Promise Ministries Inc
- Assets
- $815.5k
- Revenue
- $752.3k
- Investments
- $0.0
- Employees
- 42
- Location
- Waxahachie, TX
- Founding
- 02/2003
- Data as of
- 12/2021
- EIN
- 01-0692980
Organization Overview
Promise Ministries Inc is located in Waxahachie, TX. The organization was established in 2003. According to its NTEE Classification (P33) the organization is classified as: Child Day Care, under the broad grouping of Human Services and related organizations. As of 12/2021, Promise Ministries Inc employed 42 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Promise Ministries Inc is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 12/2021, Promise Ministries Inc generated $752.3k in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 3.7% each year. All expenses for the organization totaled $610.3k during the year ending 12/2021. While expenses have increased by 0.4% per year over the past 7 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE QUALITY CHILDCARE FOR CHILDREN AGES FOUR MONTHS TO NINE YEARS AND FOR SPECIAL NEEDS CHILDREN.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO PROVIDE QUALITY CHILDCARE FOR CHILDREN AGES FOUR WEEKS THROUGH NINE YEARS OLD. OUR ROOM NUMBERS AND TOTAL ENROLLMENT ARE KEPT LOW, IN ORDER TO PROVIDE A SAFE ENVIRONMENT AND INDIVIDUAL ATTENTION TO EACH CHILD. WE ALSO PROVIDE SERVICES TO FAMILIES WITH CHILDREN WHO HAVE SPECIAL NEEDS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Halston L Waishes Director | 40 | $46,000 | |
Gretchen K Rios Employee | 40 | $32,841 | |
Buck Karah Admin Asst | 40 | $30,741 | |
Karissa Laquay Secretary | OfficerTrustee | 1 | $0 |
Jeremy Norman Treasurer | OfficerTrustee | 1 | $0 |
Sandra Heffernan President | OfficerTrustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $116,220 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $116,220 |
| Total Program Service Revenue | $636,053 |
| Investment income | $7 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $752,280 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $109,582 |
| Compensation of current officers, directors, key employees. | $109,582 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $314,743 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $37,489 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $3,120 |
| Fees for services: Accounting | $6,753 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $32,808 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $22,147 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $30,510 |
| Insurance | $18,913 |
| All other expenses | $8,311 |
| Total functional expenses | $610,315 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $135,787 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $270 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $13,828 |
| Net Land, buildings, and equipment | $665,573 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $815,458 |
| Accounts payable and accrued expenses | $12,455 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $490,931 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $1,413 |
| Total liabilities | $504,799 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $310,659 |
| Total liabilities and net assets/fund balances | $815,458 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Child Care Associates Fort Worth, TX | $13,866,495 | $89,049,945 |
Childcaregroup Dallas, TX | $19,327,371 | $29,694,811 |
Advance Child Care Inc Corsicana, TX | $3,473,974 | $18,615,609 |
Lionheart Childrens Academy Bedford, TX | $10,671,656 | $17,109,685 |
Clayton Child Care Inc Fort Worth, TX | $8,846,592 | $17,902,037 |
Kaleidoscope Youth Development Services Inc Houston, TX | $9,400,325 | $12,047,136 |
Greater Opportunities Of The Permian Basin Inc Odessa, TX | $3,693,464 | $8,563,372 |
Washington County Child Care Foundation Bartlesville, OK | $10,576,887 | $9,436,794 |
Central Texas 4c Inc Temple, TX | $3,947,327 | $8,012,001 |
Advance Child Care Inc Palestine, TX | $3,677,390 | $6,266,203 |
Geo-Son Child Care Services Inc Mcallen, TX | $627,795 | $5,505,457 |
Child Nutrition Inc Tuscola, TX | $443,325 | $5,358,207 |