Civic Intelligence

Promise Prep Inc

990 • Fiscal year 2022 • EIN 84-4553687

Jul 01, 2021 to Jun 30, 2022 • Filed on Mar 24, 2023

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

Score unavailable

No value available

Liabilities-to-assets requires both liabilities and assets on this filing.

Source year 2022

Liabilities / Revenue

17th percentile

0.00x

Tied with the lowest-debt nonprofits in its peer group.

2022 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2022

Net Margin

55th percentile

9.4%

Higher net margin than 55% of similar nonprofits.

2022 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2022

Top Officer Pay

76th percentile

$120,000

Higher top officer pay than 76% of similar nonprofits.

Top officer pay equals 7.6% of source-year revenue.

2022 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2022

Asset Growth

1st percentile

-100%

Faster asset growth than 1% of similar nonprofits.

2022 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2021 to 2022

Revenue Growth

94th percentile

156%

Faster revenue growth than 94% of similar nonprofits.

2022 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2021 to 2022

Balance Sheet
Liabilities / AssetsScore unavailable

Assets

Down

$0

Down $641,445 (-100%) from 2021

Net Assets

Down

$0

Down $266,107 (-100%) from 2021

Liabilities

Down

$0

Down $375,338 (-100%) from 2021

Revenue And Expenses
Liabilities / Revenue17th percentileNet Margin55th percentile

Revenue

Up

$1,572,628

Up $958,973 (+156%) from 2021

Expenses

Up

$1,424,015

Up $948,131 (+199%) from 2021

Net Income

Up

$148,613

Up $10,842 (+7.9%) from 2021

Historical Trend

Balance Sheet Trend

Asset Growth1st 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

2022

Assets$0
Liabilities$0
Net Assets$0
Open 2022 Filing

Operations Trend

Revenue Growth94th 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

2022

Revenue$1,572,628
Expenses$1,424,015
Net Income$148,613
Open 2022 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2021 to Jun 30, 2022
Signed
Mar 24, 2023
Return Version
2021v4.2
Gross Receipts
$1,572,628
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$619,757$0▼ $619,757
Accounts Receivable$21,688$0▼ $21,688
Savings and Temporary Cash Investments-$0-
Other Notes and Loans Receivable, Net-$0-
Pledges and Grants Receivable-$0-
Receivable From Disqualified Prsn-$0-
Receivables From Officers Etc-$0-
Investments Other Securities-$0-
Investments Program Related-$0-
Investments in Publicly Traded Securities-$0-
Land, Buildings, and Equipment, Net-$0-
Intangible Assets-$0-
Inventories for Sale or Use-$0-
Prepaid Expenses and Deferred Charges-$0-
Total Assets$641,445$0▼ $641,445
Other Assets Total-$0-
Liabilities
Deferred Revenue$375,000--
Accounts Payable and Accrued Expenses$338--
Total Liabilities$375,338$0▼ $375,338
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$266,107$0▼ $266,107
Total Net Assets Fund Balance$266,107$0▼ $266,107
Total Liabilities and Net Assets / Fund Balance$641,445$0▼ $641,445
Compensation and Service Providers
Top Officer Pay76th percentile

Employees

NameTitleFull / Part TimeBaseTotal
Geoffrey FenelusExecutive DirectorFT$120,000$120,000

Board Members and Trustees

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

Revenue Composition

Contributions and Grants
$1,562,121
Program Service Revenue
$0
Investment Income
$174
Other Revenue
$10,333
Change in Net Assets
$148,613
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$891,826
Salaries, Compensation, and Employee Benefits$532,189
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$235,198$96,406-$331,604
Occupancy$269,708--$269,708
Fees for Services Other$68,035$83,352-$151,387
Current Officers, Directors, Trustees, and Key Employees-$124,000-$124,000
Information Technology$113,896--$113,896
Fees for Services Accounting-$60,325-$60,325
Travel$59,424--$59,424
Other Employee Benefits$44,687--$44,687
Payroll Taxes$16,972$14,806-$31,778
Fees for Services Legal-$17,538-$17,538
Advertising-$15,384-$15,384
Insurance$15,185--$15,185
Other Expenses$63,529$3,100-$3,100
All Other Expenses-$2,239-$2,239
Pension Plan Contributions-$120-$120
Total Functional Expenses$991,020$432,995$0$1,424,015
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
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Receivables from Disqualified Persons-$0-
Receivables from Officers, Directors, Trustees, and Key Employees-$0-
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
2023-03-24
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
8
Volunteers
0

Preparer

Firm
Donovan Pc
Address
5151 E US HWY 36, AVON, IN 46123
Preparer
Benjamin a Lippert CPA
Phone
3177456411
Supplemental Narrative

Additional Explanations

Form 990, Part IX, Line 11G

“Professional services: program service expenses 68,035. Management and general expenses 83,352. Fundraising expenses 0. Total expenses 151,387.”

FORM 990, PART XI, LINE 9:

“Transfer assets to phalen academies - see schedule n -414,720.”

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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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IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/USAddress/AddressLine1Txt01001 MARINA DRIVE SUITE 410
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/USAddress/CityNm0QUINCY
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/USAddress/StateAbbreviationCd0MA
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/USAddress/ZIPCd002171
IRS990ScheduleN/OwnerOfSuccessorInd00
IRS990ScheduleN/ReceiveCompensationInd00
IRS990ScheduleN/RequiredToNotifyAGInd00
IRS990ScheduleN/SupplementalInformationDetail/ExplanationTxt0THE BOARD OF DIRECTORS OF THIS ENTITY BECAME THE ADVISORY BOARD OF THE SCHOOL UNDER THE DIRECTION OF PHALEN ACADEMIES
IRS990ScheduleN/SupplementalInformationDetail/FormAndLineReferenceDesc0PART I, LINE 2A
IRS990/ScheduleORequiredInd01
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 68,035. MANAGEMENT AND GENERAL EXPENSES 83,352. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 151,387.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5TRANSFER ASSETS TO PHALEN ACADEMIES - SEE SCHEDULE N -414,720.
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 B, LINE 15
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PART VI, SECTION C, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PART IX, LINE 11G
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5FORM 990, PART XI, LINE 9:
IRS990/SchoolOperatingInd01
IRS990/SignificantChangeInd00
IRS990/SignificantNewProgramSrvcInd00
IRS990/StatesWhereCopyOfReturnIsFldCd0IN
IRS990/SubjectToExcsTaxNetInvstIncInd00
IRS990/SubjectToProxyTaxInd00
IRS990/SubjToTaxRmnrtnExPrchtPymtInd00
IRS990/TaxablePartyNotificationInd00
IRS990/TaxExemptBondsInd00
IRS990/TerminateOperationsInd01
IRS990/TotalAssetsBOYAmt0641445
IRS990/TotalAssetsEOYAmt00
IRS990/TotalAssetsGrp/BOYAmt0641445
IRS990/TotalAssetsGrp/EOYAmt00
IRS990/TotalCompGreaterThan150KInd00
IRS990/TotalContributionsAmt01562121
IRS990/TotalEmployeeCnt08
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt0432995
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt0991020
IRS990/TotalFunctionalExpensesGrp/TotalAmt01424015
IRS990/TotalGrossUBIAmt010333
IRS990/TotalLiabilitiesBOYAmt0375338
IRS990/TotalLiabilitiesEOYAmt00
IRS990/TotalLiabilitiesGrp/BOYAmt0375338
IRS990/TotalLiabilitiesGrp/EOYAmt00
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt0266107
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt00
IRS990/TotalOtherCompensationAmt00
IRS990/TotalProgramServiceExpensesAmt0991020
IRS990/TotalReportableCompFromOrgAmt0120000
IRS990/TotalRevenueGrp/ExclusionAmt0174
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt00
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt01572628
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt010333
IRS990/TotalVolunteersCnt00
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt0641445
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt00
IRS990/TotReportableCompRltdOrgAmt00
IRS990/TravelGrp/ProgramServicesAmt059424
IRS990/TravelGrp/TotalAmt059424
IRS990/TrnsfrExmptNonChrtblRltdOrgInd00
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd00
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt04330 N POST RD
IRS990/USAddress/CityNm0INDIANAPOLIS
IRS990/USAddress/StateAbbreviationCd0IN
IRS990/USAddress/ZIPCd046226
IRS990/VotingMembersGoverningBodyCnt05
IRS990/VotingMembersIndependentCnt05
IRS990/WebsiteAddressTxt0PROMISEPREPINDY.ORG
IRS990/WhistleblowerPolicyInd01
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/AuthenticationAssuranceLevelCd0AAL1
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/IdentityAssuranceLevelCd0IAL1
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/TrustedCustomerCd03
ReturnHeader/BuildTS02023-04-26 12:10:37Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd01
ReturnHeader/BusinessOfficerGrp/PersonNm0GEOFFREY FENELUS
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0EXECUTIVE DIRECTOR
ReturnHeader/BusinessOfficerGrp/PhoneNum03477520044
ReturnHeader/BusinessOfficerGrp/SignatureDt02023-03-24
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0PROMISE PREP INC
ReturnHeader/Filer/BusinessNameControlTxt0PROM
ReturnHeader/Filer/EIN0844553687
ReturnHeader/Filer/PhoneNum03477520044
ReturnHeader/Filer/USAddress/AddressLine1Txt04330 N POST RD
ReturnHeader/Filer/USAddress/CityNm0INDIANAPOLIS
ReturnHeader/Filer/USAddress/StateAbbreviationCd0IN
ReturnHeader/Filer/USAddress/ZIPCd046226
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0351356555
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0DONOVAN PC
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt05151 E US HWY 36
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0AVON
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0IN
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd046123
ReturnHeader/PreparerPersonGrp/PhoneNum03177456411
ReturnHeader/PreparerPersonGrp/PreparationDt02023-03-24
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0BENJAMIN A LIPPERT CPA
ReturnHeader/ReturnTs02023-04-26T14:10:04-05:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonFirstNm0GEOFFREY
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonLastNm0FENELUS
ReturnHeader/TaxPeriodBeginDt02021-07-01
ReturnHeader/TaxPeriodEndDt02022-06-30
ReturnHeader/TaxYr02021

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

2022 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$0
Liabilities
$0
Net assets
$0
Revenue
$1,572,628
Expenses
$1,424,015
Net income
$148,613
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2022Detailed filing. Detailed filing data is available for this year.$0.00$0.00$0.00$1.57$1.42$0.15
2021Facts available. Structured filing facts are available, but richer extracted sections are limited.$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