Promise Academy

Analysis

Promise Academy is a registered charity in United States, based in Tyler, TX. It received its IRS tax-exemption ruling in May 2015, 11 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 2023, Promise Academy reported income of $972k and spending of $1.1m, spending 112% of what it took in. Across the 4 years on record, from June 2020 to June 2023, income fell from $1.7m to $972k (-43%), an average of -17% a year. The sharpest change came in the year to June 2021, when income dropped by 46%. Over the whole period it spent 75% 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 75th percentile: it is larger than about 75% of them. Against every charity in United States with reported income it ranks in the 79th percentile, and in the 83rd percentile within TX. Charities of a similar size with the same main cause include Lmta Foundation Inc ($972k), Student1 ($972k) and Laramie County Library Foundation Inc ($972k).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 83% and program service revenue 8.6% of the total. Compensation of current officers, directors and key employees was $49k (4.5% of expenses). Other salaries and wages came to $653k. At year end it held assets of $1.2m against liabilities of $6,391, net assets of $1.2m. It reported 35 employees.