2025-02-11T15:53:24-06:00 2023-06-30 261180446 THE MARSTON GROUP PLC 1661 INTERNATIONAL DRIVE SUITE 250 MEMPHIS TN 38120 990 2022-07-01 201608155 PROMISE ACADEMY INC PROM 9013244456 1346 BRYAN STREET MEMPHIS TN 38108 PATRICK WASHINGTON EXECUTIVE DIRECTOR 9013244456 2025-02-11 1 0 SUSAN M LATTIMORE P00834343 9017613003 2025-02-11 2022 2025-03-06 01:10:19Z PATRICK WASHINGTON 1346 BRYAN STREET MEMPHIS TN 38108 5346212 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 71 0 0 0 3172838 5067377 2697922 268013 -3486 10822 561117 0 6428391 5346212 0 0 0 0 3982299 3442536 0 0 0 1709825 2299011 5692124 5741547 736267 -395335 7397276 4499082 3657125 1120556 3740151 3378526 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. 0 0 4086774 268013 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 CULTRAL 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. 4086774 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 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 47 0 71 1 0 0 0 0 0 0 0 0 0 0 X 11 11 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 TN X THE ORGANIZATION 9013244456 1346 BRYAN STREET MEMPHIS TN 38108 CHARLES GERBER PRESIDENT & CHAIRMAN 1.00 X X 0 0 0 GRADY GARRISON SECRETARY 1.00 X X 0 0 0 STEPHANIE CHITTOM TREASURER 1.00 X X 0 0 0 DIANA BURTON BOARD MEMBER 1.00 X 0 0 0 JOHNNY MOORE BOARD MEMBER 1.00 X 0 0 0 COLENZO HUBBARD BOARD MEMBER 1.00 X 0 0 0 EMILY WOODSIDE BOARD MEMBER 1.00 X 0 0 0 CAROL RUSSELL BOARD MEMBER 1.00 X 0 0 0 PATRICIA EMORY-WALKER BOARD MEMBER 1.00 X 0 0 0 TERESA HANDY BOARD MEMBER 1.00 X 0 0 0 MARY CORNPROPST BOARD MEMBER 1.00 X 0 0 0 PATRICK WASHINGTON EXECUTIVE DIRECTOR 40.00 X 0 130440 0 ELIZABETH BAILEY FORMER FINANCE MANAGER 0.00 X 115332 0 0 KIASI MALONE CHIEF OF ACCOUNTABILITY 40.00 X 143262 0 0 258594 130440 0 2 0 0 0 LAVINIA GROUP LLC 2805 DODD RD STE 200 EAGAN MN 55121 PROFESSIONAL LEARNING 406600 JOE MCCOY 6764 LAKE POINT CIRCLE MEMPHIS TN 38141 PAINTING AND WALL COVERING SERVICES 102048 2 4181452 885925 5067377 EDUCATION CHARGES 611110 268013 268013 268013 10822 10822 5346212 268013 0 10822 X 258594 258594 2527544 2009000 518544 656398 498139 158259 1190303 691702 498601 66112 59501 6611 88217 79395 8822 44972 40475 4497 222655 200389 22266 SUPPLIES AND MATERIALS 320829 194732 126097 STAFF DEVELOPMENT 259508 259508 OTHER EXPENSES 92649 40167 52482 INTERNAL SCHOOL FUNDS 13766 13766 5741547 4086774 1654773 0 536728 435349 2226134 508907 41712 42441 2537946 897472 1507114 1640474 76042 91178 0 105902 3009546 1674831 7397276 4499082 329152 353899 1000000 510067 2327973 256590 3657125 1120556 X 1604760 2668186 2135391 710340 3740151 3378526 7397276 4499082 -395335 33710 0 X X 0 1 X 0 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 104893 104893 1420347 225481 1194866 774104 550429 223675 238602 121562 117040 1640474 NET PENSION ASSET 619162 CONSTRUCTION IN PROGRESS 246485 DEFERRED OUTFLOWS 709184 DUE FROM RELATED PARTY 100000 1674831 NET PENSION LIABILITY 147136 DUE TO RELATED PARTY 109454 256590 5346212 0 5346212 0 5346212 5741547 0 5741547 0 5741547 1 1 1 1 1 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 GRANTS RECEIVED FROM THE ESSER GRANTS, THE STATE OF TENNESSEE, SHELBY COUNTY TENNESSEE PER PUPIL ALLOCATION, AND TITLE 1 GRANTS TO LOCAL AGENCIES. FORM 990, PART VI, SECTION B, LINE 11B AFTER THE RETURN IS PREPARED BY AN INDEPENDENT ACCOUNTING FIRM, THE RETURN IS REVIEWED BY THE BOARD OF DIRECTORS BEFORE SUBMISSION TO THE IRS. FORM 990, PART VI, SECTION B, LINE 12C THE DIRECTORS SIGN A STATEMENT ANNUALLY CONFIRMING THEIR COMPLIANCE WITH THE CONFLICTS OF INTEREST POLICY. FORM 990, PART VI, SECTION B, LINE 15 COMPENSATION FOR A POSITION IS DETERMINED AS TO WHAT IS REASONABLE FOR THE EXPERIENCE, EXPERTISE, GEOGRAPHY AND NEEDS OF THE ORGANIZATION. COMPENSATION IS REVIEWED BY THE BOARD FINANCE COMMITTEE, DISCUSSED AND VOTED ON AT BOARD MEETINGS. THE RESULTING DECISION IS RECORDED IN THE MINUTES. FORM 990, PART VI, SECTION C, LINE 18 THE ORGANIZATION'S TAX DOCUMENTS ARE AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, PART VI, SECTION C, LINE 19: UPON REQUEST FORM 990, PART IX, LINE 11G CONTRACTED SERVICES: PROGRAM SERVICE EXPENSES 691,702. MANAGEMENT AND GENERAL EXPENSES 498,601. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 1,190,303. PART XII, LINE 2C THERE WAS NO CHANGE FROM THE PRIOR YEAR. PROMISE ACADEMY SPRING HILL INC 1346 BRYAN STREET MEMPHIS TN 38108 464445628 CHARTER SCHOOL TN 501(C)(3) LINE 2 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 PROMISE ACADEMY SPRINGHILL INC P 61260 INVOICES SUBMITTED THE ORGANIZATION IS SEEKING RELIEF FROM LATE FILING PENALTIES DUE TO REASONABLE CAUSE. THE ORGANIZATION SUFFERED FROM MULTIPLE TURNOVERS IN LEADERSHIP AND ACCOUNTING FIRMS DURING 2022, 2023 AND 2024. BOTH THE CFO AND EXECUTIVE DIRECTOR LEFT THE ORGANIZATION IN LATE 2022. A NEW EXECUTIVE DIRECTOR WAS HIRED IN DECEMBER 2022 AND IMMEDIATELY ATTEMPTED TO GET AN AUDIT COMPLETED FOR THE FISCAL YEAR ENDED JUNE 30, 2022. HOWEVER, DUE TO ONBOARDING A NEW ACCOUNTING FIRM IN THE FIRST QUARTER OF 2023 AND WAITING TO BE FIT IN TO THE CPA FIRM'S AUDIT SCHEDULE, THE AUDIT WAS NOT COMPLETED UNTIL DECEMBER 21, 2023. AT THAT TIME, THE CPA FIRM WHO CONDUCTED THE AUDIT, INFORMED THE ORGANIZATION THAT IT COULD NOT COMPLETE THE AUDIT FOR THE NEXT FISCAL YEAR ENDED JUNE 30, 2023. THE ORGANIZATION THEN ATTEMPTED TO FIND ANOTHER CPA FIRM TO CONDUCT THE AUDIT. THE 990 FOR FISCAL YEAR ENDED JUNE 30, 2022 WAS FILED BEFORE THE AUDIT WAS COMPLETED. THIS CAUSED ADDITIONAL COMPLICATIONS WITH THE FINANCIAL STATEMENTS AND AUDIT FOR THE FISCAL YEAR ENDED JUNE 30, 2023. THE AUDIT OF THE FINANCIALS FOR FISCAL YEAR ENDED JUNE 30, 2023, WAS NOT ABLE TO BE COMPLETED UNTIL SEPTEMBER 6, 2024. DUE TO THE CPA FIRM'S TAX DEPARTMENT'S FALL DEADLINE SCHEDULE AND STAFFING ISSUES, THE 990 FOR FISCAL YEAR ENDED JUNE 30, 2023 WAS NOT COMPLETED UNTIL DECEMBER 2024. ALL PARTIES INVOLVED ACTED IN GOOD FAITH IN GETTING BOTH THE AUDITS AND 990S PREPARED AS SOON AS THEY COULD. THERE WAS NO INTENTIONAL DISREGARD FOR THE RULES AND REGULATIONS. IT WAS CIRCUMSTANCES OUTSIDE THE CONTROL OF THE ORGANIZATION THAT CAUSED THE DELAYS.THE ORGANIZATION IS A PUBLIC CHARTER SCHOOL WHICH SERVES STUDENTS IN AN ECONOMICALLY DISADVANTAGED AREA OF THE CITY. IT WOULD BE UNREASONABLY PUNITIVE FOR THE SCHOOL TO PAY LARGE FINES TO THE IRS IN LIEU OF EDUCATING ITS STUDENTS, INCLUDING THOSE WITH DISABILITIES.