Birmingham Promise Inc
- Assets
- $12.7m
- Revenue
- $8.0m
- Investments
- $0.0
- Employees
- 27
- Location
- Birmingham, AL
- Founding
- Data as of
- 12/2023
- EIN
- 84-2830568
Organization Overview
Birmingham Promise Inc is located in Birmingham, AL. 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 12/2023, Birmingham Promise Inc employed 27 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Birmingham 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 12/2023, Birmingham Promise Inc generated $8.0m in total revenue. This organization has experienced exceptional growth, as over the past 5 years, it has increased revenue by an average of 28.4% each year . All expenses for the organization totaled $7.1m during the year ending 12/2023. 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
THE MISSION OF BIRMINGHAM PROMISE IS TO TRANSFORM FUTURES AND ADVANCE BIRMINGHAM BY RE-ENGINEERING EDUCATION AND WORKFORCE SYSTEMS. THE BIRMINGHAM PROMISE HAS TWO PRIMARY COMPONENTS: (1) YOUTH APPRENTICESHIPS, WHICH PROVIDE BIRMINGHAM CITY SCHOOL (BCS) JUNIORS AND SENIORS WITH PAID, HIGH-QUALITY WORK-BASED LEARNING EXPERIENCES AND (2) POSTSECONDARY FINANCIAL SUPPORT, WHICH ENABLES BCS GRADUATES TO ATTEND IN-STATE, PUBLIC INSTITUTIONS TUITION-FREE. THE GOAL IS TO SERVE AT LEAST 10,000 BCS STUDENTS BY 2030.
Describe the Organization's Program Activity:
Part 3 - Line 4a
BIRMINGHAM PROMISE WORKS TO ENSURE THAT ALL OF BIRMINGHAM'S FUTURE TALENT IS PROVIDED OPPORTUNITY THROUGH LAST-DOLLAR SCHOLARSHIPS AND WORKFORCE CONNECTIONS
Get More from Intellispect for FreeCreate a free account to get more data, nonprofit salaries, advanced search and more.
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Will Clark Director | Trustee | 1 | $0 |
Mayor Randall Woodfin Ex-Officio Director | Trustee | 1 | $0 |
Ralph Williams Director | Trustee | 1 | $0 |
Dr Mark Sullivan Director | Trustee | 1 | $0 |
Khadijah Abdullah Director | Trustee | 1 | $0 |
Cathy Sloss Jones Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $2,669,375 |
| All other contributions, gifts, grants, and similar amounts not included above | $4,821,179 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $7,490,554 |
| Total Program Service Revenue | $89,256 |
| Investment income | $374,189 |
| 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 | $7,953,999 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $3,937,868 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $161,402 |
| Compensation of current officers, directors, key employees. | $24,210 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,159,906 |
| Pension plan accruals and contributions | $269,021 |
| Other employee benefits | $0 |
| Payroll taxes | $106,046 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $18,161 |
| Fees for services: Accounting | $43,070 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $258,167 |
| Advertising and promotion | $117,713 |
| Office expenses | $17,413 |
| Information technology | $146,781 |
| Royalties | $0 |
| Occupancy | $48,037 |
| Travel | $37,476 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $8,377 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $52,208 |
| Insurance | $26,800 |
| All other expenses | $27,737 |
| Total functional expenses | $7,059,264 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $12,684,015 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| 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 | $57,674 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $12,741,689 |
| Accounts payable and accrued expenses | $18,790 |
| 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 | $18,790 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $12,722,899 |
| 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 | $12,741,689 |