Promise Academy
- Assets
- $1.5m
- Revenue
- $918.9k
- Investments
- $0.0
- Employees
- 31
- Location
- Tyler, TX
- Founding
- 05/2015
- Data as of
- 06/2021
- EIN
- 35-2519571
Organization Overview
Promise Academy is located in Tyler, TX. The organization was established in 2015. According to its NTEE Classification (B20) the organization is classified as: Elementary & Secondary Schools, under the broad grouping of Education and related organizations. As of 06/2021, Promise Academy employed 31 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Promise Academy 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 06/2021, Promise Academy generated $918.9k in total revenue. This organization has experienced exceptional growth, as over the past 6 years, it has increased revenue by an average of 35.3% each year . All expenses for the organization totaled $836.6k during the year ending 06/2021. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
PROMISE ACADEMY CULTIVATES WISE, CREATIVE, AND COMPASSIONATE LEADERS THROUGH EXEMPLARY CHRIST-CENTERED EDUCATION IN NORTH TYLER FOR THE JOY OF OUR CITY AND THE GLORY OF GOD.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROMISE ACADEMY WRAPPED UP THEIR SIXTH YEAR OF OPERATION ADDING AND GRADUATING A FIFTH GRADE CLASS. IN THE MIDST OF A GLOBAL PANDEMIC, WE EDUCATED 61 STUDENTS, PROVIDING CHALLENGING AND HANDS-ON STUDENT LEARNING OPPORTUNITIES. WE BELIEVE IN EDUCATING THE ENTIRE CHILD AND PROVIDE A SOLID CORE CURRICULUM THAT IS SUPPORTED AND ENRICHED THROUGH HANDS-ON ACTIVITIES, ARTISTIC ENDEAVORS, AND CHARACTER CULTIVATION AND FORMATION. 75% OF THE FAMILIES WOULD QUALIFY FOR FREE OR REDUCED LUNCH AND 85% OF THE FAMILIES ARE MINORITY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Sarah Cumming Head Of School | Officer | 40 | $46,731 |
Ricky Garner President | OfficerTrustee | 2 | $0 |
Mary Berry Secretary | OfficerTrustee | 2 | $0 |
Krista Wallace Treasurer | OfficerTrustee | 2 | $0 |
Alan Cumming Pres. Emeritus | OfficerTrustee | 2 | $0 |
Tom Brown Member | Trustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $58,843 |
| All other contributions, gifts, grants, and similar amounts not included above | $805,876 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $864,719 |
| Total Program Service Revenue | $49,468 |
| Investment income | $2,125 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $2,615 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $918,927 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $46,731 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $488,549 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $41,157 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $18,683 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $75 |
| Advertising and promotion | $13,125 |
| Office expenses | $5,233 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $99,819 |
| Travel | $395 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $3,245 |
| Insurance | $16,349 |
| All other expenses | $42,374 |
| Total functional expenses | $836,592 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $830,876 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $88,300 |
| Investments—publicly traded securities | $566,911 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $1,486,087 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $179,228 |
| Total liabilities | $179,228 |
| Net assets without donor restrictions | $1,306,859 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $1,486,087 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Promise Academy has recieved totaling $2,000.
| Awarding Organization | Amount |
|---|---|
A S Genecov Foundation Tyler, TX PURPOSE: PUBLIC SERVICE | $2,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Inspirenola Charter Schools New Orleans, LA | $22,382,887 | $74,884,221 |
Kinkaid School Inc Houston, TX | $122,042,370 | $52,090,713 |
St Johns School Houston, TX | $423,318,238 | $58,605,665 |
Hockaday School Dallas, TX | $327,432,445 | $61,281,462 |
Trinity Basin Preparatory Inc Grand Prairie, TX | $147,305,445 | $57,426,553 |
Greenhill School Addison, TX | $147,490,301 | $53,613,950 |
St Marks School Of Texas Dallas, TX | $307,638,954 | $39,530,532 |
Tlc Academy San Angelo, TX | $61,295,304 | $42,259,776 |
Episcopal School Of Dallas Inc Dallas, TX | $115,874,541 | $40,283,303 |
John Cooper School The Woodlands, TX | $108,804,128 | $40,380,579 |
Fort Worth Country Day School Inc Fort Worth, TX | $119,263,068 | $39,582,011 |
Faith Family Kids Inc Desoto, TX | $30,662,985 | $39,123,210 |