Civic Intelligence

Promise Prep Inc

990 • Fiscal year 2021 • EIN 84-4553687

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

Organization ProfilePROMISEPREPINDY.ORG
4330 N Post RdIndianapolis, IN 46226

(347) 752-0044

Siviq Scores

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

Liabilities / Assets

88th percentile

0.59x

Higher debt load relative to assets than 88% of similar nonprofits.

2021 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2021

Liabilities / Revenue

87th percentile

0.61x

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

2021 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2021

Net Margin

65th percentile

22%

Higher net margin than 65% of similar nonprofits.

2021 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2021

Top Officer Pay

72nd percentile

$60,000

Higher top officer pay than 72% of similar nonprofits.

Top officer pay equals 9.8% of source-year revenue.

2021 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2021

Asset Growth

98th percentile

400%

Faster asset growth than 98% of similar nonprofits.

2021 filings • 501(c)3 • $500k-$1M nonprofits • Annualized from 2020 to 2021

Revenue Growth

97th percentile

378%

Faster revenue growth than 97% of similar nonprofits.

2021 filings • 501(c)3 • $500k-$1M nonprofits • Annualized from 2020 to 2021

Balance Sheet
Liabilities / Assets88th percentile

Assets

Up

$641,445

Up $513,109 (+400%) from 2020

Net Assets

Up

$266,107

Up $137,771 (+107%) from 2020

Liabilities

Up

$375,338

Up $375,338 from 2020

Revenue And Expenses
Liabilities / Revenue87th percentileNet Margin65th percentile

Revenue

Up

$613,655

Up $485,319 (+378%) from 2020

Expenses

Up

$475,884

Up $475,884 from 2020

Net Income

Up

$137,771

Up $9,435 (+7.4%) from 2020

Historical Trend

Balance Sheet Trend

Asset Growth98th percentile

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

$800K$600K$400K$200K$0Assets 2020: $128,336Liabilities 2020: $0Net Assets 2020: $128,3362020Assets 2021: $641,445Liabilities 2021: $375,338Net Assets 2021: $266,1072021Assets 2022: $0Liabilities 2022: $0Net Assets 2022: $02022

Highlighted filing

2021

Assets$641,445
Liabilities$375,338
Net Assets$266,107
Open 2021 Filing

Operations Trend

Revenue Growth97th percentile

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

$2.0M$1.5M$1.0M$500K$0Revenue 2020: $128,336Expenses 2020: $0Net Income 2020: $128,3362020Revenue 2021: $613,655Expenses 2021: $475,884Net Income 2021: $137,7712021Revenue 2022: $1,572,628Expenses 2022: $1,424,015Net Income 2022: $148,6132022

Highlighted filing

2021

Revenue$613,655
Expenses$475,884
Net Income$137,771
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
$613,655
Mission and Program Overview

Mission

Promise prep's mission is to ensure all students, regardless of their family's income, race, or zip code, have access to a high-quality education that enables them to become critical thinkers, have choices, capitalize on opportunities, and secure continuing economic advancement to positively impact their community.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$127,286$619,757▲ $492,471
Accounts Receivable$1,050$21,688▲ $20,638
Total Assets$128,336$641,445▲ $513,109
Liabilities
Deferred Revenue-$375,000-
Accounts Payable and Accrued Expenses-$338-
Total Liabilities$0$375,338▲ $375,338
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$128,336$266,107▲ $137,771
Total Net Assets Fund Balance$128,336$266,107▲ $137,771
Total Liabilities and Net Assets / Fund Balance$128,336$641,445▲ $513,109
Compensation and Service Providers
Top Officer Pay72nd percentile

Employees

NameTitleFull / Part TimeBaseTotal
Geoffrey FenelusExecutive DirectorFT$60,000$60,000

Board Members and Trustees

NameTitle
Adam MilakofskyBoard Member
Gloria KingBoard Member
Julian HarrellBoard Member
Mycheal SpencerBoard Member
Susan AppelBoard Member
Revenue and Support

Revenue Composition

Contributions and Grants
$604,893
Program Service Revenue
$0
Investment Income
$87
Other Revenue
$8,675
Change in Net Assets
$137,771
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$287,018
Other Expenses$188,866
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages-$248,550-$248,550
Fees for Services Other$58,286$23,158-$81,444
Occupancy$33,333--$33,333
Advertising$30,519--$30,519
Other Employee Benefits-$19,704-$19,704
Payroll Taxes-$18,764-$18,764
Fees for Services Accounting-$15,200-$15,200
Information Technology-$12,237-$12,237
Insurance$4,698--$4,698
All Other Expenses$1,164$593-$1,757
Other Expenses$2,365$1,039-$1,039
Total Functional Expenses$133,969$341,915$0$475,884
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
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
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
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

“Each board member receives a copy of the return prior to filing and provides feedback to cpa if any changes are necessary. Return is not filed until approved by board.”

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

“Through our oei pre opening checklist. Throughout accountablity check in with a third party financial vendor.”

Form 990, Part VI, Section B, Line 15

“Board of governors hire the executive director. Executive director has a rigorous process in hiring key staff members.”

Form 990, Part VI, Section C, Line 19

“Office of education and innovation public hold documents on their website.”

Filing and Contact Details

Filer

Filer Name
Promise Prep Inc
EIN
84-4553687
Phone
3477520044
Address
4330 N POST RD, INDIANAPOLIS, IN 46226

Signing Officer

Name
Geoffrey Fenelus
Title
Executive Director
Phone
3477520044
Signed
2022-05-10
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Geoffrey Fenelus
Formed
2019
Legal Domicile
In
Voting Board Members
5
Independent Board Members
5
Employees
3
Volunteers
10

Preparer

Firm
Donovan Pc
Address
5151 E US HWY 36, AVON, IN 46123
Preparer
Jeffrey M Donovan CPA Cva Maff
Phone
3177456411
Supplemental Narrative

Additional Explanations

Form 990, Part IX, Line 11G

“Professional services: program service expenses 58,286. Management and general expenses 23,158. Fundraising expenses 0. Total expenses 81,444.”

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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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IRS990ScheduleE/SupplementalInformationDetail/ExplanationTxt0THE SCHOOL DOES NOT CURRENTLY HAVE A NONDISCRIMINATORY POLICY BUT IS WORKING ON ONE.
IRS990ScheduleE/SupplementalInformationDetail/ExplanationTxt1THE SCHOOL IS STILL IN THE DEVELOPMENT PHASE. ONCE THE SCHOOL OPENS, IT WILL MAINTAIN ALL APPROPRIATE RECORDS.
IRS990ScheduleE/SupplementalInformationDetail/ExplanationTxt2THE ORGANIZATION IS STILL IN THE DEVELOPMENT PHASE. ONCE THE SCHOOL OPENS, IT WILL MAINTAIN ALL APPROPRIATE COMPLIANCES.
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0EACH BOARD MEMBER RECEIVES A COPY OF THE RETURN PRIOR TO FILING AND PROVIDES FEEDBACK TO CPA IF ANY CHANGES ARE NECESSARY. RETURN IS NOT FILED UNTIL APPROVED BY BOARD.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THROUGH OUR OEI PRE OPENING CHECKLIST. THROUGHOUT ACCOUNTABLITY CHECK IN WITH A THIRD PARTY FINANCIAL VENDOR.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2BOARD OF GOVERNORS HIRE THE EXECUTIVE DIRECTOR. EXECUTIVE DIRECTOR HAS A RIGOROUS PROCESS IN HIRING KEY STAFF MEMBERS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3OFFICE OF EDUCATION AND INNOVATION PUBLIC HOLD DOCUMENTS ON THEIR WEBSITE.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4PROFESSIONAL SERVICES: PROGRAM SERVICE EXPENSES 58,286. MANAGEMENT AND GENERAL EXPENSES 23,158. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 81,444.
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IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt00
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IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt08675
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ReturnHeader/ReturnTs02022-05-13T12:42:21-05:00
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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
$641,445
Liabilities
$375,338
Net assets
$266,107
Revenue
$613,655
Expenses
$475,884
Net income
$137,771
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2022XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$0.00$0.00$0.00$1.57$1.42$0.15
2021Detailed filing. Detailed filing data is available for this year.$0.64$0.38$0.27$0.61$0.48$0.14
2020XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$0.13$0.00$0.13$0.13$0.00$0.13