Promise Academy
- Assets
- $1.6m
- Revenue
- $1.3m
- Investments
- $0.0
- Employees
- 23
- Location
- Cleveland, OH
- Founding
- 05/2011
- Data as of
- 06/2022
- EIN
- 76-0789317
Organization Overview
Promise Academy is located in Cleveland, OH. The organization was established in 2011. According to its NTEE Classification (B29) the organization is classified as: Charter Schools, under the broad grouping of Education and related organizations. As of 06/2022, Promise Academy employed 23 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 06/2022, Promise Academy generated $1.3m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 5 years, the organization has seen revenues fall by an average of (13.8%) each year. All expenses for the organization totaled $1.7m during the year ending 06/2022. As we would expect to see with falling revenues, expenses have declined by (7.6%) per year over the past 5 years. 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
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.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE PROGRAM SERVICES ARE 100% EDUCATION FOR THE BENEFIT OF STUDENTS THAT HAVE DROPPED OUT OF HIGH SCHOOL AND REQUIRE SPECIAL ATTENTION TO RECEIVE A HIGH SCHOOL DIPLOMA IN ACCORDANCE WITH THE OHIO DEPARTMENT OF EDUCATION'S REQUIREMENTS. THE SCHOOL PROVIDED SERVICES TO 215 STUDENTS DURING THE YEAR.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Lynn Phares President | OfficerTrustee | 0.5 | $0 |
Royce Muskeyvalley Vice President | OfficerTrustee | 0.3 | $0 |
Helen Smith Secretary | OfficerTrustee | 0.3 | $0 |
Sarah Edelman Director | Trustee | 0.3 | $0 |
David Atton Director | Trustee | 0.3 | $0 |
Kamlie Beshara Treasurer | Officer | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $1,245,131 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,245,131 |
| Total Program Service Revenue | $0 |
| Investment income | $0 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,317,874 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $579,916 |
| Pension plan accruals and contributions | $232,421 |
| Other employee benefits | $59,708 |
| Payroll taxes | $13,018 |
| Fees for services: Management | $41,575 |
| Fees for services: Legal | $35,559 |
| Fees for services: Accounting | $10,207 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $170,434 |
| Advertising and promotion | $15,632 |
| Office expenses | $34,554 |
| Information technology | $69,564 |
| Royalties | $0 |
| Occupancy | $200,000 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $21,035 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $239,738 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $1,723,361 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $390,899 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $40,393 |
| 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 | $721,057 |
| Net Land, buildings, and equipment | $386,730 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $77,843 |
| Total assets | $1,616,922 |
| Accounts payable and accrued expenses | $67,777 |
| Grants payable | $0 |
| Deferred revenue | $742,178 |
| 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 | $196,098 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $1,267,292 |
| Total liabilities | $2,273,345 |
| Net assets without donor restrictions | -$847,055 |
| Net assets with donor restrictions | $190,632 |
| 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 | $1,616,922 |