Precious Promise Academy Inc
- Assets
- $2.3m
- Revenue
- $2.4m
- Investments
- $0.0
- Employees
- 43
- Location
- Fort Lauderdale, FL
- Founding
- 03/2006
- Data as of
- 12/2022
- EIN
- 65-0956904
Organization Overview
Precious Promise Academy Inc is located in Fort Lauderdale, FL. The organization was established in 2006. According to its NTEE Classification (B21) the organization is classified as: Preschools, under the broad grouping of Education and related organizations. As of 12/2022, Precious Promise Academy Inc employed 43 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Precious Promise Academy 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 12/2022, Precious Promise Academy Inc generated $2.4m in total revenue. This represents relatively stable growth, over the past 4 years the organization has increased revenue by an average of 7.0% each year. All expenses for the organization totaled $2.1m during the year ending 12/2022. While expenses have increased by 7.2% per year over the past 4 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
DEDICATED TO THE MENTAL, PHYSICAL AND SOCIAL DEVELOPMENT OF CHILDREN. PROVIDE PRESCHOOL PROGRAMS THAT CHALLENGE AND ENCOURAGE CHILDREN TO ACHIEVE THEIR FULLEST POTENTIAL. WE CONSIDER IT OUR RESPONSIBILITY TO HELP PARENTS RAISE THEIR CHILDREN TO BE HAPPY, WELL ADJUSTED INDIVIDUALS. WE OFFER A CHRISTIAN PHILOSOPHY OF EDUCATION AND A CHRISTIAN ENVIRONMENT FOR GROWTH. THE ABEKA CURRICULUM IS USED TO KEEP LEARNING INTERESTING AS WELL AS FUN.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SCHOOL PROGRAM AS DESCRIBED IN PART III # 1. CURRICULUM/TEACHING SUPPLIES $88,448. UTILITIES $35,988. TRAVEL $20,214. ADVERTISE / PROMOTION $4,2494
SUMMER PROGRAM: WE OFFER CONVENIENT FOR TODAY'S WORKING PARENTS WHILE PROVIDING A CHRIST-CENTERED ENVIRONMENT. EACH WEEK DURING SUMMER MONTHS IS THEMED AND WE OFFER A PLETHORA OF INDOOR AND OUTDOOR ACTIVITIES LIKE ANIMAL EXHIBITS, PLANETARIUM, BOUNCE HOUSE AND MORE. WE ALSO PROVIDE LUNCH TO THE STUDENTS OF FRIDAYS. OUR GOAL IS TO ENRICH THE LIVES OF OUR STUDENTS AND THEIR FAMILIES BY OFFERING A SAFE AND FUN ENVIRONMENT THROUGHOUT THE SUMMER MONTHS.
SPECIAL EVENTS PROGRAMS : WE OFFER A CONVENIENCE FOR WORKING PARENTS TO INVOLVE THE STUDENTS IN AFTERCARE AND EXTRA-CURRICULAR ACTIVITIES WHILE REMAINING IN A CHRIST-CENTERED ENVIRONMENT. VARIOUS ACTIVITIES SUCH AS SOCCER, KARATE, AND BALLET AND MUCH MORE ARE OFFERED. OUR GOAL IS TO PROVIDE A SAFE ENVIRONMENT FOR STUDENTS TO CONTINUE TO GROW AFTER SCHOOL.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
David Harvin Director | Trustee | 40 | $69,315 |
Thomas Manning President | Trustee | 2 | $0 |
Anthony Newbold Treasurer | Trustee | 3 | $0 |
Sedley Lawrence Corporate Secretary | Trustee | 1 | $0 |
Hugh Nelson Member | Officer | 1 | $0 |
Candace Manning Member | Officer | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $190,134 |
| 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 | $190,134 |
| Total Program Service Revenue | $2,185,751 |
| Investment income | $21,016 |
| 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 | $2,396,901 |
| 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. | $69,315 |
| Compensation of current officers, directors, key employees. | $69,315 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $966,078 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $73,616 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $54,429 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $4,294 |
| Office expenses | $7,212 |
| Information technology | $27,661 |
| Royalties | $0 |
| Occupancy | $608,790 |
| Travel | $20,214 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $8,432 |
| Interest | $5,944 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $9,165 |
| Insurance | $6,184 |
| All other expenses | $0 |
| Total functional expenses | $2,112,611 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $105,153 |
| Savings and temporary cash investments | $848,099 |
| Pledges and grants receivable | $190,135 |
| 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 | $47,262 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,084,188 |
| Total assets | $2,274,837 |
| Accounts payable and accrued expenses | $57,744 |
| 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 | $149,440 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | -$748 |
| Total liabilities | $206,436 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $284,290 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $1,784,111 |
| Total liabilities and net assets/fund balances | $2,274,837 |