Civic Intelligence

La Promise Fund

EIN 20-4562686 • 501(c)3 • Los Angeles, CA

Profile

To graduate every student attending an la promise fund neighborhood school college and career ready.

1933 S Broadway Suite 1108Los Angeles, CA 90007

www.lapromisefund.org

Siviq Scores

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

Liabilities / Assets

87th percentile

0.81x

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

501(c)3 • $25M-$50M nonprofits • Source year 2024

Liabilities / Revenue

87th percentile

2.07x

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

501(c)3 • $25M-$50M nonprofits • Source year 2024

Net Margin

74th percentile

18%

Higher net margin than 74% of similar nonprofits.

501(c)3 • $25M-$50M nonprofits • Source year 2024

Top Officer Pay

60th percentile

$308,380

Higher top officer pay than 60% of similar nonprofits.

Top officer pay equals 1.6% of source-year revenue.

501(c)3 • $25M-$50M nonprofits • Source year 2024

Asset Growth

44th percentile

3.6%

Faster asset growth than 44% of similar nonprofits.

501(c)3 • $25M-$50M nonprofits • Annualized from 2023 to 2024

Revenue Growth

84th percentile

42%

Faster revenue growth than 84% of similar nonprofits.

501(c)3 • $25M-$50M nonprofits • Annualized from 2023 to 2024

Assets

Up

$49,943,711

Up $1,725,427 (+3.6%) from 2023

Liabilities

Down

$40,383,188

Down $1,847,068 (-4.4%) from 2023

Net Assets

Up

$9,560,523

Up $3,572,495 (+60%) from 2023

Revenue

Up

$19,518,864

Up $5,772,866 (+42%) from 2023

Expenses

Up

$15,946,369

Up $643,734 (+4.2%) from 2023

Net Income

Up

$3,572,495

Up $5,129,132 (+330%) from 2023

Trend Graphs

Balance Sheet Trend

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

$60M$40M$20M$0Assets 2011: $1,599,610Liabilities 2011: $249,473Net Assets 2011: $1,350,1372011Assets 2012: $978,215Liabilities 2012: $227,892Net Assets 2012: $750,3232012Assets 2013: $575,302Liabilities 2013: $184,946Net Assets 2013: $390,3562013Assets 2014: $826,617Liabilities 2014: $219,056Net Assets 2014: $607,5612014Assets 2015: $1,755,341Liabilities 2015: $304,092Net Assets 2015: $1,451,2492015Assets 2016: $3,197,302Liabilities 2016: $475,416Net Assets 2016: $2,721,8862016Assets 2017: $2,941,572Liabilities 2017: $865,170Net Assets 2017: $2,076,4022017Assets 2018: $3,847,636Liabilities 2018: $972,739Net Assets 2018: $2,874,8972018Assets 2019: $5,221,247Liabilities 2019: $1,639,418Net Assets 2019: $3,581,8292019Assets 2020: $7,744,642Liabilities 2020: $3,401,471Net Assets 2020: $4,343,1712020Assets 2021: $8,970,074Liabilities 2021: $2,542,461Net Assets 2021: $6,427,6132021Assets 2022: $49,429,202Liabilities 2022: $41,884,537Net Assets 2022: $7,544,6652022Assets 2023: $48,218,284Liabilities 2023: $42,230,256Net Assets 2023: $5,988,0282023Assets 2024: $49,943,711Liabilities 2024: $40,383,188Net Assets 2024: $9,560,5232024

Highlighted filing

2024

Assets$49,943,711
Liabilities$40,383,188
Net Assets$9,560,523

Operations Trend

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

$20M$10M$0-$10MExpenses 2011: $2,812,0742011Expenses 2012: $3,563,7532012Expenses 2013: $3,429,1392013Revenue 2014: $2,903,528Expenses 2014: $2,686,323Net Income 2014: $217,2052014Revenue 2015: $3,960,100Expenses 2015: $3,116,412Net Income 2015: $843,6882015Revenue 2016: $3,672,054Expenses 2016: $3,034,511Net Income 2016: $637,5432016Revenue 2017: $5,131,977Expenses 2017: $5,769,247Net Income 2017: -$637,2702017Revenue 2018: $8,199,923Expenses 2018: $7,401,428Net Income 2018: $798,4952018Revenue 2019: $9,264,786Expenses 2019: $8,557,854Net Income 2019: $706,9322019Revenue 2020: $11,950,432Expenses 2020: $11,189,090Net Income 2020: $761,3422020Revenue 2021: $12,859,195Expenses 2021: $10,774,753Net Income 2021: $2,084,4422021Revenue 2022: $15,071,176Expenses 2022: $13,954,124Net Income 2022: $1,117,0522022Revenue 2023: $13,745,998Expenses 2023: $15,302,635Net Income 2023: -$1,556,6372023Revenue 2024: $19,518,864Expenses 2024: $15,946,369Net Income 2024: $3,572,4952024

Highlighted filing

2024

Revenue$19,518,864
Expenses$15,946,369
Net Income$3,572,495

Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$49.9$40.4$9.56$19.5$15.9$3.57
2023XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$48.2$42.2$5.99$13.7$15.3$1.56
2022XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$49.4$41.9$7.54$15.1$14.0$1.12
2021Facts available. Structured filing facts are available, but richer extracted sections are limited.$8.97$2.54$6.43$12.9$10.8$2.08
2020Facts available. Structured filing facts are available, but richer extracted sections are limited.$7.74$3.40$4.34$12.0$11.2$0.76
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$5.22$1.64$3.58$9.26$8.56$0.71
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$3.85$0.97$2.87$8.20$7.40$0.80
2017Facts available. Structured filing facts are available, but richer extracted sections are limited.$2.94$0.87$2.08$5.13$5.77$0.64
2016Detailed filing. Detailed filing data is available for this year.$3.20$0.48$2.72$3.67$3.03$0.64
2015Summary only. Only limited summary data is available for this year.$1.76$0.30$1.45$3.96$3.12$0.84
2014Detailed filing. Detailed filing data is available for this year.$0.83$0.22$0.61$2.90$2.69$0.22
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.58$0.18$0.39$3.43
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.98$0.23$0.75$3.56
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.60$0.25$1.35$2.81
Latest Detailed Filing

The latest 2024 filing currently has linked XML that has not been fully parsed yet. Showing the latest detailed filing from 2021 below.

Jump To
Filing Snapshot
Filing Period
Jul 1, 2020 to Jun 30, 2021
Signed
Apr 23, 2022
Return Version
2020v4.2
Gross Receipts
$12,932,286
Mission and Program Overview

Mission

La promise fund is dedicated to preparing los angeles students for success in college, careerand life by working through a network of high-performing, community-based schools and a portfolio of high impact programs

Preparing los angeles students for success in college, career and life.working through a network of high-perfoming,community-based schools and a portfolio of programs that reach students throughout la county,the la promise fund creates vibrant community hubs and partnerships that foster motivated,engaged, and directed students poised for academic, professional, and personal success.

Balance Sheet Detail
LineBeginningEndChange
Assets
Savings and Temporary Cash Investments$5,669,967$4,936,341▼ $733,626
Accounts Receivable$994,910$2,693,028▲ $1,698,118
Pledges and Grants Receivable$799,428$1,095,404▲ $295,976
Land, Buildings, and Equipment, Net$123,777$130,391▲ $6,614
Prepaid Expenses and Deferred Charges$103,619$61,969▼ $41,650
Total Assets$7,744,642$8,970,074▲ $1,225,432
Other Assets Total$52,941$52,941→ $0
Liabilities
Unsecured Notes Loans Payable$1,240,087$1,240,087→ $0
Accounts Payable and Accrued Expenses$1,147,405$762,622▼ $384,783
Deferred Revenue$786,907$427,252▼ $359,655
Other Liabilities$227,072$112,500▼ $114,572
Total Liabilities$3,401,471$2,542,461▼ $859,010
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$3,200,056$5,431,393▲ $2,231,337
Net Assets With Donor Restrictions$1,143,115$996,220▼ $146,895
Total Net Assets Fund Balance$4,343,171$6,427,613▲ $2,084,442
Total Liabilities and Net Assets / Fund Balance$7,744,642$8,970,074▲ $1,225,432

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$111,648$453,476$565,124
Buildings$8,376$8,104$16,480
Other Land Buildings$10,367$1,534$11,901
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Ben AustinEd Kid CoalitionFT$247,599$29,039$276,638
Veronica MelvinCEO/presidentFT$222,708$24,394$247,102
Donna JacobsonDirector of SchoolsFT$130,847$14,336$145,183
Michelle CheangChief Program OfficerFT$120,335$8,068$128,403
Gina LutcherPrincipal of LapchsFT$103,653$6,560$110,213

Board Members and Trustees

Revenue and Support

Revenue Composition

Contributions and Grants
$12,682,286
Program Service Revenue
$0
Investment Income
$0
Other Revenue
$176,909
All Other Contributions
$10,494,548
Change in Net Assets
$2,084,442

Audited Revenue Reconciliation

Revenue per Audited Statements
$12,859,195
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$0
Total Revenue per Audited Statements
$12,859,195
Total Revenue per Form 990
$12,859,195
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$6,113,627
Other Expenses$4,264,786
Grants and Similar Amounts Paid$396,340
Total Fundraising Expense$197,931
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$4,438,252$454,793$94,386$4,987,431
Fees for Services Other$453,643$1,301,391$64,953$1,819,987
Occupancy$399,365$50,933-$450,298
Other Employee Benefits$344,866$48,111$7,124$400,101
Payroll Taxes$352,087$27,949$4,996$385,032
Grants to Domestic Orgs$314,266--$314,266
Information Technology$228,560$81,915$35$310,510
Office Expenses$148,373$115,079$7,016$270,468
Current Officers, Directors, Trustees, and Key Employees$262,727--$262,727
Insurance$87,727$19,323$5,662$112,712
Grants to Domestic Individuals$82,074--$82,074
Pension Plan Contributions$44,904$31,204$2,228$78,336
Depreciation Depletion$64,664$2,352$1,694$68,710
Other Expenses$19,171$41,030$586$60,787
All Other Expenses$30,082$22,865$5,600$58,547
Conferences and Meetings$22,854$148-$23,002
Interest-$1,680-$1,680
Travel$1,075$254-$1,329
Total Functional Expenses$8,306,595$2,270,227$197,931$10,774,753

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$10,774,753
Total Expenses per Audited Statements$10,774,753
Total Expenses per Form 990$10,774,753
Expenses Not Reported on Financial Statements$0
Expenses Not Reported on Form 990$0
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
CrcdLos Angeles, CAPublic SchoolProgram Grants Under Nsi and Cpc Programs Throughout Slate-z-
La Promise Charter High School and Middle SchoolLos Angeles, CAPublic SchoolProgram Grants Under Nsi and Cpc Programs Throughout Slate-z-
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Gross Income$250,000
Fundraising Direct Expenses$73,091
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Girls Build 2020$250,000$250,000$73,091$176,909
Total Events$250,000$250,000$73,091$176,909
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Note Payable$112,500
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 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

The form 990 is reviewed by the senior leadership and then presented to the finance audit committee.

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

Annual questionaires are completed by each board member. The compliance officer, ceo, and coo monitor the compliance of the conflict of interest policy. If a conflict should arise the executive committee will meet to address and resolve the issue.

Form 990, Part VI, Section B, Line 15

The board of directors set the compensation, on an annual basis, of the ceo based on performance, comparable data of similar organizations and the financial status of the organization.

Form 990, Part VI, Section C, Line 19

Governing documents, conflict of interest policy, and financial statements are available upon written request.

Filing and Contact Details

Filer

Filer Name
La Promise Fund
EIN
20-4562686
Phone
2137454928
Address
1933 S BROADWAY SUITE 1108, LOS ANGELES, CA 90007

Signing Officer

Name
Veronica Melvin
Title
CEO/president
Phone
2137454928
Signed
2022-04-23
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Veronica Melvin
Formed
2005
Legal Domicile
CA
Voting Board Members
22
Independent Board Members
22
Employees
130
Volunteers
100

Preparer

Firm
Eide Bailly Llp
Address
10681 FOOTHILL BLVD STE 300, RANCHO CUCAMONGA, CA 91730-3831
Preparer
Catherine L Gray CPA
Phone
9094664410
Supplemental Narrative

Additional Explanations

Form 990, Part IX, Line 11G

Professional fees: program service expenses 173,540. Management and general expenses 1,284,657. Fundraising expenses 63,585. Total expenses 1,521,782. Outside services: program service expenses 280,103. Management and general expenses 16,734. Fundraising expenses 1,368. Total expenses 298,205.

Financial Statement Notes

PART X, LINE 2:

Management believes that the foundation has appropriate support for any tax positions taken affecting its annual filing requirements, and as such, does not have any uncertain tax positions that are material to the financial statements. The foundation would recognize future accrued interest and penalties related to unrecognized tax benefits and liabilities in income tax expense if such interest and penalties are incurred.

Raw XML AppendixShowing 400 of 664 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
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IRS990/ActivityOrMissionDesc0PREPARING LOS ANGELES STUDENTS FOR SUCCESS IN COLLEGE, CAREER AND LIFE.WORKING THROUGH A NETWORK OF HIGH-PERFOMING,COMMUNITY-BASED SCHOOLS AND A PORTFOLIO OF PROGRAMS THAT REACH STUDENTS THROUGHOUT LA COUNTY,THE LA PROMISE FUND CREATES VIBRANT COMMUNITY HUBS AND PARTNERSHIPS THAT FOSTER MOTIVATED,ENGAGED, AND DIRECTED STUDENTS POISED FOR ACADEMIC, PROFESSIONAL, AND PERSONAL SUCCESS.
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IRS990/Desc0WORKING THROUGH A NETWORK OF HIGH-PERFORMING, COMMUNITY-BASED SCHOOLS AND A PORTFOLIO OF PROGRAMS THAT REACH STUDENTS THROUGHOUT LA COUNTY, THE LA PROMISE FUND CREATES VIBRANT COMMUNITY HUBS AND PARTNERSHIPS THAT FOSTER MOTIVATED, ENGAGED, AND DIRECTED STUDENTS POISED FOR ACADEMIC, PROFESSIONAL, AND PERSONAL SUCCESS.
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IRS990/Form990PartVIISectionAGrp/TitleTxt4DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt5DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt6DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt7DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt8DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt9DIRECTOR
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IRS990/Form990PartVIISectionAGrp/TitleTxt12DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt13DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt14DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt15DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt16DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt17DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt18DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt19DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt20DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt21DIRECTOR
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IRS990/Form990PartVIISectionAGrp/TitleTxt25PRINCIPAL OF LAPCHS
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IRS990/PrincipalOfficerNm0VERONICA MELVIN
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