2015-01-30T11:12:05-06:00 2014-06-30 570381582 ELLIOTT DAVIS DECOSIMO LLC PLLC 1000 RIDGEWAY LOOP SUITE 402 MEMPHIS TN 38120 990 2013-07-01 201608155 PROMISE ACADEMY INC PROM 9013244456 1346 BRYAN ST MEMPHIS TN 38108 R ANDREW TAYLOR TREASURER 9013244456 2015-01-26 1 FRANK P LAMANNA CPA P00300469 9016838899 2013 2016-04-25 22:37:26Z PROMISE ACADEMY HOLLYWOOD CHARLES C GERBER ONE COMMERCE SQUARE STE 1900 MEMPHIS TN 38103 4573567 0 X HTTP://PROMISEACADEMY.COM X 2004 TN OUR PURPOSE IS TO TEACH AND INSPIRE OUR CHILDREN SO THAT THEY CAN SUCCEED IN ANY SETTING. 11 11 80 25 0 0 4397026 4533455 0 0 0 1227 25886 33095 4422912 4567777 0 0 0 0 2611820 2915781 0 0 0 1483918 1692392 4095738 4608173 327174 -40396 934351 1042756 177543 326344 756808 716412 OUR CENTAL 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 3355629 THE SCHOOL PROVIDES AN ALTERNATIVE MEANS WITHIN THE PUBLIC SCHOOL SYSTEM TO ACCOMPLISH NECESSARY OUTCOMES OF EDUCATION. THE AVERAGE NUMBER OF STUDENTS ATTENDING INCREASED FROM 424 STUDENTS IN THE PRIOR YEAR TO 454 IN THE CURRENT YEAR. 3355629 1 1 0 0 0 0 0 0 0 0 1 0 0 0 0 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 0 0 0 0 1 26 0 1 80 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 1 1 1 1 1 1 1 1 0 TN X BETH BAILEY 9013244456 1346 BRYAN STREET MEMPHIS TN 38108 R ANDREW TAYLOR TREASURER 20.00 X X 0 0 0 CHARLES C GERBER PRESIDENT AND CHAIRMAN 20.00 X X 0 0 0 GRADY GARRISON SECRETARY 3.00 X X 0 0 0 DIANA BURTON DIRECTOR 0.30 X 0 0 0 MARY CORNPROPST ASSISTANT TREASURER 3.00 X X 0 0 0 FATHER COLENZO HUBBARD DIRECTOR 0.30 X 0 0 0 JOHNNY MOORE DIRECTOR 0.30 X 0 0 0 EMILY WOODSIDE DIRECTOR 0.30 X 0 0 0 JAMAL MCCALL DIRECTOR 0.30 X 0 0 0 MARY GARRISON DIRECTOR 0.30 X 0 0 0 J LEWIS WARDLAW DIRECTOR 0.30 X 0 0 0 THOMAS A BEAZLEY EXECUTIVE DIRECTOR 40.00 X 103001 0 14398 103001 0 14398 1 0 0 0 0 314106 4219349 4533455 1925 698 1227 1227 1227 10231 5092 5139 5139 UNIFORMS 611710 14019 14019 OTHER INCOME 900099 8723 8723 SUPPLY FEE 611710 4554 4554 660 660 27956 4567777 27956 0 6366 2511366 1883524 627842 213332 159999 53333 191083 143312 47771 24968 24968 246089 246089 47234 47234 375615 319273 56342 654 491 163 54245 54245 350263 262698 87565 TEXTBOOKS 228316 228316 SCHOOL SUPPLIES 130283 91198 39085 STAFF DEVELOPMENT 78662 62930 15732 CONTRACT INSTRUCTORS 68729 68729 87334 80914 6420 4608173 3355629 1252544 0 651919 758644 95987 87342 47916 39568 471980 314778 138529 157202 934351 1042756 177543 326344 177543 326344 X 612290 559210 144518 157202 756808 716412 934351 1042756 -40396 0 X X 0 1 X 1 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 471980 314778 157202 157202 4571922 280 3865 4145 4567777 0 4567777 4612318 280 3865 4145 4608173 0 4608173 PART XI, LINE 2D - OTHER ADJUSTMENTS: FUNDRAISING EXPENSES 5,092. GAIN ON THE SALE OF ASSET -1,227. PART XII, LINE 2D - OTHER ADJUSTMENTS: FUNDRAISING EXPENSES 5,092. GAIN ON THE SALE OF ASSET -1,227. 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. FORM 990, PART VI, SECTION A, LINE 2 CHARLES GERBER AND ANDY TAYLOR ARE BUSINESS PARTNERS; THEY EMPLOY MARY CORNPROPST AS THEIR CHIEF FINANCIAL OFFICER. MARY GARRISON IS GRADY GARRISON'S SPOUSE. FORM 990, PART VI, SECTION B, LINE 11 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. FORM 990, PART VII R. ANDREW TAYLOR - ONE COMMERCE SQUARE, SUITE 1900, MEMPHIS, TN 38103. CHARLES C. GERBER - ONE COMMERCE SQUARE, SUITE 1900, MEMPHIS, TN 38103. GRADY GARRISON - 165 MADISON AVENUE, SUITE 2000, MEMPHIS, TN 38103. DIANA BURTON - 3670 HACKS CROSS RD, BLDG G, 3RD FLOOR, MEMPHIS, TN 38125. MARY CORNPROPST - 2930 WATERLEAF DRIVE, GERMANTOWN, TN 38138. FATHER COLENZO HUBBARD - 604 ST. PAUL AVENUE, MEMPHIS, TN 38126. JOHNNY MOORE - 999 S. SHADY GROVE ROAD, SUITE 202, MEMPHIS, TN 38120. EMILY WOODSIDE - 1602 EAST CLANLO DRIVE, MEMPHIS, TN 38104. JAMAL MCCALL - 2670 UNION AVENUE EXTD, SUITE 1100, MEMPHIS, TN 38112. MARY GARRISON - 4409 WALNUT GROVE RD., MEMPHIS, TN 38117. J. LEWIS WARDLAW - 6410 POPLAR AVENUE, SUITE 1000, MEMPHIS, TN 38119. FORM 990, PART XII, LINE 2C: NO CHANGE FROM PRIOR YEAR.