Rockford Promise
- Assets
- $2.1m
- Revenue
- $1.9m
- Investments
- $0.0
- Employees
- 3
- Location
- Rockford, IL
- Founding
- 02/2008
- Data as of
- 06/2022
- EIN
- 26-0388141
Organization Overview
Rockford Promise is located in Rockford, IL. The organization was established in 2008. According to its NTEE Classification (B82) the organization is classified as: Scholarships & Student Financial Aid, under the broad grouping of Education and related organizations. As of 06/2022, Rockford Promise employed 3 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Rockford Promise 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 06/2022, Rockford Promise generated $1.9m in total revenue. This organization has experienced exceptional growth, as over the past 5 years, it has increased revenue by an average of 42.0% each year . All expenses for the organization totaled $549.2k during the year ending 06/2022. 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
PROVIDE FULL-TUITION SCHOLARSHIPS AND SUPPORT TO ENHANCE STUDENT SUCCESS TO DEGREE OR PROGRAM COMPLETION
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDED FULL-TUITION SCHOLARSHIPS FOR SELECTED ROCKFORD PUBLIC SCHOOL GRADUATES: 18 ATTENDING ROCKFORD UNIVERSITY, 26 ATTENDING ROCK VALLEY COLLEGE, AND 71 STUDENTS ATTENDING NORTHERN ILLINOIS UNIVERSITY. 158 ADDITIONAL STUDENTS HAVE BEEN SELECTED FOR FULL-TUITION SCHOLARSHIPS BEGINNING IN THE FALL OF 2022 (3 ATTENDING ROCKFORD UNIVERSITY, 21 ATTENDING ROCK VALLEY COLLEGE, AND 134 ATTENDING NORTHERN ILLINOIS UNIVERSITY).
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Dr Tasha Davis Executive Di | Officer | 40 | $64,632 |
Kaylene Groh Scholar Sup/ | Officer | 40 | $34,705 |
Scot Dobbs Bod | Trustee | 2 | $0 |
Susan Covington-Fumo President | Trustee | 4 | $0 |
Evan Bonnett Bod | Trustee | 2 | $0 |
Emily Hartzog Secretary | Trustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $18,068 |
| Related organizations | $0 |
| Government grants | $11,289 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,825,134 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,854,491 |
| Total Program Service Revenue | $0 |
| Investment income | $1,618 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $10,184 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,866,293 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $375,273 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $112,530 |
| Compensation of current officers, directors, key employees. | $33,812 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $3,217 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $767 |
| Payroll taxes | $8,382 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $15,050 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $3,992 |
| Advertising and promotion | $5,746 |
| Office expenses | $3,308 |
| Information technology | $6,544 |
| 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 | $1,015 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $1,249 |
| All other expenses | $6,916 |
| Total functional expenses | $549,216 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,003,418 |
| Savings and temporary cash investments | $103,822 |
| 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 | $2,107,240 |
| Accounts payable and accrued expenses | $7,266 |
| 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 | $7,266 |
| Net assets without donor restrictions | $440,499 |
| Net assets with donor restrictions | $1,659,475 |
| 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 | $2,107,240 |
Grants Recieved
Over the last fiscal year, we have identified 6 grants that Rockford Promise has recieved totaling $478,601.
| Awarding Organization | Amount |
|---|---|
Amended And Restated Brubaker Charitable Trust Cherry Valley, IL PURPOSE: EDUCATION | $200,000 |
Community Foundation Of Northern Illinois Rockford, IL PURPOSE: FOR PURPOSES AS SPECIFIED IN A GRANT APPLICATION, FUND AGREEMENT OR GIFT INSTRUMENT | $174,301 |
Stenstrom Foundation Rockford, IL PURPOSE: CHARITABLE | $50,000 |
Schwab Charitable Fund San Francisco, CA PURPOSE: EDUCATION | $42,300 |
Dr Connie Tucker Scholarship Fund Roscoe, IL PURPOSE: EDUCATION | $10,000 |
Ralph J Baudhuin Foundation Rockford, IL PURPOSE: HUMANITARIAN | $2,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
National Equity Fund Inc Chicago, IL | $118,912,735 | $59,533,345 |
Iowa Student Loan Liquidity Corp West Des Moines, IA | $1,230,053,718 | $45,688,659 |
National Merit Scholarship Corporation Evanston, IL | $183,825,978 | $50,191,294 |
Evans Scholars Foundation Glenview, IL | $101,873,087 | $62,566,812 |
Northwestern Mutual Life Foundation Inc Milwaukee, WI | $106,326,341 | $38,353,841 |
Cardinal Services Inc Of Indiana Warsaw, IN | $28,675,162 | $26,373,889 |
Future Leaders Of Americafoundation Inc Chicago, IL | $0 | $13,517,008 |
Kansas City Scholars Inc Kansas City, MO | $5,810,030 | $12,156,402 |
Des Moines Golf And Country Club West Des Moines, IA | $24,329,403 | $13,657,003 |
Ray And Kay Eckstein Charitable Trust Paducah, KY | $358,796,277 | $128,951,866 |
Professional Convention Management Association Chicago, IL | $13,503,434 | $11,522,188 |
Sigma Chi Foundation Evanston, IL | $40,441,719 | $12,690,646 |