Overview
What is Promise Academy Inc?
Promise Academy Inc, located at 1346 Bryan St, Memphis, TN 38108, is a dedicated nonprofit organization. Their primary objective is to educate and inspire children, nurturing their minds, bodies, and spirits. This nurturing environment equips students to excel in the nation's most rigorous academic settings. With a commitment to excellence, Promise Academy serves as an alternative within the public school system, helping children achieve necessary educational goals. In the current year, an average of 314 students have benefited from their programs, all under the guidance of a team of 74 employees.
Official website here: www.promiseacademy.com
What are the reviews and ratings of this charity?
Charity Navigator Rating: 81% (Three-Star out of Four Star rating)
Promise Academy Inc has received a Three-Star rating from Charity Navigator, indicating a solid performance in terms of accountability and finance. The organization has demonstrated strong governance with an entirely independent board and effective policies in place, which contribute positively to its accountability score.
With a program expense ratio of 86.87%, Promise Academy is effectively allocating a significant portion of its resources towards its programs, suggesting a commitment to its mission. The absence of material diversions of assets also reflects sound financial management, assuring donors of the integrity of their contributions.
However, while the rating is commendable, it is important for potential supporters to consider that the overall score is solely based on the accountability and finance beacon. Future evaluations may benefit from a broader assessment that includes program effectiveness and impact metrics to provide a more comprehensive view of the organization's performance.
This AI summary has been generated from information found on Charity Navigator.
Is Promise Academy Inc legitimate?
Promise Academy Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Promise Academy Inc submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $138,350
Professional Fundraising Fees: $0
Other Salaries and Wages: $2,824,231
For more financial information, click here
Official website here: www.promiseacademy.com
What is the mission statement of Promise Academy Inc?
Promise Academy Inc's mission is centered around educating and inspiring its students, aiming to prepare them for success in academically rigorous environments. The academy is committed to nurturing the mind, body, and spirit of its pupils, enabling them to excel beyond their peers in any cultural setting. The school serves as an alternative within the public education system, working towards achieving necessary educational outcomes. In the current year, the academy has an enrollment of approximately 314 students.
Official website here: www.promiseacademy.com
Who is the CEO of Promise Academy Inc?
Patrick Washington is the President & Chairman of Promise Academy Inc.
Official website here: www.promiseacademy.com
What is the revenue of Promise Academy Inc?
Promise Academy Inc's revenue in 2022 was $6,428,391.
Official website here: www.promiseacademy.com
Who are the executives of Promise Academy Inc and what are their salaries?
The average compensation at Promise Academy Inc during 2022 was $40,035. There are 74 employees at Promise Academy Inc.
Here are 15 key members and their salaries:
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- Compensation: $110,816
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- Other: $19,372
- Compensation: $137,843
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- Other: $14,221
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- Related: $118,350
- Other: $25,231
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- Related: $105,517
- Other: $19,480
Official website here: www.promiseacademy.com
Where can I find the form 990 for Promise Academy Inc?
Promise Academy Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.promiseacademy.com
Learn more at the official website: www.promiseacademy.com
Mission Statement of Promise Academy Inc
Promise Academy Inc is dedicated to educating and inspiring its students, focusing on their mental, physical, and spiritual growth. The organization's primary objective is to equip its students with the necessary skills to excel in the nation's most rigorous academic and cultural environments. Promise Academy Inc is committed to preparing its pupils to rise above their peers and achieve success in various academic settings. The school offers an alternative approach within the public school system to achieve the essential educational outcomes. With an average of 314 students attending in the current year, Promise Academy Inc is committed to providing its students with a solid foundation for future success.
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Impact
August, 2024
Promise Academy Inc's impact lies in its focused mission to teach and inspire the mind, body, and spirit of children, preparing them to succeed in any academic or cultural setting. By providing an alternative within the public school system to achieve educational outcomes, the academy is empowering students to excel in the nation's most rigorous schools. With an average attendance of 314 students, Promise Academy is making a tangible difference in the lives of young learners in Memphis, TN. Its dedication to education and commitment to helping children rise above the rest are evident in its core values and actions.
This information is meant to be a general summary of Promise Academy Inc. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2022.
- Investment Income: -$7,176
- Program Service Revenue: $2,697,922
- Gross Receipts: $6,432,081
Assets and Liabilities:
- Total Assets: $7,397,276
- Total Liabilities: $3,657,125
- Net Assets: $3,740,151
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
PER PUPIL ALLOCATION
Revenue
$2,697,922
Organization Details
Founding Year
2004
Phone
(901) 324-4456Principal Officer
Patrick Washington
Main Address
1346 BRYAN ST, MEMPHIS, TN, 38108
Website
www.promiseacademy.comNTEE Category
Code: B29 - Education
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