Promise Academy

Tax-deductible

Cleveland, OH501(c)(3)Since 2005EducationEIN 76-0789317

Promise Academy recognizes that all students have the right to and deserve an education that prepares them for post-secondary success of their choosing. We educate and graduate students who have not been successful in traditional high school and have dropped out or are at risk of dropping out. We do this through flexible and individualized learning experiences supported by meaningful relationships with caring adults who are constantly learning from students and exemplifying high engagement learning for students.

501(c)(3) charity; gifts are tax-deductible.
92¢ of each $1 spent went to programs.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX

Before you give

FY2024 · 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
FY2024
latest Form 990
Looks good: the latest return is for FY2024, 2 tax years back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
0 of 5
filings with a surplus
Average deficit $291K a year · 20% of revenue · last 5 filings
Concern: a surplus in 0 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Spent on programs
92%
of spending
Looks good: 92% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Cash reserves
4 mo
of spending, in cash
Looks good: 4.4 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$2.5M
147% of total assets
Concern: liabilities are 147% of assets; over 80%.
Pt X · Ln 26
Independent board members
5
of 5 voting members
Looks good: 5 of 5 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$1.7M
-3% vs prior year
Spent
$1.5M
To programs
92%
Net assets
−$810K
By yearFY2020–FY2024
Revenue
$1.7M
FY2024▼ -3%
Revenue by fiscal year
FY2020$1.6M
FY2021$1.5M
FY2022$1.3M
FY2023$1.3M
FY2024$1.7M
FY2024$1.7M
Expenses
$1.5M
FY2024▼ -10%
Expenses by fiscal year
FY2020$2.0M
FY2021$1.9M
FY2022$1.7M
FY2023$1.5M
FY2024$1.7M
FY2024$1.5M
Net assets
−$810K
FY2024▲ +12%
Net assets by fiscal year
FY2020$198K
FY2021−$251K
FY2022−$656K
FY2023−$910K
FY2024−$920K
FY2024−$810K

From the FY2024 Form 990 · figures checked against the IRS filing · see the original

Give Claim

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2024. IRS ruling in May 2011.

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

Where the money goes

92 cents of each dollar spent went to programs.

Program services 92% · $1.4M Management & general 8% · $126K

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

Who runs it and what they're paid

6 people listed on the 990.

Part VII, Section A · reportable compensation
$0Pt VII · Sec A
Vice President
$0Pt VII · Sec A
Secretary
$0Pt VII · Sec A
$0Pt VII · Sec A
Director
$0Pt VII · Sec A
$0Pt VII · Sec A
See Promise Academy executive salaries →

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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

Educates and graduates students who struggle in traditional high school with flexible, individualized learning.

Provided by the organization

This section is blank until Promise Academy claims this page.

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1 program service account for $1.4M of program spending, described in the organization's own filed words · FY2024.
01

The program services are 100% education for the benefit of students that have dropped out of high school and require special attention to receive a high school diploma in accordance with the Ohio Department of Educations requirements.

$1.4Mprogram expense

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By the numbers

The FY2024 990, line by line.

1The main four
Money inPt VIII
$1.7M
Ln 12
Gifts and grantsLn 1h$1.7M
Other incomeLn 4–11$518
Money outPt IX
$1.5M
Ln 25
Programscol B$1.4M
Managementcol C$126K
Owns and owesPt X
−$810K
net assets · Ln 32
Cash and savingsLn 1–2$564K
Total assetsLn 16$1.7M
LiabilitiesLn 26$2.5M
PeoplePt VI, VII
6
listed · VII A
PaidVII A0
Voting boardVI 1a5
IndependentVI 1b5
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$1.7M
Government grantsLn 1e$1.7M
Noncash giftsLn 1g$0
Fundraising eventsLn 1c$0
Other incomeLn 4–11$518
Gains on assetsLn 7$0
Total revenueLn 12$1.7M
Assets in detailPt X, end of year
CashLn 1$564K
SavingsLn 2$0
Cash and savings togetherLn 1–2$564K
InvestmentsLn 11–13$0
Land, buildings, equipmentLn 10c$737K
Other assetsLn 15$59K
Total assetsLn 16$1.7M
LiabilitiesLn 26$2.5M
Net assetsLn 32−$810K
OperationsPt I, VI
EmployeesI 516
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
LineStart FY24End FY24
Cash and savingsLn 1–2$429K$564K
InvestmentsLn 11–13$0$0
Land, buildings, equipmentLn 10c$963K$737K
Total assetsLn 16$1.9M$1.7M
LiabilitiesLn 26$2.8M$2.5M
Net assetsLn 32−$920K−$810K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic organizationsLn 1$0$0
Grants to domestic individualsLn 2$0$0
Grants and assistance to foreign recipientsLn 3$0$0
Benefits paid to or for membersLn 4$0$0
Pay of current officers, directors and key staffLn 5$0$0$0$0
Pay of disqualified personsLn 6$0$0$0$0
Other salaries and wagesLn 7$574K$574K$0$0
Pension plan contributionsLn 8$23K$23K$0$0
Other employee benefitsLn 9$61K$61K$0$0
Payroll taxesLn 10$8K$8K$0$0
Management feesLn 11a$0$0$0$0
Legal feesLn 11b$42K$0$42K$0
Accounting feesLn 11c$47K$0$47K$0
Lobbying feesLn 11d$0$0$0$0
Professional fundraising feesLn 11e$0$0
Investment management feesLn 11f$0$0$0$0
Other fees for servicesLn 11g$333K$333K$0$0
Advertising and promotionLn 12$15K$15K$0$0
Office expensesLn 13$4K$0$4K$0
Information technologyLn 14$33K$33K$0$0
RoyaltiesLn 15$0$0$0$0
OccupancyLn 16$213K$213K$0$0
TravelLn 17$1K$1K$0$0
Travel and entertainment for public officialsLn 18$0$0$0$0
Conferences, conventions and meetingsLn 19$0$0$0$0
InterestLn 20$81K$81K$0$0
Payments to affiliatesLn 21$0$0$0$0
Depreciation, depletion and amortizationLn 22$13K$0$13K$0
InsuranceLn 23$19K$0$19K$0
Other expenses (24a–d)Ln 24$0$0$0$0
All other expensesLn 24e$77K$77K$0$0
Total functional expensesLn 25$1.5M$1.4M$126K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 $1.7M$1.7M−$10K−$920K 990 PDF
FY2023 $1.3M$1.5M−$253K−$910K 990 PDF
FY2022 $1.3M$1.7M−$405K−$656K 990 PDF
FY2021 $1.5M$1.9M−$449K−$251K 990 PDF
FY2020 $1.6M$2.0M−$338K$198K 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 FY2024 990 (4 parts)
Part VIII · Statement of revenue $1,656,032 across 16 lines filed
VIII-1a Federated campaigns$0
VIII-1b Membership dues$0
VIII-1c Fundraising events$0
VIII-1d Related organizations$0
VIII-1e Government grants$1,655,514
VIII-1f All other contributions, gifts and grants$0
VIII-1g Noncash contributions (included above)$0
VIII-1h Total contributions, gifts and grants$1,655,514
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $0 · Unrelated business $0 · Excluded from tax $0$0
VIII-3 Investment incomeRelated to mission $0 · Unrelated business $0 · Excluded from tax $0$0
VIII-5 RoyaltiesRelated to mission $0 · Unrelated business $0 · Excluded from tax $0$0
VIII-6 Net rental income or lossRelated to mission $0 · Unrelated business $0 · Excluded from tax $0$0
VIII-7 Net gain or loss on sales of assetsRelated to mission $0 · Unrelated business $0 · Excluded from tax $0$0
VIII-8 Net income from fundraising eventsUnrelated business $0 · Excluded from tax $0$0
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Related to mission $0 · Unrelated business $0 · Excluded from tax $0$518
VIII-12 Total revenueRelated to mission $0 · Unrelated business $0 · Excluded from tax $0$1,656,032
Part IX · Statement of functional expenses $1,545,923 across 31 lines filed
IX-1 Grants to domestic organizationsPrograms $0$0
IX-2 Grants to domestic individualsPrograms $0$0
IX-3 Grants and assistance to foreign recipientsPrograms $0$0
IX-4 Benefits paid to or for membersPrograms $0$0
IX-5 Pay of current officers, directors and key staffPrograms $0 · Management $0 · Fundraising $0$0
IX-6 Pay of disqualified personsPrograms $0 · Management $0 · Fundraising $0$0
IX-7 Other salaries and wagesPrograms $573,554 · Management $0 · Fundraising $0$573,554
IX-8 Pension plan contributionsPrograms $22,809 · Management $0 · Fundraising $0$22,809
IX-9 Other employee benefitsPrograms $61,226 · Management $0 · Fundraising $0$61,226
IX-10 Payroll taxesPrograms $7,947 · Management $0 · Fundraising $0$7,947
IX-11a Management feesPrograms $0 · Management $0 · Fundraising $0$0
IX-11b Legal feesPrograms $0 · Management $42,116 · Fundraising $0$42,116
IX-11c Accounting feesPrograms $0 · Management $47,104 · Fundraising $0$47,104
IX-11d Lobbying feesPrograms $0 · Management $0 · Fundraising $0$0
IX-11e Professional fundraising feesFundraising $0$0
IX-11f Investment management feesPrograms $0 · Management $0 · Fundraising $0$0
IX-11g Other fees for servicesPrograms $333,260 · Management $0 · Fundraising $0$333,260
IX-12 Advertising and promotionPrograms $15,348 · Management $0 · Fundraising $0$15,348
IX-13 Office expensesPrograms $0 · Management $4,133 · Fundraising $0$4,133
IX-14 Information technologyPrograms $33,486 · Management $0 · Fundraising $0$33,486
IX-15 RoyaltiesPrograms $0 · Management $0 · Fundraising $0$0
IX-16 OccupancyPrograms $213,441 · Management $0 · Fundraising $0$213,441
IX-17 TravelPrograms $1,011 · Management $0 · Fundraising $0$1,011
IX-18 Travel and entertainment for public officialsPrograms $0 · Management $0 · Fundraising $0$0
IX-19 Conferences, conventions and meetingsPrograms $0 · Management $0 · Fundraising $0$0
IX-20 InterestPrograms $81,352 · Management $0 · Fundraising $0$81,352
IX-21 Payments to affiliatesPrograms $0 · Management $0 · Fundraising $0$0
IX-22 Depreciation, depletion and amortizationPrograms $0 · Management $13,144 · Fundraising $0$13,144
IX-23 InsurancePrograms $0 · Management $19,157 · Fundraising $0$19,157
IX-24 Other expenses (24a–d)Programs $0 · Management $0 · Fundraising $0$0
IX-24e All other expensesPrograms $76,835 · Management $0 · Fundraising $0$76,835
IX-25 Total functional expensesPrograms $1,420,269 · Management $125,654 · Fundraising $0$1,545,923
Part X · Balance sheet $1,721,237 assets, 24 lines filed
X-1 Cash, non-interest-bearingStart of year $429,113$563,905
X-2 Savings and temporary cash investmentsStart of year $0$0
X-3 Pledges and grants receivableStart of year $110,454$86,238
X-4 Accounts receivableStart of year $0$0
X-8 Inventories for sale or useStart of year $0$0
X-9 Prepaid expenses and deferred chargesStart of year $333,147$275,499
X-10c Land, buildings and equipment, netStart of year $963,288$736,703
X-11 Publicly traded securitiesStart of year $0$0
X-12 Other securitiesStart of year $0$0
X-13 Program-related investmentsStart of year $0$0
X-14 Intangible assetsStart of year $0$0
X-15 Other assetsStart of year $58,942$58,892
X-16 Total assetsStart of year $1,894,944$1,721,237
X-17 Accounts payable and accrued expensesStart of year $72,446$37,758
X-18 Grants payableStart of year $0$0
X-19 Deferred revenueStart of year $358,566$302,793
X-20 Tax-exempt bond liabilitiesStart of year $0$0
X-24 Unsecured notes and loans payableStart of year $500,000$500,000
X-25 Other liabilitiesStart of year $941,073$882,591
X-26 Total liabilitiesStart of year $2,815,219$2,531,403
X-27 Net assets without donor restrictionsStart of year −$940,429−$738,608
X-28 Net assets with donor restrictionsStart of year $20,154−$71,558
X-32 Total net assets or fund balancesStart of year −$920,275−$810,166
X-33 Total liabilities and net assetsStart of year $1,894,944$1,721,237
Part XI · Reconciliation of net assets −$810,166 net assets at year end
XI-1 Total revenue$1,656,032
XI-2 Total expenses$1,545,923
XI-3 Revenue less expenses$110,109
XI-4 Net assets at start of year−$920,275
XI-5 Net unrealized gains (losses) on investments$0
XI-6 Donated services and use of facilities$0
XI-7 Investment expenses$0
XI-8 Prior period adjustments$0
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year−$810,166

Form 990 e-file (XML) FY2024 from the IRS · Classification, formation year and address from the IRS Business Master File

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