Promise Schools
- Assets
- $0.0
- Revenue
- $2.5k
- Investments
- $0.0
- Employees
- 6
- Location
- Detroit, MI
- Founding
- 09/2014
- Data as of
- 12/2022
- EIN
- 46-4341453
Organization Overview
Promise Schools is located in Detroit, MI. The organization was established in 2014. According to its NTEE Classification (B90) the organization is classified as: Educational Services, under the broad grouping of Education and related organizations. As of 12/2022, Promise Schools employed 6 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Promise Schools 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, Promise Schools generated $2.5k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 8 years, the organization has seen revenues fall by an average of (61.8%) each year. All expenses for the organization totaled $832.0k during the year ending 12/2022. 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
OUR MISSION IS SIMPLE MAKE URBAN SCHOOLS GREAT. BY GREAT SCHOOLS, WE MEAN SCHOOLS THAT PLACE ALL STUDENTS ON THE PATH TO COLLEGE AND OTHER POST-SECONDARY STUDIES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
INSTRUCTION AND ADMINISTRATIVE SUPPORT OF EFFECTIVE SCHOOL MANAGEMENT
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Erica Robertson CEO | Officer | 40 | $245,417 |
Saul Green Treasurer | Trustee | 1 | $0 |
Rico Razo Member | Trustee | 1 | $0 |
George Watson Member | Trustee | 1 | $0 |
Quan Neloms Member | Trustee | 1 | $0 |
Tyrone Davenport Chair | Trustee | 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 | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $2,500 |
| 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 | $2,500 |
| 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 | $147,598 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $39,004 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $22,581 |
| Fees for services: Accounting | $21,528 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $5,932 |
| Office expenses | $119,399 |
| Information technology | $7,037 |
| 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 | $856 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $8,428 |
| Total functional expenses | $831,969 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| 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 | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $0 |
| 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 | $0 |
| 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 | $0 |
Grants Recieved
Over the last fiscal year, we have identified 3 grants that Promise Schools has recieved totaling $45,000.
| Awarding Organization | Amount |
|---|---|
Vinnie Johnson Foundation Southfield, MI PURPOSE: TO SUPPORT EDUCATION | $25,000 |
Charities Aid Foundation America Alexandria, VA PURPOSE: CHARITABLE DONATION | $10,000 |
Childrens Hospital Of Michigan Foundation Detroit, MI PURPOSE: COVID TESTING SUPPLIES | $10,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Project Lead The Way Inc Indianapolis, IN | $104,347,608 | $65,462,690 |
Summit Academy Management Akron, OH | $25,217,091 | $45,520,259 |
Ohio Connections Academy Inc Mason, OH | $14,548,496 | $44,580,487 |
Lighthouse Academies Of Northwest Indiana Inc Gary, IN | $25,011,234 | $24,142,982 |
Childrens Center For Developmental Enrichment Westerville, OH | $12,309,399 | $12,926,419 |
Edchoice Inc Indianapolis, IN | $20,542,454 | $10,117,129 |
Teachers Treasures Inc Indianapolis, IN | $1,070,406 | $9,359,257 |
Rev1 Ventures Columbus, OH | $21,187,153 | $10,381,705 |
Integrity Educational Services Grand Rapids, MI | $1,165,431 | $9,051,642 |
Preschool Promise Inc Dayton, OH | $4,299,915 | $8,117,368 |
Racine Charter One Inc Racine, WI | $5,378,275 | $6,487,272 |
First Steps Kent Grand Rapids, MI | $2,604,123 | $6,363,440 |