Civic Intelligence

Promise Resource Network Inc.

990 • Fiscal year 2021 • EIN 27-2648129

Jul 01, 2020 to Jun 30, 2021 • Filed on Nov 14, 2021

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

79th percentile

0.57x

Higher debt load relative to assets than 79% of similar nonprofits.

2021 filings • NTEE F • $1M-$5M nonprofits • Source year 2021

Liabilities / Revenue

70th percentile

0.36x

Higher debt load relative to revenue than 70% of similar nonprofits.

2021 filings • NTEE F • $1M-$5M nonprofits • Source year 2021

Net Margin

77th percentile

23%

Higher net margin than 77% of similar nonprofits.

2021 filings • NTEE F • $1M-$5M nonprofits • Source year 2021

Top Officer Pay

23rd percentile

$0

Higher top officer pay than 23% of similar nonprofits.

Top officer pay equals 0.0% of source-year revenue.

2021 filings • NTEE F • $1M-$5M nonprofits • Source year 2021

Asset Growth

99th percentile

453%

Faster asset growth than 99% of similar nonprofits.

2021 filings • NTEE F • $1M-$5M nonprofits • Annualized from 2020 to 2021

Revenue Growth

89th percentile

81%

Faster revenue growth than 89% of similar nonprofits.

2021 filings • NTEE F • $1M-$5M nonprofits • Annualized from 2020 to 2021

Balance Sheet
Liabilities / Assets79th percentile

Assets

Up

$2,080,671

Up $1,704,349 (+453%) from 2020

Net Assets

Up

$901,799

Up $761,978 (+545%) from 2020

Liabilities

Up

$1,178,872

Up $942,371 (+398%) from 2020

Revenue And Expenses
Liabilities / Revenue70th percentileNet Margin77th percentile

Revenue

Up

$3,268,532

Up $1,465,346 (+81%) from 2020

Expenses

Up

$2,506,554

Up $713,075 (+40%) from 2020

Net Income

Up

$761,978

Up $752,271 (+7750%) from 2020

Historical Trend

Balance Sheet Trend

Asset Growth99th 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

2021

Assets$2,080,671
Liabilities$1,178,872
Net Assets$901,799
Open 2021 Filing

Operations Trend

Revenue Growth89th 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

2021

Revenue$3,268,532
Expenses$2,506,554
Net Income$761,978
Open 2021 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2020 to Jun 30, 2021
Signed
Nov 14, 2021
Return Version
2020v4.1
Gross Receipts
$3,268,532
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
Land, Buildings, and Equipment, Net$17,000$1,125,171▲ $1,108,171
Cash and Non-Interest-Bearing Accounts$232,935$694,242▲ $461,307
Accounts Receivable$123,493$253,379▲ $129,886
Prepaid Expenses and Deferred Charges$2,894$4,779▲ $1,885
Total Assets$376,322$2,080,671▲ $1,704,349
Other Assets Total-$3,100-
Liabilities
Unsecured Notes Loans Payable$214,600$1,141,342▲ $926,742
Accounts Payable and Accrued Expenses$20,074$32,354▲ $12,280
Other Liabilities$1,827$5,176▲ $3,349
Total Liabilities$236,501$1,178,872▲ $942,371
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$139,821$901,799▲ $761,978
Total Net Assets Fund Balance$139,821$901,799▲ $761,978
Total Liabilities and Net Assets / Fund Balance$376,322$2,080,671▲ $1,704,349

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$1,110,857$22,789$1,133,646
Leasehold Improvements$7,564-$7,564
Equipment$6,750-$6,750
Other Assets Org$3,100--
Compensation and Service Providers
Top Officer Pay23rd percentile

Board Members and Trustees

NameTitle
Jane ClarkBoard Chair
Cherene CaracoExecutive Director
Revenue and Support

Revenue Composition

Contributions and Grants
$113,274
Program Service Revenue
$2,873,861
Investment Income
$0
Other Revenue
$281,397
All Other Contributions
$113,274
Change in Net Assets
$761,978

Audited Revenue Reconciliation

Revenue per Audited Statements
$3,268,532
Total Revenue per Audited Statements
$3,268,532
Total Revenue per Form 990
$3,268,532
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$1,506,418
Other Expenses$1,000,136
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$1,127,347--$1,127,347
Fees for Services Other$469,788$4,400-$474,188
Office Expenses$278,875--$278,875
Current Officers, Directors, Trustees, and Key Employees$150,000--$150,000
Other Employee Benefits$124,686--$124,686
Payroll Taxes$104,385--$104,385
Fees for Services Accounting-$69,078-$69,078
Information Technology$32,393--$32,393
Interest$30,535--$30,535
Insurance$24,687--$24,687
Depreciation Depletion$22,789--$22,789
Travel$18,805--$18,805
All Other Expenses$11,366--$11,366
Other Expenses$1,612--$1,612
Advertising$1,341--$1,341
Total Functional Expenses$2,433,076$73,478$0$2,506,554

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$2,506,554
Total Expenses per Audited Statements$2,506,554
Total Expenses per Form 990$2,506,554
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 Net Payroll$5,176
Payroll Liabilities Tax Liability-
Wells Fargo Credit Cards-
Deferred Revenue-
Garnishment-
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 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
Kevin Garrison
Title
CFO
Phone
3368470405
Signed
2021-11-14

Organization Details

Formed
2014
Legal Domicile
Nc
Voting Board Members
5
Independent Board Members
4
Employees
31
Supplemental Narrative

Additional Explanations

List of other fees for services expenses Part IX line 11G

“CFO and bookkeeping service fees”

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This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990/ScheduleORequiredInd0true
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/ExplanationTxt5CFO and bookkeeping service fees
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
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3Other officer or key employee compensation Part VI line 15b
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4Governing documents etc available to public Part VI line 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5List of other fees for services expenses Part IX line 11g
IRS990/SchoolOperatingInd0false
IRS990/SignificantChangeInd0false
IRS990/SignificantNewProgramSrvcInd0false
IRS990/StatesWhereCopyOfReturnIsFldCd0NC
IRS990/SubjectToExcsTaxNetInvstIncInd0false
IRS990/SubjectToProxyTaxInd0false
IRS990/SubjToTaxRmnrtnExPrchtPymtInd0false
IRS990/TaxablePartyNotificationInd0false
IRS990/TaxExemptBondsInd0false
IRS990/TerminateOperationsInd0false
IRS990/TotalAssetsBOYAmt0376322
IRS990/TotalAssetsEOYAmt02080671
IRS990/TotalAssetsGrp/BOYAmt0376322
IRS990/TotalAssetsGrp/EOYAmt02080671
IRS990/TotalCompGreaterThan150KInd0false
IRS990/TotalContributionsAmt0113274
IRS990/TotalEmployeeCnt031
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt073478
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt02433076
IRS990/TotalFunctionalExpensesGrp/TotalAmt02506554
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt0236501
IRS990/TotalLiabilitiesEOYAmt01178872
IRS990/TotalLiabilitiesGrp/BOYAmt0236501
IRS990/TotalLiabilitiesGrp/EOYAmt01178872
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt0139821
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt0901799
IRS990/TotalOtherCompensationAmt00
IRS990/TotalProgramServiceExpensesAmt02433076
IRS990/TotalProgramServiceRevenueAmt02873861
IRS990/TotalReportableCompFromOrgAmt00
IRS990/TotalRevenueGrp/ExclusionAmt00
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt03155258
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt03268532
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt00
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt0376322
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt02080671
IRS990/TotReportableCompRltdOrgAmt00
IRS990/TravelGrp/ProgramServicesAmt018805
IRS990/TravelGrp/TotalAmt018805
IRS990/TrnsfrExmptNonChrtblRltdOrgInd0false
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd0false
IRS990/UnsecuredNotesLoansPayableGrp/BOYAmt0214600
IRS990/UnsecuredNotesLoansPayableGrp/EOYAmt01141342
IRS990/UponRequestInd0X
IRS990/VotingMembersGoverningBodyCnt05
IRS990/VotingMembersIndependentCnt04
IRS990/WebsiteAddressTxt0www.promiseresourcenetwork.org
IRS990/WhistleblowerPolicyInd0true
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/AuthenticationAssuranceLevelCd0AAL1
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/IdentityAssuranceLevelCd0IAL1
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/OOBSecurityVerificationCd000
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/TrustedCustomerCd00
ReturnHeader/BuildTS02022-09-23 18:48:47Z
ReturnHeader/BusinessOfficerGrp/PersonNm0Kevin Garrison
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0CFO
ReturnHeader/BusinessOfficerGrp/PhoneNum03368470405
ReturnHeader/BusinessOfficerGrp/SignatureDt02021-11-14
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/ReturnTs02021-11-15T14:01:40-05:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonFirstNm0Kevin
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonLastNm0Garrison
ReturnHeader/TaxPeriodBeginDt02020-07-01
ReturnHeader/TaxPeriodEndDt02021-06-30
ReturnHeader/TaxYr02020

Document Assets

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Filings

Displayed year

2021 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$2,080,671
Liabilities
$1,178,872
Net assets
$901,799
Revenue
$3,268,532
Expenses
$2,506,554
Net income
$761,978
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