2020-12-21T09:44:49-06:00 2020-06-30 621804252 WATKINS UIBERALL PLLC 1661 AARON BRENNER DR STE 300 MEMPHIS TN 38120 990 2019-07-01 201608155 PROMISE ACADEMY INC PROM 9013244456 1346 BRYAN ST MEMPHIS TN 38108 BETH BAILEY DIRECTOR OF FINANCE & OPERATIO 9013244456 2020-12-14 1 JEFF THOMASON P00976026 9017612720 2019 2022-09-23 18:48:47Z CHARLES C GERBER ONE COMMERCE SQUARE STE 1900 MEMPHIS TN 38103 4884089 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. 13 13 69 14 0 0 1300135 1412180 3366262 3112313 0 904 410949 358047 5077346 4883444 0 0 0 0 3203267 3197506 0 0 0 1702258 1682491 4905525 4879997 171821 3447 2317903 3073738 605044 1357432 1712859 1716306 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 4221097 3469283 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 321. 4221097 1 1 0 0 0 0 0 0 0 0 1 0 0 1 1 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 1 0 0 0 1 27 0 1 69 1 0 0 0 0 0 0 0 0 0 0 0 0 X 13 13 1 0 0 0 0 0 0 1 1 0 0 0 1 1 1 1 1 1 1 0 TN X BETH BAILEY 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 ASSISTANT TREASURER 3.00 3.00 X X 0 0 0 DIANA BURTON DIRECTOR 0.30 0.30 X 0 0 0 MARY GARRISON DIRECTOR 0.30 0.30 X 0 0 0 FATHER COLENZO HUBBARD DIRECTOR 0.30 0.30 X 0 0 0 TERESA JENKINS 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 DIRECTOR 0.30 0.30 X 0 0 0 PATRICIA EMORY-WALKER DIRECTOR 0.30 0.30 X 0 0 0 DR RUSSELL WIGGINGTON DIRECTOR 0.30 0.30 X 0 0 0 EMILY R WOODSIDE DIRECTOR 0.30 0.30 X 0 0 0 THOMAS A BEAZLEY EXECUTIVE DIRECTOR 15.00 15.00 X 107955 0 7921 BETH BAILEY DIRECTOR OF FINANCE & OPER 25.00 25.00 X 101801 0 11981 KIASI MALONE PRINCIPAL-PA HOLLYWOOD 50.00 X 128321 0 65 PATRICK WASHINGTON HIGHEST COMPENSATED EMPLOY 0.00 40.00 X 0 110357 11989 KIMBRA TURNER HIGHEST COMPENSATED EMPLOY 0.00 50.00 X 0 100526 4332 338077 210883 36288 3 0 0 0 0 247677 1164503 1412180 PER PUPIL ALLOCATION 611600 3112313 3112313 3112313 1104 1104 200 -200 -200 -200 1522 445 1077 1077 SHARED SERVICE REVENUE 900099 254177 254177 OTHER INCOME 900099 102793 102793 356970 4883444 3469283 0 1981 229658 229658 2354053 2196154 157899 190935 152748 38187 234581 199394 35187 188279 141209 47070 17000 17000 403066 403066 30045 30045 14526 14526 345141 293371 51770 1536 1152 384 309 309 83212 83212 21899 18614 3285 REPAIRS AND MAINTENANCE 176854 150326 26528 TEXTBOOKS 155970 155970 STAFF DEVELOPMENT 147381 147381 TRANSPORTATION 90396 90396 195156 158059 37097 4879997 4221097 658900 0 984271 1458842 50341 28541 1439 42774 36293 50456 888145 587518 276294 300627 18422 33584 950843 1158914 2317903 3073738 301976 232019 303068 1125413 605044 1357432 X 1296655 959972 416204 756334 1712859 1716306 2317903 3073738 3447 0 X X 0 1 X 1 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 223394 24227 199167 664751 563291 101460 300627 NET PENSION ASSET 1158914 1158914 NET PENSION LIABILITY 494103 PPP LOAN PAYABLE 631310 1125413 4884089 645 645 4883444 0 4883444 4880642 645 645 4879997 0 4879997 PART XI, LINE 2D - OTHER ADJUSTMENTS: FUNDRAISING EXPENSE NETTED AGAINST REVENUE ON FORM 990 445. GAIN/LOSS ON DISPOSAL 200. PART XII, LINE 2D - OTHER ADJUSTMENTS: FUNDRAISING EXPENSE NETTED AGAINST REVENUE ON FORM 990 445. GAIN/LOSS ON DISPOSAL 200. 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. PROMISE ACADEMY SPRING HILL INC RELATED ENTITY REIMBURSEMENT X 42774 42774 0 0 0 42774 FORM 990, PART VI, SECTION A, LINE 2 CHARLES GERBER & ANDY TAYLOR ARE BUSINESS PARTNERS; THEY EMPLOY MARY CORNPROPST AS THEIR CHIEF FINANCIAL OFFICER. MARY GARRISON IS GRADY GARRISON'S SPOUSE. TOM BEAZLEY, EXECUTIVE DIRECTOR HAS A DAUGHTER THAT TEACHES AT PROMISE, KRISTEN MCGLASSON. 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 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 1 0 0 0 0 0 0 0 1 1 1 0 0 0 0 0 PROMISE ACADEMY SPRINGHILL L 254177 FAIR MARKET VALUE