Project Promise FY2024 filing

Chicago, IL · Public charity (501(c)(3)) · Education

✓ Tax-deductible
Revenue
$615K
+9% vs prior year
Spent
$605K
To programs
89%
Net assets
$66K
By yearFY2019–FY2025
Revenue
$615K
FY2024▲ +9%
Revenue by fiscal year
FY2019$534K
FY2021$599K
FY2022$666K
FY2023$566K
FY2024$615K
FY2025$611K
Expenses
$605K
FY2024▲ +1%
Expenses by fiscal year
FY2019$528K
FY2021$585K
FY2022$631K
FY2023$598K
FY2024$605K
FY2025$616K
Net assets
$66K
FY2024▲ +19%
Net assets by fiscal year
FY2019$19K
FY2021$54K
FY2022$88K
FY2023$56K
FY2024$66K
FY2025$59K

From the FY2024 Form 990 (year ending August 2024) · see the original

You’re viewing the FY2024 filing — not the latest on file. See the latest (FY2025) →

Status and standing

Is it real, and can you give to it?

Tax-deductible?
Yes
Per the IRS master file.
Can I give now?
No revocation on IRS record
Not on the IRS revocation list.
Filing up to date?
Filed FY2025 (typical filing lag)
Legal name (IRS)Hdr · item CProject Promise
EINHdr · item D47-4718545
Exempt statusHdr · item I501(c)(3) · active
Ruling yearIRS BMFNov 2015
Latest filingForm 990FY2025 · Form 990
Principal addressHdr · item CChicago, IL
NTEE classificationIRS BMFEducation (B01)
WebsiteHdr · item Jprojectpromiseil.com

Where the money goes

What each dollar paid for.

Statement of Functional Expenses

Part IX · allocated across program, management, and fundraising
Allocation · columns B–D
Program services $0.89 Management & general $0.11
Program services89%$535K
Management & general11%$69K
Total functional expensesLn 25$605K

Financial health

Is it on solid ground?

Program efficiency
89%
of spending reaches programs
Operating runway
0.1mo
months of highly liquid reserves at operating expense rate
Surplus margin
+2%
revenue over expenses, this year

Summary of the Filing

Part I · fiscal year 2024 · Form 990
Total assets
$79K
FY2024▲ +22%
Total assets by fiscal year
FY2019$19K
FY2021$62K
FY2022$99K
FY2023$65K
FY2024$79K
FY2025$64K
Total liabilities
$13K
FY2024▲ +37%
Total liabilities by fiscal year
FY2019$0
FY2021$8K
FY2022$11K
FY2023$10K
FY2024$13K
FY2025$5K
Revenue less expensesPt I · Ln 19$11K
Total assetsPt X · Ln 16$79K
Program-expense ratioPt IX · col B89%
Voting members of governing bodyPt I · Ln 34
Independent voting membersPt I · Ln 44

Balance Sheet

Part X · end of year
CashLn 1$3K
Total assetsLn 16$79K
Total liabilitiesLn 26$13K
Total net assetsLn 32$66K
Months of cash on handcomputed0.1

Statement of Revenue

Part VIII
Contributions & grants100%$615K
— government grantsLn 1e$615K
Total revenueLn 12$615K

Financial Metrics

Form 990 · FY2024 · each ratio shown with the dollars behind it
Liquidity & Payout
Operating runway
Highly liquid reserves $3K · Operating expenses/yr $605K
0.1 months
Where the money goes
Program services
Program services $535K · Total expenses $605K
89%
Management & General
Management & general $69K · Total expenses $605K
11%
Fundraising
Fundraising $0 · Total expenses $605K
0%
Cost to raise $1
Fundraising expense (3-yr avg) $0 · Solicited contributions (3-yr avg) $381
Solicited contributions below reporting floor
Where the money comes from
Contribution dependence
Contributions & grants $615K · Total revenue $615K
100%
Government reliance
Government grants $615K · Total revenue $615K
100%
Earned-income share
Program service revenue $0 · Total revenue $615K
0%
Investment reliance
Investment income $0 · Total revenue $615K
0%
Program self-sufficiency
Program service revenue $0 · Total expenses $605K
0%
Growth & trend
Revenue growth (YoY)
This year $615K · Prior year $566K
+9%
Revenue CAGR
FY2018 $534K · FY2023 $615K
+3%
Net-asset trend (YoY)
End of year $66K · Beginning of year —
Beginning net assets not meaningfully positive — showing dollar change
Balance sheet
Surplus Margin
Revenue $615K · Expenses $605K
+2%
Liabilities-to-Assets
Total liabilities — · Total assets $79K
—
Net-asset ratio
Net assets $66K · Total assets $79K
83%
Marketable Investment Share
Publicly traded securities (Pt X, ln 11) — · Other securities (Pt X, ln 12) — · Total assets (Pt X, ln 16) $79K
Excludes program-related investments (Pt X, ln 13)
People & payroll
Highest Reported Total Compensation
Individual Lois Britton · Reported title EXECUTIVE DIRECTOR · Highest reported compensation $121K · Total expenses $605K
20%
Personnel share
Salaries, benefits & payroll (Pt IX 5-10) $353K · Total expenses $605K
58%
Peer comparison

Same NTEE category, revenue band, and state where available. Descriptive — not a grade.

MetricThis orgPeer medianPercentile
Program ratio 89%——
Overhead ratio 11%——
Fundraising cost ratio 0%——
Revenue growth 9%——
Legal fee ratio 0.02%——
Accounting fee ratio 0.6%——

Straight from the Form 990 — descriptive, not an evaluation. A ratio is hidden when its base is zero or too small to be meaningful; the dollars are always shown.

Leadership and pay

Who runs it, and what are they paid?

Officers, Directors & Key Employees

Part VII, Section A · reportable compensation · most recent filed roster (FY2023); the FY2024 filing did not itemize Part VII
Executive Director
$120,921Pt VII · Sec A

Lois Britton’s $155K as Executive Director is at the 96th percentile of top reported officer pay among 1613 $100K–1M 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 · 1 named individual · Part VII

NameFY2025FY2024FY2022FY2021
Lois Britton$154,691$120,921$86,000$86,000

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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Governance & Policies

Part VI
  • 4Voting board membersPt VI · Ln 1a
  • 4Independent board membersPt VI · Ln 1b
  • Conflict-of-interest policyPt VI · Ln 12aNo
  • Whistleblower policyPt VI · Ln 13No
  • Document retention policyPt VI · Ln 14No
  • Top official’s pay independently reviewedPt VI · Ln 15aNo
  • Family or business ties among leadersPt VI · Ln 2No

Mission and programs

What it does.

Helps high school students graduate and get into college with academic and career guidance.

Provided by the organization

This section is blank until Project Promise claims this page.

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Mission & Programs · Part III

Where the work happens

1 program service account for $535K of program spending, described in the organization's own filed words · FY2023.
01

Provided over 560 students with educational and career counseling services. 100% of graduating high school students completed fafsa applications and were accepted into college.

$535Kprogram expense

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Filing history

Every return on file.

YearRevenueExpensesChangeFiling
FY2025 Latest $611K$616K-0.7% 990 PDF
FY2024 Viewing $615K$605K+9% 990 PDF
FY2023 $566K$598K-15% 990 PDF
FY2022 $666K$631K+11% 990 PDF
FY2021 $599K$585K+12% 990 PDF
FY2020 Not on file
FY2019 $534K$528K 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

Not shown yet: ratings, outcomes, and peer benchmarks. A Form 990 doesn’t report them.

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Sources

Every figure above is drawn from these filings
Form 990 e-file (XML) · FY2024IRS
Classification, formation year, addressIRS Business Master File
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