Civic Intelligence

Lansing Promise

990 • Fiscal year 2024 • EIN 45-3363322

Jul 01, 2023 to Jun 30, 2024 • Filed on Sep 18, 2024

Organization Profilewww.lansingpromise.org
1221 Reo RoadLansing, MI 48910

(517) 512-3616

Siviq Scores

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

Liabilities / Assets

28th percentile

0.01x

Higher debt load relative to assets than 28% of similar nonprofits.

2024 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2024

Liabilities / Revenue

32nd percentile

0.02x

Higher debt load relative to revenue than 32% of similar nonprofits.

2024 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2024

Net Margin

35th percentile

-1.4%

Higher net margin than 35% of similar nonprofits.

2024 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2024

Top Officer Pay

82nd percentile

$150,349

Higher top officer pay than 82% of similar nonprofits.

Top officer pay equals 22.0% of source-year revenue.

2024 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2024

Asset Growth

18th percentile

-7.4%

Faster asset growth than 18% of similar nonprofits.

2024 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2023 to 2024

Revenue Growth

2nd percentile

-70%

Faster revenue growth than 2% of similar nonprofits.

2024 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2023 to 2024

Balance Sheet
Liabilities / Assets28th percentile

Assets

Down

$2,180,821

Down $173,427 (-7.4%) from 2023

Net Assets

Down

$2,169,860

Down $7,043 (-0.3%) from 2023

Liabilities

Down

$10,961

Down $166,384 (-94%) from 2023

Revenue And Expenses
Liabilities / Revenue32nd percentileNet Margin35th percentile

Revenue

Down

$683,868

Down $1,573,718 (-70%) from 2023

Expenses

Up

$693,749

Up $106,988 (+18%) from 2023

Net Income

Down

-$9,881

Down $1,680,706 (-101%) from 2023

Historical Trend

Balance Sheet Trend

Asset Growth18th percentile

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

$3.0M$2.0M$1.0M$0Assets 2013: $125,915Liabilities 2013: $6,2492013Assets 2014: $136,440Liabilities 2014: $12,500Net Assets 2014: $123,9402014Assets 2015: $999,033Liabilities 2015: $6,707Net Assets 2015: $992,3262015Assets 2016: $942,050Liabilities 2016: $0Net Assets 2016: $942,0502016Assets 2017: $756,726Liabilities 2017: $17,561Net Assets 2017: $739,1652017Assets 2018: $465,665Liabilities 2018: $15,529Net Assets 2018: $450,1362018Assets 2019: $314,576Liabilities 2019: $17,830Net Assets 2019: $296,7462019Assets 2020: $270,319Liabilities 2020: $38,443Net Assets 2020: $231,8762020Assets 2021: $407,321Liabilities 2021: $12,655Net Assets 2021: $394,6662021Assets 2022: $617,174Liabilities 2022: $111,655Net Assets 2022: $505,5192022Assets 2023: $2,354,248Liabilities 2023: $177,345Net Assets 2023: $2,176,9032023Assets 2024: $2,180,821Liabilities 2024: $10,961Net Assets 2024: $2,169,8602024Assets 2025: $2,810,090Liabilities 2025: $12,872Net Assets 2025: $2,797,2182025

Highlighted filing

2024

Assets$2,180,821
Liabilities$10,961
Net Assets$2,169,860
Open 2024 Filing

Operations Trend

Revenue Growth2nd percentile

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

$3.0M$2.0M$1.0M$0-$1.0MRevenue 2013: $158,850Expenses 2013: $161,498Net Income 2013: -$2,6482013Revenue 2014: $240,803Expenses 2014: $236,529Net Income 2014: $4,2742014Revenue 2015: $1,188,484Expenses 2015: $320,098Net Income 2015: $868,3862015Revenue 2016: $468,113Expenses 2016: $518,389Net Income 2016: -$50,2762016Revenue 2017: $387,225Expenses 2017: $590,113Net Income 2017: -$202,8882017Revenue 2018: $518,157Expenses 2018: $807,186Net Income 2018: -$289,0292018Revenue 2019: $584,135Expenses 2019: $737,525Net Income 2019: -$153,3902019Revenue 2020: $550,275Expenses 2020: $620,146Net Income 2020: -$69,8712020Revenue 2021: $475,531Expenses 2021: $312,741Net Income 2021: $162,7902021Revenue 2022: $466,045Expenses 2022: $355,192Net Income 2022: $110,8532022Revenue 2023: $2,257,586Expenses 2023: $586,761Net Income 2023: $1,670,8252023Revenue 2024: $683,868Expenses 2024: $693,749Net Income 2024: -$9,8812024Revenue 2025: $1,829,867Expenses 2025: $1,300,626Net Income 2025: $529,2412025

Highlighted filing

2024

Revenue$683,868
Expenses$693,749
Net Income-$9,881
Open 2024 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2023 to Jun 30, 2024
Signed
Sep 18, 2024
Return Version
2023v5.1
Gross Receipts
$732,811
Mission and Program Overview

Mission

The lansing promise is a scholarship program designed to transform the lives of students, families and the lansing community. It offers a promise of hope for lansing's youth and long-term goal of changing the culture of lansing into a well-educated, vibrant, prosperous community for years to come. It inspires students to complete high school, sharpens focus on academic achievement and provides a direct path to post-secondary educational opportunities.

Lansing Promise helps students in gaining access to higher education through readiness and scholarships.

Balance Sheet Detail
LineBeginningEndChange
Assets
Savings and Temporary Cash Investments$2,180,309$1,925,350▼ $254,959
Cash and Non-Interest-Bearing Accounts$81,268$161,345▲ $80,077
Accounts Receivable$76,901$67,105▼ $9,796
Prepaid Expenses and Deferred Charges$6,007$4,422▼ $1,585
Total Assets$2,354,248$2,180,821▼ $173,427
Other Assets Total$9,763$22,599▲ $12,836
Liabilities
Deferred Revenue$58,000$10,008▼ $47,992
Accounts Payable and Accrued Expenses$119,345$953▼ $118,392
Total Liabilities$177,345$10,961▼ $166,384
Net Assets / Fund Balance
Net Assets With Donor Restrictions$1,737,868$1,741,004▲ $3,136
Net Assets Without Donor Restrictions$439,035$428,856▼ $10,179
Total Net Assets Fund Balance$2,176,903$2,169,860▼ $7,043
Total Liabilities and Net Assets / Fund Balance$2,354,248$2,180,821▼ $173,427

Asset Categories

AssetBook ValueDepreciationBasis
Other Assets Org$22,599--
Compensation and Service Providers
Top Officer Pay82nd percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Justin SheehanPresident CEOFT$118,083$32,266$150,349

Board Members and Trustees

NameTitle
Kellie P DeanBoard Chair
Abel TravisVice Chair
Adam WilliamsDirector
Alan HallerDirector
Carmen ArgersingerDirector
Chris HolmanDirector
DeYeya JonesDirector
Dominic CarboneDirector
Don RomainDirector
Dr Rick WendorfDirector
Jeff BensonDirector
Jen SturdyDirector
Jessica BenavidesDirector
Kelli E EtchisonDirector
Lea AmmermanDirector
Mayor Andy SchorDirector
Michael YankowskiDirector
Sheri JonesDirector
Stella CashDirector
Tim DamanDirector
Nino RodriguezSecretary
Jon LundyTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$646,156
Program Service Revenue
$0
Investment Income
$86,655
Other Revenue
$-48,943
All Other Contributions
$609,335
Change in Net Assets
$-9,881

Audited Revenue Reconciliation

Revenue per Audited Statements
$683,868
Revenue Not Reported on Form 990
$52,576
Total Revenue per Audited Statements
$736,444
Total Revenue per Form 990
$683,868
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$282,451
Grants and Similar Amounts Paid$280,690
Other Expenses$130,608
Total Fundraising Expense$34,553
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Orgs$280,690--$280,690
Current Officers, Directors, Trustees, and Key Employees$59,855$37,409$52,373$149,637
Other Salaries and Wages$32,626$47,243$21,375$101,244
Fees for Services Management$13,000$47,040$6,500$66,540
Advertising$22,125$6,569$12,297$40,991
Office Expenses$5,293$9,252$7,775$22,320
Fees for Services Accounting-$20,550-$20,550
Occupancy$5,850$5,678$5,678$17,206
Conferences and Meetings$6,728$4,025$5,990$16,743
Payroll Taxes$6,080$5,854$4,772$16,706
Other Employee Benefits$4,459$4,459$5,946$14,864
Information Technology$2,210$5,841$5,527$13,578
Other Expenses$166,138$6,538$4,358$10,896
Insurance$1,844$1,786$1,744$5,374
Travel$54-$218$272
Total Functional Expenses$606,952$52,244$34,553$693,749

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$742,692
Expenses per Audited Statements$693,749
Total Expenses per Form 990$693,749
Expenses Not Reported on Form 990$48,943
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Lansing Community CollegeLansing, MI501c3Scholarships$115,506
Michigan State UniversityEast Lansing, MI501c3Scholarships$75,500
Lansing School DistrictLansing, MI501c3Readiness Initiatives$19,299
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$48,943
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Golf Outing$32,650$32,650-$32,650
Chamber Even$4,171$4,171-$4,171
Total Events$36,821$36,821$48,943$-12,122
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
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
No
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 Form 990 is received by the organizations Finance Committee and Board Chair who reviews the return for accuracy with the Executive Director. After any concerns presented are addressed, the Form 990 is emailed to all of the board members.”

Conflict of interest policy compliance Part VI line 12C

“All Directors are required to verbally disclose any conflicts of interest and to notify the Board Chair of any conflicts that may arise throughout the year.”

CEO executive director top management comp Part VI line 15A

“The Board of Directors determine the salary of the Executive Director in meetings without the Executive Director present.”

Governing documents etc available to public Part VI line 19

“The Form 990 is public information through the Michigan Attorney Generals office. Other governing documents may be requested at the Lansing Promise address.”

Filing and Contact Details

Filer

Filer Name
Lansing Promise
EIN
45-3363322
Address
1221 Reo Road, Lansing, MI 48910

Signing Officer

Name
Justin Sheehan
Title
President CEO
Signed
2024-09-18
Discuss with paid preparer
Yes

Organization Details

Formed
2011
Legal Domicile
Mi
Voting Board Members
22
Independent Board Members
22
Employees
3

Preparer

Firm
MasterPlan Inc
Address
6314 High Street, Haslett, MI 48840
Preparer
James E Eddy CPA
Phone
5178976814
Supplemental Narrative

Additional Explanations

Audited by an independent accountant Part XII line 2B

“Lansing Promise has a committee that assumes responsibility for oversight of the audit of its financial statements and selection of an independent acccountant. This process has not changed from the prior year.”

Explanation of other changes in net assets or fund balances Part XI line 9

“TD Ameritrade Investment of $795 was reclassified as Lansing Promise Funds rather than LPZA.”

Financial Statement Notes

Other revenues not included on Form 990 (Part XI, line 2D)

“Direct Fundraising Event Expenses $48,943”

Other expenses not included on Form 990 (Part XII, line 2D)

“Direct Fundraising Event Expenses $48,943”

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IRS990/Form990PartVIISectionAGrp/PersonNm7Don Romain
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IRS990/Form990PartVIISectionAGrp/PersonNm10Michael Yankowski
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IRS990/Form990PartVIISectionAGrp/PersonNm12Jeff Benson
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IRS990/Form990PartVIISectionAGrp/PersonNm15Dominic Carbone
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IRS990/Form990PartVIISectionAGrp/PersonNm17Kelli E Etchison
IRS990/Form990PartVIISectionAGrp/PersonNm18Stella Cash
IRS990/Form990PartVIISectionAGrp/PersonNm19Abel Travis
IRS990/Form990PartVIISectionAGrp/PersonNm20Kellie P Dean
IRS990/Form990PartVIISectionAGrp/PersonNm21Nino Rodriguez
IRS990/Form990PartVIISectionAGrp/PersonNm22Jon Lundy
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IRS990/Form990PartVIISectionAGrp/TitleTxt1Director
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IRS990/Form990PartVIISectionAGrp/TitleTxt4Director
IRS990/Form990PartVIISectionAGrp/TitleTxt5Director
IRS990/Form990PartVIISectionAGrp/TitleTxt6Director
IRS990/Form990PartVIISectionAGrp/TitleTxt7Director
IRS990/Form990PartVIISectionAGrp/TitleTxt8Director
IRS990/Form990PartVIISectionAGrp/TitleTxt9Director
IRS990/Form990PartVIISectionAGrp/TitleTxt10Director
IRS990/Form990PartVIISectionAGrp/TitleTxt11Director
IRS990/Form990PartVIISectionAGrp/TitleTxt12Director
IRS990/Form990PartVIISectionAGrp/TitleTxt13Director
IRS990/Form990PartVIISectionAGrp/TitleTxt14Director
IRS990/Form990PartVIISectionAGrp/TitleTxt15Director
IRS990/Form990PartVIISectionAGrp/TitleTxt16Director
IRS990/Form990PartVIISectionAGrp/TitleTxt17Director
IRS990/Form990PartVIISectionAGrp/TitleTxt18Director
IRS990/Form990PartVIISectionAGrp/TitleTxt19Vice Chair
IRS990/Form990PartVIISectionAGrp/TitleTxt20Board Chair
IRS990/Form990PartVIISectionAGrp/TitleTxt21Secretary
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IRS990/MembersOrStockholdersInd0false
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Document Assets

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Filings

Displayed year

2024 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$2,180,821
Liabilities
$10,961
Net assets
$2,169,860
Revenue
$683,868
Expenses
$693,749
Net income
-$9,881
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Facts available. Structured filing facts are available, but richer extracted sections are limited.$2.81$0.01$2.80$1.83$1.30$0.53
2024Detailed filing. Detailed filing data is available for this year.$2.18$0.01$2.17$0.68$0.69$0.01
2023Facts available. Structured filing facts are available, but richer extracted sections are limited.$2.35$0.18$2.18$2.26$0.59$1.67
2022XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$0.62$0.11$0.51$0.47$0.36$0.11
2021Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.41$0.01$0.39$0.48$0.31$0.16
2020XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$0.27$0.04$0.23$0.55$0.62$0.07
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$0.31$0.02$0.30$0.58$0.74$0.15
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$0.47$0.02$0.45$0.52$0.81$0.29
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$0.76$0.02$0.74$0.39$0.59$0.20
2016XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$0.94$0.00$0.94$0.47$0.52$0.05
2015Detailed filing. Detailed filing data is available for this year.$1.00$0.01$0.99$1.19$0.32$0.87
2014Detailed filing. Detailed filing data is available for this year.$0.14$0.01$0.12$0.24$0.24$0.00
2013Summary only. Only limited summary data is available for this year.$0.13$0.01$0.16$0.16$0.00