Promise Foundation
- Assets
- $6.4k
- Revenue
- $644.6k
- Investments
- $0.0
- Employees
- 0
- Location
- New York, NY
- Founding
- 11/2004
- Data as of
- 01/2022
- EIN
- 20-1618720
Organization Overview
Promise Foundation is located in New York, NY. The organization was established in 2004. According to its NTEE Classification (T21) the organization is classified as: Corporate Foundations, under the broad grouping of Philanthropy, Voluntarism & Grantmaking Foundations and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Promise Foundation 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 01/2022, Promise Foundation generated $644.6k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (3.8%) each year. All expenses for the organization totaled $63.5k during the year ending 01/2022. As we would expect to see with falling revenues, expenses have declined by (31.3%) per year over the past 7 years. You can explore the organizations financials more deeply in the financial statements section below.
Since 2016, Promise Foundation has awarded 30 individual grants totaling $1,479,700. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
HELP YOUNG PEOPLE AFFECTED TERMINAL ILLNESSES, FUNDING TREATMENT, RESEARCH & SUPPORT PROGRAMS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
GRANT MAKING - THE ORGANIZATION PROVIDES GRANTS TO FUND RESEARCH OF TERMINAL ILLNESSES AFFECTING YOUNG PEOPLE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Randy Reiff President & Treasurer | OfficerTrustee | 1 | $0 |
Jennifer Wiederkehr Rothberg Vice President | Officer | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Leon Bridges Event Performance | 1/30/20 | $227,500 |
Cipriani Wall Street Event Venue | 1/30/20 | $202,539 |
Maverick Events Llc Event & Consulting | 1/30/20 | $116,963 |
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 | $644,593 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $644,593 |
| Total Program Service Revenue | $0 |
| Investment income | $1 |
| 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 | $644,594 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $21,050 |
| Fees for services: Accounting | $14,936 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $8,306 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $2,152 |
| Office expenses | $2,300 |
| Information technology | $5,107 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $1,207 |
| All other expenses | $0 |
| Total functional expenses | $63,485 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $6,383 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| 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 | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $6,383 |
| Accounts payable and accrued expenses | $69,454 |
| 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 | $189,223 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $258,677 |
| Net assets without donor restrictions | -$252,294 |
| 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 | $0 |
| Total liabilities and net assets/fund balances | $6,383 |
Grants Awarded
Over the last fiscal year, Promise Foundation has awarded $85,000 in support to 4 organizations.
| Grant Recipient | Amount |
|---|---|
Great Barrington, MA PURPOSE: RESEARCH AND TREATMENT FOR DUCHENNE'S MUSCULAR DYSTROPHY. | $50,000 |
Maplewood, NJ PURPOSE: GENERAL SUPPORT | $20,000 |
New York, NY PURPOSE: GENERAL SUPPORT | $10,000 |
New York, NY PURPOSE: GENERAL SUPPORT | $5,000 |
Grants Recieved
Over the last fiscal year, we have identified 3 grants that Promise Foundation has recieved totaling $45,026.
| Awarding Organization | Amount |
|---|---|
William M And Miriam F Meehan Foundation Inc New York, NY PURPOSE: FOR THE GENERAL CHARITABLE PURPOSE OF THE ORGANIZATION | $30,000 |
Edelman Fam Foundation New York, NY PURPOSE: TO PROVIDE GENERAL SUPPORT TOWARDS SUICIDE PREVENTION AND AWARENESS EFFORTS. | $15,000 |
Amazonsmile Foundation Seattle, WA PURPOSE: GENERAL SUPPORT | $26 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Lone Pine Foundation Inc Greenwich, CT | $70,601,962 | $14,308,044 |
Citizen Of Burma Award Organization Inc Jackson Heights, NY | $195,993 | $9,716,460 |
Cullen Foundation Buffalo, NY | $115,865,929 | $16,357,498 |
Fiduciary Charitable Foundation Boston, MA | $117,480,981 | $103,573,534 |
David R & Patricia D Atkinson Foundation Princeton, NJ | $114,019,131 | $20,460,455 |
Danoff Fam Private Charitable Foundation Tr Albany, NY | $116,755,274 | $33,799,667 |
Alcoa Foundation Pittsburgh, PA | $146,938,296 | $5,082,676 |
Herbert Allen Foundation New York, NY | $9,223,512 | $1,023,254 |
Select Equity Group Foundation New York, NY | $25,414,802 | $25,600,265 |
Mark And Anla Cheng Kingdon Fund New York, NY | $181,150,001 | $35,415,082 |
Arbella Insurance Foundation Inc Boston, MA | $24,058,916 | $7,386,813 |
John And Patricia Klingenstein Fund New York, NY | $121,264,191 | $78,254,052 |