Kalamazoo Promise
- Assets
- $7.3m
- Revenue
- $23.6m
- Investments
- $6.4m
- Employees
- 0
- Location
- Kalamazoo, MI
- Founding
- 07/2006
- Data as of
- 12/2022
- EIN
- 20-4604504
Organization Overview
Kalamazoo Promise is located in Kalamazoo, MI. The organization was established in 2006. According to its NTEE Classification (B82) the organization is classified as: Scholarships & Student Financial Aid, under the broad grouping of Education and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Kalamazoo Promise is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 12/2022, Kalamazoo Promise generated $23.6m in total revenue. This represents relatively stable growth, over the past 4 years the organization has increased revenue by an average of 1.7% each year. All expenses for the organization totaled $21.2m during the year ending 12/2022. While expenses have increased by 3.7% per year over the past 4 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990PF
Mission & Program ActivityExcerpts From the 990PF Filing
TAX YEAR
2022
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO FUND AND ADMINISTER THE "KALAMAZOO PROMISE", THE PROMISE TO PROVIDE COLLEGE SCHOLARSHIPS TO HIGH SCHOOL GRADUATES OF THE SCHOOL DISTRICT OF THE CITY OF KALAMAZOO, MICHIGAN.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Martha Warfield Secretary | 0.01 | $0 | |
Barbara L James Treasurer | 0.05 | $0 | |
Janice M Brown President | 1 | $0 | |
Von Washington Jr Exec. Dir. Of Commun | 40 | $176,066 | |
Robert Jorth Executive Director | 40 | $183,681 | |
Angelita Aguilar Director Of Credenti | 40 | $100,000 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Aunalytics | 12/30/22 | $137,448 |
Spark Business Works | 12/30/22 | $116,905 |
We Upjohn Institute | 12/30/22 | $82,060 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $25,447,588 |
| Interest on Savings | $0 |
| Dividends & Interest | $171,377 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | -$2,022,525 |
| Capital Gain Net Income | $20,578,794 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $0 |
| Total Revenue | $23,596,440 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $0 |
| Other employee salaries and wages | $1,450,859 |
| Pension plans, employee benefits | $357,355 |
| Interest | $0 |
| Taxes | $303,628 |
| Depreciation | $272,091 |
| Occupancy | $38,613 |
| Travel, conferences, and meetings | $116,825 |
| Printing and publications | $90,970 |
| Other expenses | $18,272,322 |
| Total operating and administrative expenses | $21,154,541 |
| Contributions, gifts, grants paid | $0 |
| Total expenses and disbursements | $21,154,541 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $175,549 |
| Savings and temporary cash investments | $15,719 |
| Net Accounts receivable | $0 |
| Net Pledges Receivable | $0 |
| Grants receivable | $0 |
| Receivables from Officers, Directors, or Controlling Persons | $0 |
| Net other notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $489 |
| Net Investments - land, buildings, equipment | $0 |
| Investments—mortgage loans | $0 |
| Investments—other | $0 |
| Net Land, buildings, and equipment | $676,065 |
| Other assets | $0 |
| Total assets | $7,251,327 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Mortgages and other notes payable | $0 |
| Other liabilities | $512 |
| Total liabilities | $512 |