Civic Intelligence

Promise Resource Network Inc.

990 • Fiscal year 2018 • EIN 27-2648129

Jul 01, 2017 to Jun 30, 2018 • Filed on Nov 08, 2018

Organization Profilewww.promiseresourcenetwork.org
1041 Hawthorne LnCharlotte, NC 28205

(704) 390-7709

Siviq Scores

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

Liabilities / Assets

59th percentile

0.36x

Higher debt load relative to assets than 59% of similar nonprofits.

2018 filings • NTEE F • $1M-$5M nonprofits • Source year 2018

Liabilities / Revenue

19th percentile

0.04x

Higher debt load relative to revenue than 19% of similar nonprofits.

2018 filings • NTEE F • $1M-$5M nonprofits • Source year 2018

Net Margin

52nd percentile

2.7%

Higher net margin than 52% of similar nonprofits.

2018 filings • NTEE F • $1M-$5M nonprofits • Source year 2018

Top Officer Pay

57th percentile

$115,000

Higher top officer pay than 57% of similar nonprofits.

Top officer pay equals 6.5% of source-year revenue.

2018 filings • NTEE F • $1M-$5M nonprofits • Source year 2018

Asset Growth

Score unavailable

No value available

No earlier valid filing was available within the previous three public years.

Source year 2018

Revenue Growth

Score unavailable

No value available

No earlier valid filing was available within the previous three public years.

Source year 2018

Balance Sheet
Liabilities / Assets59th percentile

Assets

Up

$217,202

Up $73,137 (+51%) from 2014

Net Assets

Up

$139,528

Up $41,558 (+42%) from 2014

Liabilities

Up

$77,674

Up $31,579 (+69%) from 2014

Revenue And Expenses
Liabilities / Revenue19th percentileNet Margin52nd percentile

Revenue

Up

$1,763,584

Up $1,313,667 (+292%) from 2014

Expenses

Up

$1,715,671

Up $1,363,724 (+387%) from 2014

Net Income

Down

$47,913

Down $50,057 (-51%) from 2014

Historical Trend

Balance Sheet Trend

Asset GrowthScore unavailable

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

$6.0M$4.0M$2.0M$0Assets 2014: $144,065Liabilities 2014: $46,095Net Assets 2014: $97,9702014Assets 2018: $217,202Liabilities 2018: $77,674Net Assets 2018: $139,5282018Assets 2020: $376,322Liabilities 2020: $236,501Net Assets 2020: $139,8212020Assets 2021: $2,080,671Liabilities 2021: $1,178,872Net Assets 2021: $901,7992021Assets 2022: $3,219,248Liabilities 2022: $2,201,561Net Assets 2022: $1,017,6872022Assets 2023: $4,635,428Liabilities 2023: $3,649,538Net Assets 2023: $985,8902023Assets 2024: $5,659,704Liabilities 2024: $4,377,692Net Assets 2024: $1,282,0122024

Highlighted filing

2018

Assets$217,202
Liabilities$77,674
Net Assets$139,528
Open 2018 Filing

Operations Trend

Revenue GrowthScore unavailable

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$6.0M$4.0M$2.0M$0-$2.0MRevenue 2014: $449,917Expenses 2014: $351,947Net Income 2014: $97,9702014Revenue 2018: $1,763,584Expenses 2018: $1,715,671Net Income 2018: $47,9132018Revenue 2020: $1,803,186Expenses 2020: $1,793,479Net Income 2020: $9,7072020Revenue 2021: $3,268,532Expenses 2021: $2,506,554Net Income 2021: $761,9782021Revenue 2022: $4,126,158Expenses 2022: $4,255,135Net Income 2022: -$128,9772022Revenue 2023: $4,071,307Expenses 2023: $4,103,104Net Income 2023: -$31,7972023Revenue 2024: $4,986,439Expenses 2024: $4,529,684Net Income 2024: $456,7552024

Highlighted filing

2018

Revenue$1,763,584
Expenses$1,715,671
Net Income$47,913
Open 2018 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2017 to Jun 30, 2018
Signed
Nov 8, 2018
Return Version
2017v2.2
Gross Receipts
$1,763,584
Mission and Program Overview

Mission

Through the wisdom of lived recovery experience, we ignite social change, inspire hope and serve as a catalyst for personal greatness.

Balance Sheet Detail
LineBeginningEndChange
Assets
Accounts Receivable$70,008$187,844▲ $117,836
Cash and Non-Interest-Bearing Accounts$43,055$19,571▼ $23,484
Prepaid Expenses and Deferred Charges$9,895$9,787▼ $108
Total Assets$122,958$217,202▲ $94,244
Liabilities
Mortgage Notes Payable Secured by Investment Property$10,000$52,061▲ $42,061
Accounts Payable and Accrued Expenses$21,343$21,811▲ $468
Other Liabilities-$3,802-
Total Liabilities$31,343$77,674▲ $46,331
Net Assets / Fund Balance
Unrestricted Net Assets$91,615$139,528▲ $47,913
Total Net Assets Fund Balance$91,615$139,528▲ $47,913
Total Liabilities and Net Assets / Fund Balance$122,958$217,202▲ $94,244
Compensation and Service Providers
Top Officer Pay57th percentile

Employees

NameTitleFull / Part TimeBaseTotal
Cherene CaracoExecutive DirectorFT$115,000$115,000

Board Members and Trustees

NameTitle
Steve TomlinsonBoard Chair
JD BrownBoard Treasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$96,945
Program Service Revenue
$1,666,639
Investment Income
$0
Other Revenue
$0
All Other Contributions
$85,357
Change in Net Assets
$47,913

Audited Revenue Reconciliation

Revenue per Audited Statements
$1,763,584
Total Revenue per Audited Statements
$1,763,584
Total Revenue per Form 990
$1,763,584
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$1,257,615
Other Expenses$458,056
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$925,100$13,502-$938,602
Office Expenses$150,587$5,328-$155,915
Current Officers, Directors, Trustees, and Key Employees$115,000--$115,000
Other Employee Benefits$113,694--$113,694
Payroll Taxes$90,319--$90,319
Fees for Services Other$60,280$6,145-$66,425
Fees for Services Accounting$33,840$30,104-$63,944
Insurance$53,138--$53,138
Other Expenses$30,770--$30,770
All Other Expenses$2,048$27,318-$29,366
Travel$20,073--$20,073
Fees for Services Legal$9,291--$9,291
Conferences and Meetings-$6,635-$6,635
Interest$3,182--$3,182
Advertising$1,208--$1,208
Total Functional Expenses$1,626,639$89,032$0$1,715,671

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$1,715,671
Total Expenses per Audited Statements$1,715,671
Total Expenses per Form 990$1,715,671
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
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Payroll Liabilities Tax Liability$4,657
Deferred Revenue-
Wells Fargo Credit Cards$-69
Payroll Liabilities Net Payroll$-786
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 governing body review Part VI line 11

“The 990 is presented to the Board of Directors prior to the release of the return to the IRS. The Board reviews and approves accordingly.”

Conflict of interest policy compliance Part VI line 12C

“The conflict of interest policy is a self-monitoring process, however, no board member is allowed to vote on contracts that would present a conflict of interest for that member.”

CEO executive director top management comp Part VI line 15A

“Annual performance review of the Executive Director is performed by the Board.”

Other officer or key employee compensation Part VI line 15B

“Annual compensation reports are utilized to determine proper compensation amounts for similar non-profit organizations within the North Carolina region. Annual compensation adjustments are made based on performance and key compensation metrics.”

Governing documents etc available to public Part VI line 19

“Governing documents are available at the office in Charlotte, NC.”

Filing and Contact Details

Filer

Filer Name
Promise Resource Network Inc
EIN
27-2648129
Address
1041 Hawthorne Ln, Charlotte, NC 28205

Signing Officer

Name
Cherene Caraco
Title
Executive Direc
Phone
7043907695
Signed
2018-11-08

Organization Details

Formed
2014
Legal Domicile
Nc
Voting Board Members
5
Independent Board Members
4
Employees
39
Volunteers
14
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0The 990 is presented to the Board of Directors prior to the release of the return to the IRS. The Board reviews and approves accordingly.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1The conflict of interest policy is a self-monitoring process, however, no board member is allowed to vote on contracts that would present a conflict of interest for that member.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2Annual performance review of the Executive Director is performed by the Board.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3Annual compensation reports are utilized to determine proper compensation amounts for similar non-profit organizations within the North Carolina region. Annual compensation adjustments are made based on performance and key compensation metrics.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4Governing documents are available at the office in Charlotte, NC.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Form 990 governing body review Part VI line 11
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Conflict of interest policy compliance Part VI line 12c
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2CEO executive director top management comp Part VI line 15a
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IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4Governing documents etc available to public Part VI line 19
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IRS990/TotalAssetsGrp/BOYAmt0122958
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IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt089032
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt01626639
IRS990/TotalFunctionalExpensesGrp/TotalAmt01715671
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt031343
IRS990/TotalLiabilitiesEOYAmt077674
IRS990/TotalLiabilitiesGrp/BOYAmt031343
IRS990/TotalLiabilitiesGrp/EOYAmt077674
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt091615
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt0139528
IRS990/TotalOtherCompensationAmt00
IRS990/TotalProgramServiceExpensesAmt01626639
IRS990/TotalProgramServiceRevenueAmt01666639
IRS990/TotalReportableCompFromOrgAmt0115000
IRS990/TotalRevenueGrp/ExclusionAmt00
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt01666639
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt01763584
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt00
IRS990/TotalVolunteersCnt014
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt0122958
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt0217202
IRS990/TotReportableCompRltdOrgAmt00
IRS990/TravelGrp/ProgramServicesAmt020073
IRS990/TravelGrp/TotalAmt020073
IRS990/TrnsfrExmptNonChrtblRltdOrgInd0false
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd0false
IRS990/UnrestrictedNetAssetsGrp/BOYAmt091615
IRS990/UnrestrictedNetAssetsGrp/EOYAmt0139528
IRS990/UponRequestInd0X
IRS990/VotingMembersGoverningBodyCnt05
IRS990/VotingMembersIndependentCnt04
IRS990/WebsiteAddressTxt0www.promiseresourcenetwork.org
IRS990/WhistleblowerPolicyInd0true
ReturnHeader/BuildTS02019-02-21 02:37:17Z
ReturnHeader/BusinessOfficerGrp/PersonNm0CHERENE CARACO
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0Executive Direc
ReturnHeader/BusinessOfficerGrp/PhoneNum07043907695
ReturnHeader/BusinessOfficerGrp/SignatureDt02018-11-08
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0PROMISE RESOURCE NETWORK INC
ReturnHeader/Filer/BusinessNameControlTxt0PROM
ReturnHeader/Filer/EIN0272648129
ReturnHeader/Filer/USAddress/AddressLine1Txt01041 Hawthorne Ln
ReturnHeader/Filer/USAddress/CityNm0Charlotte
ReturnHeader/Filer/USAddress/StateAbbreviationCd0NC
ReturnHeader/Filer/USAddress/ZIPCd028205
ReturnHeader/FilingSecurityInformation/AtSubmissionCreationDeviceId03A3240B64FFA7948730E682C09E98F52475A1156
ReturnHeader/FilingSecurityInformation/AtSubmissionFilingDeviceId03A3240B64FFA7948730E682C09E98F52475A1156
ReturnHeader/FilingSecurityInformation/FederalOriginalSubmissionId06955832018323aphebd1
ReturnHeader/FilingSecurityInformation/FederalOriginalSubmissionIdDt02018-11-19
ReturnHeader/FilingSecurityInformation/FilingLicenseTypeCd0P
ReturnHeader/FilingSecurityInformation/IPAddress/IPv4AddressTxt0184.171.140.17
ReturnHeader/FilingSecurityInformation/IPDt02018-11-19
ReturnHeader/FilingSecurityInformation/IPTm009:12:09
ReturnHeader/ReturnTs02018-11-19T09:10:53-05:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02017-07-01
ReturnHeader/TaxPeriodEndDt02018-06-30
ReturnHeader/TaxYr02017

Document Assets

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Filings

Displayed year

2018 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$217,202
Liabilities
$77,674
Net assets
$139,528
Revenue
$1,763,584
Expenses
$1,715,671
Net income
$47,913
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$5.66$4.38$1.28$4.99$4.53$0.46
2023Detailed filing. Detailed filing data is available for this year.$4.64$3.65$0.99$4.07$4.10$0.03
2022Detailed filing. Detailed filing data is available for this year.$3.22$2.20$1.02$4.13$4.26$0.13
2021Detailed filing. Detailed filing data is available for this year.$2.08$1.18$0.90$3.27$2.51$0.76
2020Detailed filing. Detailed filing data is available for this year.$0.38$0.24$0.14$1.80$1.79$0.01
2018Detailed filing. Detailed filing data is available for this year.$0.22$0.08$0.14$1.76$1.72$0.05
2014Detailed filing. Detailed filing data is available for this year.$0.14$0.05$0.10$0.45$0.35$0.10