Precious Promise Academy Inc

Analysis

Precious Promise Academy Inc is a registered charity in United States, based in Ft Lauderdale, FL. It received its IRS tax-exemption ruling in March 2006, 20 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 December 2023, Precious Promise Academy Inc reported income of $3.0m and spending of $2.6m, spending 85% of its income. Across the 5 years on record, from December 2019 to December 2023, income grew from $1.8m to $3.0m (+66%), an average of +14% a year. The sharpest change came in the year to December 2021, when income rose by 38%. Over the whole period it spent 85% of the income it received.

Among 66,972 United States charities whose main cause is education and training and that reported income, Precious Promise Academy Inc sits at the 85th percentile: it is larger than about 85% of them. Against every charity in United States with reported income it ranks in the 89th percentile, and in the 90th percentile within FL. Charities of a similar size with the same main cause include Peru State College Foundation Inc ($3.0m), Northeastern Baptist College Inc ($3.0m) and Duke Allmo Services Inc ($3.0m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 5.6% and program service revenue 89% of the total. Compensation of current officers, directors and key employees was $50k (1.9% of expenses). Other salaries and wages came to $1.3m. At year end it held assets of $2.6m against liabilities of $57k, net assets of $2.6m. It reported 57 employees.