverageHoursPerWeekRltdOrgRt70.30
IRS990/Form990PartVIISectionAGrp/AverageHoursPerWeekRltdOrgRt80.30
IRS990/Form990PartVIISectionAGrp/AverageHoursPerWeekRltdOrgRt90.30
IRS990/Form990PartVIISectionAGrp/AverageHoursPerWeekRltdOrgRt100.30
IRS990/Form990PartVIISectionAGrp/AverageHoursPerWeekRltdOrgRt110.30
IRS990/Form990PartVIISectionAGrp/AverageHoursPerWeekRltdOrgRt120.30
IRS990/Form990PartVIISectionAGrp/AverageHoursPerWeekRltdOrgRt130.30
IRS990/Form990PartVIISectionAGrp/AverageHoursPerWeekRltdOrgRt140.00
IRS990/Form990PartVIISectionAGrp/AverageHoursPerWeekRt020.00
IRS990/Form990PartVIISectionAGrp/AverageHoursPerWeekRt120.00
IRS990/Form990PartVIISectionAGrp/AverageHoursPerWeekRt23.00
IRS990/Form990PartVIISectionAGrp/AverageHoursPerWeekRt30.30
IRS990/Form990PartVIISectionAGrp/AverageHoursPerWeekRt43.00
IRS990/Form990PartVIISectionAGrp/AverageHoursPerWeekRt50.30
IRS990/Form990PartVIISectionAGrp/AverageHoursPerWeekRt60.30
IRS990/Form990PartVIISectionAGrp/AverageHoursPerWeekRt70.30
IRS990/Form990PartVIISectionAGrp/AverageHoursPerWeekRt80.30
IRS990/Form990PartVIISectionAGrp/AverageHoursPerWeekRt90.30
IRS990/Form990PartVIISectionAGrp/AverageHoursPerWeekRt100.30
IRS990/Form990PartVIISectionAGrp/AverageHoursPerWeekRt110.30
IRS990/Form990PartVIISectionAGrp/AverageHoursPerWeekRt120.30
IRS990/Form990PartVIISectionAGrp/AverageHoursPerWeekRt130.30
IRS990/Form990PartVIISectionAGrp/AverageHoursPerWeekRt1440.00
IRS990/Form990PartVIISectionAGrp/HighestCompensatedEmployeeInd0X
IRS990/Form990PartVIISectionAGrp/IndividualTrusteeOrDirectorInd0X
IRS990/Form990PartVIISectionAGrp/IndividualTrusteeOrDirectorInd1X
IRS990/Form990PartVIISectionAGrp/IndividualTrusteeOrDirectorInd2X
IRS990/Form990PartVIISectionAGrp/IndividualTrusteeOrDirectorInd3X
IRS990/Form990PartVIISectionAGrp/IndividualTrusteeOrDirectorInd4X
IRS990/Form990PartVIISectionAGrp/IndividualTrusteeOrDirectorInd5X
IRS990/Form990PartVIISectionAGrp/IndividualTrusteeOrDirectorInd6X
IRS990/Form990PartVIISectionAGrp/IndividualTrusteeOrDirectorInd7X
IRS990/Form990PartVIISectionAGrp/IndividualTrusteeOrDirectorInd8X
IRS990/Form990PartVIISectionAGrp/IndividualTrusteeOrDirectorInd9X
IRS990/Form990PartVIISectionAGrp/IndividualTrusteeOrDirectorInd10X
IRS990/Form990PartVIISectionAGrp/IndividualTrusteeOrDirectorInd11X
IRS990/Form990PartVIISectionAGrp/IndividualTrusteeOrDirectorInd12X
IRS990/Form990PartVIISectionAGrp/IndividualTrusteeOrDirectorInd13X
IRS990/Form990PartVIISectionAGrp/OfficerInd0X
IRS990/Form990PartVIISectionAGrp/OfficerInd1X
IRS990/Form990PartVIISectionAGrp/OfficerInd2X
IRS990/Form990PartVIISectionAGrp/OfficerInd3X
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt00
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt10
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt20
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt30
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt40
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt50
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt60
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt70
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt80
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt90
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt100
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt110
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt120
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt130
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt1414143
IRS990/Form990PartVIISectionAGrp/PersonNm0R ANDREW TAYLOR
IRS990/Form990PartVIISectionAGrp/PersonNm1CHARLES C GERBER
IRS990/Form990PartVIISectionAGrp/PersonNm2GRADY GARRISON
IRS990/Form990PartVIISectionAGrp/PersonNm3DIANA BURTON
IRS990/Form990PartVIISectionAGrp/PersonNm4MARY CORNPROPST
IRS990/Form990PartVIISectionAGrp/PersonNm5FATHER COLENZO HUBBARD
IRS990/Form990PartVIISectionAGrp/PersonNm6JOHNNY MOORE
IRS990/Form990PartVIISectionAGrp/PersonNm7EMILY WOODSIDE
IRS990/Form990PartVIISectionAGrp/PersonNm8JAMAL MCCALL
IRS990/Form990PartVIISectionAGrp/PersonNm9MARY GARRISON
IRS990/Form990PartVIISectionAGrp/PersonNm10J LEWIS WARDLAW
IRS990/Form990PartVIISectionAGrp/PersonNm11CAROL RUSSELL
IRS990/Form990PartVIISectionAGrp/PersonNm12PATRICIA EMORY-WALKER
IRS990/Form990PartVIISectionAGrp/PersonNm13DR RUSSELL WIGGINGTON
IRS990/Form990PartVIISectionAGrp/PersonNm14THOMAS A BEAZLEY
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt00
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt10
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt20
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt30
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt40
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt50
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt60
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt70
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt80
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt90
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt100
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt110
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt120
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt130
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt14100137
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt00
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt10
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt20
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt30
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt40
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt50
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt60
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt70
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt80
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt90
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt100
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt110
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt120
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt130
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt140
IRS990/Form990PartVIISectionAGrp/TitleTxt0TREASURER
IRS990/Form990PartVIISectionAGrp/TitleTxt1PRESIDENT AND CHAIRMAN
IRS990/Form990PartVIISectionAGrp/TitleTxt2SECRETARY
IRS990/Form990PartVIISectionAGrp/TitleTxt3DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt4ASSISTANT TREASURER
IRS990/Form990PartVIISectionAGrp/TitleTxt5DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt6DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt7DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt8DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt9DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt10DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt11DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt12DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt13DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt14EXECUTIVE DIRECTOR
IRS990/Form990ProvidedToGvrnBodyInd01
IRS990/FormationYr02004
IRS990/FormerOfcrEmployeesListedInd00
IRS990/FSAuditedBasisGrp/SeparateBasisFinclStmtInd0X
IRS990/FSAuditedInd01
IRS990/FundraisingActivitiesInd01
IRS990/FundraisingDirectExpensesAmt012357
IRS990/FundraisingGrossIncomeAmt040020
IRS990/GamingActivitiesInd00
IRS990/GoverningBodyVotingMembersCnt014
IRS990/GovernmentGrantsAmt0382140
IRS990/GrantsToIndividualsInd00
IRS990/GrantsToOrganizationsInd00
IRS990/GrantToRelatedPersonInd00
IRS990/GrossReceiptsAmt04814772
IRS990/GroupReturnForAffiliatesInd00
IRS990/IncludeFIN48FootnoteInd00
IRS990/IndependentAuditFinclStmtInd01
IRS990/IndependentVotingMemberCnt014
IRS990/IndivRcvdGreaterThan100KCnt01
IRS990/IndoorTanningServicesInd00
IRS990/InfoInScheduleOPartVIInd0X
IRS990/InsuranceGrp/ManagementAndGeneralAmt078941
IRS990/InsuranceGrp/ProgramServicesAmt0236822
IRS990/InsuranceGrp/TotalAmt0315763
IRS990/InvestmentInJointVentureInd00
IRS990/IRPDocumentCnt023
IRS990/IRPDocumentW2GCnt00
IRS990/LandBldgEquipAccumDeprecAmt0376614
IRS990/LandBldgEquipBasisNetGrp/BOYAmt0157202
IRS990/LandBldgEquipBasisNetGrp/EOYAmt0194217
IRS990/LandBldgEquipCostOrOtherBssAmt0570831
IRS990/LegalDomicileStateCd0TN
IRS990/LoanOutstandingInd00
IRS990/LobbyingActivitiesInd00
IRS990/LocalChaptersInd00
IRS990/MaterialDiversionOrMisuseInd00
IRS990/MembersOrStockholdersInd00
IRS990/MethodOfAccountingAccrualInd0X
IRS990/MinutesOfCommitteesInd01
IRS990/MinutesOfGoverningBodyInd01
IRS990/MissionDesc0OUR 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.
IRS990/MoreThan5000KToIndividualsInd00
IRS990/MoreThan5000KToOrgInd00
IRS990/NetAssetsOrFundBalancesBOYAmt0716412
IRS990/NetAssetsOrFundBalancesEOYAmt0361658
IRS990/NetIncmFromFundraisingEvtGrp/ExclusionAmt027663
IRS990/NetIncmFromFundraisingEvtGrp/TotalRevenueColumnAmt027663
IRS990/NetUnrelatedBusTxblIncmAmt00
IRS990/NoListedPersonsCompensatedInd0X
IRS990/NondeductibleContributionsInd00
IRS990/OccupancyGrp/ManagementAndGeneralAmt085687
IRS990/OccupancyGrp/ProgramServicesAmt0485554
IRS990/OccupancyGrp/TotalAmt0571241
IRS990/OfficeExpensesGrp/ManagementAndGeneralAmt022095
IRS990/OfficeExpensesGrp/TotalAmt022095
IRS990/OfficerMailingAddressInd00
IRS990/OperateHospitalInd00
IRS990/Organization501c3Ind0X
IRS990/OrganizationFollowsSFAS117Ind0X
IRS990/OtherAssetsTotalGrp/BOYAmt00
IRS990/OtherAssetsTotalGrp/EOYAmt0405143
IRS990/OtherChangesInNetAssetsAmt00
IRS990/OtherExpensesGrp/Desc0SCHOOL SUPPLIES
IRS990/OtherExpensesGrp/Desc1STAFF DEVELOPMENT
IRS990/OtherExpensesGrp/Desc2CONTRACT INSTRUCTORS
IRS990/OtherExpensesGrp/Desc3STUDENT ACTIVITIES
IRS990/OtherExpensesGrp/FundraisingAmt02488
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt048218
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt122865
IRS990/OtherExpensesGrp/ProgramServicesAmt0112508
IRS990/OtherExpensesGrp/ProgramServicesAmt191460
IRS990/OtherExpensesGrp/ProgramServicesAmt298452
IRS990/OtherExpensesGrp/ProgramServicesAmt359526
IRS990/OtherExpensesGrp/TotalAmt0160726
IRS990/OtherExpensesGrp/TotalAmt1114325
IRS990/OtherExpensesGrp/TotalAmt298452
IRS990/OtherExpensesGrp/TotalAmt362014
IRS990/OtherLiabilitiesGrp/BOYAmt00
IRS990/OtherLiabilitiesGrp/EOYAmt0882402
IRS990/OtherRevenueMiscGrp/BusinessCd0900099
IRS990/OtherRevenueMiscGrp/BusinessCd1900099
IRS990/OtherRevenueMiscGrp/BusinessCd2900099
IRS990/OtherRevenueMiscGrp/Desc0SHARED SCIENCE REVENUE
IRS990/OtherRevenueMiscGrp/Desc1PENSION INCOME
IRS990/OtherRevenueMiscGrp/Desc2OTHER INCOME
IRS990/OtherRevenueMiscGrp/RelatedOrExemptFuncIncomeAmt0126696
IRS990/OtherRevenueMiscGrp/RelatedOrExemptFuncIncomeAmt117105
IRS990/OtherRevenueMiscGrp/RelatedOrExemptFuncIncomeAmt214295
IRS990/OtherRevenueMiscGrp/TotalRevenueColumnAmt0126696
IRS990/OtherRevenueMiscGrp/TotalRevenueColumnAmt117105
IRS990/OtherRevenueMiscGrp/TotalRevenueColumnAmt214295
IRS990/OtherRevenueTotalAmt0158096
IRS990/OtherSalariesAndWagesGrp/ManagementAndGeneralAmt0619653
IRS990/OtherSalariesAndWagesGrp/ProgramServicesAmt01858959
IRS990/OtherSalariesAndWagesGrp/TotalAmt02478612
IRS990/PartialLiquidationInd00
IRS990/PayPremiumsPrsnlBnftCntrctInd00
IRS990/PayrollTaxesGrp/ManagementAndGeneralAmt046273
IRS990/PayrollTaxesGrp/ProgramServicesAmt0138820
IRS990/PayrollTaxesGrp/TotalAmt0185093
IRS990/PensionPlanContributionsGrp/ManagementAndGeneralAmt07926
IRS990/PensionPlanContributionsGrp/ProgramServicesAmt023776
IRS990/PensionPlanContributionsGrp/TotalAmt031702
IRS990/PoliticalCampaignActyInd00
IRS990/PrepaidExpensesDefrdChargesGrp/BOYAmt039568
IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt036547
IRS990/PrincipalOfficerNm0CHARLES C GERBER
IRS990/PriorPeriodAdjustmentsAmt0-684179
IRS990/ProfessionalFundraisingInd00
IRS990/ProhibitedTaxShelterTransInd00
IRS990/PYBenefitsPaidToMembersAmt00
IRS990/PYContributionsGrantsAmt04533455
IRS990/PYExcessBenefitTransInd00
IRS990/PYGrantsAndSimilarPaidAmt00
IRS990/PYInvestmentIncomeAmt01227
IRS990/PYOtherExpensesAmt01692392
IRS990/PYOtherRevenueAmt033095
IRS990/PYProgramServiceRevenueAmt00
IRS990/PYRevenuesLessExpensesAmt0-40396
IRS990/PYSalariesCompEmpBnftPaidAmt02915781
IRS990/PYTotalExpensesAmt04608173
IRS990/PYTotalProfFndrsngExpnsAmt00
IRS990/PYTotalRevenueAmt04567777
IRS990/QuidProQuoContributionsInd00
IRS990/RcvFndsToPayPrsnlBnftCntrctInd00
IRS990/ReconcilationRevenueExpnssAmt0328925
IRS990/RegularMonitoringEnfrcInd01
IRS990/RelatedEntityInd01
IRS990/RelatedOrganizationCtrlEntInd00
IRS990/ReportInvestmentsOtherSecInd00
IRS990/ReportLandBuildingEquipmentInd01
IRS990/ReportOtherAssetsInd01
IRS990/ReportOtherLiabilitiesInd01
IRS990/ReportProgramRelatedInvstInd00
IRS990/RevenueAmt0158096
IRS990ScheduleA/SchoolInd0X
IRS990ScheduleB/ContributorInformationGrp/ContributorBusinessName/BusinessNameLine10RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorNum0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine10RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine20RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/City0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/State0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/ZIPCode0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/TotalContributionsAmt0RESTRICTED
IRS990/ScheduleBRequiredInd01
IRS990ScheduleD/DonatedServicesAndUseFcltsAmt0500
IRS990ScheduleD/DonatedServicesUseFcltsAmt0500
IRS990ScheduleD/EquipmentGrp/BookValueAmt0194217
IRS990ScheduleD/EquipmentGrp/DepreciationAmt0376614
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt0570831
IRS990ScheduleD/ExpensesNotReportedAmt012857
IRS990ScheduleD/ExpensesNotRptFinclStmtAmt00
IRS990ScheduleD/ExpensesSubtotalAmt04473490
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt0405143
IRS990ScheduleD/OtherAssetsOrgGrp/Desc0NET PENSION ASSET
IRS990ScheduleD/OtherExpensesIncludedAmt012357
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt0882402
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0NET PENSION LIABILITY
IRS990ScheduleD/OtherRevenueAmt012357
IRS990ScheduleD/RevenueNotReportedAmt012857
IRS990ScheduleD/RevenueNotReportedFinclStmtAmt00
IRS990ScheduleD/RevenueSubtotalAmt04802415
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0FUNDRAISING EXPENSES 12,357.
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt1FUNDRAISING EXPENSES 12,357.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0PART XI, LINE 2D - OTHER ADJUSTMENTS:
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc1PART XII, LINE 2D - OTHER ADJUSTMENTS:
IRS990ScheduleD/TotalBookValueLandBuildingsAmt0194217
IRS990ScheduleD/TotalBookValueOtherAssetsAmt0405143
IRS990ScheduleD/TotalExpensesPerForm990Amt04473490
IRS990ScheduleD/TotalLiabilityAmt0882402
IRS990ScheduleD/TotalRevenuePerForm990Amt04802415
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt04815272
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt04486347
IRS990ScheduleE/ComplianceWithRevProc7550Ind01
IRS990ScheduleE/DiscriminateRaceAdmissPlcyInd00
IRS990ScheduleE/DiscriminateRaceAthltProgInd00
IRS990ScheduleE/DiscriminateRaceEducPlcyInd00
IRS990ScheduleE/DiscriminateRaceEmplmFcultyInd00
IRS990ScheduleE/DiscriminateRaceOtherActyInd00
IRS990ScheduleE/DiscriminateRaceSchsInd00
IRS990ScheduleE/DiscriminateRaceStdntsRghtsInd00
IRS990ScheduleE/DiscriminateRaceUseOfFcltsInd00
IRS990ScheduleE/GovernmentFinancialAidRcvdInd01
IRS990ScheduleE/GovernmentFinancialAidRvkdInd00
IRS990ScheduleE/MaintainCpyOfAllSolInd01
IRS990ScheduleE/MaintainCpyOfBrochuresEtcInd01
IRS990ScheduleE/MaintainRacialCompRecsInd01
IRS990ScheduleE/MaintainScholarshipsRecsInd00
IRS990ScheduleE/NondiscriminatoryPolicyStmtInd01
IRS990ScheduleE/PlcyPblczdViaBroadcastMediaInd01
IRS990ScheduleE/PolicyStmtInBrochuresEtcInd01
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/ExplanationTxt2THE SCHOOL RECEIVES FUNDS FROM SHELBY COUNTY SCHOOLS AND THE STATE OF TENNESSEE BASED ON A PER-PUPIL ALLOCATION; THE SCHOOL ALSO RECEIVES FEDERAL TITLE I FUNDING THAT PROVIDES FINANCIAL ASSISTANCE TO LOW INCOME AREA SCHOOLS.
IRS990ScheduleE/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE E, PART I, LINE 3
IRS990ScheduleE/SupplementalInformationDetail/FormAndLineReferenceDesc1SCHEDULE E, PART I, LINE 4
IRS990ScheduleE/SupplementalInformationDetail/FormAndLineReferenceDesc2SCHEDULE E, PART I, LINE 6
IRS990ScheduleG/FundraisingEventInformationGrp/DirectExpenseSummaryEventsAmt012357
IRS990ScheduleG/FundraisingEventInformationGrp/Event1Nm0UNIFORM SALES

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

2015 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$1,468,095
Liabilities
$1,106,437
Net assets
$361,658
Revenue
$4,802,415
Expenses
$4,473,490
Net income
$328,925
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