Hartford Promise Inc
- Assets
- $5.3m
- Revenue
- $2.1m
- Investments
- $0.0
- Employees
- 13
- Location
- Hartford, CT
- Founding
- 10/2016
- Data as of
- 06/2023
- EIN
- 81-0924703
Organization Overview
Hartford Promise Inc is located in Hartford, CT. The organization was established in 2016. 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, Hartford Promise Inc employed 13 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Hartford Promise 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 06/2023, Hartford Promise Inc generated $2.1m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 1.4% each year. All expenses for the organization totaled $2.3m during the year ending 06/2023. While expenses have increased by 4.2% 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
TO ENCOURAGE COLLEGE AND OTHER PREPAREDNESS, ATTENDANCE, AND SUCCESS THROUGH SCHOLARSHIPS AND OTHER SUPPORT TO GRADUATES OF HIGH SCHOOLS IN HARTFORD, CONNECTICUT.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE ORGANIZATION RECEIVED GRANTS AND CONTRIBUTIONS FOR SCHOLARSHIPS. FUNDS ARE DEPOSITED WITH HARTFORD FOUNDATION FOR PUBLIC GIVING UNTIL DISBURSEMENTS ARE MADE FOR SCHOLARSHIPS. THE SCHOLARSHIPS ARE AWARDED TO STUDENTS ATTENDING HIGH SCHOOLS LOCATED IN THE CITY OF HARTFORD.
THE ORGANIZATION ENRICHED NUMEROUS HIGH SCHOOL GRADUATES OF HARTFORD, CONNECTICUT WITH ENCOURAGEMENT AND PROVIDED SCHOLARSHIPS FOR FINANCIAL SUPPORT TO QUALIFIED CANDIDATES. THE ORGANIZATION ENCOURAGES COLLEGE PREPAREDNESS, ATTENDANCE, AND SUCCESS FOR QUALIFIED HIGH SCHOOL GRADUATES.
THE ORGANIZATION DISBURSED SCHOLARSHIPS AND OTHER SUPPORT FOR STUDENTS ATTENDING THE UNIVERSITY OF HARTFORD.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Hugh F Murray III Treasurer | OfficerTrustee | 2 | $0 |
Robert E Patricelli Director, Co-Chair | OfficerTrustee | 2 | $0 |
Mark Scheinberg Director | Trustee | 1 | $0 |
Leslie Torres-Rodriguez Director | Trustee | 1 | $0 |
Diedre Tavera Director | Trustee | 1 | $0 |
Walt Harrison Director, Co-Chair | OfficerTrustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $202,619 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,884,523 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $2,087,142 |
| Total Program Service Revenue | $0 |
| Investment income | $113,245 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | -$61,841 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $2,138,546 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $1,361,803 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $505,206 |
| Compensation of current officers, directors, key employees. | $101,041 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $189,783 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $99,963 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $21,750 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $11,216 |
| Office expenses | $8,661 |
| Information technology | $14,473 |
| Royalties | $0 |
| Occupancy | $18,340 |
| Travel | $8,308 |
| 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 | $2,941 |
| Insurance | $1,157 |
| All other expenses | $1,374 |
| Total functional expenses | $2,260,796 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $18,915 |
| Savings and temporary cash investments | $5,030,914 |
| Pledges and grants receivable | $180,771 |
| 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 | $2,536 |
| Net Land, buildings, and equipment | $8,034 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $9,770 |
| Total assets | $5,250,940 |
| Accounts payable and accrued expenses | $18,462 |
| 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 | $10,785 |
| Total liabilities | $29,247 |
| Net assets without donor restrictions | $2,113,338 |
| Net assets with donor restrictions | $3,108,355 |
| 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 | $5,250,940 |