Pearls Of Promise Foundation Inc
- Assets
- $378.1k
- Revenue
- $145.5k
- Investments
- $0.0
- Employees
- 0
- Location
- Detroit, MI
- Founding
- 05/2003
- Data as of
- 12/2021
- EIN
- 37-1422562
Organization Overview
Pearls Of Promise Foundation Inc is located in Detroit, MI. The organization was established in 2003. According to its NTEE Classification (T20) the organization is classified as: Private Grantmaking 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. Pearls Of Promise Foundation Inc 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, Pearls Of Promise Foundation Inc generated $145.5k in total revenue. This organization has experienced exceptional growth, as over the past 6 years, it has increased revenue by an average of 42.7% each year . All expenses for the organization totaled $22.3k during the year ending 12/2021. While expenses have increased by 6.8% per year over the past 6 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
THE PEARLS OF PROMISE IS A PREMIER FOUNDATION THAT PROVIDES OPPORTUNITIES; LIFE, LEADERSHIP & ENTREPRENEURIAL SKILLS; HEALTH PROMOTION, FAMILY STRENGTHENING & ENVIRONMENTAL STEWARDSHIP TO RESIDENTS OF SOUTHEAST MICHIGAN WITH AN EMPHASIS ON YOUTH.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDED SCHOLARSHIPS AND BOOK STIPENDS TO HIGH SCHOOL STUDENTS BASED ON AN APPLICATION, A 1 PAGE ESSAY AND RECOMMENDATIONS FROM TEACHERS AND STAFF. ALL SCHOLARSHIP RECIPIENTS WERE ACKNOWLEDGED DURING A VIRTUAL CELEBRATION WITH THEIR FAMILY MEMBERS AND FOUNDATION MEMBERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Ivy Fields-Releford Member-At-La | OfficerTrustee | 2 | $0 |
Pamela Parks Fundraising | OfficerTrustee | 2 | $0 |
Andrea Young Treasurer | OfficerTrustee | 4 | $0 |
Cassandra Davis Secretary | OfficerTrustee | 4 | $0 |
Crystal Sewell President | OfficerTrustee | 4 | $0 |
Delgretta Dobbs-Longs Member-At-La | Trustee | 4 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $4,202 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $128 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $4,330 |
| Total Program Service Revenue | $141,183 |
| Investment income | $0 |
| 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 | $145,513 |
| 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 | $0 |
| Fees for services: Accounting | $0 |
| 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 | $0 |
| Information technology | $0 |
| 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 | $0 |
| All other expenses | $325 |
| Total functional expenses | $22,309 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $348,091 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $27,214 |
| 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 | $2,768 |
| Total assets | $378,073 |
| 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 | $0 |
| Total liabilities | $0 |
| Net assets without donor restrictions | $378,073 |
| 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 | $378,073 |
Grants Recieved
Over the last fiscal year, we have identified 4 grants that Pearls Of Promise Foundation Inc has recieved totaling $122,607.
| Awarding Organization | Amount |
|---|---|
The Blackbaud Giving Fund Charleston, SC PURPOSE: GENERAL SUPPORT | $60,900 |
The Blackbaud Giving Fund Charleston, SC PURPOSE: GENERAL SUPPORT | $60,900 |
Kresge Foundation Troy, MI PURPOSE: MATCHING GIFT | $750 |
Amazonsmile Foundation Seattle, WA PURPOSE: GENERAL SUPPORT | $57 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
John Joseph Sigstein Foundation Inc Huntington, IN | $0 | $2,327,854 |
Herrick Foundation Detroit, MI | $135,749,323 | $10,836,296 |
Wexner Foundation New Albany, OH | $6,442,852 | $9,976,190 |
We Energies Foundation Inc Milwaukee, WI | $74,423,525 | $6,027,785 |
The Samuel And Jean Frankel Fine Arts Foundation Bloomfield Hills, MI | $136,493,173 | $6,844,673 |
Bill & Julia Van Domelen Foundation Kalamazoo, MI | $132,053,109 | $12,849,321 |
Hcs Foundation Cleveland, OH | $105,976,263 | $7,902,405 |
Manoogian Simone Foundation Dearborn, MI | $47,087,292 | $4,923,874 |
Consumers Energy Foundation Jackson, MI | $77,869,075 | $10,169,744 |
The Ceres Trust Milwaukee, WI | $8,473,497 | $7,541,315 |
New Jci Foundation Inc Milwaukee, WI | $45,616,522 | $3,307,387 |
Marge & Charles J Schott Foundation Cincinnati, OH | $96,968,868 | $11,169,832 |