We Promise Foundation
- Assets
- $726.6k
- Revenue
- $700.3k
- Investments
- $0.0
- Employees
- 0
- Location
- Virginia Beach, VA
- Founding
- 03/2006
- Data as of
- 12/2021
- EIN
- 20-3244422
Organization Overview
We Promise Foundation is located in Virginia Beach, VA. The organization was established in 2006. According to its NTEE Classification (T30) the organization is classified as: Public 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. We 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 12/2021, We Promise Foundation generated $700.3k in total revenue. The organization has seen a slow decline revenue. Over the past 7 years, revenues have fallen by an average of (1.8%) each year. All expenses for the organization totaled $693.2k during the year ending 12/2021. As we would expect to see with falling revenues, expenses have declined by (1.7%) per year over the past 7 years. You can explore the organizations financials more deeply in the financial statements section below.
Since 2016, We Promise Foundation has awarded 45 individual grants totaling $4,337,000. 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE GRANT AWARDS TO CHARITABLE CHILDREN'S ORGANIZATIONS THAT SHARE OUR COMMITMENT TO MAKING DREAMS COME TRUE FOR CHILDREN STRUGGLING WITH LIFE-THREATENING ILLNESSES OR SEVERE HARDSHIP.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE WE PROMISE FOUNDATION PROVIDES GRANTS TO THREE CHAPTERS OF THE MAKE-A- WISH FOUNDATION, ROC SOLID FOUNDATION, TOBY'S DREAM, FACT, CHKD, EQUI-KIDS, ST. MARY'S HOME AND OTHER CHILDREN'S PROGRAMS THAT SUPPORT THE FOUNDATION'S MISSION.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jerry Frostick Trustee | Trustee | 9 | $0 |
Bob Sinclair Jr Trustee | Trustee | 9 | $0 |
Wayne Foshay Board Chairm | Trustee | 10 | $0 |
Ben Lemoine Board Sec/tr | Trustee | 10 | $0 |
Kim Little Trustee | Trustee | 9 | $0 |
Richard Mcgrath Board Vice C | Trustee | 10 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $36,635 |
| Fundraising events | $127,582 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $584,089 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $748,306 |
| Total Program Service Revenue | $0 |
| Investment income | $139 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | -$48,186 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $700,259 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $660,500 |
| 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 | $325 |
| Fees for services: Accounting | $5,500 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $7,911 |
| Office expenses | $221 |
| Information technology | $10,369 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $1,072 |
| 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 | $800 |
| Insurance | $1,226 |
| All other expenses | $0 |
| Total functional expenses | $693,221 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $671,563 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $25,000 |
| Accounts receivable, net | $27,205 |
| 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 | $2,800 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $726,568 |
| Accounts payable and accrued expenses | $659,903 |
| 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 | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $659,903 |
| Net assets without donor restrictions | $66,665 |
| 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 | $726,568 |
Grants Awarded
Over the last fiscal year, We Promise Foundation has awarded $660,000 in support to 8 organizations.
| Grant Recipient | Amount |
|---|---|
Virginia Beach, VA PURPOSE: GENERAL SUPPORT | $200,000 |
Salt Lake City, UT PURPOSE: GENERAL SUPPORT | $190,000 |
Norfolk, VA PURPOSE: GENERAL SUPPORT | $125,000 |
Chesapeake, VA PURPOSE: GENERAL SUPPORT | $70,000 |
Norfolk, VA PURPOSE: GENERAL SUPPORT | $30,000 |
Virginia Beach, VA PURPOSE: GENERAL SUPPORT | $25,000 |
Grants Recieved
Over the last fiscal year, we have identified 3 grants that We Promise Foundation has recieved totaling $10,224.
| Awarding Organization | Amount |
|---|---|
J&a Racing Foundation Inc Virginia Beach, VA PURPOSE: SUPPORT VOLUNTEER EFFORTS AT WE PROMISE FOUNDATION | $5,000 |
J&a Racing Foundation Inc Virginia Beach, VA PURPOSE: SUPPORT VOLUNTEER EFFORTS AT WE PROMISE FOUNDATION | $5,000 |
Amazonsmile Foundation Seattle, WA PURPOSE: GENERAL SUPPORT | $224 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Gary Sinise Foundation Nashville, TN | $79,715,180 | $58,070,139 |
Jefferson Scholars Foundation Charlottesville, VA | $761,742,846 | $36,629,374 |
The Pauley Family Foundation Richmond, VA | $2,022,061,315 | $1,899,350,410 |
College Foundation Of The University Of Virginia Charlottesville, VA | $252,362,262 | $51,045,128 |
Homefree Usa Inc Landover, MD | $5,280,798 | $17,895,333 |
Philanthropic Impact Foundation Nashville, TN | $919,847 | $18,241,201 |
University Of Louisville Real Estate Foundation Louisville, KY | $156,388,720 | $20,770,834 |
Aston Park Health Care Center Inc Asheville, NC | $17,105,214 | $12,530,764 |
James Family Charitable Foundation Charlottesville, VA | $171,150,056 | $16,638,935 |
Silver Valley Research Foundation Mclean, VA | $1,699,232 | $12,100,000 |
Helvetas Usa Washington, DC | $584,936 | $9,906,698 |
Asbury Foundation Inc Frederick, MD | $52,948,136 | $11,506,831 |