Bright Promise
- Assets
- $3.6m
- Revenue
- $1.4m
- Investments
- $0.0
- Employees
- 6
- Location
- Chicago, IL
- Founding
- 04/1989
- Data as of
- 06/2023
- EIN
- 36-3634360
Organization Overview
Bright Promise, operating under the name Bright Promise Fund For Urbn Chr Ed, is located in Chicago, IL. The organization was established in 1989. According to its NTEE Classification (T31) the organization is classified as: Community Foundations, under the broad grouping of Philanthropy, Voluntarism & Grantmaking Foundations and related organizations. As of 06/2023, Bright Promise Fund For Urbn Chr Ed employed 6 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Bright Promise Fund For Urbn Chr Ed 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, Bright Promise Fund For Urbn Chr Ed generated $1.4m in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 24.8% each year . All expenses for the organization totaled $688.5k during the year ending 06/2023. While expenses have increased by 8.0% 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.
Since 2015, Bright Promise Fund For Urbn Chr Ed has awarded 116 individual grants totaling $2,404,794. 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
TO STRENGTHEN AND SUSTAIN PARTNER CHRISTIAN SCHOOLS BY GENERATING NEW SOURCES OF REVENUE SO THAT MORE FAMILIES MAY EXPERIENCE THE BENEFIT FROM URBAN CHRISTIAN EDUCATION.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE FUNDS RAISED WILL BE DIVIDED AMONG THE THIRTEEN AFFILIATED CHRISTIAN SCHOOLS IT SERVES, IN THE CONFIDENCE THAT EACH LOCAL SCHOOL BOARD KNOWS BEST AS TO WHICH PRIORITIES TO ADDRESS. MOST OFTEN, THE HIGHEST PRIORITY IS PROVIDING TUITION ASSISTANCE TO FAMILIES IN NEED. OTHER PRIORITIES MAY INCLUDE EMERGENCY CAPITAL NEEDS OR PROFESSIONAL DEVELOPMENT FOR TEACHERS AND ADMINISTRATORS.
THE ORGANIZATION NOW INCLUDES NEW TO YOU UPSCALE RESALE. PROCEEDS WILL BE USED TO PROVIDE A PROFESSIONAL NETWORK FOR CHRISTIANS INVOLVED IN PRIVATE, PUBLIC, AND CHRISTIAN EDUCATION IN URBAN NORTH AMERICA.
THE ORGANIZATION IS A SCHOLARSHIP GRANTING ORGANIZATION UNDER THE ILLINOIS INVEST IN KIDS SCHOLARSHIP TAX CREDIT PROGRAM. THE ORGANIZATION RECEIVES CONTRIBUTIONS AND ISSUES SCHOLARSHIPS TO MEMBER SCHOOLS ON BEHALF OF ELIGIBLE STUDENTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Steve Blom Executive Di | Officer | 40 | $82,703 |
William Davids Director | Trustee | 3 | $0 |
Ryne Deboer Director | Trustee | 3 | $0 |
Lou Fan Director | Trustee | 3 | $0 |
Amy Groenewold Director | Trustee | 3 | $0 |
Jabari Turner Director | Trustee | 3 | $0 |
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 | $685,655 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $685,655 |
| Total Program Service Revenue | $549,438 |
| Investment income | $21,923 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $105,286 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,362,302 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $194,500 |
| 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. | $82,703 |
| Compensation of current officers, directors, key employees. | $8,270 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $71,698 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $13,985 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $32,601 |
| Fees for services: Accounting | $24,810 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $23,228 |
| Information technology | $315 |
| Royalties | $0 |
| Occupancy | $45,596 |
| Travel | $8,223 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $28,237 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $24,221 |
| Insurance | $15,196 |
| All other expenses | $30,186 |
| Total functional expenses | $688,529 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $843,269 |
| Savings and temporary cash investments | $200,815 |
| 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 | $4,702 |
| Net Land, buildings, and equipment | $849,940 |
| Investments—publicly traded securities | $1,664,444 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $10,814 |
| Other assets | $0 |
| Total assets | $3,573,984 |
| Accounts payable and accrued expenses | $788,065 |
| Grants payable | $166,500 |
| 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 | $438,228 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $1,392,793 |
| Net assets without donor restrictions | $1,912,702 |
| Net assets with donor restrictions | $268,489 |
| 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 | $3,573,984 |
Grants Awarded
Over the last fiscal year, Bright Promise has awarded $164,500 in support to 7 organizations.
| Grant Recipient | Amount |
|---|---|
DAYSTAR SCHOOL PURPOSE: GENERAL SUPPORT | $26,000 |
PUI-TAK CHRISTIAN SCHOOL PURPOSE: GENERAL SUPPORT | $21,000 |
CHICAGO WEST SIDE CHRISTIAN SCHOOL PURPOSE: GENERAL SUPPORT | $42,000 |
CORNERSTONE ACADEMY PURPOSE: GENERAL SUPPORT | $15,000 |
THE FIELD SCHOOL PURPOSE: GENERAL SUPPORT | $35,500 |
MIDWESTERN CHRISTIAN ACADEMY PURPOSE: GENERAL SUPPORT | $15,000 |