Promise Project INC: FY2023 Nonprofit Profile & Form 990 (EIN 75-3004044)

Revenue by fiscal year
FY2020	$261K
FY2021	$264K
FY2022	$267K
FY2023	$348K
FY2024	$344K

Expenses by fiscal year
FY2020	$321K
FY2021	$333K
FY2022	$360K
FY2023	$393K
FY2024	$335K

Net assets by fiscal year
FY2020	−$941K
FY2021	−$1.0M
FY2022	−$1.1M
FY2023	−$1.1M
FY2024	−$1.1M

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2024. IRS ruling in Sep 2002.

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

Where the money goes

86 cents of each dollar spent went to programs.

86%

14%

Program services 86% · $340K Management & general 14% · $53K

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

Something off? Claim to add context

Who runs it and what they're paid

2 people listed on the 990.

Part VII, Section A · reportable compensation

Britt Jennings

CFO

$0Pt VII · Sec A

Reverence Dr Collette Gunby

President

$0Pt VII · Sec A

See Promise Project INC executive salaries →

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

Offers affordable rental housing for seniors in a HUD-assisted community.

Questions for Promise Project INC

Tap to ask. Promise Project INC sees how many people are interested.

Your first name shows with your question. Promise Project INC answers here, for everyone.

1 program · $340K · in their own filed words · FY2023

01

Providing housing to elderly persons by operating a HUD-assisted rental community regulated under Section 202 of the National Housing Act of 1959.

$340Kprogram 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 · FY2024

Pledgeling FoundationFY2024$7K

Total grants receivedfrom 1 funder$7K

Federal money

Single Audit · Federal Audit Clearinghouse · money spent from federal programs

Year ending Dec 2025 · $2.8M federal money spent

Supportive Housing for the ElderlyDepartment of Housing and Urban Development · ALN 14.157 · Direct$2.8M

The auditor reported no findings.

Year ending Dec 2024 · $2.8M federal money spent

Supportive Housing for the ElderlyDepartment of Housing and Urban Development · ALN 14.157 · Direct$2.8M

The auditor reported no findings.

Year ending Dec 2023 · $2.8M federal money spent

Supportive Housing for the ElderlyDepartment of Housing and Urban Development · ALN 14.157 · Direct$2.8M

The auditor reported: a weakness in money controls.

Year ending Dec 2022 · $2.7M federal money spent

Supportive Housing for the ElderlyDepartment of Housing and Urban Development · ALN 14.157 · Direct$2.7M

The auditor reported no findings.

By the numbers

The FY2023 990, line by line.

Download 990

from philanthropy.org

1The main four

Money inPt VIII

$348K

Ln 12

Fees for servicesLn 2g$347K

Investment incomeLn 3$12

Money outPt IX

$393K

Ln 25

Programscol B$340K

Managementcol C$53K

Owns and owesPt X

−$1.1M

net assets · Ln 32

Cash and savingsLn 1–2$5K

Total assetsLn 16$1.5M

LiabilitiesLn 26$2.6M

PeoplePt VI, VII

2

listed · VII A

PaidVII A0

Voting boardVI 1a2

IndependentVI 1b2

2In more detail

Revenue in detailPt VIII

Fees for servicesLn 2g$347K

Investment incomeLn 3$12

Total revenueLn 12$348K

Assets in detailPt X, end of year

CashLn 1$5K

Cash and savings togetherLn 1–2$5K

Accounts receivableLn 4$9K

Prepaid expenses and deferred chargesLn 9$1K

Land, buildings, equipmentLn 10c$1.3M

Other assetsLn 15$124K

Total assetsLn 16$1.5M

LiabilitiesLn 26$2.6M

Net assetsLn 32−$1.1M

OperationsPt I, VI

EmployeesI 50

VolunteersI 60

Fiscal year endsHeaderDecember

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

Line	Start FY23	End FY23
Cash and savingsLn 1–2	$36K	$5K
Land, buildings, equipmentLn 10c	$1.4M	$1.3M
Total assetsLn 16	$1.5M	$1.5M
LiabilitiesLn 26	$2.6M	$2.6M
Net assetsLn 32	−$1.1M	−$1.1M

4Every line

Statement of functional expensesPt IX · every line

Line	Total	Programs	Management	Fundraising
Other salaries and wagesLn 7	$75K	$75K
Other employee benefitsLn 9	$17K	$17K
Payroll taxesLn 10	$8K	$8K
Management feesLn 11a	$41K		$41K
Accounting feesLn 11c	$12K		$12K
Depreciation, depletion and amortizationLn 22	$68K	$68K
InsuranceLn 23	$11K	$11K
Other expenses (24a–d)Ln 24	$161K	$161K
Total functional expensesLn 25	$393K	$340K	$53K	$0

Filing history

Year	Money in	Money out	In minus out	Net assets	Download
FY2024 LatestFiled with the IRS Nov 11, 2025	$344K	$335K	$9K	−$1.1M	990 PDF
FY2023 ViewingFiled with the IRS May 15, 2024	$348K	$393K	−$45K	−$1.1M	990 PDF
FY2022Filed with the IRS Nov 9, 2023	$267K	$360K	−$93K	−$1.1M	990 PDF
FY2021Filed with the IRS Sep 8, 2022	$264K	$333K	−$69K	−$1.0M	990 PDF
FY2020Filed with the IRS Nov 15, 2021	$261K	$321K	−$60K	−$941K	990 PDF

Schedules filed Part IV

III · Programs R · Related orgs G · Fundraising L · Interested persons I · Grants A · Public support O · Explanations

See the full FY2023 990 (6 parts)

Part I · Summary $347,511 revenue, 12 lines filed

I-8 Contributions and grantsPrior year $0$0

I-9 Program service revenuePrior year $266,676$347,499

I-10 Investment incomePrior year $11$12

I-11 Other revenuePrior year $0$0

I-12 Total revenuePrior year $266,687$347,511

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 $87,248$100,068

I-16a Professional fundraising feesPrior year $0$0

I-17 Other expensesPrior year $272,680$292,493

I-18 Total expensesPrior year $359,928$392,561

I-19 Revenue less expensesPrior year −$93,241−$45,050

Part VI · Governance 2 of 2 board members independent, 1 to look at

VI-1a Voting members of the governing body2

VI-1b Independent voting members2

VI-15a Process for setting top official's payNo

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

Part VIII · Statement of revenue $347,511 across 3 lines filed

VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $347,499$347,499

VIII-3 Investment incomeExcluded from tax $12$12

VIII-12 Total revenueRelated to mission $347,499 · Unrelated business $0 · Excluded from tax $12$347,511

Part IX · Statement of functional expenses $392,561 across 8 lines filed

IX-7 Other salaries and wagesPrograms $75,161$75,161

IX-9 Other employee benefitsPrograms $17,242$17,242

IX-10 Payroll taxesPrograms $7,665$7,665

IX-11a Management feesManagement $40,860$40,860

IX-11c Accounting feesManagement $12,165$12,165

IX-22 Depreciation, depletion and amortizationPrograms $67,651$67,651

IX-23 InsurancePrograms $10,924$10,924

IX-24 Other expenses (24a–d)Programs $160,893$160,893

IX-25 Total functional expensesPrograms $339,536 · Management $53,025 · Fundraising $0$392,561

Part X · Balance sheet $1,489,041 assets, 13 lines filed

X-1 Cash, non-interest-bearingStart of year $36,473$5,383

X-4 Accounts receivableStart of year $272$8,656

X-9 Prepaid expenses and deferred chargesStart of year $1,352$1,352

X-10c Land, buildings and equipment, netStart of year $1,410,478$1,349,831

X-15 Other assetsStart of year $78,431$123,819

X-16 Total assetsStart of year $1,527,006$1,489,041

X-17 Accounts payable and accrued expensesStart of year $64,785$67,332

X-19 Deferred revenueStart of year $348$5,425

X-25 Other liabilitiesStart of year $2,565,235$2,564,696

X-26 Total liabilitiesStart of year $2,630,368$2,637,453

X-27 Net assets without donor restrictionsStart of year −$1,103,362−$1,148,412

X-32 Total net assets or fund balancesStart of year −$1,103,362−$1,148,412

X-33 Total liabilities and net assetsStart of year $1,527,006$1,489,041

Part XI · Reconciliation of net assets −$1,148,412 net assets at year end

XI-1 Total revenue$347,511

XI-2 Total expenses$392,561

XI-3 Revenue less expenses−$45,050

XI-4 Net assets at start of year−$1,103,362

XI-9 Other changes in net assets$0

XI-10 Net assets at end of year−$1,148,412

Form 990 e-file (XML) FY2023 from the IRS · Classification, formation year and address from the IRS Business Master File

Names, privacy, and removal requests More

The names, titles, and compensation shown on this page are reproduced from IRS Form 990 filings, which are public records.

Philanthropy.org does not alter the content of those filings. All information appears exactly as reported by the filing organization for the tax year shown.

We publish only information contained in the public IRS filing — and less than the filing contains. Our profile pages do not display street addresses, telephone numbers, personal email addresses, or other personal contact information, even where the filing includes them.

Many people share the same name. A name shown on this page reflects only what one organization reported in one IRS filing for one tax year. It should not be interpreted as identifying any other individual with the same or a similar name.

If you are no longer affiliated with the organization, your name will generally stop appearing in future IRS filings once the organization no longer reports you. Pages for tax years in which you were reported remain published because those filings remain part of the public record.

Philanthropy.org does not alter or remove IRS filing records. Removing a page from this website would not remove the underlying IRS filing, which remains publicly available from the IRS and other publishers of the same information.

If you believe the IRS filing itself is inaccurate, corrections must be made by the filing organization or the IRS directly.

Promise Project INC FY2023 filing

Before you give

Is it real?

Where the money goes

Who runs it and what they're paid

Questions the 990 asks

Programs and updates

Questions for Promise Project INC

Funders

Grants

Federal money

By the numbers

Filing history

Schedules filed Part IV