Promise Network INC EIN 63-0771801 Form 990 (PDF) Claim this org

Promise Network INC

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A private foundation based in Birmingham, AL. It reported about $91K in revenue for 2024. For fiscal year 2024 it reported $91K in revenue, $184K in expenses, and $448K in net assets.Pt I

Type
Private foundation / grantmaker · Arts & Culture
Location
Birmingham, AL
Website
www.promisenetwork.com
Filings
5 on file (2020–2024)
Revenue
$91KFY2024
Expenses
$184K
Net assets
$448K
People
4
Filings
5
Updates
0
More identity details & actions ⌄
EIN  63-0771801 Private foundation / grantmaker Birmingham, AL
Form 990 (PDF)
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Size
<$100K
What they do
A private foundation based in Birmingham, AL. It reported about $91K in revenue for 2024.
Leadership
Ronald W Mitchell · President · $85K
Money in and out
$91K revenue, $184K expenses
Bottom line
Grants paid & assets · FY2024
Total revenue
$91K
Pt VIII · Ln 12
Total expenses
$184K
Pt IX · Ln 25
Net assets
$448K
Pt X · Ln 32
Revenue less expenses (Pt I · Ln 19): −$92K
Total assets
450K
deployed as grants and operations
Grants made
3grants
total in period

Who They Fund

Part XV · grants paid · 3 grants · $20K · 2023–2023
Christian and Missionary AllianceFY2023$15,000
Tony and Melinda WengerFY2023$2,500
Brian and Ashley DurostFY2023$2,000

Grantmaking Profile

Patterns in foundation giving
Average grantPart XV$6K
Median grantPart XV$2K
Largest grantPart XV$15K

Summary of the Filing

Part I · fiscal year 2024 · Form 990-PF
Revenue
$91K
FY2024▲ +105%
Expenses
$184K
FY2024▼ -13%
Total assets
$450K
FY2024▼ -17%
Total liabilities
$1K
FY2024▼ -68%
Total revenue
$91K
Pt VIII · Ln 12
Total expenses
$184K
Pt IX · Ln 25
Net assets
$448K
Pt X · Ln 32
Total assetsPt II$450K

Identity & Classification

Form 990 Header · IRS Business Master File
Legal nameHdr · item CPromise Network INC
EINHdr · item D63-0771801
Principal addressHdr · item CBirmingham, AL
WebsiteHdr · item Jwww.promisenetwork.com
State of legal domicileHdr · item MAL
Exempt statusHdr · item I501(c)(3) · active
NTEE classificationIRS BMFArts & Culture (A33Z)
Ruling yearIRS BMFMay 1981

Governance & Policies

Part VI
Voting members of the governing bodyPt VI · Ln 1apending
Independent voting membersPt VI · Ln 1bpending
Conflict-of-interest policyPt VI · Ln 12a
Whistleblower policyPt VI · Ln 13
Document retention policyPt VI · Ln 14
CEO/top-official compensation independently reviewedPt VI · Ln 15a
Family or business relationships among officers/directorsPt VI · Ln 2

Officers, Directors & Key Employees

Part VII, Section A · reportable compensation
$85,000Pt VII · Sec A
$0Pt VII · Sec A
Director
$0Pt VII · Sec A
Director
$0Pt VII · Sec A
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Statement of Revenue

Part VIII
Investment income$50K · 55%
Contributions & grants$41K · 45%
Investment income55%$50K
Contributions & grants45%$41K
Total revenueLn 12$91K

Statement of Functional Expenses

Part IX · allocated across program, management, and fundraising
Allocation · columns B–D
Operating & administrative $1.00
Operating & administrative100%$184K
Total functional expensesLn 25$184K

Balance Sheet

Part X · end of year
CashLn 1$27K
Total assetsLn 16$450K
Total liabilitiesLn 26$1K
Total net assetsLn 32$448K
Months of cash on handcomputed1.8

Financial Metrics

Form 990 · FY2024 · each ratio shown with the dollars behind it
Liquidity & Payout
Payout rate
Grants paid $0 · Total assets $450K
0%
Where the money comes from
Contribution dependence
Contributions & grants — · Total revenue $91K
Government reliance
not reported
Earned-income share
not reported
Investment reliance
Investment income $0 · Total revenue $91K
0%
Program self-sufficiency
not reported
Growth & trend
Revenue growth (YoY)
This year $91K · Prior year $45K
+105%
Revenue CAGR
FY2020 $28K · FY2024 $91K
+35%
Net-asset trend (YoY)
End of year $448K · Beginning of year —
Beginning net assets not meaningfully positive — showing dollar change
Balance sheet
Surplus Margin
Revenue $91K · Expenses $184K
-101%
Liabilities-to-Assets
Total liabilities — · Total assets $450K
Net-asset ratio
Net assets $448K · Total assets $450K
100%
People & payroll
Highest Reported Total Compensation
Individual Ronald W Mitchell · Reported title PRESIDENT · Highest reported compensation $85K · Total expenses $184K
46%
Personnel share
not reported
Peer comparison

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

MetricThis orgPeer medianPercentile
Revenue growth 105%

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.

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Filings & Schedule Manifest

Part IV
III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash
FY2024 (Latest)$91K revenue · viewing · ⤓ 990 PDF
FY2023$45K revenue · ⤓ 990 PDF
FY2022$22K revenue · ⤓ 990 PDF
FY2021$89K revenue · ⤓ 990 PDF
FY2020$28K revenue · ⤓ 990 PDF

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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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