Promesa Academy Inc

Analysis

Promesa Academy Inc is a registered charity in United States, based in San Antonio, TX. It received its IRS tax-exemption ruling in October 2017, 9 years ago. Its declared purposes cover education, which this site groups under education and training. 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 June 2023, Promesa Academy Inc reported income of $7.0m and spending of $6.5m, spending 92% of its income. Across the 4 years on record, from June 2020 to June 2023, income grew from $555k to $7.0m (+1165%), an average of +133% a year. The sharpest change came in the year to June 2021, when income rose by 514%. Over the whole period it spent 92% of the income it received.

Among 66,972 United States charities whose main cause is education and training and that reported income, Promesa Academy Inc sits at the 91st percentile: it is larger than about 91% of them. Against every charity in United States with reported income it ranks in the 94th percentile, and in the 95th percentile within TX. Charities of a similar size with the same main cause include Dugger Union Community Schools ($7.0m), Palm Valley School ($7.0m) and Columbus Arts and Technology Academy ($7.0m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 99% and program service revenue 0.6% of the total. Compensation of current officers, directors and key employees was $126k (1.9% of expenses). Other salaries and wages came to $3.1m. At year end it held assets of $17.4m against liabilities of $15.5m, net assets of $1.9m. It reported 65 employees.