Promise Academy
- Assets
- $1.2m
- Revenue
- $971.7k
- Investments
- $0.0
- Employees
- 35
- Location
- Tyler, TX
- Founding
- 05/2015
- Data as of
- 06/2023
- EIN
- 35-2519571
Organization Overview
Promise Academy is located in Tyler, TX. The organization was established in 2015. According to its NTEE Classification (B20) the organization is classified as: Elementary & Secondary Schools, under the broad grouping of Education and related organizations. As of 06/2023, Promise Academy employed 35 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Promise Academy 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 06/2023, Promise Academy generated $971.7k in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 23.7% each year . All expenses for the organization totaled $1.1m during the year ending 06/2023. While expenses have increased by 33.0% 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
PROMISE ACADEMY CULTIVATES WISE, CREATIVE, AND COMPASSIONATE LEADERS THROUGH EXEMPLARY CHRIST-CENTERED EDUCATION IN NORTH TYLER FOR THE JOY OF OUR CITY AND THE GLORY OF GOD.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROMISE ACADEMY WRAPPED UP OUR EIGHTH YEAR OF OPERATION GRADUATING OUR THIRD CLASS OF FIFTH GRADERS. WE HAD 81 STUDENTS ENROLLED AT PROMISE ACADEMY AND LEAD THEM THROUGH HANDS-ON AND CHALLENGING EDUCATION OPPORTUNITIES. WE BELIEVE IN EDUCATING THE WHOLE CHILD AND PROVIDE A SOLID CORE CURRICULUM THAT IS FOCUSED ON EXPLICIT AND SYSTEMATIC PHONICS AND READING COMPREHENSION INSTRUCTION AND AS WELL AS NUMERACY AND MASTERED MATHEMATICS. THIS IS SUPPORTED AND ENRICHED THROUGH EXPERIENTIAL ACTIVITIES, ARTISTIC ENDEAVORS, AND CHARACTER CULTIVATION AND FORMATION. 91% OF OUR STUDENTS WOULD QUALIFY FOR FREE OR REDUCED LUNCH, AND 90% OF OUR FAMILIES ARE FROM A MINORITY ETHNICITY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Sarah Cumming Head Of School | Officer | 40 | $49,169 |
Nate Hill Member | Trustee | 2 | $0 |
Cynthia Freeman Member | Trustee | 2 | $0 |
Mary Berry Member | Trustee | 2 | $0 |
Cynthia Riter Member | Trustee | 2 | $0 |
John Morrison Member | Trustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $33,589 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $769,149 |
| Noncash contributions included in lines 1a–1f | $30,000 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $802,738 |
| Total Program Service Revenue | $84,039 |
| Investment income | $21,986 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $2,576 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $971,713 |
| 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. | $49,169 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $652,831 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $54,187 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $21,685 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $632 |
| Advertising and promotion | $9,158 |
| Office expenses | $3,430 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $96,176 |
| Travel | $3,284 |
| 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 | $5,208 |
| Insurance | $21,475 |
| All other expenses | $62,289 |
| Total functional expenses | $1,086,492 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $476,266 |
| 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 | $178,239 |
| Investments—publicly traded securities | $593,069 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $1,247,574 |
| Accounts payable and accrued expenses | $0 |
| 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 | $6,391 |
| Total liabilities | $6,391 |
| Net assets without donor restrictions | $1,241,183 |
| 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 | $1,247,574 |