Bright Prospect
- Assets
- $3.7m
- Revenue
- $1.8m
- Investments
- $1.1m
- Employees
- 47
- Location
- Pomona, CA
- Founding
- 05/2002
- Data as of
- 06/2024
- EIN
- 52-2363234
Organization Overview
Bright Prospect is located in Pomona, CA. The organization was established in 2002. According to its NTEE Classification (B90) the organization is classified as: Educational Services, under the broad grouping of Education and related organizations. As of 06/2024, Bright Prospect employed 47 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Bright Prospect 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 06/2024, Bright Prospect generated $1.8m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 9 years, the organization has seen revenues fall by an average of (3.8%) each year. All expenses for the organization totaled $1.9m during the year ending 06/2024. As we would expect to see with falling revenues, expenses have declined by (2.2%) per year over the past 9 years. 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
2024
Describe the Organization's Mission:
Part 3 - Line 1
BRIGHT PROSPECT EMPOWERS FIRST GENERATION LOW-INCOME STUDENTS TO GAIN ADMISSION, TO SUCCEED IN, AND GRADUATE FROM COLLEGES AND UNIVERSITIES BY PROVIDING A COMPREHENSIVE COUNSELING, MATH TUTORING AND SUPPORT SYSTEM THROUGHOUT THEIR HIGH SCHOOL AND COLLEGE YEARS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
BRIGHT PROSPECT ACCEPTS ANY STUDENT WHO WANTS TO JOIN AS OF THE 9TH GRADE. DURING THE 10TH AND 11TH GRADES, THE PROGRAM FOCUSES ON DEVELOPING STUDENTS' SOCIAL AND EMOTIONAL SKILLS FOR COLLEGE. IN THE FALL SEMESTER OF THE 12TH GRADE, STAFF GUIDES STUDENTS TO COMPLETE THEIR COLLEGE AND FINANCIAL AID APPLICATIONS, AND IN THE SPRING HELPS THE STUDENTS AND FAMILIES UNDERSTAND THEIR APPLICATIONS AND PRIOR TO ENTERING COLLEGE THE PROGRAM PREPARES STUDENTS FOR COLLEGE LIFE. WE THEN CONTINUE TO ADVISE AND SUPPORT OUR STUDENTS UNTIL THEY GRADUATE FROM COLLEGE. ADDITIONAL SERVICES TO HELP STUDENTS INCLUDE ACADEMIC TUTORING SUPPORT IN MATH, WRITING AND ENGLISH LANGUAGE ARTS SUPPORT, AND A CAREER AND TECHNICHAL EDUCATIONAL PATHWAY PROGRAM. DURING FISCAL YEAR 2024, BRIGHT PROSPECT SERVED 3,973 STUDENTS, INCLUDING 1,036 MIDDLE AND HIGH SCHOOL TUTORING, 1146 HIGH SCHOOL STUDENTS AND 1,791 COLLEGE STUDENTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Holly Reynolds Executive Dir. | Trustee | 40 | $177,387 |
Kevin Lumowah Officer | Officer | 40 | $112,131 |
Devorah Lieberman Director | Trustee | 1 | $0 |
Dr Stephen Morgan Director | Trustee | 1 | $0 |
Kyle Webb Treasurer | OfficerTrustee | 1 | $0 |
Shandria Richmond-Roberts Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $1,321,480 |
| All other contributions, gifts, grants, and similar amounts not included above | $408,975 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,730,455 |
| Total Program Service Revenue | $0 |
| Investment income | $55,761 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $1,864 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,788,092 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $172,500 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $289,518 |
| Compensation of current officers, directors, key employees. | $37,821 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $708,400 |
| Pension plan accruals and contributions | $17,109 |
| Other employee benefits | $101,052 |
| Payroll taxes | $85,073 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $10,813 |
| Fees for services: Accounting | $62,200 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $4,199 |
| Advertising and promotion | $8,892 |
| Office expenses | $11,211 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $139,125 |
| Travel | $16,023 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $8,490 |
| Interest | $3,861 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $34,738 |
| Insurance | $45,257 |
| All other expenses | $50,738 |
| Total functional expenses | $1,923,981 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,974,081 |
| Savings and temporary cash investments | $362,831 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $226,251 |
| 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 | $9,829 |
| Net Land, buildings, and equipment | $89,565 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $1,061,086 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $3,723,643 |
| Accounts payable and accrued expenses | $4,599 |
| 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 | $59,618 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $99,753 |
| Total liabilities | $163,970 |
| Net assets without donor restrictions | $3,532,173 |
| Net assets with donor restrictions | $27,500 |
| 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 | $3,723,643 |