Overview
What is Promise Academy?
Promise Academy is a nonprofit organization situated in Cleveland, Ohio, specifically at 1701 E 13th St. Their primary focus is on providing education to high school dropouts who require specialized attention to achieve their high school diplomas, as per the Ohio Department of Education's guidelines. The organization offers a personalized learning environment, emphasizing the importance of each student's post-secondary success. With a dedicated team of 23 individuals, they help students who have struggled in traditional high schools, offering them a second chance at education through flexible and individualized learning experiences, supported by engaged and learning-focused educators. Promise Academy's mission is to ensure that every student has the right to a quality education, empowering them to pursue their chosen paths after high school.
Official website here: www.promise-academy.com
What are the reviews and ratings of this charity?
Charity Navigator Rating: 81%, Three-Star out of Four Star Rating
Promise Academy has received an overall rating of 81%, which reflects strong accountability and finance practices. The organization benefits from a fully independent board and holds an excellent track record in financial oversight, as evidenced by high scores in areas such as audit and conflict of interest policies. The organization has effectively documented its board meeting minutes and retains a clear whistleblower policy, showcasing a commitment to transparency.
Despite its strengths, the rating also highlights a significant concern regarding its liabilities to assets ratio, which stands at 180.09%. This figure indicates that the organization's liabilities exceed its assets, which may raise questions about its long-term financial sustainability. However, its high program expense ratio of 83.67% suggests that a significant portion of its funding is directed towards its programs rather than administrative costs.
Overall, while Promise Academy demonstrates solid governance practices and financial accountability, potential donors and stakeholders should consider the implications of its high liabilities relative to assets when evaluating the organization's financial health and future viability.
This AI summary has been generated from information found on Charity Navigator.
Is Promise Academy legitimate?
Promise Academy is a legitimate nonprofit organization registered as a 501(c)(3) entity. Promise Academy 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: $0
Professional Fundraising Fees: $0
Other Salaries and Wages: $579,916
For more financial information, click here
Official website here: www.promise-academy.com
What is the mission statement of Promise Academy?
Promise Academy's mission is centered around acknowledging every student's right to a high-quality education that sets them up for success in their chosen post-secondary path. The academy specializes in assisting students who have struggled in traditional high schools and may have dropped out or are at risk of doing so. They achieve this by providing flexible and personalized learning experiences, reinforced by strong relationships with committed educators who are continuously learning from their students and promoting active learning.
Official website here: www.promise-academy.com
Who is the CEO of Promise Academy?
Lynn Phares is the President of Promise Academy.
Official website here: www.promise-academy.com
What is the revenue of Promise Academy?
Promise Academy's revenue in 2022 was $1,317,874.
Official website here: www.promise-academy.com
Who are the executives of Promise Academy and what are their salaries?
The average compensation at Promise Academy during 2022 was $25,214. There are 23 employees at Promise Academy.
Here are 6 key members and their salaries:
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
Official website here: www.promise-academy.com
Where can I find the form 990 for Promise Academy?
Promise Academy's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.promise-academy.com
Learn more at the official website: www.promise-academy.com
Mission Statement of Promise Academy
Promise Academy, a nonprofit organization, acknowledges the fundamental right of every student to receive an education that sets them up for success in their chosen post-secondary path. The academy focuses on educating and graduating students who have struggled in traditional high schools or have dropped out, as well as those at risk of doing so. This is achieved through tailored and flexible learning experiences, backed by meaningful relationships with dedicated adults who are continually learning from their students and inspiring high levels of engagement. These caring adults serve as role models, embodying the principles of active learning and fostering a conducive environment for students' academic growth.
Shop smarter and support your favorite cause with the Give Freely browser extension. Save money with coupons and donate to charity with a single click. Download now!
Impact
July, 2024
Promise Academy's impact is profound and far-reaching. By providing a second chance at education to students who have dropped out or are at risk of doing so, Promise Academy plays a crucial role in transforming lives and shaping futures. Through personalized and engaging learning experiences, supported by dedicated educators, Promise Academy empowers students to achieve their academic goals and pursue post-secondary success on their terms. The program's commitment to student success is evident in its mission to provide tailored education services that meet the unique needs of each individual, ensuring that every student has the opportunity to earn a high school diploma and unlock a brighter future. In a world where education is the key to unlocking opportunities and realizing potential, Promise Academy's impact is truly invaluable.
This information is meant to be a general summary of Promise Academy. 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.
- Gross Receipts: $1,317,874
Assets and Liabilities:
- Total Assets: $1,616,922
- Total Liabilities: $2,273,345
- Net Assets: -$656,423
Want to help this charity, for free? You can click here to learn more about Give Freely
Organization Details
Founding Year
2005
Phone
1264430500Principal Officer
Lynn Phares
Main Address
1701 E 13TH ST, CLEVELAND, OH, 441143227
Website
www.promise-academy.comNTEE Category
Code: B29 - Education
If you are a representative of Promise Academy and wish to learn more about how Give Freely can help you raise funds, please click here: https://givefreely.com/nonprofits/. Our services are offered at no cost to your organization.