Promise Development Corporation

Analysis

Promise Development Corporation is a registered charity in United States, based in Memphis, TN. It received its IRS tax-exemption ruling in August 2000, 26 years ago. Its declared purposes cover housing and shelter, which this site groups under housing and shelter. The IRS classifies it as a publicly supported organisation (donations from the general public) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending December 2023, Promise Development Corporation reported income of $3.5m and spending of $3.5m, spending 99% of its income. Across the 5 years on record, from December 2019 to December 2023, income grew from $2.5m to $3.5m (+39%), an average of +8.6% a year. The sharpest change came in the year to December 2020, when income rose by 48%. Over the whole period it spent 87% of the income it received.

Among 15,864 United States charities whose main cause is housing and shelter and that reported income, Promise Development Corporation sits at the 88th percentile: it is larger than about 88% of them. Against every charity in United States with reported income it ranks in the 90th percentile, and in the 91st percentile within TN. Charities of a similar size with the same main cause include Hancock County Senior Services Association ($3.5m), Camphill Ghent Inc ($3.5m) and Nha Properties Inc ($3.5m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 63% and program service revenue 37% of the total. Compensation of current officers, directors and key employees was $150k (4.3% of expenses). Other salaries and wages came to $622k. At year end it held assets of $7.2m against liabilities of $869k, net assets of $6.3m. It reported 33 employees.