Promise Academy

Analysis

Promise Academy is a registered charity in United States, based in Cleveland, OH. It received its IRS tax-exemption ruling in May 2011, 15 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 $1.3m and spending of $1.5m, spending 120% of what it took in. Across the 5 years on record, from June 2019 to June 2023, income fell from $2.0m to $1.3m (-35%), an average of -10% a year. The sharpest change came in the year to June 2020, when income dropped by 17%. Over the whole period it spent 117% 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 78th percentile: it is larger than about 78% of them. Against every charity in United States with reported income it ranks in the 82nd percentile, and in the 82nd percentile within OH. Charities of a similar size with the same main cause include Great River Affiliated Building Company ($1.3m), Steered Straight Inc ($1.3m) and Cornerstone Community School Inc ($1.3m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 100% of the total. Other salaries and wages came to $551k. At year end it held assets of $1.1m against liabilities of $2.0m, net assets of -$910k. It reported 18 employees.

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.