Oakland Promise
- Assets
- $74.0m
- Revenue
- $13.5m
- Investments
- $0.0
- Employees
- 47
- Location
- Oakland, CA
- Founding
- 11/2003
- Data as of
- 06/2023
- EIN
- 54-2103707
Organization Overview
Oakland Promise is located in Oakland, CA. The organization was established in 2003. 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 06/2023, Oakland Promise employed 47 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Oakland 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 06/2023, Oakland Promise generated $13.5m in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 18.4% each year . All expenses for the organization totaled $16.4m during the year ending 06/2023. 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
EDUCATIONAL FINANCIAL ASSISTANCE
Describe the Organization's Program Activity:
Part 3 - Line 4a
OAKLAND PROMISE ("OP") IS AVAILABLE TO YOUNG LEARNERS (FROM NEWBORNS TO COLLEGE STUDENTS) AND THEIR FAMILIES WHO RESIDE IN OAKLAND. OP OFFERS EVERY CHILD THE FINANCIAL RESOURCES, SUPPORT, MENTORSHIP AND INCENTIVES THEY NEED FROM BIRTH AND THROUGHOUT THEIR SCHOOL YEARS TO EMPOWER THEM TO SEEK OUT AND THRIVE IN THE HIGHER EDUCATION AND CAREER OF THEIR CHOOSING. OP PROVIDES SERVICES THROUGH FOUR CORE CRADLE-TO-COLLEGE AND CAREER PROGRAMS AT EACH STAGE OF A YOUNG PERSON'S DEVELOPMENT FROM AGES 0 TO 25: BRILLIANT BABY, KINDERGARTEN TO COLLEGE, COLLEGE ACCESS AND COLLEGE COMPLETION. THROUGH THESE PROGRAMS, OP OFFERS COLLEGE SAVINGS ACCOUNTS (529S), COLLEGE SCHOLARSHIP FUNDING IN ELEMENTARY SCHOOL YEARS, 2-4 YEAR COLLEGE/CTE SCHOLARSHIPS, FINANCIAL GUIDANCE FOR PARENTS AND STUDENTS, COLLEGE BUILDING CULTURE PROGRAMS AND CRITICAL RESOURCES TO EMPOWER STUDENTS TO DEVELOP THEIR COLLEGE AND VOCATIONAL BOUND IDENTITY AND PERSISTENCE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Michael Mcafee Board President | OfficerTrustee | 5 | $0 |
Susan Stutzman Board Vice President | OfficerTrustee | 5 | $0 |
James Harrison Secretary | OfficerTrustee | 5 | $0 |
Seth Hamalian Treasurer | OfficerTrustee | 5 | $0 |
Robert Stark Director | OfficerTrustee | 5 | $0 |
Kim Thompson Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $7,695,164 |
| All other contributions, gifts, grants, and similar amounts not included above | $5,760,021 |
| Noncash contributions included in lines 1a–1f | $5,000 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $13,455,185 |
| Total Program Service Revenue | $0 |
| Investment income | $151,725 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$137,809 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $13,469,101 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $2,137,383 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $733,122 |
| Compensation of current officers, directors, key employees. | $62,745 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $3,174,075 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $602,272 |
| Payroll taxes | $380,884 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $164,517 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $241,124 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $325,653 |
| Travel | $37,061 |
| 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 | $5,000 |
| Total functional expenses | $16,374,748 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $12,316,286 |
| Savings and temporary cash investments | $538,642 |
| Pledges and grants receivable | $9,545,485 |
| 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 | $139,259 |
| Net Land, buildings, and equipment | $21,204 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $51,476,644 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $74,037,520 |
| Accounts payable and accrued expenses | $2,156,444 |
| 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 | $4,412,457 |
| Total liabilities | $6,568,901 |
| Net assets without donor restrictions | $50,843,536 |
| Net assets with donor restrictions | $16,625,083 |
| 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 | $74,037,520 |