Civic Intelligence

Promise Project Inc.

990 • Fiscal year 2020 • EIN 75-3004044

Jan 01, 2020 to Dec 31, 2020 • Filed on Nov 15, 2021

Organization ProfileN/A
PO Box 53274Atlanta, GA 30355

(404) 816-9770

Siviq Scores

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

Liabilities / Assets

97th percentile

1.56x

Higher debt load relative to assets than 97% of similar nonprofits.

2020 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2020

Liabilities / Revenue

98th percentile

9.99x

Higher debt load relative to revenue than 98% of similar nonprofits.

2020 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2020

Net Margin

14th percentile

-23%

Higher net margin than 14% of similar nonprofits.

2020 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2020

Top Officer Pay

37th percentile

$0

Higher top officer pay than 37% of similar nonprofits.

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

2020 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2020

Asset Growth

22nd percentile

-2.6%

Faster asset growth than 22% of similar nonprofits.

2020 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2018 to 2020

Revenue Growth

53rd percentile

2.4%

Faster revenue growth than 53% of similar nonprofits.

2020 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2018 to 2020

Balance Sheet
Liabilities / Assets97th percentile

Assets

Down

$1,667,051

Down $88,602 (-5.0%) from 2018

Net Assets

Down

-$941,283

Down $90,617 (-11%) from 2018

Liabilities

Up

$2,608,334

Up $2,015 (+0.1%) from 2018

Revenue And Expenses
Liabilities / Revenue98th percentileNet Margin14th percentile

Revenue

Up

$261,090

Up $12,034 (+4.8%) from 2018

Expenses

Up

$320,960

Up $15,057 (+4.9%) from 2018

Net Income

Down

-$59,870

Down $3,023 (-5.3%) from 2018

Historical Trend

Balance Sheet Trend

Asset Growth22nd percentile

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

$3.0M$2.0M$1.0M$0-$1.0M-$2.0MAssets 2010: $2,198,311Liabilities 2010: $2,621,996Net Assets 2010: -$423,6852010Assets 2011: $2,121,161Liabilities 2011: $2,628,699Net Assets 2011: -$507,5382011Assets 2012: $2,050,451Liabilities 2012: $2,612,574Net Assets 2012: -$562,1232012Assets 2013: $2,010,647Liabilities 2013: $2,592,484Net Assets 2013: -$581,8102013Assets 2014: $1,966,870Liabilities 2014: $2,596,851Net Assets 2014: -$629,9812014Assets 2015: $1,914,214Liabilities 2015: $2,594,273Net Assets 2015: -$680,0592015Assets 2016: $1,866,635Liabilities 2016: $2,589,916Net Assets 2016: -$723,2812016Assets 2017: $1,806,241Liabilities 2017: $2,600,060Net Assets 2017: -$793,8192017Assets 2018: $1,755,653Liabilities 2018: $2,606,319Net Assets 2018: -$850,6662018Assets 2020: $1,667,051Liabilities 2020: $2,608,334Net Assets 2020: -$941,2832020Assets 2021: $1,608,280Liabilities 2021: $2,618,401Net Assets 2021: -$1,010,1212021Assets 2022: $1,527,006Liabilities 2022: $2,630,368Net Assets 2022: -$1,103,3622022Assets 2023: $1,489,041Liabilities 2023: $2,637,453Net Assets 2023: -$1,148,4122023Assets 2024: $1,470,529Liabilities 2024: $2,609,808Net Assets 2024: -$1,139,2792024

Highlighted filing

2020

Assets$1,667,051
Liabilities$2,608,334
Net Assets-$941,283
Open 2020 Filing

Operations Trend

Revenue Growth53rd percentile

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

$400K$200K$0-$200KRevenue 2010: $166,942Expenses 2010: $259,836Net Income 2010: -$92,8942010Revenue 2011: $173,078Expenses 2011: $256,931Net Income 2011: -$83,8532011Revenue 2012: $200,240Expenses 2012: $254,825Net Income 2012: -$54,5852012Revenue 2013: $228,964Expenses 2013: $248,651Net Income 2013: -$19,6872013Revenue 2014: $240,794Expenses 2014: $288,965Net Income 2014: -$48,1712014Revenue 2015: $240,555Expenses 2015: $290,633Net Income 2015: -$50,0782015Revenue 2016: $240,658Expenses 2016: $283,880Net Income 2016: -$43,2222016Revenue 2017: $243,124Expenses 2017: $313,662Net Income 2017: -$70,5382017Revenue 2018: $249,056Expenses 2018: $305,903Net Income 2018: -$56,8472018Revenue 2020: $261,090Expenses 2020: $320,960Net Income 2020: -$59,8702020Revenue 2021: $263,982Expenses 2021: $332,820Net Income 2021: -$68,8382021Revenue 2022: $266,687Expenses 2022: $359,928Net Income 2022: -$93,2412022Revenue 2023: $347,511Expenses 2023: $392,561Net Income 2023: -$45,0502023Revenue 2024: $344,114Expenses 2024: $334,981Net Income 2024: $9,1332024

Highlighted filing

2020

Revenue$261,090
Expenses$320,960
Net Income-$59,870
Open 2020 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2020 to Dec 31, 2020
Signed
Nov 15, 2021
Return Version
2020v4.1
Gross Receipts
$261,090
Mission and Program Overview

Mission

Providing housing to elderly persons by operating a hud-assisted rental community regulated under section 202 of the national housing act of 1959.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$1,583,373$1,534,713▼ $48,660
Cash and Non-Interest-Bearing Accounts$6,073$7,499▲ $1,426
Prepaid Expenses and Deferred Charges$1,247$1,294▲ $47
Accounts Receivable$1,285$1,143▼ $142
Total Assets$1,711,164$1,667,051▼ $44,113
Other Assets Total$119,186$122,402▲ $3,216
Liabilities
Other Liabilities$2,563,850$2,564,090▲ $240
Accounts Payable and Accrued Expenses$28,659$43,578▲ $14,919
Deferred Revenue$68$666▲ $598
Total Liabilities$2,592,577$2,608,334▲ $15,757
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$-881,413$-941,283▼ $59,870
Total Net Assets Fund Balance$-881,413$-941,283▼ $59,870
Total Liabilities and Net Assets / Fund Balance$1,711,164$1,667,051▼ $44,113

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$1,491,423$945,112$2,436,535
Other Land Buildings$5,890$123,683$129,573
Land$37,400-$37,400
Other Assets Org$96,444--
Compensation and Service Providers
Top Officer Pay37th percentile

Board Members and Trustees

NameTitle
Dr Collette GunbyPresident
Britt JenningsTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$261,038
Investment Income
$22
Other Revenue
$30
Change in Net Assets
$-59,870

Audited Revenue Reconciliation

Revenue per Audited Statements
$261,090
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$0
Total Revenue per Audited Statements
$261,090
Total Revenue per Form 990
$261,090
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$253,923
Salaries, Compensation, and Employee Benefits$67,037
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Depreciation Depletion$66,774--$66,774
Other Salaries and Wages$60,534--$60,534
Fees for Services Management-$31,603-$31,603
Insurance$18,413--$18,413
Other Expenses$11,652$14,603-$11,652
Payroll Taxes$6,503--$6,503
Total Functional Expenses$274,754$46,206$0$320,960

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$320,960
Total Expenses per Audited Statements$320,960
Total Expenses per Form 990$320,960
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
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Capital Advance$2,553,300
Tenant Security Depsosits$10,790
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
No
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
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
Yes

Governance Explanations

Form 990, Part VI, Section A, Line 3

“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.”

Form 990, Part VI, Section B, Line 11B

“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.”

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

“Compliance is monitored at regularly scheduled meetings of the board of directors and at other times, if needed.”

Form 990, Part VI, Section C, Line 19

“Documents are maintained by the board of directors and copies are provided upon request.”

Filing and Contact Details

Filer

Filer Name
Promise Project Inc
EIN
75-3004044
Phone
4048169770
Address
PO BOX 53274, ATLANTA, GA 30355

Signing Officer

Name
Dr Collette Gunby
Title
President
Phone
4048169770
Signed
2021-11-15
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Dr Collette Gunby
Formed
2002
Legal Domicile
Ga
Voting Board Members
2
Independent Board Members
2
Employees
0
Volunteers
0

Preparer

Firm
Aprio Llp
Address
5 CONCOURSE PARKWAY SUITE 1000, ATLANTA, GA 30328
Preparer
Angela T Dotson
Phone
4048929651
Raw XML Appendix372 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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IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt296444
IRS990ScheduleD/OtherAssetsOrgGrp/Desc0TENANT SECURITY DEPOSITS
IRS990ScheduleD/OtherAssetsOrgGrp/Desc1ESCROW DEPOSITS
IRS990ScheduleD/OtherAssetsOrgGrp/Desc2REPLACEMENT RESERVE
IRS990ScheduleD/OtherLandBuildingsGrp/BookValueAmt05890
IRS990ScheduleD/OtherLandBuildingsGrp/DepreciationAmt0123683
IRS990ScheduleD/OtherLandBuildingsGrp/OtherCostOrOtherBasisAmt0129573
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt02553300
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt110790
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0CAPITAL ADVANCE
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc1TENANT SECURITY DEPSOSITS
IRS990ScheduleD/RevenueNotReportedAmt00
IRS990ScheduleD/RevenueNotReportedFinclStmtAmt00
IRS990ScheduleD/RevenueSubtotalAmt0261090
IRS990ScheduleD/TotalBookValueLandBuildingsAmt01534713
IRS990ScheduleD/TotalBookValueOtherAssetsAmt0122402
IRS990ScheduleD/TotalExpensesPerForm990Amt0320960
IRS990ScheduleD/TotalLiabilityAmt02564090
IRS990ScheduleD/TotalRevenuePerForm990Amt0261090
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt0261090
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt0320960
IRS990/ScheduleJRequiredInd00
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THE 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/ExplanationTxt1THE 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/ExplanationTxt2COMPLIANCE IS MONITORED AT REGULARLY SCHEDULED MEETINGS OF THE BOARD OF DIRECTORS AND AT OTHER TIMES, IF NEEDED.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3DOCUMENTS ARE MAINTAINED BY THE BOARD OF DIRECTORS AND COPIES ARE PROVIDED UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PART VI, SECTION A, LINE 3
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PART VI, SECTION B, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PART VI, SECTION B, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PART VI, SECTION C, LINE 19
IRS990/SchoolOperatingInd00
IRS990/SignificantChangeInd00
IRS990/SignificantNewProgramSrvcInd00
IRS990/StatesWhereCopyOfReturnIsFldCd0GA
IRS990/SubjectToExcsTaxNetInvstIncInd00
IRS990/SubjectToProxyTaxInd00
IRS990/SubjToTaxRmnrtnExPrchtPymtInd00
IRS990/TaxablePartyNotificationInd00
IRS990/TaxExemptBondsInd00
IRS990/TerminateOperationsInd00
IRS990/TotalAssetsBOYAmt01711164
IRS990/TotalAssetsEOYAmt01667051
IRS990/TotalAssetsGrp/BOYAmt01711164
IRS990/TotalAssetsGrp/EOYAmt01667051
IRS990/TotalCompGreaterThan150KInd00
IRS990/TotalEmployeeCnt00
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt046206
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt0274754
IRS990/TotalFunctionalExpensesGrp/TotalAmt0320960
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt02592577
IRS990/TotalLiabilitiesEOYAmt02608334
IRS990/TotalLiabilitiesGrp/BOYAmt02592577
IRS990/TotalLiabilitiesGrp/EOYAmt02608334
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt0-881413
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt0-941283
IRS990/TotalOtherCompensationAmt00
IRS990/TotalProgramServiceExpensesAmt0274754
IRS990/TotalProgramServiceRevenueAmt0261038
IRS990/TotalReportableCompFromOrgAmt00
IRS990/TotalRevenueGrp/ExclusionAmt022
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt0261068
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt0261090
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt00
IRS990/TotalVolunteersCnt00
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt01711164
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt01667051
IRS990/TotReportableCompRltdOrgAmt00
IRS990/TrnsfrExmptNonChrtblRltdOrgInd00
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd00
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt0PO BOX 53274
IRS990/USAddress/CityNm0ATLANTA
IRS990/USAddress/StateAbbreviationCd0GA
IRS990/USAddress/ZIPCd030355
IRS990/VotingMembersGoverningBodyCnt02
IRS990/VotingMembersIndependentCnt02
IRS990/WebsiteAddressTxt0N/A
IRS990/WhistleblowerPolicyInd01
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/AuthenticationAssuranceLevelCd0AAL1
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/IdentityAssuranceLevelCd0IAL1
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/TrustedCustomerCd00
ReturnHeader/BuildTS02022-09-23 18:48:47Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd01
ReturnHeader/BusinessOfficerGrp/PersonNm0DR COLLETTE GUNBY
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0PRESIDENT
ReturnHeader/BusinessOfficerGrp/PhoneNum04048169770
ReturnHeader/BusinessOfficerGrp/SignatureDt02021-11-15
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0PROMISE PROJECT INC
ReturnHeader/Filer/BusinessNameControlTxt0PROM
ReturnHeader/Filer/EIN0753004044
ReturnHeader/Filer/PhoneNum04048169770
ReturnHeader/Filer/USAddress/AddressLine1Txt0PO BOX 53274
ReturnHeader/Filer/USAddress/CityNm0ATLANTA
ReturnHeader/Filer/USAddress/StateAbbreviationCd0GA
ReturnHeader/Filer/USAddress/ZIPCd030355
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0571157523
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0APRIO LLP
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt05 CONCOURSE PARKWAY SUITE 1000
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0ATLANTA
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0GA
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd030328
ReturnHeader/PreparerPersonGrp/PhoneNum04048929651
ReturnHeader/PreparerPersonGrp/PreparationDt02021-11-15
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0ANGELA T DOTSON
ReturnHeader/ReturnTs02021-11-15T14:44:58-06:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonFirstNm0DR
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonLastNm0COLLETTE GUNBY
ReturnHeader/TaxPeriodBeginDt02020-01-01
ReturnHeader/TaxPeriodEndDt02020-12-31
ReturnHeader/TaxYr02020

Document Assets

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Filings

Displayed year

2020 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$1,667,051
Liabilities
$2,608,334
Net assets
-$941,283
Revenue
$261,090
Expenses
$320,960
Net income
-$59,870
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.47$2.61$1.14$0.34$0.33$0.01
2023XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1.49$2.64$1.15$0.35$0.39$0.05
2022Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.53$2.63$1.10$0.27$0.36$0.09
2021XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1.61$2.62$1.01$0.26$0.33$0.07
2020Detailed filing. Detailed filing data is available for this year.$1.67$2.61$0.94$0.26$0.32$0.06
2018Summary only. Only limited summary data is available for this year.$1.76$2.61$0.85$0.25$0.31$0.06
2017Summary only. Only limited summary data is available for this year.$1.81$2.60$0.79$0.24$0.31$0.07
2016Summary only. Only limited summary data is available for this year.$1.87$2.59$0.72$0.24$0.28$0.04
2015Summary only. Only limited summary data is available for this year.$1.91$2.59$0.68$0.24$0.29$0.05
2014Summary only. Only limited summary data is available for this year.$1.97$2.60$0.63$0.24$0.29$0.05
2013Summary only. Only limited summary data is available for this year.$2.01$2.59$0.58$0.23$0.25$0.02
2012Summary only. Only limited summary data is available for this year.$2.05$2.61$0.56$0.20$0.25$0.05
2011Summary only. Only limited summary data is available for this year.$2.12$2.63$0.51$0.17$0.26$0.08
2010Summary only. Only limited summary data is available for this year.$2.20$2.62$0.42$0.17$0.26$0.09