New Haven Promise Inc
- Assets
- $2.1m
- Revenue
- $5.2m
- Investments
- $0.0
- Employees
- 12
- Location
- New Haven, CT
- Founding
- 05/2016
- Data as of
- 06/2023
- EIN
- 81-1267064
Organization Overview
New Haven Promise Inc is located in New Haven, CT. The organization was established in 2016. According to its NTEE Classification (P20) the organization is classified as: Human Service Organizations, under the broad grouping of Human Services and related organizations. As of 06/2023, New Haven Promise Inc employed 12 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. New Haven 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, New Haven Promise Inc generated $5.2m in total revenue. This represents relatively stable growth, over the past 3 years the organization has increased revenue by an average of 2.3% each year. All expenses for the organization totaled $5.0m during the year ending 06/2023. You can explore the organizations financials more deeply in the financial statements section below.
Since 2021, New Haven Promise Inc has awarded 46 individual grants totaling $12,549,320. 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
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
TO BUILD A CULTURE IN THE PUBLIC SCHOOLS IN WHICH STUDENTS ASPIRE TO ATTEND AND GRADUATE FROM COLLEGE; TO PROVIDE FINANCIAL INCENTIVES AND SUPPORT FOR THOSE STUDENTS; AND TO FACILITATE THEIR RETURN TO LIVE, WORK AND SERVE IN THE GREATER NEW HAVEN COMMUNITY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
"TO" - COLLEGE ACCESS: NEW HAVEN PROMISE FOSTERS A COLLEGE-GOING CULTURE AMONG NEW HAVEN PUBLIC SCHOOL STUDENTS AND MOTIVATES STUDENTS TO GAIN ADMISSION TO COLLEGE; INFORMED AND EDUCATED K-12 STUDENTS AND PARENTS TO COMPLETE THE PLEDGE AND SENIOR APPLICATION OF PROMISE; RECRUITED AND SERVED STUDENTS FOR SUMMER ENRICHMENT PROGRAMS; CONNECTED STUDENTS WITH NEW HAVEN NONPROFIT ORGANIZATIONS TO COMPLETE THE REQUIRED COMMUNITY SERVICE HOURS AND MANAGED THE SERVICE TRACKING SYSTEM - SERVO.CITY; MANAGED THE COMPREHENSIVE FINANCIAL LITERACY CAMPAIGN THROUGH FAFSACT.ORG PLATFORM; RECRUITED VOLUNTEERS TO HELP COLLEGE-BOUND STUDENTS UNDERSTAND COLLEGE COST, AID PACKAGES AND ADMISSION PROCESS ETC.
"THROUGH" - COLLEGE SUCCESS: NEW HAVEN PROMISE MOTIVATES SCHOLARS TO GRADUATE FROM COLLEGE WITHIN FOUR YEARS BY PROVIDING RENEWABLE SCHOLARSHIPS TO COVER UP TO FULL COLLEGE TUITION, PROMOTING FAFSA COMPLETION, LEVERAGING GUARANTEED INSTITUTIONAL AID, RECRUITING PEER LEADERS AND MENTORS AT CAMPUSES, AND PARTNERING WITH COLLEGES TO ENSURE FULL SUPPORT OF PROMISE SCHOLARS.
"BACK NEW HAVEN" - CAREER AND CIVIC LAUNCH: MEETS THE CITY AND REGIONAL NEEDS FOR A DIVERSE HOMEGROWN TALENT PIPELINE THAT STRENGTHENS NEIGHBORHOODS AND CREATES CAREER AND LEADERSHIP OPPORTUNITIES FOR MORE THAN A THOUSAND RETURNED PROMISE ALUMNI. NEW HAVEN PROMISE FACILITATES SCHOLARS' RETURN TO LIVE, WORK AND PARTICIPATE FULLY IN THE GREATER NEW HAVEN COMMUNITY. HOSTED INTERNSHIP AND CAREER FAIRS AND PLACED SCHOLARS IN PAID SUMMER INTERNSHIPS AND ENTRY-LEVEL FULL-TIME POSITIONS IN THEIR FIELDS OF INTEREST; HOSTED PROFESSIONAL AND LEADERSHIP DEVELOPMENT WORKSHOP SERIES; BUILT AND MANAGED SCHOLAR RESUME BANK; TRACKED SCHOLARS TO LIVE AND WORK IN THE GREATER NEW HAVEN REGION AFTER GRADUATION; HOSTED FINANCIAL WEALTH EDUCATION AND HOMEBUYER SEMINARS TO DISCUSS WEALTH BUILDING IN 20S; CONNECTED ALUMNI WITH MORTGAGE EXPERTS, REALTORS AND THEIR PEER ALUMNI WHO HAVE ALREADY BECOME HOMEOWNERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Patricia Melton President | Officer | 40 | $163,001 |
Peter Salovey Board Chair | Trustee | 0.5 | $0 |
Justin Elicker Director | Trustee | 0.5 | $0 |
William Ginsberg Director | Trustee | 0.5 | $0 |
Christopher O'connor Director | Trustee | 0.5 | $0 |
William Terry Brown PHD Director | Trustee | 0.5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $5,112,564 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $5,112,564 |
| Total Program Service Revenue | $79,750 |
| Investment income | $0 |
| 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 | $5,195,298 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $4,135,695 |
| 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. | $179,208 |
| Compensation of current officers, directors, key employees. | $9,247 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $359,914 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $29,129 |
| Payroll taxes | $60,455 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $1,500 |
| Fees for services: Accounting | $5,200 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $72,240 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $19,004 |
| Advertising and promotion | $11,525 |
| Office expenses | $29,736 |
| Information technology | $28,027 |
| Royalties | $0 |
| Occupancy | $45,868 |
| Travel | $1,042 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $53,740 |
| Interest | $0 |
| Payments to affiliates | $216 |
| Depreciation, depletion, and amortization | $2,258 |
| Insurance | $2,796 |
| All other expenses | $0 |
| Total functional expenses | $5,043,547 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,426,758 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $625,000 |
| 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 | $2,500 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $3,048 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $2,057,306 |
| Accounts payable and accrued expenses | $26,287 |
| 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 | $0 |
| Total liabilities | $26,287 |
| Net assets without donor restrictions | $619,196 |
| Net assets with donor restrictions | $1,411,823 |
| 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 | $2,057,306 |
Grants Awarded
Over the last fiscal year, New Haven Promise Inc has awarded $4,129,570 in support to 15 organizations.
| Grant Recipient | Amount |
|---|---|
UNIVERSITY OF CONNECTICUT PURPOSE: Scholarship | $2,913,976 |
SOUTHERN CONNECTICUT STATE UNIVERSITY PURPOSE: Scholarship | $575,257 |
UNIVERSITY OF NEW HAVEN PURPOSE: Scholarship | $123,944 |
GATEWAY COMMUNITY COLLEGE PURPOSE: Scholarship | $88,214 |
EASTERN CONNECTICUT STATE UNIVERSITY PURPOSE: Scholarship | $79,493 |
YALE UNIVERSITY PURPOSE: Scholarship | $77,302 |