Civic Intelligence

Promise Academy

990 • Fiscal year 2021 • EIN 35-2519571

Jul 01, 2020 to Jun 30, 2021 • Filed on Feb 07, 2022

Organization Profilewww.promisetyler.org
504 W 32nd StTyler, TX 75702

(903) 630-7369

Siviq Scores

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

Liabilities / Assets

59th percentile

0.12x

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

2021 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2021

Liabilities / Revenue

64th percentile

0.20x

Higher debt load relative to revenue than 64% of similar nonprofits.

2021 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2021

Net Margin

43rd percentile

9.0%

Higher net margin than 43% of similar nonprofits.

2021 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2021

Top Officer Pay

47th percentile

$46,731

Higher top officer pay than 47% of similar nonprofits.

Top officer pay equals 5.1% of source-year revenue.

2021 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2021

Asset Growth

62nd percentile

16%

Faster asset growth than 62% of similar nonprofits.

2021 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2020 to 2021

Revenue Growth

6th percentile

-46%

Faster revenue growth than 6% of similar nonprofits.

2021 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2020 to 2021

Balance Sheet
Liabilities / Assets59th percentile

Assets

Up

$1,486,087

Up $207,228 (+16%) from 2020

Net Assets

Up

$1,306,859

Up $111,002 (+9.3%) from 2020

Liabilities

Up

$179,228

Up $96,226 (+116%) from 2020

Revenue And Expenses
Liabilities / Revenue64th percentileNet Margin43rd percentile

Revenue

Down

$918,927

Down $778,356 (-46%) from 2020

Expenses

Up

$836,592

Up $228,378 (+38%) from 2020

Net Income

Down

$82,335

Down $1,006,734 (-92%) from 2020

Historical Trend

Balance Sheet Trend

Asset Growth62nd percentile

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

$1.5M$1.0M$500K$0-$500KAssets 2016: $145,799Liabilities 2016: $2,693Net Assets 2016: $143,1062016Assets 2017: $136,991Liabilities 2017: $3,970Net Assets 2017: $133,0212017Assets 2018: $139,187Liabilities 2018: $4,156Net Assets 2018: $135,0312018Assets 2020: $1,278,859Liabilities 2020: $83,002Net Assets 2020: $1,195,8572020Assets 2021: $1,486,087Liabilities 2021: $179,228Net Assets 2021: $1,306,8592021Assets 2022: $1,347,405Liabilities 2022: $2,377Net Assets 2022: $1,345,0282022Assets 2023: $1,247,574Liabilities 2023: $6,391Net Assets 2023: $1,241,1832023Assets 2024: $988,795Liabilities 2024: $3,849Net Assets 2024: $984,9462024Assets 2025: $942,517Liabilities 2025: -$3,720Net Assets 2025: $946,2372025

Highlighted filing

2021

Assets$1,486,087
Liabilities$179,228
Net Assets$1,306,859
Open 2021 Filing

Operations Trend

Revenue Growth6th percentile

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

$2.0M$1.5M$1.0M$500K$0-$500KRevenue 2016: $219,020Expenses 2016: $147,513Net Income 2016: $71,5072016Revenue 2017: $236,463Expenses 2017: $246,548Net Income 2017: -$10,0852017Revenue 2018: $319,808Expenses 2018: $317,798Net Income 2018: $2,0102018Revenue 2020: $1,697,283Expenses 2020: $608,214Net Income 2020: $1,089,0692020Revenue 2021: $918,927Expenses 2021: $836,592Net Income 2021: $82,3352021Revenue 2022: $1,012,585Expenses 2022: $939,087Net Income 2022: $73,4982022Revenue 2023: $971,713Expenses 2023: $1,086,492Net Income 2023: -$114,7792023Revenue 2024: $902,851Expenses 2024: $1,169,161Net Income 2024: -$266,3102024Revenue 2025: $1,228,248Expenses 2025: $1,266,272Net Income 2025: -$38,0242025

Highlighted filing

2021

Revenue$918,927
Expenses$836,592
Net Income$82,335
Open 2021 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2020 to Jun 30, 2021
Signed
Feb 7, 2022
Return Version
2020v4.0
Gross Receipts
$921,917
Mission and Program Overview

Mission

Promise Academy cultivates wise, creative, and compassionate leaders through exemplary Christ-centered education in North Tyler for the joy of our city and the glory of God.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$1,097,937$830,876▼ $267,061
Investments in Publicly Traded Securities$100,006$566,911▲ $466,905
Land, Buildings, and Equipment, Net$80,916$88,300▲ $7,384
Savings and Temporary Cash Investments-$0-
Accounts Receivable-$0-
Other Notes and Loans Receivable, Net-$0-
Pledges and Grants Receivable-$0-
Receivable From Disqualified Prsn-$0-
Receivables From Officers Etc-$0-
Investments Other Securities-$0-
Investments Program Related-$0-
Intangible Assets-$0-
Inventories for Sale or Use-$0-
Prepaid Expenses and Deferred Charges-$0-
Total Assets$1,278,859$1,486,087▲ $207,228
Other Assets Total-$0-
Liabilities
Other Liabilities$83,002$179,228▲ $96,226
Total Liabilities$83,002$179,228▲ $96,226
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$1,195,857$1,306,859▲ $111,002
Total Net Assets Fund Balance$1,195,857$1,306,859▲ $111,002
Total Liabilities and Net Assets / Fund Balance$1,278,859$1,486,087▲ $207,228

Asset Categories

AssetBook ValueDepreciationBasis
Leasehold Improvements$81,696$9,798$91,494
Buildings$4,347$169$4,516
Equipment$2,257$1,274$3,531
Compensation and Service Providers
Top Officer Pay47th percentile

Employees

NameTitleFull / Part TimeBaseTotal
Sarah CummingHead of SchoolFT$46,731$46,731

Board Members and Trustees

NameTitle
Ricky GarnerPresident
Brian BrandtMember
Cynthia FreemanMember
Cynthia RiterMember
Ivette ZavarceMember
Jeanne-elizabeth RamirezMember
Nate HillMember
Tom BrownMember
Trey YarbroughMember
Alan CummingPres. Emeritus
Mary BerrySecretary
Krista WallaceTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$864,719
Program Service Revenue
$49,468
Investment Income
$4,740
Other Revenue
$0
All Other Contributions
$805,876
Change in Net Assets
$82,335
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$576,437
Other Expenses$260,155
Total Fundraising Expense$30,005
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$290,606$197,943-$488,549
Occupancy$97,564$2,255-$99,819
Current Officers, Directors, Trustees, and Key Employees$46,731--$46,731
All Other Expenses$19,590$11,652$11,132$42,374
Payroll Taxes$39,099$2,058-$41,157
Fees for Services Accounting-$18,683-$18,683
Insurance-$16,349-$16,349
Advertising$2,248-$10,877$13,125
Other Expenses$7,744-$7,996$7,744
Office Expenses$5,233--$5,233
Depreciation Depletion-$3,245-$3,245
Travel$395--$395
Fees for Services Other$75--$75
Total Functional Expenses$554,402$252,185$30,005$836,592
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
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Receivables from Disqualified Persons-$0-
Receivables from Officers, Directors, Trustees, and Key Employees-$0-
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
SBA Loan$173,650
Payroll liabilities$4,099
Credit Card Payable$1,479
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
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
No
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, Line 2: Description of Business or Family Relationship of Officers, Directors, Et

“The head of school is married to a member of the board of trustees.”

Form 990, Part VI, Line 11B: Form 990 Review Process

“A draft of the return was provided to the board for their review at their board meeting. Once approved by the board, the return was filed.”

Form 990, Part VI, Line 12C: Explanation of Monitoring and Enforcement of Conflicts

“The organization regularly and consistently monitors and enforces compliance with their conflict of interest policy by reviewing the policy at board meetings. Any potential conflicts are discussed and handled as they arise.”

Form 990, Part VI, Line 15B: Compensation Review and Approval Process for Officers and Key Employees

“The independent members of the board approve the compensation in a regularly scheduled board meeting and their decision is recorded in the minutes.”

Form 990, Part VI, Line 19: Other Organization Documents Publicly Available

“No documents available to the public.”

Filing and Contact Details

Filer

Filer Name
Promise Academy
EIN
35-2519571
Phone
9036307369
Address
504 W 32nd St, TYLER, TX 75702

Signing Officer

Name
Alan Cumming
Title
President
Signed
2022-02-07
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Alan Cumming
Formed
2014
Legal Domicile
TX
Voting Board Members
12
Independent Board Members
11
Employees
31
Volunteers
50

Preparer

Firm
Prothro Wilhelmi & Company PLLC
Address
6855 Oak Hill Blvd, Tyler, TX 75703
Preparer
Walter K Wilhelmi
Phone
9035348811
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IRS990/MembersOrStockholdersInd0false
IRS990/MethodOfAccountingCashInd0X
IRS990/MinutesOfCommitteesInd0false
IRS990/MinutesOfGoverningBodyInd0true
IRS990/MissionDesc0Promise Academy cultivates wise, creative, and compassionate leaders through exemplary Christ-centered education in North Tyler for the joy of our city and the glory of God.
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IRS990/MoreThan5000KToOrgInd0false
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IRS990/NetAssetsOrFundBalancesEOYAmt01306859
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IRS990/NetGainOrLossInvestmentsGrp/RelatedOrExemptFuncIncomeAmt0489
IRS990/NetGainOrLossInvestmentsGrp/TotalRevenueColumnAmt02615
IRS990/NetIncmFromFundraisingEvtGrp/TotalRevenueColumnAmt00
IRS990/NetIncomeFromGamingGrp/TotalRevenueColumnAmt00
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IRS990/NetRentalIncomeOrLossGrp/TotalRevenueColumnAmt00
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IRS990/OccupancyGrp/TotalAmt099819
IRS990/OfficeExpensesGrp/ProgramServicesAmt05233
IRS990/OfficeExpensesGrp/TotalAmt05233
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IRS990/OperateHospitalInd0false
IRS990/Organization501c3Ind0X
IRS990/OrganizationFollowsFASB117Ind0X
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IRS990/OtherExpensesGrp/Desc0STUDENT MEALS
IRS990/OtherExpensesGrp/Desc1OTHER FUNDRAISING
IRS990/OtherExpensesGrp/Desc2Curriculum Materials
IRS990/OtherExpensesGrp/Desc3UNIFORMS
IRS990/OtherExpensesGrp/FundraisingAmt07996
IRS990/OtherExpensesGrp/ProgramServicesAmt037352
IRS990/OtherExpensesGrp/ProgramServicesAmt17765
IRS990/OtherExpensesGrp/ProgramServicesAmt27744
IRS990/OtherExpensesGrp/TotalAmt037352
IRS990/OtherExpensesGrp/TotalAmt17996
IRS990/OtherExpensesGrp/TotalAmt27765
IRS990/OtherExpensesGrp/TotalAmt37744
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IRS990/OtherSalariesAndWagesGrp/TotalAmt0488549
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IRS990/PartialLiquidationInd0false
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IRS990/PayPremiumsPrsnlBnftCntrctInd0false
IRS990/PayrollTaxesGrp/ManagementAndGeneralAmt02058
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IRS990/PayrollTaxesGrp/TotalAmt041157
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IRS990/PrincipalOfficerNm0Alan Cumming
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IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt1289
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt268
IRS990/ProhibitedTaxShelterTransInd0false
IRS990/PYContributionsGrantsAmt01662464
IRS990/PYExcessBenefitTransInd0false
IRS990/PYInvestmentIncomeAmt083
IRS990/PymtTravelEntrtnmntPubOfclGrp/TotalAmt00
IRS990/PYOtherExpensesAmt0177924
IRS990/PYProgramServiceRevenueAmt034736
IRS990/PYRevenuesLessExpensesAmt01089069
IRS990/PYSalariesCompEmpBnftPaidAmt0430290
IRS990/PYTotalExpensesAmt0608214
IRS990/PYTotalRevenueAmt01697283
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IRS990/RcvFndsToPayPrsnlBnftCntrctInd0false
IRS990/ReceivablesFromOfficersEtcGrp/EOYAmt00
IRS990/ReconcilationRevenueExpnssAmt082335
IRS990/RegularMonitoringEnfrcInd0true
IRS990/RelatedEntityInd0false
IRS990/RelatedOrganizationCtrlEntInd0false
IRS990/ReportInvestmentsOtherSecInd0false
IRS990/ReportLandBuildingEquipmentInd0true
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IRS990ScheduleE/ComplianceWithRevProc7550Ind0true
IRS990ScheduleE/DiscriminateRaceAdmissPlcyInd0false
IRS990ScheduleE/DiscriminateRaceAthltProgInd0false
IRS990ScheduleE/DiscriminateRaceEducPlcyInd0false
IRS990ScheduleE/DiscriminateRaceEmplmFcultyInd0false
IRS990ScheduleE/DiscriminateRaceOtherActyInd0false
IRS990ScheduleE/DiscriminateRaceSchsInd0false
IRS990ScheduleE/DiscriminateRaceStdntsRghtsInd0false
IRS990ScheduleE/DiscriminateRaceUseOfFcltsInd0false
IRS990ScheduleE/GovernmentFinancialAidRcvdInd0false
IRS990ScheduleE/GovernmentFinancialAidRvkdInd0false
IRS990ScheduleE/MaintainCpyOfAllSolInd0true
IRS990ScheduleE/MaintainCpyOfBrochuresEtcInd0true
IRS990ScheduleE/MaintainRacialCompRecsInd0true
IRS990ScheduleE/MaintainScholarshipsRecsInd0true
IRS990ScheduleE/NondiscriminatoryPolicyStmtInd0true
IRS990ScheduleE/PlcyPblczdViaBroadcastMediaInd0true
IRS990ScheduleE/PolicyStmtInBrochuresEtcInd0true
IRS990ScheduleE/SupplementalInformationDetail/FormAndLineReferenceDesc0Schedule E, Line 3 - Racially Nondiscriminatory Policy Publicized
IRS990ScheduleE/SupplementalInformationDetail/FormAndLineReferenceDesc1Schedule E, Line 4 - Explanation of Records and Materials Not Maintained
IRS990ScheduleE/SupplementalInformationDetail/FormAndLineReferenceDesc2Schedule E, Line 5 - Explanation of Organization Discrimination by Race
IRS990/ScheduleJRequiredInd0false
IRS990/ScheduleORequiredInd0true
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THE HEAD OF SCHOOL IS MARRIED TO A MEMBER OF THE BOARD OF TRUSTEES.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1A DRAFT OF THE RETURN WAS PROVIDED TO THE BOARD FOR THEIR REVIEW AT THEIR BOARD MEETING. ONCE APPROVED BY THE BOARD, THE RETURN WAS FILED.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2The organization regularly and consistently monitors and enforces compliance with their conflict of interest policy by reviewing the policy at board meetings. Any potential conflicts are discussed and handled as they arise.

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Filings

Displayed year

2021 • Form 990Facts available. Structured filing facts are available, but richer extracted sections are limited.

Open filing
Assets
$1,486,087
Liabilities
$179,228
Net assets
$1,306,859
Revenue
$918,927
Expenses
$836,592
Net income
$82,335
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Detailed filing. Detailed filing data is available for this year.$0.94$0.00$0.95$1.23$1.27$0.04
2024Detailed filing. Detailed filing data is available for this year.$0.99$0.00$0.98$0.90$1.17$0.27
2023Detailed filing. Detailed filing data is available for this year.$1.25$0.01$1.24$0.97$1.09$0.11
2022Detailed filing. Detailed filing data is available for this year.$1.35$0.00$1.35$1.01$0.94$0.07
2021Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.49$0.18$1.31$0.92$0.84$0.08
2020Detailed filing. Detailed filing data is available for this year.$1.28$0.08$1.20$1.70$0.61$1.09
2018Detailed filing. Detailed filing data is available for this year.$0.14$0.00$0.14$0.32$0.32$0.00
2017Detailed filing. Detailed filing data is available for this year.$0.14$0.00$0.13$0.24$0.25$0.01
2016Detailed filing. Detailed filing data is available for this year.$0.15$0.00$0.14$0.22$0.15$0.07