Promys Foundation
- Assets
- $1.0m
- Revenue
- $438.8k
- Investments
- $203.1k
- Employees
- 0
- Location
- Boston, MA
- Founding
- 09/2011
- Data as of
- 12/2021
- EIN
- 45-2917981
Organization Overview
Promys Foundation is located in Boston, MA. The organization was established in 2011. According to its NTEE Classification (B80) the organization is classified as: Student Services, under the broad grouping of Education and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Promys 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, Promys Foundation generated $438.8k in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 11.9% each year . All expenses for the organization totaled $158.8k during the year ending 12/2021. While expenses have increased by 1.2% 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.
Since 2015, Promys Foundation has awarded 37 individual grants totaling $1,482,107. 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
PROMYS FOUNDATION EXISTS TO SUPPORT PROMYS (PROGRAM IN MATHEMATICS FOR YOUNG SCIENTISTS). ALL ACTIVITIES OF THE PROMYS FOUNDATION ARE DESIGNED TO SERVE A SINGLE PURPOSE: TO SUPPORT THE NON-PROFIT PROGRAM IN MATHEMATICS FOR YOUNG SCIENTISTS (PROMYS) WHOSE MISSION IS FINDING AND NURTURING TALENT IN MATHEMATICS. THE PROMYS PROGRAM IS A PROGRAM OF BOSTON UNIVERSITY, AN ORGANIZATION DESCRIBED IN SECTION 501(C)(3) AND SECTION 170(B)(I)(A)(II). THE ACTIVITIES OF THE PROMYS FOUNDATION WILL CENTER ON FUNDRAISING WITH THE PRIMARY GOAL BEING TO PROVIDE FUNDS TO PROMYS TO FUND STUDENT SCHOLARSHIPS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE PROMYS FOUNDATION WAS DELIGHTED TO FUND $143,743 IN MISSION-RELATED ACTIVITIES IN 2021. $72,993 SUPPORTED NEED-BASED FINANCIAL AID FOR STUDENTS AT PROMYS 2021 AND THE BREAKOUT FELLOW, AMS SCHOLAR, MEHTA FELLOWS, YONGREN FELLOW & JANE STREET FELLOWS.A TOTAL OF 79 HIGH SCHOOL STUDENTS AND 26 UNDERGRADUATE COUNSELORS PARTICIPATED IN PROMYS 2021. APPROXIMATELY 45% OF STUDENTS RECEIVED NEED-BASED FINANCIAL AID (AND TECH SUPPORT IF NEEDED) INCLUDING 26 FULL SCHOLARSHIPS. RUN ONLINE DUE TO COVID-19, PROMYS 2021 RAN AS CLOSE TO THE IN-PERSON PROGRAM AS POSSIBLE WITH DAILY NUMBER THEORY LECTURES, 3 ADVANCED SEMINARS, MENTORED RESEARCH, EXPLORATION LABS, COUNSELOR TALKS, AND GUEST LECTURES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Wan-Yin Wu Ttee, Pres(2022/11-Present) | OfficerTrustee | 1 | $0 |
Glenn Stevens Ttee,treas.(2022/11-Present) | OfficerTrustee | 1 | $0 |
Amanda Beeson Tucker Ttee,pres(2020/09-2021/10) | OfficerTrustee | 1 | $0 |
Marjory Baruch Ttee,vp(2022/11-Present) | OfficerTrustee | 1 | $0 |
Henry Cohn Ttee,pres (2021/10-2022/11) | OfficerTrustee | 3 | $0 |
Joshua Greene Ttee,secy.(2021/10-2022/11) | OfficerTrustee | 1 | $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 | $406,246 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $406,246 |
| Total Program Service Revenue | $1,030 |
| Investment income | $3,381 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $28,157 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $438,814 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $143,707 |
| 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 | $9,017 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $5,700 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $332 |
| 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 | $0 |
| Total functional expenses | $158,756 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $521,781 |
| Savings and temporary cash investments | $269,775 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $30,000 |
| 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 | $203,102 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $1,024,658 |
| Accounts payable and accrued expenses | $7,062 |
| 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 | $7,062 |
| Net assets without donor restrictions | $631,006 |
| Net assets with donor restrictions | $386,590 |
| 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 | $1,024,658 |
Grants Awarded
Over the last fiscal year, Promys Foundation has awarded $69,500 in support to 4 organizations.
| Grant Recipient | Amount |
|---|---|
Boston, MA PURPOSE: SUPPORT FOR MEHTA FELLOWSHIPS IN 2021 AND PREPARATIONS FOR PROMYS INDIA | $35,000 |
Boston, MA PURPOSE: SUPPORT FOR JANE STREET FELLOWSHIPS FOR 2 BEAM STUDENTS AND 2 COUNSELORS | $13,000 |
Boston, MA PURPOSE: FOR NEED-BASED FINANCIAL AID FOR STUDENTS AT PROMYS 2021 | $11,400 |
Boston, MA PURPOSE: SUPPORT FOR BREAKOUT FELLOWSHIP, YONGREN FELLOWSHIP, AMS SCHOLARSHIP AND NEED-BASED FINANCIAL AID | $10,100 |
Grants Recieved
Over the last fiscal year, we have identified 4 grants that Promys Foundation has recieved totaling $69,139.
| Awarding Organization | Amount |
|---|---|
Community Foundation Of New Jersey Morristown, NJ PURPOSE: GENERAL SUPPORT | $50,000 |
American Online Giving Foundation Inc Newark, DE PURPOSE: GENERAL SUPPORT | $12,979 |
American Mathematical Society Providence, RI PURPOSE: EPSILON - ANNUAL SUPPORT | $5,880 |
Amazonsmile Foundation Seattle, WA PURPOSE: GENERAL SUPPORT | $280 |
Endowment Analysis
| Beg. Balance | $184,694 |
| Ending Balance | $184,694 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
F I T Student Housing Corporation New York, NY | $172,356,223 | $33,857,523 |
New Leaders New York, NY | $51,919,940 | $51,082,057 |
Morrisville Auxiliary Of State Univ College Of Agricult & Technology Morrisville, NY | $25,329,251 | $17,429,247 |
Faculty Student Association State University College At Fredonia Inc Fredonia, NY | $20,429,854 | $14,962,919 |
The Jain Family Institute New York, NY | $1,266,575 | $5,283,522 |
Brockport Auxilary Service Corporation Brockport, NY | $15,024,153 | $10,683,968 |
Albert Einstein College Of Medicine Staff Housing Company Inc Bronx, NY | $37,908,103 | $6,828,997 |
The Possible Project Inc Boston, MA | $20,628,656 | $12,891,174 |
Bernard M Baruch College Auxiliary Enterprises Corporation New York, NY | $2,835,381 | $7,073,623 |
The Boston Education Development Foundation Inc Roxbury, MA | $14,159,042 | $7,338,660 |
Kimi Nichols Center Plaistow, NH | $2,742,152 | $7,599,619 |
University At Buffalo Student Association Inc Buffalo, NY | $6,243,803 | $4,544,119 |