Promise Academy Spring Hill

Tax-deductible

Memphis, TN501(c)(3)Since 2007EducationEIN 46-4445628Revenue $6.7M in FY2025

On file with the IRSpromiseacademy.com1346 Bryan St, 38108-2407 · Memphis, TNTax-exempt since Mar 2015School — 170(b)(1)(A)(ii)

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Our purpose is to teach and inspire the mind, body, and spirit of our children so that they can succeed in any academic or cultural setting.

501(c)(3) charity; gifts are tax-deductible.
60¢ of each $1 spent went to programs.
$409K 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

FY2025 · 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
5 of 5
filings with a surplus
Average surplus $208K a year · 3% of revenue · last 5 filings
Looks good: a surplus in 5 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Spent on programs
60%
of spending
Worth a look: 60% of spending went to programs; under 65%.
Pt IX · Ln 25 · col B
Pay to officers and key staff
$409K
to officers and key staff · 6% of spending
Top officer’s pay higher than 76% of similar orgs
Looks good: pay to officers and key staff is 6% of spending; 15% or less.
Pt VII · Sec A
Cash reserves
1 mo
of spending, in cash
Fine: 1.2 months of spending in cash; 1 to 3.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
1
named funder · $500
Fine: 1 funder names it on their filings; under 3.
Funders’ Sch. I, 990-PF
Liabilities
$867K
27% of total assets
Looks good: liabilities are 27% of assets; 50% or less.
Pt X · Ln 26
Independent board members
10
of 10 voting members
Looks good: 10 of 10 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$6.7M
+10% vs prior year
Spent
$6.7M
To programs
60%
Net assets
$2.4M
By yearFY2021–FY2025
Revenue
$6.7M
FY2025▲ +10%
Tap a bar for its year
Revenue by fiscal year
FY2021$5.0M
FY2022$6.1M
FY2023$6.1M
FY2024$6.1M
FY2025$6.7M
Expenses
$6.7M
FY2025▲ +9%
Tap a bar for its year
Expenses by fiscal year
FY2021$4.4M
FY2022$5.8M
FY2023$6.0M
FY2024$6.1M
FY2025$6.7M
Net assets
$2.4M
FY2025▲ +4%
Tap a bar for its year
Net assets by fiscal year
FY2021$1.4M
FY2022$1.6M
FY2023$2.0M
FY2024$2.3M
FY2025$2.4M

From the FY2025 Form 990 (year ending June 2025) · 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 Mar 2015.

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

Where the money goes

60 cents of each dollar spent went to programs.

Program services 60% · $4.0M Management & general 40% · $2.7M

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

13 people listed on the 990; $409K paid to officers and key staff.

Part VII, Section A · reportable compensation · most recent filed roster (FY2024); the FY2025 filing did not itemize Part VII
Executive Director
$175,885Pt VII · Sec A
Chief of Academics
$128,216Pt VII · Sec A
Principal
$105,050Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
President, Chairman
$0Pt VII · Sec A
$0Pt VII · Sec A

Patrick Washington’s $176K as Executive Director is at the 76th percentile of top reported officer pay among 3395 $1–10M education nonprofits. Peer set: organizations in the same NTEE major field of work and revenue-size band, compared on each org’s own highest-paid officer/key-employee, from Form 990 Part VII / 990-PF Part VIII. Descriptive placement, not a verdict on whether the pay is appropriate.

Compensation history total reportable pay by year · 3 named individuals · Part VII

NameFY2025FY2024FY2023FY2022FY2021
Patrick Washington$175,885$167,879$130,440$118,350$118,582
Kimbra Turner$128,216$121,707$103,748$105,517$120,278
Toby Finley$105,050————

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 15aYes
  • Loans to or from officersSch L · Pt II1 listed

Programs and updates

Inspires children's minds, bodies, and spirits for academic and cultural success.

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Provided by the organization

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1 program · $4.0M · in their own filed words · FY2024
01

Our central and only work is to teach and inspire the mind, body and spirit of our children so that they can succeed in any academic or cultural setting. Promise academy is committed to preparing children to excel in the nation's most rigorous schools.

$4.0Mprogram expense

Funders

Who pays for it.

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

Grants

Schedule I · funders on record
Grants received · FY2023
Total grants receivedfrom 1 funder$500

By the numbers

The FY2025 990, line by line.

1The main four
Money inPt VIII
$6.7M
Ln 12
Gifts and grantsLn 1h$6.7M
Fees for servicesLn 2g$31K
Money outPt IX
$6.7M
Ln 25
Programscol B$4.0M
Managementcol C$2.7M
Owns and owesPt X
$2.4M
net assets · Ln 32
Cash and savingsLn 1–2$652K
Total assetsLn 16$3.2M
LiabilitiesLn 26$867K
PeoplePt VI, VII
13
listed · VII A
PaidVII A3
Voting boardVI 1a10
IndependentVI 1b10
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$6.7M
Government grantsLn 1e$5.8M
Fees for servicesLn 2g$31K
Total revenueLn 12$6.7M
Assets in detailPt X, end of year
CashLn 1$652K
Cash and savings togetherLn 1–2$652K
Land, buildings, equipmentLn 10c$1.2M
Other assetsLn 15$756K
Total assetsLn 16$3.2M
LiabilitiesLn 26$867K
Net assetsLn 32$2.4M
OperationsPt I, VI
EmployeesI 561
VolunteersI 60
Fiscal year endsHeaderJune
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13Yes
Records policyVI 14Yes
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY25End FY25
Cash and savingsLn 1–2$360K$652K
Land, buildings, equipmentLn 10c$641K$1.2M
Total assetsLn 16$2.6M$3.2M
LiabilitiesLn 26$371K$867K
Net assetsLn 32$2.3M$2.4M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Pay of current officers, directors and key staffLn 5$409K$409K
Other salaries and wagesLn 7$2.3M$2.2M$132K
Other employee benefitsLn 9$594K$475K$119K
Other fees for servicesLn 11g$2.3M$537K$1.8M
OccupancyLn 16$143K$122K$21K
Conferences, conventions and meetingsLn 19$293K$234K$59K
InterestLn 20$10K$10K
Depreciation, depletion and amortizationLn 22$186K$158K$28K
Other expenses (24a–d)Ln 24$403K$318K$85K
Total functional expensesLn 25$6.7M$4.0M$2.7M$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 Latest Viewing $6.7M$6.7M$66K$2.4M 990 PDF
FY2024 $6.1M$6.1M$37K$2.3M 990 PDF
FY2023 $6.1M$6.0M$93K$2.0M 990 PDF
FY2022 $6.1M$5.8M$259K$1.6M 990 PDF
FY2021 $5.0M$4.4M$586K$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 FY2025 990 (6 parts)
Part I · Summary $6,731,688 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $5,975,603$6,700,577
I-9 Program service revenuePrior year $167,518$31,111
I-10 Investment incomePrior year $0$0
I-11 Other revenuePrior year $0$0
I-12 Total revenuePrior year $6,143,121$6,731,688
I-13 Grants and similar amounts paidPrior year $0$0
I-14 Benefits paid to membersPrior year $0$0
I-15 Salaries and benefitsPrior year $3,120,706$3,300,182
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $2,985,386$3,365,253
I-18 Total expensesPrior year $6,106,092$6,665,435
I-19 Revenue less expensesPrior year $37,029$66,253
Part VI · Governance 10 of 10 board members independent, no flags
VI-1a Voting members of the governing body10
VI-1b Independent voting members10
VI-2 Family or business relationship among officers or directorsNo
VI-12a Written conflict of interest policyYes
VI-13 Written whistleblower policyYes
VI-14 Document retention and destruction policyYes
VI-15a Process for setting top official's payYes
Part VIII · Statement of revenue $6,731,688 across 5 lines filed
VIII-1e Government grants$5,822,355
VIII-1f All other contributions, gifts and grants$878,222
VIII-1h Total contributions, gifts and grants$6,700,577
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $31,111$31,111
VIII-12 Total revenueRelated to mission $31,111 · Unrelated business $0 · Excluded from tax $0$6,731,688
Part IX · Statement of functional expenses $6,665,435 across 9 lines filed
IX-5 Pay of current officers, directors and key staffManagement $409,151$409,151
IX-7 Other salaries and wagesPrograms $2,165,214 · Management $132,152$2,297,366
IX-9 Other employee benefitsPrograms $474,932 · Management $118,733$593,665
IX-11g Other fees for servicesPrograms $537,460 · Management $1,792,214$2,329,674
IX-16 OccupancyPrograms $121,699 · Management $21,476$143,175
IX-19 Conferences, conventions and meetingsPrograms $234,386 · Management $58,597$292,983
IX-20 InterestManagement $10,442$10,442
IX-22 Depreciation, depletion and amortizationPrograms $158,143 · Management $27,908$186,051
IX-24 Other expenses (24a–d)Programs $318,252 · Management $84,676$402,928
IX-25 Total functional expensesPrograms $4,010,086 · Management $2,655,349 · Fundraising $0$6,665,435
Part X · Balance sheet $3,221,810 assets, 13 lines filed
X-1 Cash, non-interest-bearingStart of year $360,438$652,333
X-4 Accounts receivableStart of year $663,541$599,242
X-10c Land, buildings and equipment, netStart of year $640,610$1,167,951
X-14 Intangible assetsStart of year $69,100$46,067
X-15 Other assetsStart of year $894,649$756,217
X-16 Total assetsStart of year $2,628,338$3,221,810
X-17 Accounts payable and accrued expensesStart of year $238,641$408,222
X-25 Other liabilitiesStart of year $132,342$227,341
X-26 Total liabilitiesStart of year $370,983$867,097
X-27 Net assets without donor restrictionsStart of year $1,878,589$1,839,925
X-28 Net assets with donor restrictionsStart of year $378,766$514,788
X-32 Total net assets or fund balancesStart of year $2,257,355$2,354,713
X-33 Total liabilities and net assetsStart of year $2,628,338$3,221,810
Part XI · Reconciliation of net assets $2,354,713 net assets at year end
XI-1 Total revenue$6,731,688
XI-2 Total expenses$6,665,435
XI-3 Revenue less expenses$66,253
XI-4 Net assets at start of year$2,257,355
XI-8 Prior period adjustments$31,105
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$2,354,713

Form 990 e-file (XML) FY2025 from the IRS · Classification, formation year and address from the IRS Business Master File

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