Promesa Foundation Inc
- Assets
- $28.3m
- Revenue
- $3.5m
- Investments
- $1.2m
- Employees
- 2
- Location
- Bronx, NY
- Founding
- 09/1987
- Data as of
- 12/2022
- EIN
- 13-3411787
Organization Overview
Promesa Foundation Inc is located in Bronx, NY. The organization was established in 1987. According to its NTEE Classification (F22) the organization is classified as: Substance Abuse Treatment, under the broad grouping of Mental Health & Crisis Intervention and related organizations. As of 12/2022, Promesa Foundation Inc employed 2 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Promesa Foundation 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 12/2022, Promesa Foundation Inc generated $3.5m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 5.5% each year. All expenses for the organization totaled $2.7m during the year ending 12/2022. While expenses have increased by 5.2% per year over the past 8 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO RAISE FUNDS FOR ACACIA NETWORK'S MANY OPERATING PROGRAMS WHOSE PURPOSE IS TO PROVIDE SERVICES IN HEALTH, EDUCATION, EMPLOYMENT, HOUSING AND ECONOMIC AND COMMUNITY DEVELOPMENT.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO PROVIDE THE ACACIA NETWORK WITH FISCAL AND ADMINISTRATIVE OFFICE SPACE TO INCREASE TREATMENT AREA AVAILABLE AND CLIENTS SERVICED.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Raul Russi President | Officer | 0 | $0 |
Lymaris Albors Chief Executive Officer | Officer | 0 | $0 |
Jose A Rodriguez Chief Legal Officer/exec. VP | Officer | 0 | $0 |
Vicky Gatell Chief Financial Officer | Officer | 0 | $0 |
Gilbert Hernandez Chair | OfficerTrustee | 1 | $0 |
Federico Perez Secretary | OfficerTrustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $203,948 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $680,123 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $884,071 |
| Total Program Service Revenue | $2,290,815 |
| Investment income | $143,139 |
| 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 | -$29,248 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $3,501,347 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $116,029 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $214,141 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $40,347 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $5,791 |
| Fees for services: Accounting | $24,597 |
| Fees for services: Lobbying | $683 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $90,599 |
| Advertising and promotion | $0 |
| Office expenses | $73,526 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $515,235 |
| Travel | $18,815 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $1,881 |
| Interest | $801,485 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $601,363 |
| Insurance | $241,027 |
| All other expenses | $0 |
| Total functional expenses | $2,745,519 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $858,064 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $117,025 |
| Accounts receivable, net | $1,396,004 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $1,782,723 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $228,771 |
| Net Land, buildings, and equipment | $22,785,655 |
| Investments—publicly traded securities | $1,217 |
| Investments—other securities | $1,178,866 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $28,348,325 |
| Accounts payable and accrued expenses | $445,322 |
| 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 | $19,435,194 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $2,421,991 |
| Total liabilities | $22,302,507 |
| Net assets without donor restrictions | $5,766,990 |
| Net assets with donor restrictions | $278,828 |
| 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 | $0 |
| Total liabilities and net assets/fund balances | $28,348,325 |
Grants Awarded
Over the last fiscal year, Promesa Foundation Inc has awarded $67,500 in support to 5 organizations.
| Grant Recipient | Amount |
|---|---|
NATIONAL PUERTO RICAN DAY PARADE PURPOSE: Sponsorship | $25,000 |
111TH STREET OLD TIMERS BOYS INC PURPOSE: Sponsorship | $12,000 |
ST ANN'S CORNER OF HARM REDUCTION INC PURPOSE: Sponsorship | $10,000 |
HISPANIC FEDERATION INC PURPOSE: Sponsorship | $15,000 |
NEW YORK CITY HISPANIC CHAMBER OF COMMERCE PURPOSE: sponsorship | $5,500 |