Promise Academy Spring Hill

Analysis

Promise Academy Spring Hill is a registered charity in United States, based in Memphis, TN. It received its IRS tax-exemption ruling in March 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 2022, Promise Academy Spring Hill reported income of $6.1m and spending of $5.8m, spending 96% of its income. Across the 4 years on record, from June 2019 to June 2022, income grew from $4.7m to $6.1m (+30%), an average of +9.1% a year. The sharpest change came in the year to June 2022, when income rose by 21%. Over the whole period it spent 94% of the income it received.

Among 66,972 United States charities whose main cause is education and training and that reported income, Promise Academy Spring Hill sits at the 90th percentile: it is larger than about 90% of them. Against every charity in United States with reported income it ranks in the 93rd percentile, and in the 94th percentile within TN. Charities of a similar size with the same main cause include Connecticut Association of Schools Inc ($6.1m), Christian School Society of Portland ($6.1m) and Shaw Educational Foundation ($6.1m).

On its Form 990 for the period ending June 2022, revenue came from contributions and grants 42% and program service revenue 56% of the total. Other salaries and wages came to $2.6m. At year end it held assets of $2.9m against liabilities of $1.3m, net assets of $1.6m. It reported 71 employees.