Promise Pointe Inc
- Assets
- $1.7m
- Revenue
- $397.6k
- Investments
- $0.0
- Employees
- 0
- Location
- Victoria, TX
- Founding
- 02/2017
- Data as of
- 12/2023
- EIN
- 81-2532681
Organization Overview
Promise Pointe Inc is located in Victoria, TX. The organization was established in 2017. According to its NTEE Classification (L20) the organization is classified as: Housing Development, Construction & Management, under the broad grouping of Housing & Shelter and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Promise Pointe Inc 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 12/2023, Promise Pointe Inc generated $397.6k in total revenue. The organization has seen a slow decline revenue. Over the past 6 years, revenues have fallen by an average of (1.7%) each year. All expenses for the organization totaled $210.0k during the year ending 12/2023. 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
PROVIDE THE HOMELESS OF VICTORIA, TEAS AND THE CROSSROADS REGION WITH PERMANENT AFFORDABLE HOUSING AND A TRANSFORMATIVE SUPPORTIVE RESIDENTIAL COMMUNITY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
BEGAN PROVIDING A PERMANENT AFFORDABLE HOUSING AND A SUPPORTATIVE COMMUNITY FOR THE CHROMICALLY HOMELESS IN VICTORIA, TEXAS AND THE CROSSROADS REGION. CONTINUED TO BUILD "TINY HOUSES" (WHICH CONTAIN ONE ROOM AND A CLOSET) FOR RESIDENTS,CREATED A COMMUNITY LAUNDRY, LIBRARY AND BATH BUILDING. ASSISTED RESIDENTS IN REGAINING THEIR INDEPENDENCE AND HELPED TO CREATE BETTER LIVES THAT WOULD HAVE BEEN IMPOSSIBLE WITHOUT A SAFE AND SOUND HOME IN WHICH TO LIVE. FOUR TINY HOUSES WERE COMPLETED IN 2023 AND AT THE END OF 2023 A TOTAL OF 18 TINY HOUSES HAVE BEEN COMPLETED. CONSTRUCTION IN PROGRESS OF TWO ADDITIONAL "TINY HOUSES" CONTINUES IN 2024.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Pam Borchert Director | Trustee | $0 | |
Buddy Breivogel Treasurer | OfficerTrustee | $0 | |
Nelda Chambers Director | Trustee | $0 | |
Jim Cole Director | Trustee | $0 | |
Margaret Fisseler Director | Trustee | $0 | |
Gail Hoad Secretary | OfficerTrustee | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $346,237 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $346,237 |
| Total Program Service Revenue | $51,169 |
| Investment income | $169 |
| 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 | $397,593 |
| 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 | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $25,000 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $4,225 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $535 |
| Office expenses | $6,222 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $35,504 |
| Travel | $0 |
| 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 | $58,262 |
| Insurance | $16,857 |
| All other expenses | $23,506 |
| Total functional expenses | $210,040 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $217,442 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $10,825 |
| 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 | $9,612 |
| Net Land, buildings, and equipment | $1,354,637 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $73,801 |
| Total assets | $1,666,317 |
| 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 | $2,733 |
| Total liabilities | $2,733 |
| Net assets without donor restrictions | $1,589,733 |
| Net assets with donor restrictions | $73,851 |
| 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 | $1,666,317 |