Liabilities / Assets
97th percentile
Higher debt load relative to assets than 97% of similar nonprofits.
EIN 75-3004044 • 501(c)3 • Duluth, GA
Profile
Providing housing to elderly persons by operating a hud-assisted rental community regulated under section 202 of the national housing act of 1959.
Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.
Liabilities / Assets
97th percentile
Higher debt load relative to assets than 97% of similar nonprofits.
Liabilities / Revenue
98th percentile
Higher debt load relative to revenue than 98% of similar nonprofits.
Net Margin
46th percentile
Higher net margin than 46% of similar nonprofits.
Top Officer Pay
Score unavailable
No filing with officer rows is available for this organization yet.
Asset Growth
34th percentile
Faster asset growth than 34% of similar nonprofits.
Revenue Growth
33rd percentile
Faster revenue growth than 33% of similar nonprofits.
Assets
Down$1,470,529
Down $18,512 (-1.2%) from 2023
Liabilities
Down$2,609,808
Down $27,645 (-1.0%) from 2023
Net Assets
Up-$1,139,279
Up $9,133 (+0.8%) from 2023
Revenue
Down$344,114
Down $3,397 (-1.0%) from 2023
Expenses
Down$334,981
Down $57,580 (-15%) from 2023
Net Income
Up$9,133
Up $54,183 (+120%) from 2023
Most recent year
2024 • Form 990Facts available. Structured filing facts are available, but richer extracted sections are limited.
Providing housing to elderly persons by operating a hud-assisted rental community regulated under section 202 of the national housing act of 1959.
| Line | Beginning | End | Change |
|---|---|---|---|
| Assets | |||
| Land, Buildings, and Equipment, Net | $1,349,831 | $1,284,161 | ▼ $65,670 |
| Cash and Non-Interest-Bearing Accounts | $5,383 | $15,155 | ▲ $9,772 |
| Accounts Receivable | $8,656 | $13,554 | ▲ $4,898 |
| Prepaid Expenses and Deferred Charges | $1,352 | $4,906 | ▲ $3,554 |
| Total Assets | $1,489,041 | $1,470,529 | ▼ $18,512 |
| Other Assets Total | $123,819 | $152,753 | ▲ $28,934 |
| Liabilities | |||
| Other Liabilities | $2,564,696 | $2,565,113 | ▲ $417 |
| Accounts Payable and Accrued Expenses | $67,332 | $43,194 | ▼ $24,138 |
| Deferred Revenue | $5,425 | $1,501 | ▼ $3,924 |
| Total Liabilities | $2,637,453 | $2,609,808 | ▼ $27,645 |
| Net Assets / Fund Balance | |||
| Net Assets Without Donor Restrictions | $-1,148,412 | $-1,139,279 | ▲ $9,133 |
| Total Net Assets Fund Balance | $-1,148,412 | $-1,139,279 | ▲ $9,133 |
| Total Liabilities and Net Assets / Fund Balance | $1,489,041 | $1,470,529 | ▼ $18,512 |
| Asset | Book Value | Depreciation | Basis |
|---|---|---|---|
| Buildings | $1,242,685 | $1,203,039 | $2,445,724 |
| Other Land Buildings | $4,076 | $132,501 | $136,577 |
| Land | $37,400 | - | $37,400 |
| Other Assets Org | $821 | - | - |
| Name | Title |
|---|---|
| Britt Jennings | CFO |
| Line Item | Amount |
|---|---|
| Other Expenses | $233,631 |
| Salaries, Compensation, and Employee Benefits | $101,350 |
| Grants and Similar Amounts Paid | $0 |
| Professional Fundraising Fees | $0 |
| Total Fundraising Expense | $0 |
| Line Item | Program | Management | Fundraising | Total |
|---|---|---|---|---|
| Other Salaries and Wages | $84,685 | - | - | $84,685 |
| Depreciation Depletion | $65,670 | - | - | $65,670 |
| Fees for Services Management | - | $18,815 | - | $18,815 |
| Fees for Services Accounting | $16,470 | - | - | $16,470 |
| Insurance | $10,784 | - | - | $10,784 |
| Payroll Taxes | $9,267 | - | - | $9,267 |
| Other Employee Benefits | $7,398 | - | - | $7,398 |
| Other Expenses | $5,653 | $8,099 | - | $5,653 |
| Fees for Services Legal | $1,155 | - | - | $1,155 |
| Total Functional Expenses | $308,067 | $26,914 | $0 | $334,981 |
| Line Item | Amount |
|---|---|
| Expenses per Audited Statements | $334,981 |
| Total Expenses per Audited Statements | $334,981 |
| Total Expenses per Form 990 | $334,981 |
| Expenses Not Reported on Financial Statements | $0 |
| Expenses Not Reported on Form 990 | $0 |
| Line Item | Amount |
|---|---|
| Professional Fundraising Fees | $0 |
| Liability | Amount |
|---|---|
| Capital Advance | $2,553,300 |
| Tenant Security Depsosits | $11,813 |
“The organanization has entered into a management agreement with a management company for a day-to-day management of the apartment community as is common practice for owners/operators of HUD-assisted rental communities.”
“The return is prepared by a certified public accounting firm and provided to the management company for initial review and approval. After any questions and comments from the mangement company are resolved, the return is provided to the board of directors for final review and approval. After any questions and comments from the board of directors are resolved, the final approved return is signed by the designated board officer and filed.”
“Compliance is monitored at regularly scheduled meetings of the board of directors and at other times, if needed.”
“Documents are maintained by the board of directors and copies are provided upon request.”
“The Corporation is organized and operated exclusively for charitable, not-for-profit purposes. The Internal Revenue Service has, in prior years, issued its determination letter reflecting that Promise Project, Inc. is exempt from federal income tax under Section 501(c)(3) of the Internal Revenue Code. The Corporation has also been classified as an entity that is not a private foundation within the meaning of Section 509(a) and qualifies for deductible contributions as provided in Section 170(b)(1)(A)(vi). Therefore, no income tax provision has been included in the financial statements. The Corporation is no longer subject to income tax examinations for calendar years up to and including the year ended December 31, 2020.”
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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| IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt | 0 | The Corporation is organized and operated exclusively for charitable, not-for-profit purposes. The Internal Revenue Service has, in prior years, issued its determination letter reflecting that Promise Project, Inc. is exempt from federal income tax under Section 501(c)(3) of the Internal Revenue Code. The Corporation has also been classified as an entity that is not a private foundation within the meaning of Section 509(a) and qualifies for deductible contributions as provided in Section 170(b)(1)(A)(vi). Therefore, no income tax provision has been included in the financial statements. The Corporation is no longer subject to income tax examinations for calendar years up to and including the year ended December 31, 2020. |
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| IRS990ScheduleD/TotalBookValueOtherAssetsAmt | 0 | 152753 |
| IRS990ScheduleD/TotalExpensesPerForm990Amt | 0 | 334981 |
| IRS990ScheduleD/TotalLiabilityAmt | 0 | 2565113 |
| IRS990ScheduleD/TotalRevenuePerForm990Amt | 0 | 344114 |
| IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt | 0 | 344114 |
| IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt | 0 | 334981 |
| IRS990/ScheduleJRequiredInd | 0 | 0 |
| IRS990/ScheduleORequiredInd | 0 | 1 |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 0 | The organanization has entered into a management agreement with a management company for a day-to-day management of the apartment community as is common practice for owners/operators of HUD-assisted rental communities. |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 1 | The return is prepared by a certified public accounting firm and provided to the management company for initial review and approval. After any questions and comments from the mangement company are resolved, the return is provided to the board of directors for final review and approval. After any questions and comments from the board of directors are resolved, the final approved return is signed by the designated board officer and filed. |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 2 | Compliance is monitored at regularly scheduled meetings of the board of directors and at other times, if needed. |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 3 | Documents are maintained by the board of directors and copies are provided upon request. |
| IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc | 0 | Form 990, Part VI, Section A, line 3 |
| IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc | 1 | Form 990, Part VI, Section B, line 11b |
| IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc | 2 | Form 990, Part VI, Section B, line 12c |
| IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc | 3 | Form 990, Part VI, Section C, line 19 |
| IRS990ScheduleR/AssetExchangeInd | 0 | 0 |
| IRS990ScheduleR/AssetPurchaseFromOtherOrgInd | 0 | 0 |
| IRS990ScheduleR/AssetSaleToOtherOrgInd | 0 | 0 |
| IRS990ScheduleR/DivRelatedOrganizationInd | 0 | 0 |
| IRS990ScheduleR/GiftGrntCapContriFromOthOrgInd | 0 | 0 |
| IRS990ScheduleR/GiftGrntOrCapContriToOthOrgInd | 0 | 0 |
| IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ControlledOrganizationInd | 0 | 0 |
| IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DirectControllingEntityName/BusinessNameLine1Txt | 0 | No |
| IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DisregardedEntityName/BusinessNameLine1Txt | 0 | The Psalm 23 Project Inc |
| IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/EIN | 0 | 582451919 |
| IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ExemptCodeSectionTxt | 0 | 501c |
| IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/LegalDomicileStateCd | 0 | GA |
| IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PrimaryActivitiesTxt | 0 | Provide elderly affordable HUD housing. |
| IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PublicCharityStatusTxt | 0 | Line 10 |
| IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/AddressLine1Txt | 0 | 3237 Satellite Blvd Suite 310 |
| IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/CityNm | 0 | Duluth |
| IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/StateAbbreviationCd | 0 | GA |
| IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/ZIPCd | 0 | 30096 |
| IRS990ScheduleR/LoansOrGuaranteesFromOthOrgInd | 0 | 0 |
| IRS990ScheduleR/LoansOrGuaranteesToOtherOrgInd | 0 | 0 |
| IRS990ScheduleR/PaidEmployeesSharingInd | 0 | 0 |
| IRS990ScheduleR/PerformOfServicesByOtherOrgInd | 0 | 0 |
| IRS990ScheduleR/PerformOfServicesForOthOrgInd | 0 | 0 |
| IRS990ScheduleR/ReceiptOfIntAnntsRntsRyltsInd | 0 | 0 |
| IRS990ScheduleR/ReimbursementPaidByOtherOrgInd | 0 | 1 |
| IRS990ScheduleR/ReimbursementPaidToOtherOrgInd | 0 | 0 |
| IRS990ScheduleR/RentalOfFacilitiesToOthOrgInd | 0 | 0 |
| IRS990ScheduleR/RentalOfFcltsFromOthOrgInd | 0 | 0 |
| IRS990ScheduleR/SharingOfFacilitiesInd | 0 | 0 |
| IRS990ScheduleR/TransactionsRelatedOrgGrp/InvolvedAmt | 0 | 821 |
| IRS990ScheduleR/TransactionsRelatedOrgGrp/MethodOfAmountDeterminationTxt | 0 | Actual Value |
| IRS990ScheduleR/TransactionsRelatedOrgGrp/OtherOrganizationName/BusinessNameLine1Txt | 0 | The Psalm 23 Project Inc |
| IRS990ScheduleR/TransactionsRelatedOrgGrp/TransactionTypeTxt | 0 | Q |
| IRS990ScheduleR/TransferFromOtherOrgInd | 0 | 0 |
| IRS990ScheduleR/TransferToOtherOrgInd | 0 | 0 |
| IRS990/SchoolOperatingInd | 0 | 0 |
| IRS990/SignificantChangeInd | 0 | 0 |
| IRS990/SignificantNewProgramSrvcInd | 0 | 0 |
| IRS990/StatesWhereCopyOfReturnIsFldCd | 0 | GA |
| IRS990/SubjectToExcsTaxNetInvstIncInd | 0 | 0 |
| IRS990/SubjectToProxyTaxInd | 0 | 0 |
| IRS990/SubjToTaxRmnrtnExPrchtPymtInd | 0 | 0 |
| IRS990/TaxablePartyNotificationInd | 0 | 0 |
| IRS990/TaxExemptBondsInd | 0 | 0 |
| IRS990/TerminateOperationsInd | 0 | 0 |
| IRS990/TotalAssetsBOYAmt | 0 | 1489041 |
| IRS990/TotalAssetsEOYAmt | 0 | 1470529 |
| IRS990/TotalAssetsGrp/BOYAmt | 0 | 1489041 |
| IRS990/TotalAssetsGrp/EOYAmt | 0 | 1470529 |
| IRS990/TotalCompGreaterThan150KInd | 0 | 0 |
| IRS990/TotalEmployeeCnt | 0 | 0 |
| IRS990/TotalFunctionalExpensesGrp/FundraisingAmt | 0 | 0 |
| IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt | 0 | 26914 |
| IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt | 0 | 308067 |
| IRS990/TotalFunctionalExpensesGrp/TotalAmt | 0 | 334981 |
| IRS990/TotalGrossUBIAmt | 0 | 0 |
| IRS990/TotalLiabilitiesBOYAmt | 0 | 2637453 |
| IRS990/TotalLiabilitiesEOYAmt | 0 | 2609808 |
| IRS990/TotalLiabilitiesGrp/BOYAmt | 0 | 2637453 |
| IRS990/TotalLiabilitiesGrp/EOYAmt | 0 | 2609808 |
| IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt | 0 | -1148412 |
| IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt | 0 | -1139279 |
| IRS990/TotalOtherCompensationAmt | 0 | 0 |
| IRS990/TotalProgramServiceExpensesAmt | 0 | 308067 |
| IRS990/TotalProgramServiceRevenueAmt | 0 | 343628 |
| IRS990/TotalReportableCompFromOrgAmt | 0 | 0 |
| IRS990/TotalRevenueGrp/ExclusionAmt | 0 | 469 |
| IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt | 0 | 343645 |
| IRS990/TotalRevenueGrp/TotalRevenueColumnAmt | 0 | 344114 |
| IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt | 0 | 0 |
| IRS990/TotalVolunteersCnt | 0 | 1 |
| IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt | 0 | 1489041 |
| IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt | 0 | 1470529 |
| IRS990/TotReportableCompRltdOrgAmt | 0 | 0 |
| IRS990/TrnsfrExmptNonChrtblRltdOrgInd | 0 | 0 |
| IRS990/TypeOfOrganizationCorpInd | 0 | X |
| IRS990/UnrelatedBusIncmOverLimitInd | 0 | 0 |
| IRS990/UponRequestInd | 0 | X |
| IRS990/USAddress/AddressLine1Txt | 0 | 3237 Satellite Blvd 310 |
| IRS990/USAddress/CityNm | 0 | Duluth |
| IRS990/USAddress/StateAbbreviationCd | 0 | GA |
| IRS990/USAddress/ZIPCd | 0 | 30096 |
| IRS990/VotingMembersGoverningBodyCnt | 0 | 1 |
| IRS990/VotingMembersIndependentCnt | 0 | 1 |
| IRS990/WebsiteAddressTxt | 0 | N/A |
| IRS990/WhistleblowerPolicyInd | 0 | 1 |
| ReturnHeader/BuildTS | 0 | 2025-03-06 01:10:19Z |
| ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd | 0 | 1 |
| ReturnHeader/BusinessOfficerGrp/PersonNm | 0 | Britt Jennings |
| ReturnHeader/BusinessOfficerGrp/PersonTitleTxt | 0 | President |
| ReturnHeader/BusinessOfficerGrp/PhoneNum | 0 | 6783302000 |
| ReturnHeader/BusinessOfficerGrp/SignatureDt | 0 | 2025-10-14 |
| ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt | 0 | Promise Project Inc |
| ReturnHeader/Filer/BusinessNameControlTxt | 0 | PROM |
| ReturnHeader/Filer/EIN | 0 | 753004044 |
| ReturnHeader/Filer/PhoneNum | 0 | 6783302000 |
| ReturnHeader/Filer/USAddress/AddressLine1Txt | 0 | 3237 Satellite Blvd 310 |
| ReturnHeader/Filer/USAddress/CityNm | 0 | Duluth |
| ReturnHeader/Filer/USAddress/StateAbbreviationCd | 0 | GA |
| ReturnHeader/Filer/USAddress/ZIPCd | 0 | 30096 |
| ReturnHeader/IRSResponsiblePrtyInfoCurrInd | 0 | 1 |
| ReturnHeader/PreparerFirmGrp/PreparerFirmEIN | 0 | 582487348 |
| ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt | 0 | Aprio Advisory Group LLC |
| ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt | 0 | 2002 Summit Boulevard Suite 120 |
| ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm | 0 | Atlanta |
| ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd | 0 | GA |
| ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd | 0 | 30319 |
| ReturnHeader/PreparerPersonGrp/PhoneNum | 0 | 4048929651 |
| ReturnHeader/PreparerPersonGrp/PreparationDt | 0 | 2025-10-14 |
| ReturnHeader/PreparerPersonGrp/PreparerPersonNm | 0 | Stacy Cullen |
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