Overview
What is Bright Promise?
Bright Promise is a nonprofit organization situated in Chicago, Illinois, specifically at 1550 S State Street Suite 107. Its primary objective is to bolster and sustain partner Christian schools by generating fresh revenue sources. This, in turn, allows more families to reap the benefits of urban Christian education. The funds raised by Bright Promise are distributed among fourteen affiliated Christian schools, ensuring that each local school board can determine the most pressing needs to address, often prioritizing tuition assistance for families in need. The organization employs a modest workforce of three individuals, demonstrating its commitment to this mission.
Official website here: www.brightpromisefund.org
What are the reviews and ratings of this charity?
Charity Navigator Rating: 88% (Three-Star out of Four Star Rating)
Bright Promise has achieved a Three-Star rating from Charity Navigator, reflecting a strong accountability and finance score of 88%. This rating is based entirely on the charity's fiscal responsibility and governance practices, indicating a solid level of transparency and effective management in its operations during the most recent fiscal year, FY2023.
The organization excels in various aspects of governance, including having a fully independent board of directors and a robust audit and oversight committee. Additionally, there is no indication of material diversion of assets, which demonstrates financial integrity. However, the charity is noted to be lacking in certain policies, such as conflict of interest and whistleblower policies, which could be seen as limitations in their governance framework.
Despite these missing elements, Bright Promise maintains a commendable program expense ratio of 72.67%, ensuring that a significant portion of its funds is directed toward its programs. Overall, while there are areas for improvement in policy development, Bright Promise's financial practices and governance structure are noteworthy strengths that support its mission.
This AI summary has been generated from information found on Charity Navigator.
Is Bright Promise legitimate?
Bright Promise is a legitimate nonprofit organization registered as a 501(c)(3) entity. Bright Promise 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: $79,078
Professional Fundraising Fees: $0
Other Salaries and Wages: $20,753
For more financial information, click here
Official website here: www.brightpromisefund.org
What is the mission statement of Bright Promise?
Bright Promise's mission is centered around strengthening and sustaining partner Christian schools by generating new revenue sources. This aim is to allow more families to benefit from urban Christian education. The funds raised are distributed among the affiliated schools, with each local school board determining the best use for the funds, often prioritizing tuition assistance for families in need. Additional priorities may include addressing emergency capital needs or providing professional development opportunities for teachers and administrators.
Official website here: www.brightpromisefund.org
Who is the CEO of Bright Promise?
Steve Blom is the Executive Di of Bright Promise.
Official website here: www.brightpromisefund.org
What is the revenue of Bright Promise?
Bright Promise's revenue in 2022 was $648,865.
Official website here: www.brightpromisefund.org
Who are the executives of Bright Promise and what are their salaries?
The average compensation at Bright Promise during 2022 was $33,277. There are 3 employees and 60 volunteers at Bright Promise.
Here are 9 key members and their salaries:
- Compensation: $79,078
- Related: $0
- Other: $0
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- Other: $0
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- Other: $0
Official website here: www.brightpromisefund.org
Where can I find the form 990 for Bright Promise?
Bright Promise's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.brightpromisefund.org
Learn more at the official website: www.brightpromisefund.org
Mission Statement of Bright Promise
Bright Promise, as a nonprofit organization, is committed to strengthening and sustaining partner Christian schools. Its mission is to generate new sources of revenue for these schools, enabling more families to benefit from urban Christian education. The funds raised are then distributed among the affiliated schools, allowing each local school board to determine their priorities, often focusing on providing tuition assistance to families in need. Other priorities may include addressing emergency capital needs or offering professional development opportunities for teachers and administrators. By supporting these schools, Bright Promise aims to contribute to the overall well-being of the communities they serve.
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Impact
July, 2024
Bright Promise's impact is focused on strengthening and sustaining partner Christian schools by generating new sources of revenue. This allows more families to access urban Christian education. The funds raised are divided among the thirteen affiliated Christian schools it serves, supporting priorities such as providing tuition assistance to families in need, addressing emergency capital needs, or investing in professional development for teachers and administrators. By supporting these schools, Bright Promise is making a significant difference in the education and lives of students and their families in Chicago and beyond.
This information is meant to be a general summary of Bright Promise. 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: $144,119
- Program Service Revenue: $195,404
- Gross Receipts: $805,684
Assets and Liabilities:
- Total Assets: $3,107,412
- Total Liabilities: $1,572,182
- Net Assets: $1,535,230
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
NEW TO YOU - SALES
Revenue
$114,561
SGO FEES
Revenue
$80,843
Organization Details
Founding Year
1988
Phone
(708) 321-0403Principal Officer
Steve Blom
Main Address
1550 S STATE STREET SUITE 107, CHICAGO, IL, 60605
Website
www.brightpromisefund.orgNTEE Category
Code: T31 - Philanthropy
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