Promys Foundation
- Assets
- $1.4m
- Revenue
- $867.1k
- Investments
- $169.2k
- Employees
- 0
- Location
- Boston, MA
- Founding
- 09/2011
- Data as of
- 12/2022
- 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 12/2022, Promys Foundation generated $867.1k in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 20.2% each year . All expenses for the organization totaled $405.0k during the year ending 12/2022. While expenses have increased by 13.6% 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, Promys Foundation has awarded 44 individual grants totaling $1,762,107. 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
2022
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 EXCITED TO FUND $383,660 IN MISSION-RELATED ACTIVITIES IN 2022 INCLUDING SUPPORTING NEED-BASED FINANCIAL AID FOR STUDENTS AT PROMYS 2022 INCLUDING THE BREAKOUT FELLOW, AMERICAN MATHEMATICAL SOCIETY SCHOLAR, MEHTA FELLOWS, YONGREN FELLOW, AND JANE STREET FELLOWS. OVERALL, 39% OF STUDENTS RECEIVED A TOTAL OF $148,000 IN AID, EXCLUDING TRAVEL SUPPORT. THE FOUNDATION ALSO SUPPORTED STIPENDS FOR TEACHERS AND TEACHER COUNSELORS AT PROMYS FOR TEACHERS AND THE FREE PROMYS PATHWAYS SUMMER PROGRAM FOR TALENTED STUDENTS FROM LOW-INCOME OR UNDERREPRESENTED BACKGROUNDS.A TOTAL OF 76 HIGH SCHOOL STUDENTS, 21 UNDERGRADUATE COUNSELORS, AND 2 JUNIOR COUNSELORS PARTICIPATED IN PROMYS 2022 ON THE CAMPUS OF BOSTON UNIVERSITY. THREE ADVANCED SEMINARS WERE OFFERED IN 2022, AND THE STUDENTS AND COUNSELORS WERE EXCITED THAT PROMYS WAS RUNNING IN PERSON AGAIN, FOR THE FIRST TIME SINCE THE START OF THE COVID-19 PANDEMIC.WITH THE LAUNCH OF PROMYS INDIA DELAYED UNTIL 2023, 13 SEPARATELY FUNDED MEHTA FELLOW STUDENTS FROM INDIA, NEPAL AND SRI LANKA PARTICIPATED IN BOSTON, AS DID TWO MEHTA FELLOWS FROM EGYPT AND THE PHILIPPINES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Joshua Greene Ttee,secy.(2021/10-2022/11 | OfficerTrustee | 1 | $0 |
Glenn Stevens Ttee,treas.(2022/11-Presen | OfficerTrustee | 1 | $0 |
Wan-Yin Wu Ttee, Pres(2022/11-Present | OfficerTrustee | 1 | $0 |
Marjory Baruch Ttee,vp(2022/11-Present) | OfficerTrustee | 1 | $0 |
Henry Cohn Ttee, Secy. (2022/11-Prese | OfficerTrustee | 1 | $0 |
Henry Cohn Ttee,pres (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 | $862,506 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $862,506 |
| Total Program Service Revenue | $801 |
| Investment income | $3,765 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $56 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $867,128 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $383,660 |
| 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 | $15,103 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $5,575 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $637 |
| 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 | $404,975 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $509,214 |
| Savings and temporary cash investments | $769,927 |
| 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 | $169,248 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $1,448,389 |
| Accounts payable and accrued expenses | $6,130 |
| 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 | $6,130 |
| Net assets without donor restrictions | $1,014,199 |
| Net assets with donor restrictions | $428,060 |
| 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 | $1,448,389 |
Grants Awarded
Over the last fiscal year, Promys Foundation has awarded $280,000 in support to 7 organizations.
| Grant Recipient | Amount |
|---|---|
BOSTON UNIVERSITY (PROMYS DESIGNATION) PURPOSE: NEED-BASED FINANCIAL AID, BREAKOUT FELLOWSHIP, AND OTHER STUDENT SUPPORT | $85,000 |
BOSTON UNIVERSITY (PROMYS DESIGNATION) PURPOSE: 15 MEHTA FELLOW STUDENTS | $75,000 |
BOSTON UNIVERSITY (PROMYS DESIGNATION) PURPOSE: AMS SCHOLARSHIP | $5,000 |
BOSTON UNIVERSITY (PROMYS DESIGNATION) PURPOSE: PROMYS PATHWAYS | $10,000 |
BOSTON UNIVERSITY (PROMYS DESIGNATION) PURPOSE: JANE STREET FELLOWSHIPS FOR STUDENTS AND COUNSELORS | $30,000 |
BOSTON UNIVERSITY (PROMYS DESIGNATION) PURPOSE: TWO GRANTS FROM THE FOUNDATION TO PROMYS AND PROMYS FOR TEACHERS | $70,000 |