Civic Intelligence

Promise Resource Network Inc.

990 • Fiscal year 2023 • EIN 27-2648129

Jul 01, 2022 to Jun 30, 2023 • Filed on May 15, 2023

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

86th percentile

0.79x

Higher debt load relative to assets than 86% of similar nonprofits.

2023 filings • NTEE F • $1M-$5M nonprofits • Source year 2023

Liabilities / Revenue

86th percentile

0.90x

Higher debt load relative to revenue than 86% of similar nonprofits.

2023 filings • NTEE F • $1M-$5M nonprofits • Source year 2023

Net Margin

34th percentile

-0.8%

Higher net margin than 34% of similar nonprofits.

2023 filings • NTEE F • $1M-$5M nonprofits • Source year 2023

Top Officer Pay

28th percentile

$0

Higher top officer pay than 28% of similar nonprofits.

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

2023 filings • NTEE F • $1M-$5M nonprofits • Source year 2023

Asset Growth

82nd percentile

44%

Faster asset growth than 82% of similar nonprofits.

2023 filings • NTEE F • $1M-$5M nonprofits • Annualized from 2022 to 2023

Revenue Growth

35th percentile

-1.3%

Faster revenue growth than 35% of similar nonprofits.

2023 filings • NTEE F • $1M-$5M nonprofits • Annualized from 2022 to 2023

Balance Sheet
Liabilities / Assets86th percentile

Assets

Up

$4,635,428

Up $1,416,180 (+44%) from 2022

Net Assets

Down

$985,890

Down $31,797 (-3.1%) from 2022

Liabilities

Up

$3,649,538

Up $1,447,977 (+66%) from 2022

Revenue And Expenses
Liabilities / Revenue86th percentileNet Margin34th percentile

Revenue

Down

$4,071,307

Down $54,851 (-1.3%) from 2022

Expenses

Down

$4,103,104

Down $152,031 (-3.6%) from 2022

Net Income

Up

-$31,797

Up $97,180 (+75%) from 2022

Historical Trend

Balance Sheet Trend

Asset Growth82nd 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

2023

Assets$4,635,428
Liabilities$3,649,538
Net Assets$985,890
Open 2023 Filing

Operations Trend

Revenue Growth35th 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

2023

Revenue$4,071,307
Expenses$4,103,104
Net Income-$31,797
Open 2023 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2022 to Jun 30, 2023
Signed
May 15, 2023
Return Version
2022v5.0
Gross Receipts
$4,071,307
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$1,084,049$3,986,918▲ $2,902,869
Savings and Temporary Cash Investments$1,501,504--
Cash and Non-Interest-Bearing Accounts$214,688$397,030▲ $182,342
Accounts Receivable$370,136$243,729▼ $126,407
Pledges and Grants Receivable$44,276--
Prepaid Expenses and Deferred Charges$4,595--
Total Assets$3,219,248$4,635,428▲ $1,416,180
Other Assets Total-$7,751-
Liabilities
Mortgage Notes Payable Secured by Investment Property$895,100$3,535,147▲ $2,640,047
Accounts Payable and Accrued Expenses$166,921$55,377▼ $111,544
Deferred Revenue$1,135,039$54,623▼ $1,080,416
Other Liabilities$4,501$4,391▼ $110
Total Liabilities$2,201,561$3,649,538▲ $1,447,977
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$1,017,687$985,890▼ $31,797
Total Net Assets Fund Balance$1,017,687$985,890▼ $31,797
Total Liabilities and Net Assets / Fund Balance$3,219,248$4,635,428▲ $1,416,180

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$3,904,898$49,597$3,954,495
Leasehold Improvements$64,615-$64,615
Equipment$17,405-$17,405
Other Assets Org$7,751--
Compensation and Service Providers
Top Officer Pay28th percentile

Board Members and Trustees

NameTitle
Cherene CaracoExecutive Director
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$4,045,726
Investment Income
$0
Other Revenue
$25,581
Change in Net Assets
$-31,797
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$2,303,369
Other Expenses$1,799,735
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$1,861,361--$1,861,361
Fees for Services Other$491,025--$491,025
Office Expenses$301,073--$301,073
Payroll Taxes$156,829--$156,829
Current Officers, Directors, Trustees, and Key Employees$150,000--$150,000
Other Employee Benefits$135,179--$135,179
Interest$118,090--$118,090
Fees for Services Accounting-$75,919-$75,919
Advertising$74,431--$74,431
Insurance$50,331--$50,331
Information Technology$42,334--$42,334
All Other Expenses$37,537--$37,537
Travel$33,560--$33,560
Fees for Services Legal-$11,558-$11,558
Other Expenses$9,682--$9,682
Total Functional Expenses$4,015,627$87,477$0$4,103,104
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$4,391
Payroll Liabilities Tax Liability-
Wells Fargo Credit Cards-
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
2023-05-15

Organization Details

Formed
2014
Legal Domicile
Nc
Voting Board Members
5
Independent Board Members
4
Employees
68
Supplemental Narrative

Additional Explanations

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

“CFO and bookkeeping service fees”

Raw XML Appendix332 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.

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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/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
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IRS990/TotalAssetsEOYAmt04635428
IRS990/TotalAssetsGrp/BOYAmt03219248
IRS990/TotalAssetsGrp/EOYAmt04635428
IRS990/TotalCompGreaterThan150KInd0false
IRS990/TotalEmployeeCnt068
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt087477
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt04015627
IRS990/TotalFunctionalExpensesGrp/TotalAmt04103104
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt02201561
IRS990/TotalLiabilitiesEOYAmt03649538
IRS990/TotalLiabilitiesGrp/BOYAmt02201561
IRS990/TotalLiabilitiesGrp/EOYAmt03649538
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt01017687
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt0985890
IRS990/TotalOtherCompensationAmt00
IRS990/TotalProgramServiceExpensesAmt04015627
IRS990/TotalProgramServiceRevenueAmt04045726
IRS990/TotalReportableCompFromOrgAmt00
IRS990/TotalRevenueGrp/ExclusionAmt00
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt04071307
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt04071307
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt00
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt03219248
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt04635428
IRS990/TotReportableCompRltdOrgAmt00
IRS990/TravelGrp/ProgramServicesAmt033560
IRS990/TravelGrp/TotalAmt033560
IRS990/TrnsfrExmptNonChrtblRltdOrgInd0false
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd0false
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/BuildTS02023-04-26 12:10:37Z
ReturnHeader/BusinessOfficerGrp/PersonNm0Kevin Garrison
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0CFO
ReturnHeader/BusinessOfficerGrp/PhoneNum03368470405
ReturnHeader/BusinessOfficerGrp/SignatureDt02023-05-15
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/ReturnTs02023-11-17T15:16:16-05:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonFirstNm0Kevin
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonLastNm0Garrison
ReturnHeader/TaxPeriodBeginDt02022-07-01
ReturnHeader/TaxPeriodEndDt02023-06-30
ReturnHeader/TaxYr02022

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Filings

Displayed year

2023 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$4,635,428
Liabilities
$3,649,538
Net assets
$985,890
Revenue
$4,071,307
Expenses
$4,103,104
Net income
-$31,797
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