Overview
What is Promys Foundation?
Promys Foundation is a nonprofit organization dedicated to supporting the Program in Mathematics for Young Scientists (PROMYS), which is a talent-identifying and nurturing program at Boston University. The foundation's mission is to fund scholarships for students participating in PROMYS, including specific fellowships and teacher stipends. In 2022, the foundation provided financial aid to 39% of students, totaling $148,000, and supported various programs such as PROMYS Teachers and the Free PROMYS Pathways Summer Program. The foundation's activities primarily revolve around fundraising to provide scholarships for the PROMYS program. The foundation also hosts events and programs, such as advanced seminars, on the Boston University campus.
Official website here: www.promysfoundation.org
What are the reviews and ratings of this charity?
Charity Navigator Rating: 88% (Three-Star out of Four Stars)
Promys Foundation has received a Three-Star rating from Charity Navigator, indicating a strong performance in the category of Accountability & Finance. With a score of 88%, the foundation demonstrates effective management and transparency practices, which are critical for donor trust and engagement. This rating is based solely on financial accountability metrics for the most recent fiscal year, FY2022.
The organization excels in several key areas, including having all board members being independent, a strong audit and oversight committee, and a high program expense ratio of 93.66%. These factors reflect a commitment to minimizing administrative costs and maximizing funds directed toward its mission. Additionally, the foundation maintains a clear conflict of interest policy and consistently publishes its tax forms online.
However, there are noted areas for improvement, particularly concerning its whistleblower policy and document retention procedures, both of which are currently missing. Addressing these gaps could enhance the organization's governance practices and further bolster its credibility among stakeholders. Overall, Promys Foundation shows a solid commitment to accountability, although there is room for refining certain operational policies.
This AI summary has been generated from information found on Charity Navigator.
Is Promys Foundation legitimate?
Promys Foundation is a legitimate nonprofit organization registered as a 501(c)(3) entity. Promys Foundation 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.
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Official website here: www.promysfoundation.org
What is the mission statement of Promys Foundation?
The Promys Foundation exists with a singular purpose: to support the non-profit program in mathematics for young scientists known as PROMYS. This program, which is a part of Boston University, is recognized under Section 501(C)(3) and Section 170(B)(I)(A)(II), and its mission is to identify and foster talent in the field of mathematics. The activities of the Promys Foundation are primarily focused on fundraising, with the primary goal of providing scholarships to PROMYS to support its students.
Official website here: www.promysfoundation.org
Who is the CEO of Promys Foundation?
Glenn Stevens is the Ttee,Secy.(2021/10-2022/11 of Promys Foundation.
Official website here: www.promysfoundation.org
What is the revenue of Promys Foundation?
Promys Foundation's revenue in 2022 was $867,128.
Official website here: www.promysfoundation.org
Who are the executives of Promys Foundation and what are their salaries?
There 24 volunteers at Promys Foundation.
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Official website here: www.promysfoundation.org
Where can I find the form 990 for Promys Foundation?
Promys Foundation's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.promysfoundation.org
Learn more at the official website: www.promysfoundation.org
Mission Statement of Promys Foundation
The Promys Foundation is established with a singular purpose: to support the Promys program, a non-profit initiative focused on discovering and fostering mathematical talent among young scientists. This foundation, being a part of Boston University, an organization recognized under Section 501(C)(3) and Section 170(B)(I)(A)(II), dedicates its activities primarily towards fundraising. The ultimate objective of these fundraising efforts is to supply financial aid to the Promys program, enabling it to grant scholarships to deserving students. By doing so, the Promys Foundation plays a crucial role in helping nurture the burgeoning mathematical abilities of young scholars, thereby contributing to the broader field of mathematics.
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Impact
July, 2024
Promys Foundation's impact can be seen in its support for the PROMYS program, which aims to find and nurture talent in mathematics among young scientists. In 2022, the foundation funded $383,660 in mission-related activities, including providing need-based financial aid for students at PROMYS. This aid supported various categories of fellows, totaling $148,000, excluding travel support. Additionally, the foundation funded stipends for teachers and teacher counselors at PROMYS, as well as the free PROMYS Pathways summer program for talented students from low-income or underrepresented backgrounds.
During PROMYS 2022, held on the campus of Boston University, 76 high school students, 21 undergraduate counselors, and 2 junior counselors participated. The program also offered three advanced seminars. Notably, the 2022 session marked the return to in-person activities following the COVID-19 pandemic. While the launch of PROMYS India was postponed to 2023, the foundation supported Mehta Fellow students from various countries, showcasing its commitment to fostering mathematical talent on a global scale.
This information is meant to be a general summary of Promys Foundation. 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: $3,821
- Program Service Revenue: $801
- Gross Receipts: $867,128
Assets and Liabilities:
- Total Assets: $1,448,389
- Total Liabilities: $6,130
- Net Assets: $1,442,259
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
PROGRAM T SHIRT SALE P
Revenue
$801
Organization Details
Founding Year
2011
Phone
(617) 353-2563Principal Officer
Glenn Stevens
Main Address
PO BOX 15502, BOSTON, MA, 02215
Website
www.promysfoundation.orgNTEE Category
Code: B80 - Education
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