Promise Academy

Analysis

Promise Academy is a registered charity in United States, based in Memphis, TN. It received its IRS tax-exemption ruling in April 2005, 21 years ago. Its declared purposes cover education, which this site groups under education and training. The IRS classifies it as a school under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending June 2022, Promise Academy reported income of $6.4m and spending of $5.7m, spending 89% of its income. Across the 4 years on record, from June 2019 to June 2022, income grew from $5.2m to $6.4m (+24%), an average of +7.5% a year. The sharpest change came in the year to June 2022, when income rose by 26%. Over the whole period it spent 92% of the income it received.

Among 66,972 United States charities whose main cause is education and training and that reported income, Promise Academy sits at the 91st percentile: it is larger than about 91% of them. Against every charity in United States with reported income it ranks in the 93rd percentile, and in the 94th percentile within TN. Charities of a similar size with the same main cause include Texas Tech Alumni Association ($6.4m), Salisbury School Inc ($6.4m) and Friends of Classical Charter Schools Inc ($6.4m).

On its Form 990 for the period ending June 2022, revenue came from contributions and grants 49% and program service revenue 42% of the total. Compensation of current officers, directors and key employees was $138k (2.4% of expenses). Other salaries and wages came to $2.8m. At year end it held assets of $7.4m against liabilities of $3.7m, net assets of $3.7m. It reported 74 employees.