Civic Intelligence

Promise Academy Spring Hill Inc

EIN 46-4445628 • 501(c)3 • Memphis, TN

Profile

Our central and only work is to teach and inspire the mind, body and spirit of our children so that they can succeed in any academic or cultural setting. Promise academy is committed to preparing children to excel in the nation's most rigorous schools.

1346 Bryan StreetMemphis, TN 38108

promiseacademy.com

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

65th percentile

0.27x

Higher debt load relative to assets than 65% of similar nonprofits.

501(c)3 • $5M-$10M nonprofits • Source year 2025

Liabilities / Revenue

46th percentile

0.13x

Higher debt load relative to revenue than 46% of similar nonprofits.

501(c)3 • $5M-$10M nonprofits • Source year 2025

Net Margin

41st percentile

1.0%

Higher net margin than 41% of similar nonprofits.

501(c)3 • $5M-$10M nonprofits • Source year 2025

Top Officer Pay

Score unavailable

No value available

No filing with officer rows is available for this organization yet.

Asset Growth

45th percentile

3.1%

Faster asset growth than 45% of similar nonprofits.

501(c)3 • $5M-$10M nonprofits • Annualized from 2022 to 2025

Revenue Growth

42nd percentile

3.6%

Faster revenue growth than 42% of similar nonprofits.

501(c)3 • $5M-$10M nonprofits • Annualized from 2022 to 2025

Assets

Up

$3,221,810

Up $593,472 (+23%) from 2024

Liabilities

Up

$867,097

Up $496,114 (+134%) from 2024

Net Assets

Up

$2,354,713

Up $97,358 (+4.3%) from 2024

Revenue

Up

$6,731,688

Up $588,567 (+9.6%) from 2024

Expenses

Up

$6,665,435

Up $559,343 (+9.2%) from 2024

Net Income

Up

$66,253

Up $29,224 (+79%) from 2024

Trend Graphs

Balance Sheet Trend

Grouped bars show assets, liabilities, and net assets across loaded filings.

$4.0M$3.0M$2.0M$1.0M$0Assets 2015: $292,473Liabilities 2015: $117,728Net Assets 2015: $174,7452015Assets 2016: $710,125Liabilities 2016: $392,689Net Assets 2016: $317,4362016Assets 2017: $612,538Liabilities 2017: $306,419Net Assets 2017: $306,1192017Assets 2018: $836,179Liabilities 2018: $390,522Net Assets 2018: $445,6572018Assets 2019: $856,829Liabilities 2019: $337,679Net Assets 2019: $519,1502019Assets 2020: $1,806,843Liabilities 2020: $1,022,553Net Assets 2020: $784,2902020Assets 2021: $1,900,909Liabilities 2021: $531,065Net Assets 2021: $1,369,8442021Assets 2022: $2,943,439Liabilities 2022: $1,314,613Net Assets 2022: $1,628,8262022Assets 2023: $2,457,230Liabilities 2023: $484,589Net Assets 2023: $1,972,6412023Assets 2024: $2,628,338Liabilities 2024: $370,983Net Assets 2024: $2,257,3552024Assets 2025: $3,221,810Liabilities 2025: $867,097Net Assets 2025: $2,354,7132025

Highlighted filing

2025

Assets$3,221,810
Liabilities$867,097
Net Assets$2,354,713

Operations Trend

Revenue, expenses, and net income by year, with the latest filing highlighted.

$8.0M$6.0M$4.0M$2.0M$0-$2.0MRevenue 2015: $1,695,404Expenses 2015: $1,520,659Net Income 2015: $174,7452015Revenue 2016: $2,097,536Expenses 2016: $1,954,845Net Income 2016: $142,6912016Revenue 2017: $2,833,180Expenses 2017: $2,844,497Net Income 2017: -$11,3172017Revenue 2018: $3,752,712Expenses 2018: $3,613,174Net Income 2018: $139,5382018Revenue 2019: $4,672,171Expenses 2019: $4,598,678Net Income 2019: $73,4932019Revenue 2020: $4,677,678Expenses 2020: $4,412,538Net Income 2020: $265,1402020Revenue 2021: $5,000,726Expenses 2021: $4,415,172Net Income 2021: $585,5542021Revenue 2022: $6,059,655Expenses 2022: $5,800,673Net Income 2022: $258,9822022Revenue 2023: $6,141,045Expenses 2023: $6,047,957Net Income 2023: $93,0882023Revenue 2024: $6,143,121Expenses 2024: $6,106,092Net Income 2024: $37,0292024Revenue 2025: $6,731,688Expenses 2025: $6,665,435Net Income 2025: $66,2532025

Highlighted filing

2025

Revenue$6,731,688
Expenses$6,665,435
Net Income$66,253

Filings

Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jul 1, 2024 to Jun 30, 2025
Signed
Jan 28, 2026
Return Version
2024v5.5
Gross Receipts
$6,731,688
Mission and Program Overview

Mission

Our central work is to teach and inspire the mind, body, and spirit of our children so that they can rise above the rest and succeed in any academic and cultural setting.

Our central and only work is to teach and inspire the mind, body and spirit of our children so that they can succeed in any academic or cultural setting. Promise academy is committed to preparing children to excel in the nation's most rigorous schools.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$640,610$1,167,951▲ $527,341
Cash and Non-Interest-Bearing Accounts$360,438$652,333▲ $291,895
Accounts Receivable$663,541$599,242▼ $64,299
Loans From Officers Directors-$231,534-
Intangible Assets$69,100$46,067▼ $23,033
Total Assets$2,628,338$3,221,810▲ $593,472
Other Assets Total$894,649$756,217▼ $138,432
Liabilities
Accounts Payable and Accrued Expenses$238,641$408,222▲ $169,581
Other Liabilities$132,342$227,341▲ $94,999
Total Liabilities$370,983$867,097▲ $496,114
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$1,878,589$1,839,925▼ $38,664
Net Assets With Donor Restrictions$378,766$514,788▲ $136,022
Total Net Assets Fund Balance$2,257,355$2,354,713▲ $97,358
Total Liabilities and Net Assets / Fund Balance$2,628,338$3,221,810▲ $593,472

Asset Categories

AssetBook ValueDepreciationBasis
Leasehold Improvements$1,011,443$250,981$1,262,424
Equipment$81,450$743,159$824,609
Other Land Buildings$75,058$39,808$114,866
Other Assets Org$340,197--
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseTotal
Patrick WashingtonExecutive DirectorFT$175,885$175,885
Kimbra TurnerChief of AcademicsFT$128,216$128,216
Toby FinleyPrincipalFT$105,050$105,050

Board Members and Trustees

Highest Paid Contractors

ContractorServicesLocationCompensation
Integrity Mechanical Solutions LLCCommercial Hvac6694 FLETCHER CREEK COVE, Memphis, TN 38133$437,733
Bennett Roofing And Restoration LLCRoofing And Restoration6142 HWY 14 SOUTH, Brighton, TN 38011$236,976
Lavinia Group LLCProfessional Learning2805 DODD ROAD STE 200, Eagan, MN 55121$225,230
First Choice Entertainment LLCEntertainment Services1048 CROSS WOOD LANE, Cordova, TN 38018$174,850
Dwch LLCEducational Support Services8786 NORTH CREEK BOULEVARD, Southaven, MS 38671$134,561
Revenue and Support

Revenue Composition

Contributions and Grants
$6,700,577
Program Service Revenue
$31,111
Investment Income
$0
Other Revenue
$0
All Other Contributions
$878,222
Change in Net Assets
$66,253

Audited Revenue Reconciliation

Revenue per Audited Statements
$6,731,688
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$0
Total Revenue per Audited Statements
$6,731,688
Total Revenue per Form 990
$6,731,688
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$3,365,253
Salaries, Compensation, and Employee Benefits$3,300,182
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Fees for Services Other$537,460$1,792,214-$2,329,674
Other Salaries and Wages$2,165,214$132,152-$2,297,366
Other Employee Benefits$474,932$118,733-$593,665
Current Officers, Directors, Trustees, and Key Employees-$409,151-$409,151
Conferences and Meetings$234,386$58,597-$292,983
Depreciation Depletion$158,143$27,908-$186,051
Occupancy$121,699$21,476-$143,175
Interest-$10,442-$10,442
Other Expenses$7,534$20,827-$7,534
Total Functional Expenses$4,010,086$2,655,349$0$6,665,435

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$6,665,435
Total Expenses per Audited Statements$6,665,435
Total Expenses per Form 990$6,665,435
Expenses Not Reported on Financial Statements$0
Expenses Not Reported on Form 990$0
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
Loans from Officers, Directors, Trustees, and Key Employees-$231,534-
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Longterm Lease Liability$121,807
Net Pension Liability$105,534
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
No
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, Part VI, Section B, Line 11B

After the return is prepared by an independent accounting firm, the return is reviewed by the board of directors before submission to the irs.

Form 990, Part VI, Section B, Line 12C

The directors sign a statement annually confirming their compliance with the conflicts of interest policy.

Form 990, Part VI, Section B, Line 15

Compensation for a position is determined as to what is reasonable for the experience, expertise, geography, and needs of the organization. Compensation is reviewed by the board finance committee, discussed and voted on at board meetings. The resulting decision is recorded in the minutes.

Form 990, Part VI, Section C, Line 18

The organization's tax documents are available to the public upon request.

Form 990, Part VI, Section C, Line 19

The organization makes its governing documents and financial statements available to the public upon request.

FORM 990, PART VI, SECTION C, LINE 19:

The organization makes its governing documents and financial statments available to the public upon request.

FORM 990, PART VI, SECTION C, LINE 18:

The organization's tax documents are available to the public upon request.

Filing and Contact Details

Filer

Filer Name
Promise Academy Spring Hill Inc
EIN
46-4445628
Phone
9013244456
Address
1346 BRYAN STREET, MEMPHIS, TN 38108

Signing Officer

Name
Patrick Washington
Title
Executive Director
Phone
9013244456
Signed
2026-01-28
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Patrick Washington
Formed
2007
Legal Domicile
Tn
Voting Board Members
10
Independent Board Members
10
Employees
65
Volunteers
0

Preparer

Firm
The Marston Group Plc
Address
1661 INTERNATIONAL DRIVE SUITE 250, MEMPHIS, TN 38120
Preparer
Susan M Lattimore
Phone
9017613003
Supplemental Narrative

Additional Explanations

Form 990, Part IX, Line 11G

Contract services: program service expenses 537,460. Management and general expenses 1,792,214. Fundraising expenses 0. Total expenses 2,329,674.

Part XII, Line 2C

There was no change from the prior year.

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IRS990/Form990PartVIISectionAGrp/TitleTxt6MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt7MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt8MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt9MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt10EXECUTIVE DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt11CHIEF OF ACADEMICS
IRS990/Form990PartVIISectionAGrp/TitleTxt12PRINCIPAL
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IRS990/MissionDesc0OUR CENTRAL AND ONLY WORK IS TO TEACH AND INSPIRE THE MIND, BODY AND SPIRIT OF OUR CHILDREN SO THAT THEY CAN SUCCEED IN ANY ACADEMIC OR CULTURAL SETTING. PROMISE ACADEMY IS COMMITTED TO PREPARING CHILDREN TO EXCEL IN THE NATION'S MOST RIGOROUS SCHOOLS.
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IRS990/PrincipalOfficerNm0PATRICK WASHINGTON
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IRS990ScheduleE/DiscriminateRaceAdmissPlcyInd00
IRS990ScheduleE/DiscriminateRaceAthltProgInd00
IRS990ScheduleE/DiscriminateRaceEducPlcyInd00
IRS990ScheduleE/DiscriminateRaceEmplmFcultyInd00
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IRS990ScheduleE/SupplementalInformationDetail/ExplanationTxt0PROMISE ACADEMY SPRING HILL INC IS NOT A PRIVATE SCHOOL. IT IS A PUBLIC CHARTER SCHOOL AND ACCEPTS STUDENTS OF ALL RACES.
IRS990ScheduleE/SupplementalInformationDetail/ExplanationTxt1PROMISE ACADEMY SPRING HILL INC IS NOT A PRIVATE SCHOOL. IT IS A PUBLIC CHARTER SCHOOL. NO FEES ARE CHARGED; NO SCHOLARSHIPS NEEDED.
IRS990ScheduleE/SupplementalInformationDetail/ExplanationTxt2THE SCHOOL RECEIVES FUNDS FROM THE ACHIEVEMENT SCHOOL DISTRICT AND THE STATE OF TENNESSEE BASED ON A PER-PUPIL ALLOCATION; THE SCHOOL ALSO RECIEVES FEBERAL TITLE I AND TITLES II FUNDING THAT PROVIDES FINANCIAL ASSISTANCE TO LOW INCOME AREA SCHOOLS; THE SCHOOL RECEIVES IDEA FUNDING FOR THE EDUCATION OF CHILDREN WITH DISABILITIES. ALSO RECEIVES FROM STATE OF TN VIA ASD, VPK, FACILITIES, DISTRICT SCHOOL PRIORITY, OTHER STATE GRANTS. RECEIVES E-RATE FUNDING.
IRS990ScheduleE/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE E, PART I, LINE 3
IRS990ScheduleE/SupplementalInformationDetail/FormAndLineReferenceDesc1SCHEDULE E, PART I, LINE 4
IRS990ScheduleE/SupplementalInformationDetail/FormAndLineReferenceDesc2SCHEDULE E, PART I, LINE 6
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IRS990ScheduleJ/CompBsdOnRevRelatedOrgsInd00
IRS990ScheduleJ/EquityBasedCompArrngmInd00
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