Promise Prep Inc
- Assets
- $641.4k
- Revenue
- $613.7k
- Investments
- $0.0
- Employees
- 3
- Location
- Indianapolis, IN
- Founding
- Data as of
- 06/2021
- EIN
- 84-4553687
Organization Overview
Promise Prep Inc is located in Indianapolis, IN. According to its NTEE Classification (B29) the organization is classified as: Charter Schools, under the broad grouping of Education and related organizations. As of 06/2021, Promise Prep Inc employed 3 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Promise Prep 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 06/2021, Promise Prep Inc generated $613.7k in total revenue.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
PROMISE PREP'S MISSION IS TO ENSURE ALL STUDENTS, REGARDLESS OF THEIR FAMILY'S INCOME, RACE, OR ZIP CODE, HAVE ACCESS TO A HIGH-QUALITY EDUCATION THAT ENABLES THEM TO BECOME CRITICAL THINKERS, HAVE CHOICES, CAPITALIZE ON OPPORTUNITIES, AND SECURE CONTINUING ECONOMIC ADVANCEMENT TO POSITIVELY IMPACT THEIR COMMUNITY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PERFORMED COMMUNITY OUTREACH AND ENROLLED 53 STUDENTS IN GRADES KINDERGARTEN THROUGH SECOND.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Geoffrey Fenelus Executive Director | OfficerTrustee | 40 | $60,000 |
Julian Harrell Board Member | Trustee | 4 | $0 |
Susan Appel Board Member | Trustee | 4 | $0 |
Mycheal Spencer Board Member | Trustee | 4 | $0 |
Adam Milakofsky Board Member | Trustee | 4 | $0 |
Gloria King Board Member | Trustee | 4 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $604,893 |
| 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 | $604,893 |
| Total Program Service Revenue | $0 |
| Investment income | $87 |
| 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 | $613,655 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $248,550 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $19,704 |
| Payroll taxes | $18,764 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $15,200 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $81,444 |
| Advertising and promotion | $30,519 |
| Office expenses | $0 |
| Information technology | $12,237 |
| Royalties | $0 |
| Occupancy | $33,333 |
| Travel | $0 |
| 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 | $0 |
| Insurance | $4,698 |
| All other expenses | $1,757 |
| Total functional expenses | $475,884 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $619,757 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $21,688 |
| 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 | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $641,445 |
| Accounts payable and accrued expenses | $338 |
| Grants payable | $0 |
| Deferred revenue | $375,000 |
| 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 | $375,338 |
| Net assets without donor restrictions | $266,107 |
| Net assets with donor restrictions | $0 |
| 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 | $641,445 |
Grants Recieved
Over the last fiscal year, we have identified 2 grants that Promise Prep Inc has recieved totaling $70,000.
| Awarding Organization | Amount |
|---|---|
Central Indiana Community Foundation Inc Indianapolis, IN PURPOSE: Promise Prep School pre-launch | $50,000 |
Charter Fund Inc Broomfield, CO PURPOSE: CHARTER SCHOOL GROWTH | $20,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Lawndale Educational And Regional Network Charter School Chicago, IL | $67,406,179 | $92,698,092 |
Kipp Chicago Schools Chicago, IL | $13,709,561 | $40,280,655 |
Phalen Leadership Academy-Indiana Inc Indianapolis, IN | $19,837,313 | $31,079,119 |
Carmen High School Of Science And Technology Inc Milwaukee, WI | $26,487,634 | $24,006,774 |
Kipp Indianapolis Inc Indianapolis, IN | $19,111,079 | $22,227,841 |
Frontier Schools Inc Kansas City, MO | $35,530,269 | $28,374,845 |
Intrinsic Schools Chicago, IL | $39,836,849 | $21,177,530 |
Guadalupe Educational Systems Inc Kansas City, MO | $13,472,707 | $27,548,134 |
Seeds Of Health Milwaukee, WI | $21,433,274 | $18,248,715 |
Ewing Marion Kauffman School Inc Kansas City, MO | $12,328,924 | $22,686,630 |
Hmong American Peace Academy Ltd Milwaukee, WI | $62,055,663 | $22,180,285 |
Crossroads Charter Schools Kansas City, MO | $14,061,355 | $16,288,564 |