Bright Promise

Analysis

Bright Promise is a registered charity in United States, based in Chicago, IL. It received its IRS tax-exemption ruling in April 1989, 37 years ago. 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 June 2023, Bright Promise reported income of $1.4m and spending of $689k, leaving 49% of income unspent that year. Across the 5 years on record, from June 2019 to June 2023, income grew from $234k to $1.4m (+481%), an average of +55% a year. The sharpest change came in the year to June 2023, when income rose by 110%. Over the whole period it spent 82% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, Bright Promise sits at the 81st percentile: it is larger than about 81% of them. Against every charity in United States with reported income it ranks in the 82nd percentile, and in the 82nd percentile within IL. Charities of a similar size with the same main cause include South East Livingston County Ambulance Service Inc ($1.4m), Eau Claire Area Hmong Mutual Assist Association Inc ($1.4m) and Interfaith Homes of Longmeadow Inc ($1.4m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 50% and program service revenue 40% of the total. Compensation of current officers, directors and key employees was $83k (12% of expenses). Other salaries and wages came to $72k. At year end it held assets of $3.6m against liabilities of $1.4m, net assets of $2.2m. It reported 6 employees.