Promise Inc

Analysis

Promise Inc is a registered charity in United States, based in W Melbourne, FL. It received its IRS tax-exemption ruling in March 2011, 15 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 (donations from the general public) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending December 2023, Promise Inc reported income of $1.9m and spending of $1.7m, spending 88% of its income. Across the 5 years on record, from December 2019 to December 2023, income grew from $1.7m to $1.9m (+12%), an average of +3.0% a year. The sharpest change came in the year to December 2022, when income rose by 29%. Over the whole period it spent 86% of the income it received.

Among 15,864 United States charities whose main cause is housing and shelter and that reported income, Promise Inc sits at the 82nd percentile: it is larger than about 82% of them. Against every charity in United States with reported income it ranks in the 86th percentile, and in the 87th percentile within FL. Charities of a similar size with the same main cause include Twelve Oaks Foundation ($1.9m), Ecumenical Retirement Center Inc ($1.9m) and Caring Hands AFC LLC ($1.9m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 49% and program service revenue 16% of the total. Compensation of current officers, directors and key employees was $152k (9.0% of expenses). Other salaries and wages came to $841k. At year end it held assets of $5.5m against liabilities of $88k, net assets of $5.4m. It reported 75 employees.