Civic Intelligence

Promise Academy

990 • Fiscal year 2021 • EIN 76-0789317

Jul 01, 2020 to Jun 30, 2021 • Filed on May 10, 2022

Organization ProfileWWW.PROMISE-ACADEMY.COM
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

95th percentile

1.13x

Higher debt load relative to assets than 95% of similar nonprofits.

2021 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2021

Liabilities / Revenue

90th percentile

1.45x

Higher debt load relative to revenue than 90% of similar nonprofits.

2021 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2021

Net Margin

8th percentile

-30%

Higher net margin than 8% of similar nonprofits.

2021 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2021

Top Officer Pay

39th percentile

$0

Higher top officer pay than 39% of similar nonprofits.

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

2021 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2021

Asset Growth

7th percentile

-13%

Faster asset growth than 7% of similar nonprofits.

2021 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2020 to 2021

Revenue Growth

21st percentile

-9.3%

Faster revenue growth than 21% of similar nonprofits.

2021 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2020 to 2021

Balance Sheet
Liabilities / Assets95th percentile

Assets

Down

$1,907,031

Down $279,035 (-13%) from 2020

Net Assets

Down

-$250,936

Down $448,799 (-227%) from 2020

Liabilities

Up

$2,157,967

Up $169,764 (+8.5%) from 2020

Revenue And Expenses
Liabilities / Revenue90th percentileNet Margin8th percentile

Revenue

Down

$1,485,068

Down $152,819 (-9.3%) from 2020

Expenses

Down

$1,933,867

Down $42,428 (-2.1%) from 2020

Net Income

Down

-$448,799

Down $110,391 (-33%) from 2020

Historical Trend

Balance Sheet Trend

Asset Growth7th percentile

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

2021

Assets$1,907,031
Liabilities$2,157,967
Net Assets-$250,936
Open 2021 Filing

Operations Trend

Revenue Growth21st percentile

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

2021

Revenue$1,485,068
Expenses$1,933,867
Net Income-$448,799
Open 2021 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2020 to Jun 30, 2021
Signed
May 10, 2022
Return Version
2020v4.2
Gross Receipts
$1,485,068
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$1,060,372$836,513▼ $223,859
Cash and Non-Interest-Bearing Accounts$621,027$618,990▼ $2,037
Land, Buildings, and Equipment, Net$259,439$215,559▼ $43,880
Pledges and Grants Receivable$181,297$178,516▼ $2,781
Total Assets$2,186,066$1,907,031▼ $279,035
Other Assets Total$63,931$57,453▼ $6,478
Liabilities
Other Liabilities$1,764,575$1,764,303▼ $272
Deferred Revenue$162,701$229,043▲ $66,342
Accounts Payable and Accrued Expenses$60,927$164,621▲ $103,694
Total Liabilities$1,988,203$2,157,967▲ $169,764
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$197,863$-250,936▼ $448,799
Total Net Assets Fund Balance$197,863$-250,936▼ $448,799
Total Liabilities and Net Assets / Fund Balance$2,186,066$1,907,031▼ $279,035

Asset Categories

AssetBook ValueDepreciationBasis
Leasehold Improvements$215,559$664,287$879,846
Other Land Buildings$0$11,495$11,495
Compensation and Service Providers
Top Officer Pay39th percentile

Board Members and Trustees

NameTitle
Lynn PharesPresident
Royce MuskeyvalleyVice President
David AttonDirector
Erskine BevelDirector
Jeffrey a Foster CPAFiscal Officer
Helen K SmithSecretary
Revenue and Support

Revenue Composition

Contributions and Grants
$1,462,111
Program Service Revenue
$0
Investment Income
$0
Other Revenue
$22,957
Change in Net Assets
$-448,799

Audited Revenue Reconciliation

Revenue per Audited Statements
$1,485,068
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$0
Total Revenue per Audited Statements
$1,485,068
Total Revenue per Form 990
$1,485,068
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$1,099,722
Other Expenses$834,145
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Fees for Services Management$675,283--$675,283
Other Salaries and Wages$622,185--$622,185
Pension Plan Contributions$477,537--$477,537
Office Expenses-$114,982-$114,982
Depreciation Depletion-$43,880-$43,880
Total Functional Expenses$1,775,005$158,862$0$1,933,867

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$1,933,867
Total Expenses per Audited Statements$1,933,867
Total Expenses per Form 990$1,933,867
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$1,264,303
Purchased Services - Short Term$300,000
Purchased Services - Long Term$200,000
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
Yes
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 990 is prepared by an outside cpa firm who sends it to the treasurer, the board of director's legal representative and board president for review.”

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

“All members of the board of directors are subject to a conflict of interest policy which requires annual disclosure statements to be completed. Decisions regarding conflicts of interest are made by the remaining board members who do not have a conflict while the conflicted board member is excluded from discussions and voting.”

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 to the public upon request. The organization's day to day operating records are maintained on site at the school. All legal documents (policies, bylaws, and other governance documents) are maintained by the school's legal counsel. All the financial documents are maintained by the fiscal officer.”

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
2022-05-10
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Lynn Phares
Formed
2005
Legal Domicile
Oh
Voting Board Members
5
Independent Board Members
5
Employees
17
Volunteers
5

Preparer

Firm
Marcum Llp
Address
3320 WEST MARKET STREET STE 300, FAIRLAWN, OH 44333
Preparer
Jeffrey a Foster CPA
Phone
3305648500
Raw XML Appendix356 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.

Path#Value
IRS990/AccountantCompileOrReviewInd01
IRS990/AccountsPayableAccrExpnssGrp/BOYAmt060927
IRS990/AccountsPayableAccrExpnssGrp/EOYAmt0164621
IRS990/AcctCompileOrReviewBasisGrp/SeparateBasisFinclStmtInd0X
IRS990/ActivitiesConductedPrtshpInd00
IRS990/ActivityOrMissionDesc0PROMISE 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.
IRS990/AnnualDisclosureCoveredPrsnInd01
IRS990/AuditCommitteeInd01
IRS990/BackupWthldComplianceInd01
IRS990/BooksInCareOfDetail/PersonNm0JEFFREY A FOSTER CPA
IRS990/BooksInCareOfDetail/PhoneNum03305648500
IRS990/BooksInCareOfDetail/USAddress/AddressLine1Txt03320 W MARKET STREET SUITE 300
IRS990/BooksInCareOfDetail/USAddress/CityNm0FAIRLAWN
IRS990/BooksInCareOfDetail/USAddress/StateAbbreviationCd0OH
IRS990/BooksInCareOfDetail/USAddress/ZIPCd044333
IRS990/BusinessRlnWith35CtrlEntInd00
IRS990/BusinessRlnWithFamMemInd00
IRS990/BusinessRlnWithOrgMemInd00
IRS990/CashNonInterestBearingGrp/BOYAmt0621027
IRS990/CashNonInterestBearingGrp/EOYAmt0618990
IRS990/ChangeToOrgDocumentsInd00
IRS990/CntrctRcvdGreaterThan100KCnt00
IRS990/CollectionsOfArtInd00
IRS990/CompensationFromOtherSrcsInd00
IRS990/CompensationProcessCEOInd00
IRS990/CompensationProcessOtherInd00
IRS990/ConflictOfInterestPolicyInd01
IRS990/ConservationEasementsInd00
IRS990/ConsolidatedAuditFinclStmtInd00
IRS990/CreditCounselingInd00
IRS990/CYBenefitsPaidToMembersAmt00
IRS990/CYContributionsGrantsAmt01462111
IRS990/CYGrantsAndSimilarPaidAmt00
IRS990/CYInvestmentIncomeAmt00
IRS990/CYOtherExpensesAmt0834145
IRS990/CYOtherRevenueAmt022957
IRS990/CYProgramServiceRevenueAmt00
IRS990/CYRevenuesLessExpensesAmt0-448799
IRS990/CYSalariesCompEmpBnftPaidAmt01099722
IRS990/CYTotalExpensesAmt01933867
IRS990/CYTotalFundraisingExpenseAmt00
IRS990/CYTotalProfFndrsngExpnsAmt00
IRS990/CYTotalRevenueAmt01485068
IRS990/DecisionsSubjectToApprovaInd00
IRS990/DeductibleArtContributionInd00
IRS990/DeductibleNonCashContriInd00
IRS990/DeferredRevenueGrp/BOYAmt0162701
IRS990/DeferredRevenueGrp/EOYAmt0229043
IRS990/DelegationOfMgmtDutiesInd00
IRS990/DepreciationDepletionGrp/ManagementAndGeneralAmt043880
IRS990/DepreciationDepletionGrp/TotalAmt043880
IRS990/Desc0THE PROGRAM SERVICES ARE 100% EDUCATION FOR THE BENEFIT OF STUDENTS THAT HAVE DROPPED OUT OF HIGH SCHOOL AND REQUIRE SPECIAL ATTENTION TO ACHIEVE A HIGH SCHOOL DIPLOMA IN ACCORDANCE WITH THE OHIO DEPARTMENT OF EDUCATION'S REQUIREMENTS. THE SCHOOL PROVIDED SERVICES TO 126 STUDENTS DURING THE YEAR.
IRS990/DescribedInSection501c3Ind01
IRS990/DisregardedEntityInd00
IRS990/DocumentRetentionPolicyInd01
IRS990/DonorAdvisedFundInd00
IRS990/DonorRstrOrQuasiEndowmentsInd00
IRS990/ElectionOfBoardMembersInd00
IRS990/EmployeeCnt017
IRS990/EmploymentTaxReturnsFiledInd01
IRS990/EngagedInExcessBenefitTransInd00
IRS990/ExpenseAmt01775005
IRS990/FamilyOrBusinessRlnInd00
IRS990/FederalGrantAuditRequiredInd00
IRS990/FeesForServicesManagementGrp/ProgramServicesAmt0675283
IRS990/FeesForServicesManagementGrp/TotalAmt0675283
IRS990/ForeignActivitiesInd00
IRS990/ForeignFinancialAccountInd00
IRS990/ForeignOfficeInd00
IRS990/Form8282PropertyDisposedOfInd00
IRS990/Form990PartVIISectionAGrp/AverageHoursPerWeekRt00.50
IRS990/Form990PartVIISectionAGrp/AverageHoursPerWeekRt10.30
IRS990/Form990PartVIISectionAGrp/AverageHoursPerWeekRt20.30
IRS990/Form990PartVIISectionAGrp/AverageHoursPerWeekRt30.30
IRS990/Form990PartVIISectionAGrp/AverageHoursPerWeekRt40.30
IRS990/Form990PartVIISectionAGrp/AverageHoursPerWeekRt51.00
IRS990/Form990PartVIISectionAGrp/IndividualTrusteeOrDirectorInd0X
IRS990/Form990PartVIISectionAGrp/IndividualTrusteeOrDirectorInd1X
IRS990/Form990PartVIISectionAGrp/IndividualTrusteeOrDirectorInd2X
IRS990/Form990PartVIISectionAGrp/IndividualTrusteeOrDirectorInd3X
IRS990/Form990PartVIISectionAGrp/IndividualTrusteeOrDirectorInd4X
IRS990/Form990PartVIISectionAGrp/OfficerInd0X
IRS990/Form990PartVIISectionAGrp/OfficerInd1X
IRS990/Form990PartVIISectionAGrp/OfficerInd2X
IRS990/Form990PartVIISectionAGrp/OfficerInd3X
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt00
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt10
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt20
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt30
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt40
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt50
IRS990/Form990PartVIISectionAGrp/PersonNm0LYNN PHARES
IRS990/Form990PartVIISectionAGrp/PersonNm1ROYCE MUSKEYVALLEY
IRS990/Form990PartVIISectionAGrp/PersonNm2HELEN K SMITH
IRS990/Form990PartVIISectionAGrp/PersonNm3DAVID ATTON
IRS990/Form990PartVIISectionAGrp/PersonNm4ERSKINE BEVEL
IRS990/Form990PartVIISectionAGrp/PersonNm5JEFFREY A FOSTER CPA
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt00
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt10
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt20
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt30
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt40
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt50
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt00
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt10
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt20
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt30
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt40
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt50
IRS990/Form990PartVIISectionAGrp/TitleTxt0PRESIDENT
IRS990/Form990PartVIISectionAGrp/TitleTxt1VICE PRESIDENT
IRS990/Form990PartVIISectionAGrp/TitleTxt2SECRETARY
IRS990/Form990PartVIISectionAGrp/TitleTxt3DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt4DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt5FISCAL OFFICER
IRS990/Form990ProvidedToGvrnBodyInd01
IRS990/FormationYr02005
IRS990/FormerOfcrEmployeesListedInd00
IRS990/FSAuditedBasisGrp/SeparateBasisFinclStmtInd0X
IRS990/FSAuditedInd01
IRS990/FundraisingActivitiesInd00
IRS990/GamingActivitiesInd00
IRS990/GoverningBodyVotingMembersCnt05
IRS990/GovernmentGrantsAmt01462111
IRS990/GrantsToIndividualsInd00
IRS990/GrantsToOrganizationsInd00
IRS990/GrantToRelatedPersonInd00
IRS990/GrossReceiptsAmt01485068
IRS990/GroupReturnForAffiliatesInd00
IRS990/IncludeFIN48FootnoteInd00
IRS990/IndependentAuditFinclStmtInd01
IRS990/IndependentVotingMemberCnt05
IRS990/IndivRcvdGreaterThan100KCnt00
IRS990/IndoorTanningServicesInd00
IRS990/InfoInScheduleOPartIIIInd0X
IRS990/InfoInScheduleOPartVIInd0X
IRS990/InvestmentInJointVentureInd00
IRS990/IRPDocumentCnt07
IRS990/IRPDocumentW2GCnt00
IRS990/LandBldgEquipAccumDeprecAmt0675782
IRS990/LandBldgEquipBasisNetGrp/BOYAmt0259439
IRS990/LandBldgEquipBasisNetGrp/EOYAmt0215559
IRS990/LandBldgEquipCostOrOtherBssAmt0891341
IRS990/LegalDomicileStateCd0OH
IRS990/LoanOutstandingInd00
IRS990/LobbyingActivitiesInd00
IRS990/LocalChaptersInd00
IRS990/MaterialDiversionOrMisuseInd00
IRS990/MembersOrStockholdersInd00
IRS990/MethodOfAccountingAccrualInd0X
IRS990/MinutesOfCommitteesInd01
IRS990/MinutesOfGoverningBodyInd01
IRS990/MissionDesc0PROMISE 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.
IRS990/MoreThan5000KToIndividualsInd00
IRS990/MoreThan5000KToOrgInd00
IRS990/NetAssetsOrFundBalancesBOYAmt0197863
IRS990/NetAssetsOrFundBalancesEOYAmt0-250936
IRS990/NetUnrelatedBusTxblIncmAmt00
IRS990/NoDonorRestrictionNetAssetsGrp/BOYAmt0197863
IRS990/NoDonorRestrictionNetAssetsGrp/EOYAmt0-250936
IRS990/NoListedPersonsCompensatedInd0X
IRS990/NondeductibleContributionsInd00
IRS990/OfficeExpensesGrp/ManagementAndGeneralAmt0114982
IRS990/OfficeExpensesGrp/TotalAmt0114982
IRS990/OfficerMailingAddressInd00
IRS990/OperateHospitalInd00
IRS990/Organization501c3Ind0X
IRS990/OrganizationFollowsFASB117Ind0X
IRS990/OtherAssetsTotalGrp/BOYAmt063931
IRS990/OtherAssetsTotalGrp/EOYAmt057453
IRS990/OtherChangesInNetAssetsAmt00
IRS990/OtherInd0X
IRS990/OtherLiabilitiesGrp/BOYAmt01764575
IRS990/OtherLiabilitiesGrp/EOYAmt01764303
IRS990/OtherRevenueMiscGrp/BusinessCd0900099
IRS990/OtherRevenueMiscGrp/Desc0MISCELLANEOUS
IRS990/OtherRevenueMiscGrp/RelatedOrExemptFuncIncomeAmt022957
IRS990/OtherRevenueMiscGrp/TotalRevenueColumnAmt022957
IRS990/OtherRevenueTotalAmt022957
IRS990/OtherSalariesAndWagesGrp/ProgramServicesAmt0622185
IRS990/OtherSalariesAndWagesGrp/TotalAmt0622185
IRS990/PartialLiquidationInd00
IRS990/PayPremiumsPrsnlBnftCntrctInd00
IRS990/PensionPlanContributionsGrp/ProgramServicesAmt0477537
IRS990/PensionPlanContributionsGrp/TotalAmt0477537
IRS990/PledgesAndGrantsReceivableGrp/BOYAmt0181297
IRS990/PledgesAndGrantsReceivableGrp/EOYAmt0178516
IRS990/PoliticalCampaignActyInd00
IRS990/PrepaidExpensesDefrdChargesGrp/BOYAmt01060372
IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt0836513
IRS990/PrincipalOfficerNm0LYNN PHARES
IRS990/ProfessionalFundraisingInd00
IRS990/ProhibitedTaxShelterTransInd00
IRS990/PYBenefitsPaidToMembersAmt00
IRS990/PYContributionsGrantsAmt01633872
IRS990/PYExcessBenefitTransInd00
IRS990/PYGrantsAndSimilarPaidAmt00
IRS990/PYInvestmentIncomeAmt022
IRS990/PYOtherExpensesAmt0932257
IRS990/PYOtherRevenueAmt03993
IRS990/PYProgramServiceRevenueAmt00
IRS990/PYRevenuesLessExpensesAmt0-338408
IRS990/PYSalariesCompEmpBnftPaidAmt01044038
IRS990/PYTotalExpensesAmt01976295
IRS990/PYTotalProfFndrsngExpnsAmt00
IRS990/PYTotalRevenueAmt01637887
IRS990/QuidProQuoContributionsInd00
IRS990/RcvFndsToPayPrsnlBnftCntrctInd00
IRS990/ReconcilationRevenueExpnssAmt0-448799
IRS990/RegularMonitoringEnfrcInd01
IRS990/RelatedEntityInd00
IRS990/RelatedOrganizationCtrlEntInd00
IRS990/ReportInvestmentsOtherSecInd00
IRS990/ReportLandBuildingEquipmentInd01
IRS990/ReportOtherAssetsInd00
IRS990/ReportOtherLiabilitiesInd01
IRS990/ReportProgramRelatedInvstInd00
IRS990/RevenueAmt022957
IRS990ScheduleA/SchoolInd0X
IRS990/ScheduleBRequiredInd00
IRS990ScheduleD/ExpensesNotReportedAmt00
IRS990ScheduleD/ExpensesNotRptFinclStmtAmt00
IRS990ScheduleD/ExpensesSubtotalAmt01933867
IRS990ScheduleD/LeaseholdImprovementsGrp/BookValueAmt0215559
IRS990ScheduleD/LeaseholdImprovementsGrp/DepreciationAmt0664287
IRS990ScheduleD/LeaseholdImprovementsGrp/OtherCostOrOtherBasisAmt0879846
IRS990ScheduleD/OtherLandBuildingsGrp/BookValueAmt00
IRS990ScheduleD/OtherLandBuildingsGrp/DepreciationAmt011495
IRS990ScheduleD/OtherLandBuildingsGrp/OtherCostOrOtherBasisAmt011495
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt01264303
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt1300000
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt2200000
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0NET PENSION
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc1PURCHASED SERVICES - SHORT TERM
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc2PURCHASED SERVICES - LONG TERM
IRS990ScheduleD/RevenueNotReportedAmt00
IRS990ScheduleD/RevenueNotReportedFinclStmtAmt00
IRS990ScheduleD/RevenueSubtotalAmt01485068
IRS990ScheduleD/TotalBookValueLandBuildingsAmt0215559
IRS990ScheduleD/TotalExpensesPerForm990Amt01933867
IRS990ScheduleD/TotalLiabilityAmt01764303
IRS990ScheduleD/TotalRevenuePerForm990Amt01485068
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt01485068
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt01933867
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 990 IS PREPARED BY AN OUTSIDE CPA FIRM WHO SENDS IT TO THE TREASURER, THE BOARD OF DIRECTOR'S LEGAL REPRESENTATIVE AND BOARD PRESIDENT FOR REVIEW.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1ALL MEMBERS OF THE BOARD OF DIRECTORS ARE SUBJECT TO A CONFLICT OF INTEREST POLICY WHICH REQUIRES ANNUAL DISCLOSURE STATEMENTS TO BE COMPLETED. DECISIONS REGARDING CONFLICTS OF INTEREST ARE MADE BY THE REMAINING BOARD MEMBERS WHO DO NOT HAVE A CONFLICT WHILE THE CONFLICTED BOARD MEMBER IS EXCLUDED FROM DISCUSSIONS AND VOTING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2DOCUMENTS ARE ALSO ON GUIDESTAR'S WEBSITE FOR THE PUBLIC.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3DOCUMENTS ARE MADE AVAILABLE TO THE PUBLIC UPON REQUEST. THE ORGANIZATION'S DAY TO DAY OPERATING RECORDS ARE MAINTAINED ON SITE AT THE SCHOOL. ALL LEGAL DOCUMENTS (POLICIES, BYLAWS, AND OTHER GOVERNANCE DOCUMENTS) ARE MAINTAINED BY THE SCHOOL'S LEGAL COUNSEL. ALL THE FINANCIAL DOCUMENTS ARE MAINTAINED BY THE FISCAL OFFICER.
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
IRS990/SchoolOperatingInd01
IRS990/SignificantChangeInd00
IRS990/SignificantNewProgramSrvcInd00
IRS990/SubjectToExcsTaxNetInvstIncInd00
IRS990/SubjectToProxyTaxInd00
IRS990/SubjToTaxRmnrtnExPrchtPymtInd00
IRS990/TaxablePartyNotificationInd00
IRS990/TaxExemptBondsInd00
IRS990/TerminateOperationsInd00
IRS990/TotalAssetsBOYAmt02186066
IRS990/TotalAssetsEOYAmt01907031
IRS990/TotalAssetsGrp/BOYAmt02186066
IRS990/TotalAssetsGrp/EOYAmt01907031
IRS990/TotalCompGreaterThan150KInd00
IRS990/TotalContributionsAmt01462111
IRS990/TotalEmployeeCnt017
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt0158862
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt01775005
IRS990/TotalFunctionalExpensesGrp/TotalAmt01933867
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt01988203
IRS990/TotalLiabilitiesEOYAmt02157967
IRS990/TotalLiabilitiesGrp/BOYAmt01988203
IRS990/TotalLiabilitiesGrp/EOYAmt02157967
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt0197863
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt0-250936
IRS990/TotalOtherCompensationAmt00
IRS990/TotalProgramServiceExpensesAmt01775005
IRS990/TotalReportableCompFromOrgAmt00
IRS990/TotalRevenueGrp/ExclusionAmt00
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt022957
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt01485068
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt00
IRS990/TotalVolunteersCnt05
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt02186066
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt01907031
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/VotingMembersGoverningBodyCnt05
IRS990/VotingMembersIndependentCnt05
IRS990/WebsiteAddressTxt0WWW.PROMISE-ACADEMY.COM
IRS990/WhistleblowerPolicyInd01
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/AuthenticationAssuranceLevelCd0AAL1
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/IdentityAssuranceLevelCd0IAL1
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/TrustedCustomerCd02
ReturnHeader/BuildTS02022-09-23 18:48:47Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd01
ReturnHeader/BusinessOfficerGrp/PersonNm0LYNN PHARES
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0PRESIDENT
ReturnHeader/BusinessOfficerGrp/PhoneNum02164430500
ReturnHeader/BusinessOfficerGrp/SignatureDt02022-05-10
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/ReturnTs02022-05-12T12:37:29-05:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonFirstNm0LYNN
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonLastNm0PHARES
ReturnHeader/TaxPeriodBeginDt02020-07-01
ReturnHeader/TaxPeriodEndDt02021-06-30
ReturnHeader/TaxYr02020

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

2021 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$1,907,031
Liabilities
$2,157,967
Net assets
-$250,936
Revenue
$1,485,068
Expenses
$1,933,867
Net income
-$448,799
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