Providence Promise
- Assets
- $403.1k
- Revenue
- $631.7k
- Investments
- $0.0
- Employees
- 10
- Location
- Providence, RI
- Founding
- 02/2015
- Data as of
- 06/2022
- EIN
- 47-1918920
Organization Overview
Providence Promise is located in Providence, RI. The organization was established in 2015. According to its NTEE Classification (B82) the organization is classified as: Scholarships & Student Financial Aid, under the broad grouping of Education and related organizations. As of 06/2022, Providence Promise employed 10 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Providence Promise 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 06/2022, Providence Promise generated $631.7k in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 34.9% each year . All expenses for the organization totaled $485.9k during the year ending 06/2022. While expenses have increased by 37.3% 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.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
PROVIDENCE PROMISE PROMOTES HIGH EDUCATIONAL ASPIRATIONS AND MORE EQUITABLE OPPORTUNITIES FOR PROVIDENCE PUBLIC SCHOOL STUDENTS BY ADVOCATING FOR COLLEGE SAVINGS ACCOUNTS AND FAMILY ENGAGEMENT, INCREASING FINANCIAL LITERACY, AND REDUCING THE FINANCIAL BURDEN OF HIGHER EDUCATION.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDENCE PROMISE'S UNIQUE , MULTI- PRONGED STRUCTURE IS DESIGNED TO HOLISTICALLY ADDRESS THE CHALLENGES FACED BY PROVIDENCE STUDENTS IN THEIR PURSUIT OF HIGHER EDUCATION.EARLY ENROLLMENT: PARENTS/GUARDIANS ENROLL THEIR CHILDREN BY THE TIME THEY ENTER THE PUBLIC SCHOOL SYSTEM, WHEN CHILDREN FROM BIRTH TO GRADE NINE ARE ELIGIBLE.COLLEGE SAVINGS: UPON ENROLLMENT, FAMILIES OPEN A 529 COLLEGE SAVINGS ACCOUNT FOR EACH CHILD AND CONTRIBUTE AN AVERAGE OF 1% OF THEIR GROSS ANNUAL HOUSEHOLD INCOME INTO EACH CHILD'S ACCOUNT FOR A PERIOD OF UP TO 15 YEARS. PROVIDENCE PROMISE PROVIDES AN INITIAL CONTRIBUTION OF $100 TO EACH CHILD'S ACCOUNT, AND ALSO PROVIDES OPPORTUNITIES FOR FAMILIES AND CHILDREN TO EARN ADDITIONAL INCENTIVES TO BUILD THEIR COLLEGE SAVINGS BY ACHIEVING CERTAIN GOALS.FAMILY ENGAGEMENT: PROVIDENCE PROMISE FACILITATES ONGOING FAMILY ENGAGEMENT AND FINANCIAL LITERACY THROUGH SCHOOL- BASED EVENTS, WORKSHOPS, COLLEGE VISITS, REFERRALS TO COLLEGE ACCESS PROGRAMS, AND MORE. THE FAMILY ENGAGEMENT PROGRAM ALSO INCLUDES A DEDICATED PARENT COUNCIL COMPRISED OF PARENT LEADERS WHO INFORM PROGRAM CHANGES AND FUTURE WORKSHOP TOPICS , AND HELP TO PLAN EVENTS.REDUCING THE FINANCIAL BURDEN: PROVIDENCE PROMISE WILL WORK WITH EACH STUDENT AND THEIR FAMILY TO IDENTIFY THE HIGHER EDUCATION CHOICES THAT BEST FIT THE NEEDS AND GOALS OF EACH CHILD AND TO ASSURE THAT ALL ACCESSIBLE FINANCIAL AID IS SECURED, INCLUDING FUNDS THAT MAY BE RAISEDBY PROVIDENCE PROMISE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Madalyn Ciampi Executive Director | Officer | 40 | $72,638 |
Daniel Baudouin Board Chair | OfficerTrustee | 10 | $0 |
Christine Dibiase Vice Chair | OfficerTrustee | 1 | $0 |
Olinda Urizar Secretary | OfficerTrustee | 1 | $0 |
John Kashmanian Treasurer | OfficerTrustee | 1 | $0 |
Richard Lappin Director | Trustee | 10 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $3,216 |
| Related organizations | $0 |
| Government grants | $2,000 |
| All other contributions, gifts, grants, and similar amounts not included above | $625,876 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $631,092 |
| Total Program Service Revenue | $0 |
| Investment income | $43 |
| 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 | $631,702 |
| 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. | $79,202 |
| Compensation of current officers, directors, key employees. | $19,800 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $198,225 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $6,002 |
| Payroll taxes | $22,164 |
| 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 | $6,283 |
| Advertising and promotion | $5,317 |
| Office expenses | $28,291 |
| Information technology | $5,547 |
| 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 | $1,353 |
| Insurance | $4,101 |
| All other expenses | $0 |
| Total functional expenses | $485,912 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $165,032 |
| Savings and temporary cash investments | $230,013 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $2,000 |
| 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 | $3,915 |
| Net Land, buildings, and equipment | $2,155 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $403,115 |
| Accounts payable and accrued expenses | $17,840 |
| 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 | $17,840 |
| Net assets without donor restrictions | $385,275 |
| 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 | $403,115 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Providence Promise has recieved totaling $2,150.
| Awarding Organization | Amount |
|---|---|
The Harry M Miriam C & William C Dallas, TX PURPOSE: UNRESTRICTED GENERAL | $2,150 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Massachusetts Higher Education Assistance Corporation Boston, MA | $1,090,709,677 | $124,087,298 |
Edward P Evans Andover, MA | $242,161,195 | $13,916,833 |
Ja Worldwide Inc Boston, MA | $14,229,210 | $21,801,943 |
Catholic Schools Foundation Inc Boston, MA | $110,171,239 | $27,305,892 |
Laspau Inc Cambridge, MA | $9,172,350 | $9,862,515 |
The Cape Cod Community College Educational Foundation Inc West Barnstable, MA | $15,428,827 | $3,042,413 |
Cape Cod Foundation Inc South Yarmouth, MA | $88,834,376 | $21,531,654 |
Uaspire Inc Boston, MA | $8,161,176 | $8,929,537 |
Stephen Phillips Memorial Scholarship Fund Inc Boston, MA | $45,790,109 | $8,308,700 |
Thrive Scholars Boston, MA | $14,006,320 | $13,719,971 |
Boston Latin School Association Boston, MA | $71,373,277 | -$8,021,699 |
Feigenbaum Foundation Inc Pittsfield, MA | $77,550,637 | $8,621,230 |