2014-02-11T11:20:46-06:00 2013-06-30 620852719 JOSEPH DECOSIMO AND COMPANY PLLC 1000 RIDGEWAY LOOP SUITE 402 MEMPHIS TN 38120 990 2012-07-01 201608155 PROMISE ACADEMY INC PROM 9013244456 1346 BRYAN ST MEMPHIS TN 38108 R ANDREW TAYLOR 9013244456 2014-02-06 1 FRANK P LAMANNA CPA P00300469 9016838899 2012 2015-11-30 17:44:51Z CHARLES C GERBER ONE COMMERCE SQUARE STE 1900 MEMPHIS TN 38103 4428804 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. 12 12 59 25 0 0 4039848 4397026 0 0 -3228 0 32576 25886 4069196 4422912 0 0 0 0 2578560 2611820 0 0 0 1317336 1483918 3895896 4095738 173300 327174 689227 934351 259593 177543 429634 756808 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 3067020 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 393 STUDENTS IN THE PRIOR YEAR TO 424 IN THE CURRENT YEAR. 3067020 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 1 0 0 0 0 0 0 0 0 0 0 0 1 19 0 1 59 1 0 0 0 0 0 0 0 0 1 0 0 0 X 12 12 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 ANDY TAYLOR 20.00 X X 0 0 0 CHARLES C GERBER 20.00 X X 0 0 0 GRADY GARRISON 3.00 X X 0 0 0 DIANA BURTON 0.00 X 0 0 0 MARY CORNPROPST 3.00 X X 0 0 0 FATHER COLENZO HUBBARD 0.00 X 0 0 0 JOHNNY MOORE 0.00 X 0 0 0 EMILY WOODSIDE 0.00 X 0 0 0 JAMAL MCCALL 0.00 X 0 0 0 JENNIFER FALKOF 0.00 X 0 0 0 MARY GARRISON 0.00 X 0 0 0 J LEWIS WARDLEW 0.00 X 0 0 0 THOMAS A BEAZLEY 40.00 X 103000 0 9680 103000 0 9680 1 0 0 0 0 206267 4190759 4397026 8308 5892 2416 2416 UNIFORMS 611710 14821 14821 OTHER INCOME 900099 7003 7003 SUPPLY FEE 611710 987 987 659 659 23470 4422912 23470 0 2416 2238119 1678589 559530 192980 144735 48245 180721 135541 45180 15649 15649 121333 121333 16690 16690 434610 369419 65191 32463 24347 8116 3112 3112 59044 59044 288966 216725 72241 SCHOOL SUPPLIES 138955 93430 45525 CONTRACT INSTRUCTORS 131654 131654 TEXTBOOKS 102007 102007 STAFF DEVELOPMENT 74917 59934 14983 64518 51595 12923 4095738 3067020 1028718 0 441752 651919 77394 95987 49788 47916 436586 298057 120293 138529 689227 934351 191991 177543 67602 0 259593 177543 X 370076 612290 59558 144518 429634 756808 689227 934351 327174 0 X X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 436586 298057 138529 138529 4441599 2784 15903 18687 4422912 0 4422912 4114425 2784 15903 18687 4095738 0 4095738 PART XI, LINE 2D - OTHER ADJUSTMENTS: FUNDRAISING EXPENSES 5,892. FUNDRAISING REIMBURSMENT 10,011. PART XII, LINE 2D - OTHER ADJUSTMENTS: FUNDRAISING EXPENSES 5,892. FUNDRAISING REIMBURSEMENT 10,011. . 1 1 1 1 0 1 1 0 0 0 0 0 0 0 0 1 0 1 EXPLANATION OF NONDISCRIMINATORY POLICY PUBLICATION 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. EXPLANATION OF DOCUMENT RETENTION 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. EXPLANATION OF GOVERNMENT FINANCIAL ASSISTANCE SCHEDULE E, PART I, LINE 6 THE SCHOOL RECEIVES FUNDS FROM MEMPHIS CITY SCHOOLS BASED ON A PER-PUPIL ALLOCATION; THE SCHOOL ALSO RECEIVES FEDERAL TITLE I FUNDING THAT PROVIDES FINANCIAL ASSISTANCE TO LOW INCOME AREA SCHOOLS. CHARLES GERBER BOARD PRESIDENT 67602 GUARANTOR OF SUNTRUST NOTE; PROMISE ACADEMY PAID THE $67,602 BALANCE OF THE NOTE OFF DURING THE YEAR AND OWED $0 ON THE NOTE AT JUNE 30, 2013. 0 JOHNNY MOORE BOARD MEMBER 67602 PRESIDENT OF SUNTRUST BANK; PROMISE ACADEMY PAID THE $67,602 BALANCE OF THE NOTE OFF AND OWED $0 ON THE NOTE TO SUNTRUST BANK AT JUNE 30, 2013. 0 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. CONTACT ADDRESSES FOR OFFICERS, DIRECTORS, ETC FORM 990, PART VII ANDY 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. JENNIFER FALKOF - 811 EATON , MEMPHIS, TN 38120. MARY GARRISON - 1586 ROLAND PLACE, MEMPHIS , TN 38104. J. LEWIS WARDLEW - 6410 POPLAR AVENUE, SUITE 1000, MEMPHIS, TN 38119. FORM 990, PART XII, LINE 2C: NO CHANGE FROM PRIOR YEAR.