Promise Center Incorporated

Analysis

Promise Center Incorporated is a registered charity in United States, based in Johnson City, TN. It received its IRS tax-exemption ruling in April 2008, 18 years ago. Its declared purposes cover philanthropy, voluntarism and grantmaking foundations, which this site groups under grant-making and general purposes. The IRS classifies it as a publicly supported organisation (gross receipts test) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending June 2022, Promise Center Incorporated reported income of $657k and spending of $631k, spending 96% of its income. Across the 4 years on record, from June 2019 to June 2022, income grew from $325k to $657k (+102%), an average of +26% a year. The sharpest change came in the year to June 2022, when income rose by 49%. Over the whole period it spent 97% of the income it received.

Among 19,413 United States charities whose main cause is grant-making and general purposes and that reported income, Promise Center Incorporated sits at the 76th percentile: it is larger than about 76% of them. Against every charity in United States with reported income it ranks in the 74th percentile, and in the 76th percentile within TN. Charities of a similar size with the same main cause include Tennessee Trucking Foundation Inc ($657k), Collington Foundation Inc ($657k) and Impact San Antonio Foundation Incorporated ($656k).

On its Form 990 for the period ending June 2022, revenue came from contributions and grants 98% and program service revenue 2.1% of the total. Compensation of current officers, directors and key employees was $97k (15% of expenses). Other salaries and wages came to $277k. At year end it held assets of $157k against liabilities of $38, net assets of $157k.