Promise Network Inc
- Assets
- $545.0k
- Revenue
- $44.5k
- Investments
- $477.6k
- Employees
- 0
- Location
- Birmingham, AL
- Founding
- 05/1981
- Data as of
- 12/2023
- EIN
- 63-0771801
Organization Overview
Promise Network Inc is located in Birmingham, AL. The organization was established in 1981. According to its NTEE Classification (A33) the organization is classified as: Printing & Publishing, under the broad grouping of Arts, Culture & Humanities and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Promise Network Inc 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 12/2023, Promise Network Inc generated $44.5k in total revenue. This organization has experienced exceptional growth, as over the past 9 years, it has increased revenue by an average of 11.4% each year . All expenses for the organization totaled $211.6k during the year ending 12/2023. While expenses have increased by 12.7% per year over the past 9 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, Promise Network Inc has awarded 21 individual grants totaling $161,978. 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
990PF
Mission & Program ActivityExcerpts From the 990PF Filing
TAX YEAR
2023
Describe the Organization's Program Activity:
Part 3 - Line 4a
MARRIAGE ENCOUNTER SEMINARS - MARRIAGE ENCOUNTER WEEKENDS IS PROMISE NETWORK'S RESPONSE TO RELATIONAL BROKENNESS IN OUR CULTURE. MARRIAGE ENCOUNTER WEEKENDS WILL STRENGTHEN GOOD MARRIAGES AND DELIVER HOPE AND HEALING TO STRUGGLING MARRIAGES. SHARING AND MODELING GOD'S PLAN FOR MARRIAGE IS THE HEART OF MARRIAGE ENCOUNTER. WE BELIEVE OUR PRIMARY CALLING IS TO REACH AS MANY COUPLES AS POSSIBLE WITH THE GOOD NEWS OF JESUS CHRIST. MARRIAGE ENCOUNTER IS ULTIMATELY SO MUCH MORE THAN BEING ABOUT BETTER AND STRONGER MARRIAGES; ULTIMATELY, IT IS ABOUT BRINGING HUSBANDS AND WIVES TO CHRIST WHO IS THE ONLY ONE WHO CAN PROVIDE LASTING AND TRANSFORMATIVE CHANGE. WE WILL PARTNER WITH LOCAL CHURCHES TO PROVIDE A MARRIAGE AND SPIRITUAL RENEWAL EXPERIENCE AS ONE MEANS OF FULFILLING THE GREAT COMMISSION.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Ronald W Mitchell President | 10 | $77,136 | |
Elaine Mitchell Director | 0 | $0 | |
Kathy Stutts Director | 0 | $0 | |
Jim Stutts Director | 0 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $22,642 |
| Interest on Savings | $0 |
| Dividends & Interest | $18,038 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $3,843 |
| Capital Gain Net Income | $3,843 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $0 |
| Total Revenue | $44,523 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $77,136 |
| Other employee salaries and wages | $0 |
| Pension plans, employee benefits | $0 |
| Interest | $233 |
| Taxes | $111 |
| Depreciation | $720 |
| Occupancy | $0 |
| Travel, conferences, and meetings | $6,267 |
| Printing and publications | $0 |
| Other expenses | $99,109 |
| Total operating and administrative expenses | $192,146 |
| Contributions, gifts, grants paid | $19,500 |
| Total expenses and disbursements | $211,646 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $65,909 |
| Savings and temporary cash investments | $11 |
| Net Accounts receivable | $0 |
| Net Pledges Receivable | $0 |
| Grants receivable | $0 |
| Receivables from Officers, Directors, or Controlling Persons | $0 |
| Net other notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Investments - land, buildings, equipment | $0 |
| Investments—mortgage loans | $0 |
| Investments—other | $477,561 |
| Net Land, buildings, and equipment | $1,517 |
| Other assets | $0 |
| Total assets | $544,998 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Mortgages and other notes payable | $0 |
| Other liabilities | $4,525 |
| Total liabilities | $4,525 |
Grants Awarded
Over the last fiscal year, Promise Network Inc has awarded $19,500 in support to 3 organizations.
| Grant Recipient | Amount |
|---|---|
BRIAN AND ASHLEY DUROST PURPOSE: BENEVOLANCE | $2,000 |
CHRISTIAN AND MISSIONARY ALLIANCE PURPOSE: PHILADELPHIA PROJECT | $15,000 |
TONY AND MELINDA WENGER PURPOSE: MEDICAL OR ADAPTIVE EQUIPMENT | $2,500 |