Bright Promise FY2021 filing

Tax-deductible

Chicago, IL501(c)(3)EIN 36-3634360Revenue $365K in FY2021

On file with the IRSbrightpromisefund.org1550 S State St Ste 107, 60605-7804 · Chicago, ILTax-exempt since Apr 1989Publicly supported charity — 170(b)(1)(A)(vi)

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To strengthen and sustain partner christian schools by generating new sources of revenue so that more families may experience the benefit from urban christian education.

501(c)(3) charity; gifts are tax-deductible.
74¢ of each $1 spent went to programs.
$76K paid to officers and key staff.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX · Pay: Part VII

Before you give

FY2021 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
501(c)(3)
not on the IRS revocation list
Looks good: listed by the IRS and not on the revocation list.
IRS BMF · Auto-Revocation List
Tax-deductible gifts
Yes
Donations are tax-deductible
Looks good: the IRS lists gifts to it as deductible.
IRS Pub. 78 · IRS BMF
Latest return
FY2025
latest Form 990
Looks good: the latest return is for FY2025, 1 tax year back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
4 of 6
filings with a surplus
Average surplus $603K a year · 51% of revenue · last 6 filings
Fine: a surplus in 4 of the last 6 filings.
Pt I · Ln 19 · 6 filings
Spent on programs
74%
of spending
Fine: 74% of spending went to programs; 65% to 75%.
Pt IX · Ln 25 · col B
Pay to officers and key staff
$76K
to officers and key staff · 18% of spending
Fine: pay to officers and key staff is 18% of spending; 15% to 20%.
Pt VII · Sec A
Cash reserves
9 mo
of spending, in cash
Looks good: 8.8 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
2
named funders · $18K
Fine: 2 funders name it on their filings; under 3.
Funders’ Sch. I, 990-PF
Liabilities
$384K
19% of total assets
Looks good: liabilities are 19% of assets; 50% or less.
Pt X · Ln 26
Independent board members
9
of 9 voting members
Looks good: 9 of 9 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$365K
+29% vs prior year
Spent
$419K
To programs
74%
Net assets
$1.7M
By yearFY2020–FY2025
Revenue
$365K
FY2021▲ +29%
Tap a bar for its year
Revenue by fiscal year
FY2020$282K
FY2021$365K
FY2022$649K
FY2023$1.4M
FY2024$1.0M
FY2025$3.4M
Expenses
$419K
FY2021▲ +6%
Tap a bar for its year
Expenses by fiscal year
FY2020$394K
FY2021$419K
FY2022$515K
FY2023$689K
FY2024$713K
FY2025$722K
Net assets
$1.7M
FY2021▲ +17%
Tap a bar for its year
Net assets by fiscal year
FY2020$1.4M
FY2021$1.7M
FY2022$1.5M
FY2023$2.2M
FY2024$2.6M
FY2025$5.5M

From the FY2021 Form 990 (year ending June 2021) · figures checked against the IRS filing · see the original

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Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2025. IRS ruling in Apr 1989.

IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Where the money goes

74 cents of each dollar spent went to programs.

Program services 74% · $308K Management & general 12% · $50K Fundraising 14% · $60K

Form 990 Part IX, line 25, columns B–D. Every line is in By the numbers.

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Who runs it and what they're paid

10 people listed on the 990; $76K paid to officers and key staff.

Part VII, Section A · reportable compensation · most recent filed roster (FY2020); the FY2021 filing did not itemize Part VII
Executive Di
$76,002Pt VII · Sec A
$0Pt VII · Sec A
Director
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
Chairman / S
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A

Compensation history total reportable pay by year · 1 named individual · Part VII

NameFY2025FY2024FY2023FY2022FY2021FY2020
Steve Blom$90,450$86,911$82,703$79,078$76,002$73,541

Total reportable compensation (Form 990 Part VII column D / Schedule J column E) by filing year, matched by name within this organization. The Schedule J base / bonus / deferred breakdown is not parsed into this dataset.

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Questions the 990 asks

The form asks each of these directly. These are the filed answers.

  • Family or business ties among officersPt VI · Ln 2No
  • Top official's pay set by an independent reviewPt VI · Ln 15aNo

Programs and updates

Helps Christian schools find new funding to offer education to more families.

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Provided by the organization

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3 programs · $308K · in their own filed words · FY2020
01

The funds raised will be divided among the fifteen affiliated christian schools it serves, in the confidence that each local school board knows best as to which priorities to address. Most often, the highest priority is providing tuition assistance to families in need.

$296Kprogram expense
02

The organization is a scholarship granting organization under the illinois invest in kids scholarship tax credit program. The organization receives contributions and issues scholarships to member schools on behalf of eligible students.

$12Kprogram expense
03

The organization seeks to provide a professional network for christians involved in private, public, and christian education in urban north america by providing support for the center for christian urban educators.

$250program expense

Funders

Who pays for it.

From grant filings on record. Receipts are incomplete: individual donors are never listed.

Grants

Schedule I · received and paid
Grants received · FY2024
Total grants receivedfrom 2 funders$18K
Grants paid · 75 grants · $1.5M · 2019–2024
Pui-Tak Christian SchoolFY2024$42,505
The Field SchoolIL · FY2024$28,000
Unity Christian AcademyIL · FY2024$20,500
Cambridge Classical AcademyIL · FY2024$15,930
Calvary Academy INCIL · FY2024$15,000
Midwestern Christian AcademyIL · FY2024$15,000
Cornerstone AcademyIL · FY2024$15,000
Pui-Tak Christian SchoolFY2023$42,000
The Field SchoolIL · FY2023$21,500
Unity Christian AcademyIL · FY2023$16,500
See all 75 grants →

By the numbers

The FY2021 990, line by line.

1The main four
Money inPt VIII
$365K
Ln 12
Gifts and grantsLn 1h$187K
Investment incomeLn 3$133K
Fees for servicesLn 2g$30K
Money outPt IX
$419K
Ln 25
Programscol B$308K
Managementcol C$50K
Fundraisingcol D$60K
Owns and owesPt X
$1.7M
net assets · Ln 32
Cash and savingsLn 1–2$309K
Total assetsLn 16$2.1M
LiabilitiesLn 26$384K
PeoplePt VI, VII
10
listed · VII A
PaidVII A1
Voting boardVI 1a9
IndependentVI 1b9
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$187K
Fees for servicesLn 2g$30K
Investment incomeLn 3$133K
Other incomeLn 4–11$15K
Gains on assetsLn 7$113K
Total revenueLn 12$365K
Assets in detailPt X, end of year
CashLn 1$228K
SavingsLn 2$81K
Cash and savings togetherLn 1–2$309K
InvestmentsLn 11–13$1.8M
Land, buildings, equipmentLn 10c$5K
Total assetsLn 16$2.1M
LiabilitiesLn 26$384K
Net assetsLn 32$1.7M
OperationsPt I, VI
EmployeesI 56
VolunteersI 670
Fiscal year endsHeaderJune
Conflict-of-interest policyVI 12aNo
Whistleblower policyVI 13No
Records policyVI 14No
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY21End FY21
Cash and savingsLn 1–2$354K$309K
InvestmentsLn 11–13$1.4M$1.8M
Land, buildings, equipmentLn 10c$593$5K
Total assetsLn 16$1.8M$2.1M
LiabilitiesLn 26$361K$384K
Net assetsLn 32$1.4M$1.7M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic organizationsLn 1$270K$270K
Pay of current officers, directors and key staffLn 5$76K$23K$8K$46K
Other salaries and wagesLn 7$11K$2K$8K$786
Payroll taxesLn 10$7K$2K$1K$4K
Legal feesLn 11b$155$155
Accounting feesLn 11c$14K$14K
Other fees for servicesLn 11g$14K$14K
Office expensesLn 13$4K$928$303$3K
OccupancyLn 16$9K$2K$1K$6K
TravelLn 17$185$38$33$114
InterestLn 20$244$244
Depreciation, depletion and amortizationLn 22$1K$506$66$658
InsuranceLn 23$1K$1K
Other expenses (24a–d)Ln 24$10K$7K$2K$974
All other expensesLn 24e$288$250$38
Total functional expensesLn 25$419K$308K$50K$60K

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 Latest $3.4M$722K$2.7M$5.5M 990 PDF
FY2024 $1.0M$713K$322K$2.6M 990 PDF
FY2023 $1.4M$689K$674K$2.2M 990 PDF
FY2022 $649K$515K$134K$1.5M 990 PDF
FY2021 Viewing $365K$419K−$54K$1.7M 990 PDF
FY2020 $282K$394K−$112K$1.4M 990 PDF

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Schedules filed Part IV

III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash
See the full FY2021 990 (6 parts)
Part I · Summary $365,105 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $174,963$186,848
I-9 Program service revenuePrior year $12,674$29,859
I-10 Investment incomePrior year $93,937$133,298
I-11 Other revenuePrior year $525$15,100
I-12 Total revenuePrior year $282,099$365,105
I-13 Grants and similar amounts paidPrior year $260,274$270,000
I-14 Benefits paid to members$0
I-15 Salaries and benefitsPrior year $98,404$93,328
I-16a Professional fundraising fees$0
I-17 Other expensesPrior year $35,183$55,446
I-18 Total expensesPrior year $393,861$418,774
I-19 Revenue less expensesPrior year −$111,762−$53,669
Part VI · Governance 9 of 9 board members independent, 4 to look at
VI-1a Voting members of the governing body9
VI-1b Independent voting members9
VI-12a Written conflict of interest policyNo
VI-13 Written whistleblower policyNo
VI-14 Document retention and destruction policyNo
VI-15a Process for setting top official's payNo
VI-2 Family or business relationship among officers or directorsNo
Part VIII · Statement of revenue $365,105 across 7 lines filed
VIII-1f All other contributions, gifts and grants$186,848
VIII-1h Total contributions, gifts and grants$186,848
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $29,859$29,859
VIII-3 Investment incomeExcluded from tax $20,040$20,040
VIII-7 Net gain or loss on sales of assetsExcluded from tax $113,258$113,258
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Excluded from tax $15,100$15,100
VIII-12 Total revenueRelated to mission $29,859 · Excluded from tax $148,398$365,105
Part IX · Statement of functional expenses $418,774 across 15 lines filed
IX-1 Grants to domestic organizationsPrograms $270,000$270,000
IX-5 Pay of current officers, directors and key staffPrograms $22,801 · Management $7,600 · Fundraising $45,601$76,002
IX-7 Other salaries and wagesPrograms $2,293 · Management $7,614 · Fundraising $786$10,693
IX-10 Payroll taxesPrograms $1,920 · Management $1,164 · Fundraising $3,549$6,633
IX-11b Legal feesManagement $155$155
IX-11c Accounting feesManagement $13,926$13,926
IX-11g Other fees for servicesManagement $13,977$13,977
IX-13 Office expensesPrograms $928 · Management $303 · Fundraising $2,979$4,210
IX-16 OccupancyPrograms $2,325 · Management $1,395 · Fundraising $5,580$9,300
IX-17 TravelPrograms $38 · Management $33 · Fundraising $114$185
IX-20 InterestManagement $244$244
IX-22 Depreciation, depletion and amortizationPrograms $506 · Management $66 · Fundraising $658$1,230
IX-23 InsuranceManagement $1,431$1,431
IX-24 Other expenses (24a–d)Programs $7,170 · Management $2,356 · Fundraising $974$10,500
IX-24e All other expensesPrograms $250 · Management $38$288
IX-25 Total functional expensesPrograms $308,231 · Management $50,302 · Fundraising $60,241$418,774
Part X · Balance sheet $2,070,023 assets, 12 lines filed
X-1 Cash, non-interest-bearingStart of year $99,563$227,647
X-2 Savings and temporary cash investmentsStart of year $254,833$81,099
X-9 Prepaid expenses and deferred chargesStart of year $1,430$5,460
X-10c Land, buildings and equipment, netStart of year $593$4,539
X-11 Publicly traded securitiesStart of year $1,438,629$1,751,278
X-16 Total assetsStart of year $1,799,048$2,070,023
X-17 Accounts payable and accrued expensesStart of year $345,913$383,717
X-26 Total liabilitiesStart of year $360,630$383,717
X-27 Net assets without donor restrictionsStart of year $1,437,943$1,685,831
X-28 Net assets with donor restrictionsStart of year $475$475
X-32 Total net assets or fund balancesStart of year $1,438,418$1,686,306
X-33 Total liabilities and net assetsStart of year $1,799,048$2,070,023
Part XI · Reconciliation of net assets $1,686,306 net assets at year end
XI-1 Total revenue$365,105
XI-2 Total expenses$418,774
XI-3 Revenue less expenses−$53,669
XI-4 Net assets at start of year$1,438,418
XI-5 Net unrealized gains (losses) on investments$307,909
XI-7 Investment expenses−$6,352
XI-10 Net assets at end of year$1,686,306

Form 990 e-file (XML) FY2021 from the IRS · Classification, formation year and address from the IRS Business Master File

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