Civic Intelligence

Promise Academy

990 • Fiscal year 2020 • EIN 76-0789317

Jul 01, 2019 to Jun 30, 2020 • Filed on May 12, 2021

1701 E 13th StCleveland, OH 44114

(216) 443-0500

Siviq Scores

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

Liabilities / Assets

91st percentile

0.91x

Higher debt load relative to assets than 91% of similar nonprofits.

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

Liabilities / Revenue

87th percentile

1.21x

Higher debt load relative to revenue than 87% of similar nonprofits.

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

Net Margin

15th percentile

-21%

Higher net margin than 15% 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

91st percentile

83%

Faster asset growth than 91% of similar nonprofits.

2020 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2019 to 2020

Revenue Growth

25th percentile

-17%

Faster revenue growth than 25% of similar nonprofits.

2020 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2019 to 2020

Assets

Up

$2,186,066

Up $992,361 (+83%) from 2019

Net Assets

Down

$197,863

Down $338,408 (-63%) from 2019

Liabilities

Up

$1,988,203

Up $1,330,769 (+202%) from 2019

Revenue

Down

$1,637,887

Down $344,083 (-17%) from 2019

Expenses

Up

$1,976,295

Up $136,767 (+7.4%) from 2019

Net Income

Down

-$338,408

Down $480,850 (-338%) from 2019

Historical Trend

Balance Sheet Trend

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

$3.0M$2.0M$1.0M$0-$1.0MAssets 2011: $1,680,095Liabilities 2011: $1,546Net Assets 2011: $1,678,5492011Assets 2012: $1,321,577Liabilities 2012: $7,392Net Assets 2012: $1,314,1852012Assets 2013: $1,520,685Liabilities 2013: $1,057Net Assets 2013: $1,519,6282013Assets 2014: $1,215,779Liabilities 2014: $391Net Assets 2014: $1,215,3882014Assets 2015: $1,025,787Liabilities 2015: $565,868Net Assets 2015: $459,9192015Assets 2016: $649,536Liabilities 2016: $117,480Net Assets 2016: $532,0562016Assets 2017: $1,307,320Liabilities 2017: $1,106,716Net Assets 2017: $200,6042017Assets 2018: $1,709,863Liabilities 2018: $1,316,034Net Assets 2018: $393,8292018Assets 2019: $1,193,705Liabilities 2019: $657,434Net Assets 2019: $536,2712019Assets 2020: $2,186,066Liabilities 2020: $1,988,203Net Assets 2020: $197,8632020Assets 2021: $1,907,031Liabilities 2021: $2,157,967Net Assets 2021: -$250,9362021Assets 2022: $1,616,922Liabilities 2022: $2,273,345Net Assets 2022: -$656,4232022Assets 2023: $1,135,924Liabilities 2023: $2,045,780Net Assets 2023: -$909,8562023Assets 2024: $1,894,944Liabilities 2024: $2,815,219Net Assets 2024: -$920,2752024

Highlighted filing

2020

Assets$2,186,066
Liabilities$1,988,203
Net Assets$197,863

Operations Trend

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

$4.0M$2.0M$0-$2.0MExpenses 2011: $2,679,0532011Revenue 2012: $3,373,635Expenses 2012: $3,737,999Net Income 2012: -$364,3642012Expenses 2013: $3,638,3372013Revenue 2014: $3,406,598Expenses 2014: $3,710,838Net Income 2014: -$304,2402014Revenue 2015: $2,824,473Expenses 2015: $3,579,942Net Income 2015: -$755,4692015Revenue 2016: $3,386,276Expenses 2016: $3,314,139Net Income 2016: $72,1372016Revenue 2017: $2,435,443Expenses 2017: $2,766,895Net Income 2017: -$331,4522017Revenue 2018: $2,776,369Expenses 2018: $2,563,010Net Income 2018: $213,3592018Revenue 2019: $1,981,970Expenses 2019: $1,839,528Net Income 2019: $142,4422019Revenue 2020: $1,637,887Expenses 2020: $1,976,295Net Income 2020: -$338,4082020Revenue 2021: $1,485,068Expenses 2021: $1,933,867Net Income 2021: -$448,7992021Revenue 2022: $1,317,874Expenses 2022: $1,723,361Net Income 2022: -$405,4872022Revenue 2023: $1,291,191Expenses 2023: $1,544,624Net Income 2023: -$253,4332023Revenue 2024: $1,706,003Expenses 2024: $1,716,422Net Income 2024: -$10,4192024

Highlighted filing

2020

Revenue$1,637,887
Expenses$1,976,295
Net Income-$338,408
Jump To
Filing Snapshot
Filing Period
Jul 1, 2019 to Jun 30, 2020
Signed
May 12, 2021
Return Version
2019v5.2
Gross Receipts
$1,637,887
Mission and Program Overview

Mission

Promise Academy recognizes that all students have the right to and deserve an education that prepares them for post-secondary success of their choosing. We educate and graduate students who have not been successful in traditional high school and have dropped out or are at risk of dropping out. We do this through flexible and individualized learning experiences supported by meaningful relationships with caring adults who are constantly learning from students and exemplifying high engagement learning for students.

Promise academy recognizes that all students have the right to and deserve an education that prepares them for post-secondary success of their choosing. We educate and graduate students who have not been successful in traditional high school and have dropped out or are at risk of dropping out. We do this through flexible and individualized learning experiences, supported by meaningful relationships with caring adults who are constantly learning from students and exemplifying high engagement learning for students.

Balance Sheet Detail
LineBeginningEndChange
Assets
Prepaid Expenses and Deferred Charges$112,628$1,060,372▲ $947,744
Cash and Non-Interest-Bearing Accounts$686,364$621,027▼ $65,337
Land, Buildings, and Equipment, Net$275,799$259,439▼ $16,360
Pledges and Grants Receivable$118,914$181,297▲ $62,383
Total Assets$1,193,705$2,186,066▲ $992,361
Other Assets Total$0$63,931▲ $63,931
Liabilities
Other Liabilities$567,717$1,764,575▲ $1,196,858
Deferred Revenue$9,781$162,701▲ $152,920
Accounts Payable and Accrued Expenses$75,312$60,927▼ $14,385
Grants Payable$4,624--
Total Liabilities$657,434$1,988,203▲ $1,330,769
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$536,271$197,863▼ $338,408
Total Net Assets Fund Balance$536,271$197,863▼ $338,408
Total Liabilities and Net Assets / Fund Balance$1,193,705$2,186,066▲ $992,361

Asset Categories

AssetBook ValueDepreciationBasis
Leasehold Improvements$259,439$620,407$879,846
Other Land Buildings$0$11,495$11,495
Compensation and Service Providers

Board Members and Trustees

NameTitle
Lynn PharesPresident
Royce MuskeyvalleyVice President
Amber OxleyDirector
Cherrelle TurnerDirector
David AttonDirector
Dawn DoranDirector
Jeffrey a Foster CPAFiscal Officer
Helen K SmithSecretary
Revenue and Support

Revenue Composition

Contributions and Grants
$1,633,872
Program Service Revenue
$0
Investment Income
$22
Other Revenue
$3,993
Change in Net Assets
$-338,408

Audited Revenue Reconciliation

Revenue per Audited Statements
$1,637,887
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$0
Total Revenue per Audited Statements
$1,637,887
Total Revenue per Form 990
$1,637,887
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$1,044,038
Other Expenses$932,257
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Fees for Services Management$819,170--$819,170
Other Salaries and Wages$542,697--$542,697
Pension Plan Contributions$501,341--$501,341
Office Expenses-$69,207-$69,207
Depreciation Depletion-$43,880-$43,880
Total Functional Expenses$1,863,208$113,087$0$1,976,295

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$1,976,295
Total Expenses per Audited Statements$1,976,295
Total Expenses per Form 990$1,976,295
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
Net Pension$1,264,575
Purchased Services - Long Term$300,000
Purchased Services - Short Term$200,000
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
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
No

Governance Explanations

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

The board is provided with a copy of the form 990 prior to filing.

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

The board discusses conflicts of interest and prepared affidavits attesting to their compliance.

Form 990, Part VI, Section C, Line 18

Documents are also on guidestar's website for the public.

Form 990, Part VI, Section C, Line 19

Documents are made available upon request and they are also on guidestar's website for the public.

Filing and Contact Details

Filer

Filer Name
Promise Academy
EIN
76-0789317
Phone
2164430500
Address
1701 E 13TH ST, CLEVELAND, OH 44114

Signing Officer

Name
Lynn Phares
Title
President
Phone
2164430500
Signed
2021-05-12
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Lynn Phares
Formed
2005
Legal Domicile
Oh
Voting Board Members
7
Independent Board Members
7
Employees
23
Volunteers
7

Preparer

Firm
Marcum Llp
Address
3320 WEST MARKET STREET STE 300, FAIRLAWN, OH 44333
Preparer
Jeffrey a Foster CPA
Phone
3305648500
Supplemental Narrative

Additional Explanations

FORM 990, PART XII, LINE 2C:

The board's fiscal officer is responsible for the preparation of the financial statements which are audited annually by the ohio auditor of the state.

Raw XML Appendix370 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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IRS990/Form990PartVIISectionAGrp/TitleTxt1VICE PRESIDENT
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IRS990ScheduleD/OtherLandBuildingsGrp/BookValueAmt00
IRS990ScheduleD/OtherLandBuildingsGrp/DepreciationAmt011495
IRS990ScheduleD/OtherLandBuildingsGrp/OtherCostOrOtherBasisAmt011495
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt01264575
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt1200000
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt2300000
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0NET PENSION
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc1PURCHASED SERVICES - SHORT TERM
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc2PURCHASED SERVICES - LONG TERM
IRS990ScheduleD/RevenueNotReportedAmt00
IRS990ScheduleD/RevenueNotReportedFinclStmtAmt00
IRS990ScheduleD/RevenueSubtotalAmt01637887
IRS990ScheduleD/TotalBookValueLandBuildingsAmt0259439
IRS990ScheduleD/TotalExpensesPerForm990Amt01976295
IRS990ScheduleD/TotalLiabilityAmt01764575
IRS990ScheduleD/TotalRevenuePerForm990Amt01637887
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt01637887
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt01976295
IRS990ScheduleE/ComplianceWithRevProc7550Ind01
IRS990ScheduleE/DiscriminateRaceAdmissPlcyInd00
IRS990ScheduleE/DiscriminateRaceAthltProgInd00
IRS990ScheduleE/DiscriminateRaceEducPlcyInd00
IRS990ScheduleE/DiscriminateRaceEmplmFcultyInd00
IRS990ScheduleE/DiscriminateRaceOtherActyInd00
IRS990ScheduleE/DiscriminateRaceSchsInd00
IRS990ScheduleE/DiscriminateRaceStdntsRghtsInd00
IRS990ScheduleE/DiscriminateRaceUseOfFcltsInd00
IRS990ScheduleE/GovernmentFinancialAidRcvdInd01
IRS990ScheduleE/GovernmentFinancialAidRvkdInd00
IRS990ScheduleE/MaintainCpyOfAllSolInd01
IRS990ScheduleE/MaintainCpyOfBrochuresEtcInd01
IRS990ScheduleE/MaintainRacialCompRecsInd01
IRS990ScheduleE/MaintainScholarshipsRecsInd01
IRS990ScheduleE/NondiscriminatoryPolicyStmtInd01
IRS990ScheduleE/PlcyPblczdViaBroadcastMediaInd01
IRS990ScheduleE/PolicyStmtInBrochuresEtcInd01
IRS990ScheduleE/SupplementalInformationDetail/ExplanationTxt0A STATEMENT READING "ALL EDUCATIONAL PROGRAMS ARE AVAILABLE WITHOUT REGARD TO RACE, COLOR, NATIONAL ORIGIN, SEX OR DISABILITY" IS ALWAYS INCLUDED. THIS STATEMENT IS PUBLISHED IN THE PARENT/STUDENT HANDBOOK, BOARD POLICY BOOK AND ON THE WEBSITE.
IRS990ScheduleE/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE E, PART I, LINE 3
IRS990/ScheduleJRequiredInd00
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THE BOARD IS PROVIDED WITH A COPY OF THE FORM 990 PRIOR TO FILING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE BOARD DISCUSSES CONFLICTS OF INTEREST AND PREPARED AFFIDAVITS ATTESTING TO THEIR COMPLIANCE.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2DOCUMENTS ARE ALSO ON GUIDESTAR'S WEBSITE FOR THE PUBLIC.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3DOCUMENTS ARE MADE AVAILABLE UPON REQUEST AND THEY ARE ALSO ON GUIDESTAR'S WEBSITE FOR THE PUBLIC.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4THE BOARD'S FISCAL OFFICER IS RESPONSIBLE FOR THE PREPARATION OF THE FINANCIAL STATEMENTS WHICH ARE AUDITED ANNUALLY BY THE OHIO AUDITOR OF THE STATE.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PART VI, SECTION B, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PART VI, SECTION B, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PART VI, SECTION C, LINE 18
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PART VI, SECTION C, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PART XII, LINE 2C:
IRS990/SchoolOperatingInd01
IRS990/SignificantChangeInd00
IRS990/SignificantNewProgramSrvcInd00
IRS990/SubjectToExcsTaxNetInvstIncInd00
IRS990/SubjectToProxyTaxInd00
IRS990/SubjToTaxRmnrtnExPrchtPymtInd00
IRS990/TaxablePartyNotificationInd00
IRS990/TaxExemptBondsInd00
IRS990/TerminateOperationsInd00
IRS990/TotalAssetsBOYAmt01193705
IRS990/TotalAssetsEOYAmt02186066
IRS990/TotalAssetsGrp/BOYAmt01193705
IRS990/TotalAssetsGrp/EOYAmt02186066
IRS990/TotalCompGreaterThan150KInd00
IRS990/TotalContributionsAmt01633872
IRS990/TotalEmployeeCnt023
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt0113087
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt01863208
IRS990/TotalFunctionalExpensesGrp/TotalAmt01976295
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt0657434
IRS990/TotalLiabilitiesEOYAmt01988203
IRS990/TotalLiabilitiesGrp/BOYAmt0657434
IRS990/TotalLiabilitiesGrp/EOYAmt01988203
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt0536271
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt0197863
IRS990/TotalOtherCompensationAmt00
IRS990/TotalProgramServiceExpensesAmt01863208
IRS990/TotalReportableCompFromOrgAmt00
IRS990/TotalRevenueGrp/ExclusionAmt022
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt03993
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt01637887
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt00
IRS990/TotalVolunteersCnt07
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt01193705
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt02186066
IRS990/TotReportableCompRltdOrgAmt00
IRS990/TrnsfrExmptNonChrtblRltdOrgInd00
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd00
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt01701 E 13TH ST
IRS990/USAddress/CityNm0CLEVELAND
IRS990/USAddress/StateAbbreviationCd0OH
IRS990/USAddress/ZIPCd044114
IRS990/VotingMembersGoverningBodyCnt07
IRS990/VotingMembersIndependentCnt07
IRS990/WebsiteAddressTxt0WWW.PROMISE-ACADEMY.COM
IRS990/WhistleblowerPolicyInd01
ReturnHeader/BuildTS02022-09-23 18:48:47Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd01
ReturnHeader/BusinessOfficerGrp/PersonNm0LYNN PHARES
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0PRESIDENT
ReturnHeader/BusinessOfficerGrp/PhoneNum02164430500
ReturnHeader/BusinessOfficerGrp/SignatureDt02021-05-12
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0PROMISE ACADEMY
ReturnHeader/Filer/BusinessNameControlTxt0PROM
ReturnHeader/Filer/EIN0760789317
ReturnHeader/Filer/PhoneNum02164430500
ReturnHeader/Filer/USAddress/AddressLine1Txt01701 E 13TH ST
ReturnHeader/Filer/USAddress/CityNm0CLEVELAND
ReturnHeader/Filer/USAddress/StateAbbreviationCd0OH
ReturnHeader/Filer/USAddress/ZIPCd044114
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0111986323
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0MARCUM LLP
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt03320 WEST MARKET STREET STE 300
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0FAIRLAWN
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0OH
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd044333
ReturnHeader/PreparerPersonGrp/PhoneNum03305648500
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0JEFFREY A FOSTER CPA
ReturnHeader/ReturnTs02021-05-17T12:00:33-05:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02019-07-01
ReturnHeader/TaxPeriodEndDt02020-06-30
ReturnHeader/TaxYr02019

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$1.89$2.82$0.92$1.71$1.72$0.01
2023Detailed filing. Detailed filing data is available for this year.$1.14$2.05$0.91$1.29$1.54$0.25
2022Detailed filing. Detailed filing data is available for this year.$1.62$2.27$0.66$1.32$1.72$0.41
2021Detailed filing. Detailed filing data is available for this year.$1.91$2.16$0.25$1.49$1.93$0.45
2020Detailed filing. Detailed filing data is available for this year.$2.19$1.99$0.20$1.64$1.98$0.34
2019Detailed filing. Detailed filing data is available for this year.$1.19$0.66$0.54$1.98$1.84$0.14
2018Detailed filing. Detailed filing data is available for this year.$1.71$1.32$0.39$2.78$2.56$0.21
2017Summary only. Only limited summary data is available for this year.$1.31$1.11$0.20$2.44$2.77$0.33
2016Summary only. Only limited summary data is available for this year.$0.65$0.12$0.53$3.39$3.31$0.07
2015Summary only. Only limited summary data is available for this year.$1.03$0.57$0.46$2.82$3.58$0.76
2014Detailed filing. Detailed filing data is available for this year.$1.22$0.00$1.22$3.41$3.71$0.30
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.52$0.00$1.52$3.64
2012Summary only. Only limited summary data is available for this year.$1.32$0.01$1.31$3.37$3.74$0.36
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.68$0.00$1.68$2.68