Richmond Promise is located in Richmond, CA. 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 12/2021, Richmond Promise employed 7 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Richmond 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 12/2021, Richmond Promise generated $2.3m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 6 years, the organization has seen revenues fall by an average of (36.2%) each year. All expenses for the organization totaled $3.1m during the year ending 12/2021. 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO PROMOTE EDUCATIONAL EQUITY TO ENSURE ALL STUDENTS HAVE ACCESS TO HIGH QUALITY EDUCATION.
Describe the Organization's Program Activity:
Part 3 - Line 4a
LAUNCHED IN JANUARY 2016, THE RICHMOND PROMISE IS A COMMUNITY-WIDE COLLEGE SUCCESS INITIATIVE TO BUILD A COLLEGE GRADUATING CULTURE IN RICHMOND, CA. THE RICHMOND PROMISE WAS CREATED WITH THE BELIEF THAT ALL RICHMOND STUDENTS SHOULD HAVE THE OPPORTUNITY TO DEVELOP THEIR SKILLS AND REACH THEIR FULL POTENTIAL, REGARDLESS OF RACE, INCOME LEVEL, OR PERSONAL BACKGROUND. WE SEE A DAY WHEN ALL YOUNG PEOPLE IN RICHMOND HAVE ACCESS TO HIGH QUALITY EDUCATION, EXCEL FROM HIGH SCHOOL TO HIGHER EDUCATION, ATTAIN A POSTSECONDARY DEGREE OR CERTIFICATION, THRIVE IN THE FIELD OF THEIR CHOICE, AND BECOME A LEADER OF POSITIVE CHANGE IN THEIR COMMUNITY AND THE WORLD. THROUGH A COLLEGE SCHOLARSHIP, COLLABORATIVE CROSS-SECTOR PARTNERSHIPS, AND SUPPORTIVE PROGRAMMING, THE RICHMOND PROMISE AIMS TO ENSURE ALL STUDENTS IN RICHMOND EXCEL TO AND THROUGH HIGHER EDUCATION, REACH THEIR CAREER GOALS, AND BECOME CHANGE-MAKING LEADERS IN THE RICHMOND COMMUNITY. THE RICHMOND PROMISE INVESTS DIRECTLY IN OUR STUDENTS' FUTURES THROUGH THE RICHMOND PROMISE SCHOLARSHIP. EACH YEAR THEY ARE ENROLLED AT ANY NOT-FOR-PROFIT COMMUNITY COLLEGE, 4-YEAR COLLEGE OR CAREER TECHNICAL EDUCATION PROGRAM IN THE US, SCHOLARS RECEIVE $1,500, RENEWABLE FOR 4 YEARS. WE STRIVE TO SUPPORT ALL STUDENTS IN RICHMOND TO REACH THEIR HIGHER EDUCATION GOALS, WHICH IS WHY ANY RICHMOND STUDENT GRADUATING FROM AN ELIGIBLE HIGH SCHOOL CAN ACCESS THE SCHOLARSHIP.WE WORK COLLABORATIVELY WITH WEST CONTRA COSTA UNIFIED SCHOOL DISTRICT, THE CITY OF RICHMOND, CONTRA COSTA COMMUNITY COLLEGE, AND LOCAL BUSINESS AND PHILANTHROPY TO SUPPORT OUR SCHOLARS AT THREE KEY MOMENTUM POINTS THROUGH COLLEGE AND CAREER.-PRE-COLLEGE: DURING MIDDLE SCHOOL, WE FOCUS ON BUILDING COLLEGE AWARENESS. WE HIRE CURRENT RICHMOND PROMISE COLLEGE SCHOLARS TO TALK WITH MIDDLE SCHOOL STUDENTS IN AN EFFORT TO PUT THEM ON THE PATH TO COLLEGE AT THIS PIVOTAL AGE. THIS NEAR-PEER MODEL CONNECTS MIDDLE SCHOOLERS WITH COLLEGE STUDENTS WHO SHARE THE SAME IDENTITIES. THIS SHARED PERSPECTIVE CREATES AN IMMEDIATE TRUST THAT LEADS TO REAL IMPACT.-HIGH SCHOOL TO COLLEGE TRANSITION: IN HIGH SCHOOL AND THE TRANSITION TO COLLEGE, WE FOCUS ON ENSURING COLLEGE ACCESS AND AFFORDABILITY. IN PARTNERSHIP WITH THE SCHOOL DISTRICT, WE MEET STUDENTS WHERE THEY ARE - IN THE CLASSROOM. - TO WORK ON FINANCIAL AID COMPLETION AND THE RICHMOND PROMISE SCHOLARSHIP APPLICATION. OUR SCHOLARSHIP OF $1500 A YEAR CAN BE USED AT ANY NOT-FOR-PROFIT 2-YEAR OR 4-YEAR SCHOOL OR CTE PROGRAM IN THE UNITED STATES. THE SCHOLARSHIP CAN BE USED TOWARDS THE FULL COST OF ATTENDANCE - INCLUDING TUITION, HOUSING, BOOKS, AND TRANSPORTATION. WE PROVIDE SUMMER SUCCESS WORKSHOPS THROUGH WHICH OUR SCHOLARS LEARN ABOUT HOW TO SUCCEED IN THEIR FIRST YEARS AT SCHOOL.-FIRST YEAR THROUGH COLLEGE SUCCESS: AT THE COLLEGE LEVEL, OUR FOCUS IS ON ACHIEVING A POST-SECONDARY DEGREE, AND SUPPORTING STUDENTS WITH THE RESOURCES, NETWORKS, AND MENTORS TO THRIVE IN THE FIELD OF THEIR CHOICE. WE BUILD FORMAL PARTNERSHIPS WITH COLLEGES, INCLUDING CONTRA COSTA COLLEGE AND BERKELEY CITY COLLEGE, TO PROVIDE SUPPORT AT THE INSTITUTIONAL LEVEL. WE ALSO OFFER INDIVIDUALIZED COACHING TO OUR MOST AT-RISK STUDENTS. ADDITIONALLY, WE LEVERAGE THE COLLECTIVE WISDOM WITHIN OUR COMMUNITY TO PAIR SCHOLARS WITH RICHMOND MENTORS TO START PREPARING FOR THEIR CAREERS.
Name (title) | Role | Hours | Compensation |
---|---|---|---|
Maribel Rodriguez Development & Communications Director | 52 | $112,566 | |
Jessie Stewart Executive Director (left 10/21) | Officer | 52 | $107,918 |
Christopher Whitmore Executive Director (start 10/21) | Officer | 50 | $35,110 |
Michael Littleton Chair | OfficerTrustee | 1 | $0 |
Linsi Crain Secretary | OfficerTrustee | 0.15 | $0 |
Mojdeh Mehdizadeh Treasurer | OfficerTrustee | 0.5 | $0 |
Statement of Revenue | |
---|---|
Federated campaigns | $0 |
Membership dues | $0 |
Fundraising events | $4,485 |
Related organizations | $0 |
Government grants | $0 |
All other contributions, gifts, grants, and similar amounts not included above | $1,134,119 |
Noncash contributions included in lines 1a–1f | $0 |
Total Revenue from Contributions, Gifts, Grants & Similar | $1,138,604 |
Total Program Service Revenue | $0 |
Investment income | $698,366 |
Tax Exempt Bond Proceeds | $0 |
Royalties | $0 |
Net Rental Income | $0 |
Net Gain/Loss on Asset Sales | $423,734 |
Net Income from Fundraising Events | -$2,200 |
Net Income from Gaming Activities | $0 |
Net Income from Sales of Inventory | $0 |
Miscellaneous Revenue | $0 |
Total Revenue | $2,258,504 |
Statement of Expenses | |
---|---|
Grants and other assistance to domestic organizations and domestic governments. | $0 |
Grants and other assistance to domestic individuals. | $1,972,119 |
Grants and other assistance to Foreign Orgs/Individuals | $0 |
Benefits paid to or for members | $0 |
Compensation of current officers, directors, key employees. | $173,905 |
Compensation of current officers, directors, key employees. | $34,781 |
Compensation to disqualified persons | $0 |
Other salaries and wages | $351,965 |
Pension plan accruals and contributions | $15,968 |
Other employee benefits | $61,347 |
Payroll taxes | $37,955 |
Fees for services: Management | $13,049 |
Fees for services: Legal | $0 |
Fees for services: Accounting | $25,740 |
Fees for services: Lobbying | $0 |
Fees for services: Fundraising | $0 |
Fees for services: Investment Management | $87,737 |
Fees for services: Other | $273,054 |
Advertising and promotion | $1,495 |
Office expenses | $21,870 |
Information technology | $38,415 |
Royalties | $0 |
Occupancy | $9,277 |
Travel | $777 |
Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
Conferences, conventions, and meetings | $5,897 |
Interest | $0 |
Payments to affiliates | $0 |
Depreciation, depletion, and amortization | $0 |
Insurance | $9,015 |
All other expenses | $0 |
Total functional expenses | $3,110,941 |
Balance Sheet | |
---|---|
Cash—non-interest-bearing | $323,020 |
Savings and temporary cash investments | $847,397 |
Pledges and grants receivable | $8,551,699 |
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 | $108,036 |
Net Land, buildings, and equipment | $0 |
Investments—publicly traded securities | $16,592,096 |
Investments—other securities | $3,650,801 |
Investments—program-related | $0 |
Intangible assets | $0 |
Other assets | $1,000 |
Total assets | $30,074,049 |
Accounts payable and accrued expenses | $561,103 |
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 | $561,103 |
Net assets without donor restrictions | $20,909,129 |
Net assets with donor restrictions | $8,603,817 |
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 | $30,074,049 |
Over the last fiscal year, we have identified 7 grants that Richmond Promise has recieved totaling $363,670.
Awarding Organization | Amount |
---|---|
Kresge Foundation Troy, MI PURPOSE: TO PROVIDE RICHMOND PROMISE SCHOLARSHIP RECIPIENTS WITH ADVISING TO INCREASE TRANSFER FROM COMMUNITY COLLEGE TO FOUR-YEAR INSTITUTIONS, AS PART OF THE COPRO2.0 INITIATIVE. | $150,000 |
Kresge Foundation Troy, MI PURPOSE: TO PROVIDE RICHMOND PROMISE SCHOLARSHIP RECIPIENTS WITH ADVISING TO INCREASE TRANSFER FROM COMMUNITY COLLEGE TO FOUR-YEAR INSTITUTIONS, AS PART OF THE COPRO2.0 INITIATIVE. | $150,000 |
Quest Foundation Danville, CA PURPOSE: RICHMOND PROMISE NEAR PEER AMBASSADOR PROGRAM | $25,000 |
Flora Family Foundation Menlo Park, CA PURPOSE: GENERAL OPERATING EXPENSES | $22,500 |
Sutter Bay Hospitals Sacramento, CA | | $10,000 |
Schwab Charitable Fund San Francisco, CA PURPOSE: ARTS, CULTURE & HUMANITIES | $6,000 |
Organization Name | Assets | Revenue |
---|---|---|
Making Waves Foundation Inc Richmond, CA | $241,696,341 | $12,436,212 |
Port Of Los Angeles High School San Pedro, CA | $18,161,675 | $15,549,620 |
Uc Hastings Foundation San Francisco, CA | $2,612,244 | $11,589,695 |
The Rogers Foundation Las Vegas, NV | $98,020,626 | $8,861,096 |
Flinn Foundation Phoenix, AZ | $285,130,665 | $13,331,134 |
La Promise Fund Los Angeles, CA | $8,970,074 | $12,859,195 |
Brophy Community Foundation Phoenix, AZ | $21,931,888 | $12,402,402 |
Society Of Hispanic Professional Engineers City Of Industry, CA | $8,652,087 | $11,894,639 |
Oakland Promise Oakland, CA | $69,217,814 | $17,084,213 |
Foundation For Global Sports Development Los Angeles, CA | $28,471,591 | $19,690,244 |
Ressler Gertz Foundation Encino, CA | $41,227,955 | $63,459,065 |
Basic Fund Oakland, CA | $23,987,500 | $9,637,782 |