Civic Intelligence

Promise Resource Network Inc.

990 • Fiscal year 2020 • EIN 27-2648129

Jul 01, 2019 to Jun 30, 2020 • Filed on Nov 10, 2020

Organization Profilewww.promiseresourcenetwork.org

View Organization Page

2224 The PlazaCharlotte, NC 28205

(704) 390-7709

Siviq Scores

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

Liabilities / Assets

77th percentile

0.63x

Higher debt load relative to assets than 77% of similar nonprofits.

2020 filings • NTEE F • $1M-$5M nonprofits • Source year 2020

Liabilities / Revenue

30th percentile

0.13x

Higher debt load relative to revenue than 30% of similar nonprofits.

2020 filings • NTEE F • $1M-$5M nonprofits • Source year 2020

Net Margin

42nd percentile

0.5%

Higher net margin than 42% of similar nonprofits.

2020 filings • NTEE F • $1M-$5M nonprofits • Source year 2020

Top Officer Pay

58th percentile

$115,000

Higher top officer pay than 58% of similar nonprofits.

Top officer pay equals 6.4% of source-year revenue.

2020 filings • NTEE F • $1M-$5M nonprofits • Source year 2020

Asset Growth

67th percentile

32%

Faster asset growth than 67% of similar nonprofits.

2020 filings • NTEE F • $1M-$5M nonprofits • Annualized from 2018 to 2020

Revenue Growth

45th percentile

1.1%

Faster revenue growth than 45% of similar nonprofits.

2020 filings • NTEE F • $1M-$5M nonprofits • Annualized from 2018 to 2020

Balance Sheet
Liabilities / Assets77th percentile

Assets

Up

$376,322

Up $159,120 (+73%) from 2018

Net Assets

Up

$139,821

Up $293 (+0.2%) from 2018

Liabilities

Up

$236,501

Up $158,827 (+204%) from 2018

Revenue And Expenses
Liabilities / Revenue30th percentileNet Margin42nd percentile

Revenue

Up

$1,803,186

Up $39,602 (+2.2%) from 2018

Expenses

Up

$1,793,479

Up $77,808 (+4.5%) from 2018

Net Income

Down

$9,707

Down $38,206 (-80%) from 2018

Historical Trend

Balance Sheet Trend

Asset Growth67th percentile

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

2020

Assets$376,322
Liabilities$236,501
Net Assets$139,821
Open 2020 Filing

Operations Trend

Revenue Growth45th percentile

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

2020

Revenue$1,803,186
Expenses$1,793,479
Net Income$9,707
Open 2020 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2019 to Jun 30, 2020
Signed
Nov 10, 2020
Return Version
2019v5.1
Gross Receipts
$1,803,186
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
Cash and Non-Interest-Bearing Accounts$64,373$232,935▲ $168,562
Accounts Receivable$146,907$123,493▼ $23,414
Land, Buildings, and Equipment, Net-$17,000-
Prepaid Expenses and Deferred Charges$8,321$2,894▼ $5,427
Total Assets$219,601$376,322▲ $156,721
Liabilities
Unsecured Notes Loans Payable-$214,600-
Mortgage Notes Payable Secured by Investment Property$50,817--
Accounts Payable and Accrued Expenses$33,948$20,074▼ $13,874
Other Liabilities$-100$1,827▲ $1,927
Total Liabilities$84,665$236,501▲ $151,836
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$134,936$139,821▲ $4,885
Total Net Assets Fund Balance$134,936$139,821▲ $4,885
Total Liabilities and Net Assets / Fund Balance$219,601$376,322▲ $156,721

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$17,000-$17,000
Compensation and Service Providers
Top Officer Pay58th percentile

Employees

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

Board Members and Trustees

NameTitle
Jane ClarkBoard Chair
Revenue and Support

Revenue Composition

Contributions and Grants
$70,761
Program Service Revenue
$1,642,215
Investment Income
$0
Other Revenue
$90,210
All Other Contributions
$70,761
Change in Net Assets
$9,707

Audited Revenue Reconciliation

Revenue per Audited Statements
$1,803,186
Total Revenue per Audited Statements
$1,803,186
Total Revenue per Form 990
$1,803,186
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$1,336,188
Other Expenses$457,291
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$1,018,965--$1,018,965
Office Expenses$170,101--$170,101
Current Officers, Directors, Trustees, and Key Employees$115,000--$115,000
Fees for Services Other$97,820$14,581-$112,401
Other Employee Benefits$110,515--$110,515
Payroll Taxes$91,708--$91,708
Fees for Services Accounting-$67,985-$67,985
Insurance$25,168--$25,168
Information Technology$16,900--$16,900
All Other Expenses$5,101$9,117-$14,218
Other Expenses$12,609--$12,609
Travel$6,698--$6,698
Advertising$6,177--$6,177
Conferences and Meetings$4,414--$4,414
Interest$2,695--$2,695
Total Functional Expenses$1,701,796$91,683$0$1,793,479

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$1,793,479
Total Expenses per Audited Statements$1,793,479
Total Expenses per Form 990$1,793,479
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$549
Wells Fargo Credit Cards$538
Garnishment$450
Payroll Liabilities Net Payroll$420
Deferred Revenue$-130
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
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 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
2224 The Plaza, Charlotte, NC 28205

Signing Officer

Name
Cherene Caraco
Title
Executive Direc
Phone
7043907695
Signed
2020-11-10

Organization Details

Formed
2014
Legal Domicile
Nc
Voting Board Members
5
Independent Board Members
4
Employees
31
Volunteers
12
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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/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt091683
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt01701796
IRS990/TotalFunctionalExpensesGrp/TotalAmt01793479
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt084665
IRS990/TotalLiabilitiesEOYAmt0236501
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IRS990/TotalLiabilitiesGrp/EOYAmt0236501
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt0134936
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IRS990/TotalOtherCompensationAmt00
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IRS990/TotalProgramServiceRevenueAmt01642215
IRS990/TotalReportableCompFromOrgAmt0115000
IRS990/TotalRevenueGrp/ExclusionAmt00
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt01732425
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt01803186
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IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd0false
IRS990/UnsecuredNotesLoansPayableGrp/EOYAmt0214600
IRS990/UponRequestInd0X
IRS990/VotingMembersGoverningBodyCnt05
IRS990/VotingMembersIndependentCnt04
IRS990/WebsiteAddressTxt0www.promiseresourcenetwork.org
IRS990/WhistleblowerPolicyInd0true
ReturnHeader/BuildTS02021-01-29 14:40:06Z
ReturnHeader/BusinessOfficerGrp/PersonNm0Cherene Caraco
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0Executive Direc
ReturnHeader/BusinessOfficerGrp/PhoneNum07043907695
ReturnHeader/BusinessOfficerGrp/SignatureDt02020-11-10
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0PROMISE RESOURCE NETWORK INC
ReturnHeader/Filer/BusinessNameControlTxt0PROM
ReturnHeader/Filer/EIN0272648129
ReturnHeader/Filer/USAddress/AddressLine1Txt02224 The Plaza
ReturnHeader/Filer/USAddress/CityNm0Charlotte
ReturnHeader/Filer/USAddress/StateAbbreviationCd0NC
ReturnHeader/Filer/USAddress/ZIPCd028205
ReturnHeader/FilingSecurityInformation/AtSubmissionCreationDeviceId0EE9D4877AB69002A8F371EF8654F1541A64A4F11
ReturnHeader/FilingSecurityInformation/AtSubmissionFilingDeviceId0EE9D4877AB69002A8F371EF8654F1541A64A4F11
ReturnHeader/FilingSecurityInformation/FederalOriginalSubmissionId0695583202032132tv15l
ReturnHeader/FilingSecurityInformation/FederalOriginalSubmissionIdDt02020-11-16
ReturnHeader/FilingSecurityInformation/FilingLicenseTypeCd0P
ReturnHeader/FilingSecurityInformation/IPAddress/IPv4AddressTxt0184.171.130.253
ReturnHeader/FilingSecurityInformation/IPDt02020-11-16
ReturnHeader/FilingSecurityInformation/IPTm011:47:37
ReturnHeader/ReturnTs02020-11-16T11:46:11-05:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02019-07-01
ReturnHeader/TaxPeriodEndDt02020-06-30
ReturnHeader/TaxYr02019

Document Assets

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Filings

Displayed year

2020 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$376,322
Liabilities
$236,501
Net assets
$139,821
Revenue
$1,803,186
Expenses
$1,793,479
Net income
$9,707
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