Promise Cares

Analysis

Promise Cares is a registered charity in United States, based in Memphis, TN. It received its IRS tax-exemption ruling in December 2014, 12 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 (gross receipts test) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending December 2023, Promise Cares reported income of $508k and spending of $623k, spending 123% of what it took in. Across the 5 years on record, from December 2019 to December 2023, income grew from $311k to $508k (+64%), an average of +13% a year. The sharpest change came in the year to December 2020, when income rose by 52%. Over the whole period it spent 110% of the income it received.

Among 15,864 United States charities whose main cause is housing and shelter and that reported income, Promise Cares sits at the 58th percentile: it is larger than about 58% of them. Against every charity in United States with reported income it ranks in the 70th percentile, and in the 72nd percentile within TN. Charities of a similar size with the same main cause include Ruths House of Hope ($508k), Bccap-Sh Inc ($508k) and Shelton Senior Housing Inc ($508k).

On its Form 990 for the period ending December 2023, revenue came from program service revenue 100% of the total. Compensation of current officers, directors and key employees was $195k (31% of expenses). Other salaries and wages came to $284k. At year end it held assets of $258k against liabilities of $115k, net assets of $143k.

Data notes from the register: Spending has exceeded income in each of the last three reported years, so the charity has been drawing on reserves or other funds.