Overview
What is Hartford Promise Inc?
Hartford Promise Inc is a nonprofit organization based in Hartford, Connecticut, specifically at 750 Main Street Suite 1108-1. Their primary mission is to promote college readiness and success among high school graduates in Hartford. They achieve this by providing scholarships and additional support to these students. The organization manages funds for its scholarship program, with funds held in a separate account owned by Hartford Foundation for Public Giving until disbursement. Previously, this fund was the primary source of financing for the scholarships, but it has since been exhausted, and the organization now covers the expenses themselves. Hartford Promise Inc employs a team of seven dedicated individuals to carry out its mission.
Official website here: www.hartfordpromise.org
What are the reviews and ratings of this charity?
Charity Navigator Rating: 96% (Four-Star out of Four Stars)
Hartford Promise Inc has earned a commendable Four-Star rating from Charity Navigator, reflecting its strong performance in various operational aspects. The organization's overall score is derived from its Accountability & Finance and Impact & Measurement metrics, with notable strengths in Impact & Measurement, where it achieved a perfect score of 100. This indicates a highly efficient use of resources to achieve measurable outcomes.
The charity demonstrates solid financial health, with a Program Expense Ratio of 82.11%, suggesting that a significant portion of its funds is directed toward programs rather than administrative costs. Additionally, its Fundraising Efficiency Ratio of $0.05 showcases effective fundraising efforts, minimizing costs associated with raising funds. The organization also maintains a healthy Working Capital Ratio of 3.39 years, indicating good financial stability and sustainability.
While the Accountability & Finance score is slightly lower at 90, overall, Hartford Promise Inc shows a strong commitment to its mission. The program's impact is particularly impressive, as it reportedly increases a scholarship recipient's income by more than $1.50 for every dollar spent, highlighting its effectiveness in supporting students and enhancing their educational opportunities.
This AI summary has been generated from information found on Charity Navigator.
Is Hartford Promise Inc legitimate?
Hartford Promise Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Hartford Promise 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: $232,775
Professional Fundraising Fees: $0
Other Salaries and Wages: $109,054
For more financial information, click here
Official website here: www.hartfordpromise.org
What is the mission statement of Hartford Promise Inc?
Hartford Promise Inc's mission is centered around encouraging college preparedness, attendance, and success among students. The organization achieves this by administering a scholarship program and providing additional support to graduates from high schools in an unspecified location. Through these initiatives, Hartford Promise Inc aims to help students transition smoothly into higher education and achieve their academic goals. The organization receives grants and contributions, which are held in a separate account and utilized for scholarship disbursements. When the initial fund was exhausted, the organization began funding the scholarships directly.
Official website here: www.hartfordpromise.org
Who is the CEO of Hartford Promise Inc?
Hugh F Murray Iii is the Treasurer of Hartford Promise Inc.
Official website here: www.hartfordpromise.org
What is the revenue of Hartford Promise Inc?
Hartford Promise Inc's revenue in 2022 was $2,678,512.
Official website here: www.hartfordpromise.org
Who are the executives of Hartford Promise Inc and what are their salaries?
The average compensation at Hartford Promise Inc during 2022 was $48,833. There are 7 employees and 18 volunteers at Hartford Promise Inc.
Here are 18 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
- 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
- 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: $184,194
- Related: $0
- Other: $2,835
Official website here: www.hartfordpromise.org
Where can I find the form 990 for Hartford Promise Inc?
Hartford Promise Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.hartfordpromise.org
Learn more at the official website: www.hartfordpromise.org
Mission Statement of Hartford Promise Inc
Hartford Promise Inc, a nonprofit organization, is dedicated to encouraging college and other preparedness, attendance, and success among students from high schools located in Hartford, Connecticut. The mission of Hartford Promise Inc is to motivate these students towards college preparedness, attendance, and success by administering a scholarship program and providing additional support. The organization receives grants and contributions for these scholarships. Initially, funds for scholarships were deposited with Hartford Foundation for Public Giving, to be disbursed as needed. A separate account, owned by Hartford Foundation for Public Giving, was also utilized to partially support the scholarships, with the funds being used until the balance was exhausted. After the exhaustion of this fund, Hartford Promise Inc now funds the scholarships directly.
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
Hartford Promise Inc's impact can be seen in its mission to encourage college preparedness, attendance, and success for students from high schools in Hartford, Connecticut. By administering a scholarship program and providing other support, Hartford Promise Inc plays a crucial role in helping students achieve their educational goals. The organization's focus on empowering students through financial assistance and resources contributes to increasing access to higher education and fostering a culture of academic achievement within the community.
This information is meant to be a general summary of Hartford Promise 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: $3,206
- Gross Receipts: $2,678,512
Assets and Liabilities:
- Total Assets: $5,385,246
- Total Liabilities: $41,303
- Net Assets: $5,343,943
Want to help this charity, for free? You can click here to learn more about Give Freely
Organization Details
Founding Year
2015
Phone
(860) 956-5310Principal Officer
Hugh F Murray Iii
Main Address
750 MAIN STREET SUITE 1108-1, HARTFORD, CT, 06103
Website
www.hartfordpromise.orgNTEE Category
Code: B82 - Education
If you are a representative of Hartford Promise Inc 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.