2023-05-15T15:25:35-05:00 2022-06-30 621804252 WATKINS UIBERALL PLLC 1661 AARON BRENNER DR STE 300 MEMPHIS TN 38120 990 2021-07-01 201608155 PROMISE ACADEMY INC PROM 9013244456 1346 BRYAN ST MEMPHIS TN 38108 PATRICK WASHINGTON EXECUTIVE DIRECTOR 9013244456 2023-05-15 1 PATRICK WASHINGTON XXX-XX-XXXX JEFF THOMASON P00976026 9017612720 3 AAL1 IAL1 2021 2023-04-26 12:10:37Z PATRICK WASHINGTON 1346 BRYAN STREET MEMPHIS TN 38103 6432081 0 X HTTP://PROMISEACADEMY.COM X 2004 TN OUR CENTRAL AND ONLY WORK IS TO TEACH AND INSPIRE THE MIND, BODY AND SPIRIT OF OUR CHILDREN SO THAT THEY CAN SUCCEED IN ANY ACADEMIC OR CULTURAL SETTING. PROMISE ACADEMY IS COMMITTED TO PREPARING CHILDREN TO EXCEL IN THE NATION'S MOST RIGOROUS SCHOOLS. 11 11 74 0 0 0 1774685 3172838 3013515 2697922 9596 -7176 322598 564807 5120394 6428391 0 0 0 0 2929228 3461621 0 0 0 1556655 2230503 4485883 5692124 634511 736267 3483000 7397276 479116 3657125 3003884 3740151 OUR CENTRAL WORK IS TO TEACH AND INSPIRE THE MIND, BODY AND SPIRIT OF OUR CHILDREN SO THAT THEY CAN RISE ABOVE THE REST AND SUCCEED IN ANY ACADEMIC AND CULTURAL SETTING. PROMISE ACADEMY IS COMMITTED TO PREPARING CHILDREN TO EXCEL IN THE NATION'S MOST RIGOROUS SCHOOLS. 0 0 4979006 3261660 OUR CENTRAL WORK IS TO TEACH AND INSPIRE THE MIND, BODY AND SPIRIT OF OUR CHILDREN SO THAT THEY CAN RISE ABOVE THE REST AND SUCCEED IN ANY ACADEMIC AND CULTURAL SETTING. PROMISE ACADEMY IS COMMITTED TO PREPARING CHILDREN TO EXCEL IN THE NATION'S MOST RIGOROUS SCHOOLS. THE SCHOOL PROVIDES AN ALTERNATIVE MEANS WITHIN THE PUBLIC SCHOOL SYSTEM TO ACCOMPLISH NECESSARY OUTCOMES OF EDUCATION. THE AVERAGE NUMBER OF STUDENTS ATTENDING IN THE CURRENT YEAR WAS 314. 4979006 1 1 0 0 0 0 0 0 0 0 1 0 0 1 1 0 0 0 1 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 0 0 0 0 0 0 0 0 0 1 0 0 0 1 31 0 1 74 1 0 0 0 0 0 0 0 0 0 0 0 0 X 11 11 1 0 0 0 0 0 0 1 1 0 0 0 1 1 1 1 1 1 1 0 TN X PATRICK WASHINGTON 9013244456 1346 BRYAN STREET MEMPHIS TN 38108 CHARLES C GERBER PRESIDENT & CHAIRMAN 20.00 20.00 X X 0 0 0 GRADY GARRISON SECRETARY 3.00 3.00 X X 0 0 0 MARY CORNPROPST FINANCE COMMITTEE 3.00 3.00 X X 0 0 0 DIANA BURTON DIRECTOR 0.30 0.30 X 0 0 0 FATHER COLENZO HUBBARD DIRECTOR 0.30 0.30 X 0 0 0 JOHNNY MOORE DIRECTOR 0.30 0.30 X 0 0 0 CAROL RUSSELL DIRECTOR 0.30 0.30 X 0 0 0 STEPHANIE CHITTOM TREASURER 3.00 3.00 X X 0 0 0 PATRICIA EMORY-WALKER DIRECTOR 0.30 0.30 X 0 0 0 EMILY R WOODSIDE DIRECTOR 0.30 0.30 X 0 0 0 TERESA HANDY DIRECTOR 0.30 0.30 X 0 0 0 BETH BAILEY DIRECTOR OF FINANCE & OPER 25.00 25.00 X 110816 0 19372 KIASI MALONE PRINCIPAL-PA HOLLYWOOD 50.00 X 137843 0 14221 PATRICK WASHINGTON HIGHEST COMPENSATED EMPLOY 1.00 40.00 X 0 118350 25231 KIMBRA TURNER HIGHEST COMPENSATED EMPLOY 1.00 50.00 X 0 105517 19480 248659 223867 78304 2 0 1 0 INTEGRITY MECHANICAL SOLUTIONS LLC PO BOX 597 OAKLAND TN 38060 HEATING & AIR CONDITIONING SERVICES 320179 TCRS 502 DEADERICK ST 15TH FLOOR ANDREW NASHVILLE TN 372430201 RETIREMENT SERVICES 316018 SUNTRUST BANK PURCHASING CARD PO BOX 791250 BALTIMORE MD 212791250 BANKING SERVICES 248342 BOYS & GIRLS CLUBS OF GREATER MEMPHIS 44 SOUTH REMBERT ST MEMPHIS TN 381041167 MENTORING & TEACHING SERVICES 166587 PORTER-LEATH 3400 PRESCOTT ROAD MEMPHIS TN 38118 EARLY CHILDHOOD SERVICES 159500 5 2347477 825361 3172838 PER PUPIL ALLOCATION 611600 2697922 2697922 2697922 -3486 -3486 3690 -3690 -3690 -3690 1069 0 1069 1069 SHARED SERVICE REVENUE 900099 308316 308316 OTHER INCOME 900099 255422 255422 563738 6428391 3261660 0 -6107 138350 138350 2824231 2519127 305104 265008 235709 29299 234032 175524 58508 28934 28934 18000 18000 473744 473744 32083 32083 18333 18333 170237 144702 25535 3851 2888 963 7206 7206 184276 184276 STAFF DEVELOPMENT 306261 306261 REPAIRS AND MAINTENANCE 284871 242140 42731 TEXTBOOKS 231948 231948 TELEPHONE 156072 124858 31214 314687 276812 37875 5692124 4979006 713118 0 882736 536728 182492 2226134 38740 44997 41712 2203954 696840 1293032 1507114 56795 76042 1022948 2970806 3483000 7397276 197781 438606 3798 1000000 277537 2218519 479116 3657125 X 2308780 1604760 695104 2135391 3003884 3740151 3483000 7397276 736267 0 X X 0 0 1 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 102304 102304 1330024 116754 1213270 771626 580086 191540 1507114 NET PENSION ASSET 2970806 2970806 NET PENSION LIABILITY 1768519 LINE OF CREDIT 450000 2218519 6432081 3690 3690 6428391 0 6428391 5695814 3690 3690 5692124 0 5692124 PART XI, LINE 2D - OTHER ADJUSTMENTS: LOSS ON DISPOSAL OF ASSETS 3,690. PART XII, LINE 2D - OTHER ADJUSTMENTS: LOSS ON DISPOSAL OF ASSETS 3,690. 1 1 1 1 0 1 1 0 0 0 0 0 0 0 0 1 0 1 SCHEDULE E, PART I, LINE 3 PROMISE ACADEMY INC IS NOT A PRIVATE SCHOOL. IT IS A PUBLIC CHARTER SCHOOL AND ACCEPTS STUDENTS OF ALL RACES. SCHEDULE E, PART I, LINE 4 PROMISE ACADEMY INC IS NOT A PRIVATE SCHOOL. IT IS A PUBLIC CHARTER SCHOOL. NO FEES ARE CHARGED; NO SCHOLARSHIPS NEEDED SCHEDULE E, PART I, LINE 6 THE SCHOOL RECEIVES FUNDS FROM SHELBY COUNTY SCHOOLS AND THE STATE OF TENNESSEE BASED ON A PER-PUPIL ALLOCATION; THE SCHOOL ALSO RECEIVES FEDERAL TITLE I FUNDING THAT PROVIDES FINANCIAL ASSISTANCE TO LOW INCOME AREA SCHOOLS. THE SCHOOL ALSO RECEIVES SCHOOL SAFETY, SAFE SCHOOL AND E-RATE FUNDING. 0 0 0 0 0 0 0 0 0 KIASI MALONE PRINCIPAL-PA HOLLYWOOD 137843 0 0 0 0 0 0 0 14221 0 152064 0 0 0 PROMISE ACADEMY SPRING HILL INC RELATED ENTITY REIMBURSEMENT X 38740 38740 0 0 0 38740 FORM 990, PART VI, SECTION A, LINE 2 CHARLES GERBER EMPLOYS MARY CORNPROPST AS CHIEF FINANCIAL OFFICER IN A SEPARATE, UNRELATED, FOR-PROFIT BUSINESS. MARY GARRISON IS GRADY GARRISON'S SPOUSE. FORM 990, PART VI, SECTION B, LINE 11B THE FINANCE COMMITTEE PRESENTS THE FORM 990 TO THE BOARD OF DIRECTORS FOR REVIEW AT A MONTHLY MEETING. FORM 990, PART VI, SECTION B, LINE 12C GRADY GARRISON, THE BOARD ATTORNEY, MONITORS THIS AT MONTHLY MEETINGS. FORM 990, PART VI, SECTION B, LINE 15 COMPENSATION IS BASED ON COMPARABLE SALARIES IN THE AREA. FORM 990, PART VI, SECTION C, LINE 19 UPON REQUEST. PART XII, LINE 2B DUE TO TURNOVER IN THE FINANCE DEPARTMENT, THE AUDIT IS STILL IN PROCESS AND THE 990 WILL BE AMENDED IF NECESSARY TO REFLECT THE CHANGES ONCE THE AUDIT HAS BEEN FINALIZED. PART XII, LINE 2C THERE WAS NO CHANGE FROM THE PRIOR YEAR. PROMISE ACADEMY SPRING HILL 3796 FRAYSER RALEIGH ROAD MEMPHIS TN 38128 464445628 CHARTER SCHOOL TN 501(C)(3) LINE 2 N/A 0 0 0 0 0 1 0 0 0 0 0 0 1 0 1 0 0 1 0 0 PROMISE ACADEMY SPRINGHILL L 308316 FAIR MARKET VALUE