Civic Intelligence

Promise Academy Inc

990 • Fiscal year 2016 • EIN 20-1608155

Jul 01, 2015 to Jun 30, 2016 • Filed on May 12, 2017

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

87th percentile

0.77x

Higher debt load relative to assets than 87% of similar nonprofits.

2016 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2016

Liabilities / Revenue

73rd percentile

0.38x

Higher debt load relative to revenue than 73% of similar nonprofits.

2016 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2016

Net Margin

55th percentile

3.9%

Higher net margin than 55% of similar nonprofits.

2016 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2016

Top Officer Pay

78th percentile

$125,449

Higher top officer pay than 78% of similar nonprofits.

Top officer pay equals 2.7% of source-year revenue.

2016 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2016

Asset Growth

92nd percentile

57%

Faster asset growth than 92% of similar nonprofits.

2016 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2015 to 2016

Revenue Growth

32nd percentile

-4.4%

Faster revenue growth than 32% of similar nonprofits.

2016 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2015 to 2016

Balance Sheet
Liabilities / Assets87th percentile

Assets

Up

$2,302,246

Up $834,151 (+57%) from 2015

Net Assets

Up

$539,457

Up $177,799 (+49%) from 2015

Liabilities

Up

$1,762,789

Up $656,352 (+59%) from 2015

Revenue And Expenses
Liabilities / Revenue73rd percentileNet Margin55th percentile

Revenue

Down

$4,590,209

Down $212,206 (-4.4%) from 2015

Expenses

Down

$4,412,410

Down $61,080 (-1.4%) from 2015

Net Income

Down

$177,799

Down $151,126 (-46%) from 2015

Historical Trend

Balance Sheet Trend

Asset Growth92nd 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

2016

Assets$2,302,246
Liabilities$1,762,789
Net Assets$539,457
Open 2016 Filing

Operations Trend

Revenue Growth32nd 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

2016

Revenue$4,590,209
Expenses$4,412,410
Net Income$177,799
Open 2016 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2015 to Jun 30, 2016
Signed
May 12, 2017
Return Version
2015v3.0
Gross Receipts
$4,599,949
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$807,907$647,512▼ $160,395
Accounts Receivable$24,281$213,040▲ $188,759
Land, Buildings, and Equipment, Net$194,217$183,820▼ $10,397
Prepaid Expenses and Deferred Charges$36,547$54,787▲ $18,240
Total Assets$1,468,095$2,302,246▲ $834,151
Other Assets Total$405,143$1,203,087▲ $797,944
Liabilities
Other Liabilities$882,402$1,525,033▲ $642,631
Accounts Payable and Accrued Expenses$224,035$237,756▲ $13,721
Total Liabilities$1,106,437$1,762,789▲ $656,352
Net Assets / Fund Balance
Unrestricted Net Assets$167,441$355,637▲ $188,196
Temporarily Rstr Net Assets$194,217$183,820▼ $10,397
Total Net Assets Fund Balance$361,658$539,457▲ $177,799
Total Liabilities and Net Assets / Fund Balance$1,468,095$2,302,246▲ $834,151

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$183,820$425,160$608,980
Other Assets Org$1,203,087--
Compensation and Service Providers
Top Officer Pay78th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Kiasi MaloneHighest-compensated EmployFT$115,131$10,318$125,449
Thomas a BeazleyExecutive DirectorFT$109,402$10,325$119,727

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
$4,403,607
Program Service Revenue
$0
Investment Income
$-2,512
Other Revenue
$189,114
All Other Contributions
$4,031,337
Change in Net Assets
$177,799

Audited Revenue Reconciliation

Revenue per Audited Statements
$4,590,209
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$9,740
Total Revenue per Audited Statements
$4,599,949
Total Revenue per Form 990
$4,590,209
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$2,657,635
Other Expenses$1,754,775
Total Fundraising Expense$29,265
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$1,818,692$606,230-$2,424,922
Occupancy$540,385$95,362-$635,747
Insurance$227,584$75,861-$303,445
Fees for Services Other$40,500$198,553-$239,053
Payroll Taxes$133,780$44,593-$178,373
All Other Expenses$59,666$22,348$2,557$84,571
Depreciation Depletion$67,247--$67,247
Other Expenses$29,661$33,733$26,708$56,369
Pension Plan Contributions$54,340--$54,340
Fees for Services Accounting-$20,840-$20,840
Advertising$13,317--$13,317
Office Expenses-$10,928-$10,928
Travel$1,108$369-$1,477
Total Functional Expenses$3,274,328$1,108,817$29,265$4,412,410

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$4,422,150
Expenses per Audited Statements$4,412,410
Total Expenses per Form 990$4,412,410
Expenses Not Reported on Form 990$9,740
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$36,833
Fundraising Direct Expenses$6,478
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Uniform Sales$12,761$12,761$2,244$10,517
Supplies & Materials$8,415$8,415$1,480$6,935
Total Events$36,833$36,833$10,202$26,631
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$1,525,033
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
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
2017-05-12
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
74
Volunteers
20

Preparer

Firm
Elliott Davis Decosimo LLC Pllc
Address
1000 RIDGEWAY LOOP SUITE 402, MEMPHIS, TN 38120
Preparer
Kevin D Mcadams CPA
Phone
9016838899
Supplemental Narrative

Additional Explanations

FORM 990, PART XII, LINE 2C:

“There was no change from the prior year.”

Financial Statement Notes

PART XI, LINE 2D - OTHER ADJUSTMENTS:

“Fundraising expenses 6,478. Cost of goods sold 3,262.”

PART XII, LINE 2D - OTHER ADJUSTMENTS:

“Fundraising expenses 6,478. Cost of goods sold 3,262.”

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IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt140
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt150
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/Form990PartVIISectionAGrp/TitleTxt15HIGHEST-COMPENSATED EMPLOY
IRS990/Form990ProvidedToGvrnBodyInd01
IRS990/FormationYr02004
IRS990/FormerOfcrEmployeesListedInd00
IRS990/FSAuditedBasisGrp/SeparateBasisFinclStmtInd0X
IRS990/FSAuditedInd01
IRS990/FundraisingActivitiesInd01
IRS990/FundraisingDirectExpensesAmt06478
IRS990/FundraisingGrossIncomeAmt036833
IRS990/GainOrLossGrp/OtherAmt0-2512
IRS990/GamingActivitiesInd00
IRS990/GoverningBodyVotingMembersCnt014
IRS990/GovernmentGrantsAmt0372270
IRS990/GrantsToIndividualsInd00
IRS990/GrantsToOrganizationsInd00
IRS990/GrantToRelatedPersonInd00
IRS990/GrossAmountSalesAssetsGrp/OtherAmt0750
IRS990/GrossReceiptsAmt04599949
IRS990/GroupReturnForAffiliatesInd00
IRS990/IncludeFIN48FootnoteInd00
IRS990/IndependentAuditFinclStmtInd01
IRS990/IndependentVotingMemberCnt014
IRS990/IndivRcvdGreaterThan100KCnt02
IRS990/IndoorTanningServicesInd00
IRS990/InfoInScheduleOPartVIInd0X
IRS990/InfoInScheduleOPartXIIInd0X
IRS990/InsuranceGrp/ManagementAndGeneralAmt075861
IRS990/InsuranceGrp/ProgramServicesAmt0227584
IRS990/InsuranceGrp/TotalAmt0303445
IRS990/InvestmentInJointVentureInd00
IRS990/IRPDocumentCnt025
IRS990/IRPDocumentW2GCnt00
IRS990/LandBldgEquipAccumDeprecAmt0425160
IRS990/LandBldgEquipBasisNetGrp/BOYAmt0194217
IRS990/LandBldgEquipBasisNetGrp/EOYAmt0183820
IRS990/LandBldgEquipCostOrOtherBssAmt0608980
IRS990/LegalDomicileStateCd0TN
IRS990/LessCostOthBasisSalesExpnssGrp/OtherAmt03262
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/NetAssetsOrFundBalancesBOYAmt0361658
IRS990/NetAssetsOrFundBalancesEOYAmt0539457
IRS990/NetGainOrLossInvestmentsGrp/RelatedOrExemptFuncIncomeAmt0-2512
IRS990/NetGainOrLossInvestmentsGrp/TotalRevenueColumnAmt0-2512
IRS990/NetIncmFromFundraisingEvtGrp/ExclusionAmt030355
IRS990/NetIncmFromFundraisingEvtGrp/TotalRevenueColumnAmt030355
IRS990/NetUnrelatedBusTxblIncmAmt00
IRS990/NoListedPersonsCompensatedInd0X
IRS990/NondeductibleContributionsInd00
IRS990/OccupancyGrp/ManagementAndGeneralAmt095362
IRS990/OccupancyGrp/ProgramServicesAmt0540385
IRS990/OccupancyGrp/TotalAmt0635747
IRS990/OfficeExpensesGrp/ManagementAndGeneralAmt010928
IRS990/OfficeExpensesGrp/TotalAmt010928
IRS990/OfficerMailingAddressInd00
IRS990/OperateHospitalInd00
IRS990/Organization501c3Ind0X
IRS990/OrganizationFollowsSFAS117Ind0X
IRS990/OtherAssetsTotalGrp/BOYAmt0405143
IRS990/OtherAssetsTotalGrp/EOYAmt01203087
IRS990/OtherChangesInNetAssetsAmt00
IRS990/OtherExpensesGrp/Desc0TEXTBOOKS
IRS990/OtherExpensesGrp/Desc1SCHOOL SUPPLIES
IRS990/OtherExpensesGrp/Desc2CONTRACT INSTRUCTORS
IRS990/OtherExpensesGrp/Desc3STUDENT ACTIVITIES
IRS990/OtherExpensesGrp/FundraisingAmt026708
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt033733
IRS990/OtherExpensesGrp/ProgramServicesAmt0129565
IRS990/OtherExpensesGrp/ProgramServicesAmt178710
IRS990/OtherExpensesGrp/ProgramServicesAmt279773
IRS990/OtherExpensesGrp/ProgramServicesAmt329661
IRS990/OtherExpensesGrp/TotalAmt0129565
IRS990/OtherExpensesGrp/TotalAmt1112443
IRS990/OtherExpensesGrp/TotalAmt279773
IRS990/OtherExpensesGrp/TotalAmt356369
IRS990/OtherLiabilitiesGrp/BOYAmt0882402
IRS990/OtherLiabilitiesGrp/EOYAmt01525033
IRS990/OtherRevenueMiscGrp/BusinessCd0900099
IRS990/OtherRevenueMiscGrp/BusinessCd1900099
IRS990/OtherRevenueMiscGrp/Desc0SHARED SCIENCE REVENUE
IRS990/OtherRevenueMiscGrp/Desc1OTHER INCOME
IRS990/OtherRevenueMiscGrp/RelatedOrExemptFuncIncomeAmt0147392
IRS990/OtherRevenueMiscGrp/RelatedOrExemptFuncIncomeAmt111367
IRS990/OtherRevenueMiscGrp/TotalRevenueColumnAmt0147392
IRS990/OtherRevenueMiscGrp/TotalRevenueColumnAmt111367
IRS990/OtherRevenueTotalAmt0158759
IRS990/OtherSalariesAndWagesGrp/ManagementAndGeneralAmt0606230
IRS990/OtherSalariesAndWagesGrp/ProgramServicesAmt01818692
IRS990/OtherSalariesAndWagesGrp/TotalAmt02424922
IRS990/PartialLiquidationInd00
IRS990/PayPremiumsPrsnlBnftCntrctInd00
IRS990/PayrollTaxesGrp/ManagementAndGeneralAmt044593
IRS990/PayrollTaxesGrp/ProgramServicesAmt0133780
IRS990/PayrollTaxesGrp/TotalAmt0178373
IRS990/PensionPlanContributionsGrp/ProgramServicesAmt054340
IRS990/PensionPlanContributionsGrp/TotalAmt054340
IRS990/PoliticalCampaignActyInd00
IRS990/PrepaidExpensesDefrdChargesGrp/BOYAmt036547
IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt054787
IRS990/PrincipalOfficerNm0CHARLES C GERBER
IRS990/ProfessionalFundraisingInd00
IRS990/ProhibitedTaxShelterTransInd00
IRS990/PYBenefitsPaidToMembersAmt00
IRS990/PYContributionsGrantsAmt04616656
IRS990/PYExcessBenefitTransInd00
IRS990/PYGrantsAndSimilarPaidAmt00
IRS990/PYInvestmentIncomeAmt00
IRS990/PYOtherExpensesAmt01778083
IRS990/PYOtherRevenueAmt0185759
IRS990/PYProgramServiceRevenueAmt00
IRS990/PYRevenuesLessExpensesAmt0328925
IRS990/PYSalariesCompEmpBnftPaidAmt02695407
IRS990/PYTotalExpensesAmt04473490
IRS990/PYTotalProfFndrsngExpnsAmt00
IRS990/PYTotalRevenueAmt04802415
IRS990/QuidProQuoContributionsInd00
IRS990/RcvFndsToPayPrsnlBnftCntrctInd00
IRS990/ReconcilationRevenueExpnssAmt0177799
IRS990/RegularMonitoringEnfrcInd01
IRS990/RelatedEntityInd01
IRS990/RelatedOrganizationCtrlEntInd00
IRS990/ReportInvestmentsOtherSecInd00
IRS990/ReportLandBuildingEquipmentInd01
IRS990/ReportOtherAssetsInd01
IRS990/ReportOtherLiabilitiesInd01
IRS990/ReportProgramRelatedInvstInd00
IRS990/RevenueAmt0156247
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/EquipmentGrp/BookValueAmt0183820
IRS990ScheduleD/EquipmentGrp/DepreciationAmt0425160
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt0608980
IRS990ScheduleD/ExpensesNotReportedAmt09740
IRS990ScheduleD/ExpensesNotRptFinclStmtAmt00
IRS990ScheduleD/ExpensesSubtotalAmt04412410
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt01203087
IRS990ScheduleD/OtherAssetsOrgGrp/Desc0NET PENSION ASSET
IRS990ScheduleD/OtherExpensesIncludedAmt09740
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt01525033
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0NET PENSION LIABILITY
IRS990ScheduleD/OtherRevenueAmt09740
IRS990ScheduleD/RevenueNotReportedAmt09740
IRS990ScheduleD/RevenueNotReportedFinclStmtAmt00
IRS990ScheduleD/RevenueSubtotalAmt04590209
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0FUNDRAISING EXPENSES 6,478. COST OF GOODS SOLD 3,262.
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt1FUNDRAISING EXPENSES 6,478. COST OF GOODS SOLD 3,262.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0PART XI, LINE 2D - OTHER ADJUSTMENTS:
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc1PART XII, LINE 2D - OTHER ADJUSTMENTS:
IRS990ScheduleD/TotalBookValueLandBuildingsAmt0183820
IRS990ScheduleD/TotalBookValueOtherAssetsAmt01203087
IRS990ScheduleD/TotalExpensesPerForm990Amt04412410
IRS990ScheduleD/TotalLiabilityAmt01525033
IRS990ScheduleD/TotalRevenuePerForm990Amt04590209
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt04599949
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt04422150
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.

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Filings

Displayed year

2016 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$2,302,246
Liabilities
$1,762,789
Net assets
$539,457
Revenue
$4,590,209
Expenses
$4,412,410
Net income
$177,799
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