PROMISE ACADEMY: Form 990, tax year 2011
View the entire original 990 at ProPublica ↗
- Organization
- PROMISE ACADEMY (EIN 20-1608155)
- Tax period
- 2011-07-01 to 2012-06-30
- Filed
- 2012-11-14
- IRS object ID
- 201223199349304012
- Schema version
- 2011v1.2
- Source
- Download XML · Original 990 at ProPublica
Every field in the e-filed return. Faint text is the IRS element name, for citing.
Return header ReturnHeader
| Field | Value | IRS element (for citing) |
|---|---|---|
| Timestamp | 2012-11-14T13:15:01-06:00 | Timestamp |
| Tax Period End Date | 2012-06-30 | TaxPeriodEndDate |
Preparer Firm PreparerFirm
| Field | Value | IRS element (for citing) |
|---|---|---|
| EIN | 620852719 | EIN |
Preparer Firm Business Name PreparerFirmBusinessName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | JOSEPH DECOSIMO AND COMPANY PLLC | BusinessNameLine1 |
Preparer Firm US Address PreparerFirmUSAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 6750 POPLAR AVENUE SUITE 600 | AddressLine1 |
| City | MEMPHIS | City |
| State | TN | State |
| ZIP Code | 38138 | ZIPCode |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Return Type | 990 | ReturnType |
| Tax Period Begin Date | 2011-07-01 | TaxPeriodBeginDate |
Filer Filer
| Field | Value | IRS element (for citing) |
|---|---|---|
| EIN | 201608155 | EIN |
Name Name
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | PROMISE ACADEMY INC | BusinessNameLine1 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Name Control | PROM | NameControl |
| Phone | 9013244456 | Phone |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 1346 BRYAN ST | AddressLine1 |
| City | MEMPHIS | City |
| State | TN | State |
| ZIP Code | 38108 | ZIPCode |
Officer Officer
| Field | Value | IRS element (for citing) |
|---|---|---|
| Name | R ANDREW TAYLOR | Name |
| Title | TREASURER | Title |
| Phone | 9013244456 | Phone |
| Date Signed | 2012-11-09 | DateSigned |
| Authorize Third Party | 1 | AuthorizeThirdParty |
Preparer Preparer
| Field | Value | IRS element (for citing) |
|---|---|---|
| Name | FRANK P LAMANNA CPA | Name |
| PTIN | P00300469 | PTIN |
| Phone | 9016838899 | Phone |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Tax Year | 2011 | TaxYear |
| Build TS | 2016-02-24 21:20:13Z | BuildTS |
Form 990 IRS990
| Field | Value | IRS element (for citing) |
|---|---|---|
| Name Of Principal Officer Person | CHARLES C GERBER | NameOfPrincipalOfficerPerson |
Address Principal Officer US AddressPrincipalOfficerUS
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | ONE COMMERCE SQUARE STE 1900 | AddressLine1 |
| City | MEMPHIS | City |
| State | TN | State |
| ZIP Code | 38103 | ZIPCode |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Gross Receipts | 4078288 | GrossReceipts |
| Group Return For Affiliates | 0 | GroupReturnForAffiliates |
| Organization501c3 | X | Organization501c3 |
| Web Site | HTTP://PROMISEACADEMY.COM | WebSite |
| Type Of Organization Corporation | X | TypeOfOrganizationCorporation |
| Year Formation | 2004 | YearFormation |
| State Legal Domicile | TN | StateLegalDomicile |
| Activity Or Mission Description | 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. | ActivityOrMissionDescription |
| Nbr Voting Members Governing Body | 12 | NbrVotingMembersGoverningBody |
| Nbr Independent Voting Members | 12 | NbrIndependentVotingMembers |
| Total Nbr Employees | 56 | TotalNbrEmployees |
| Total Nbr Volunteers | 25 | TotalNbrVolunteers |
| Total Gross UBI | 0 | TotalGrossUBI |
| Net Unrelated Business Txbl Income | 0 | NetUnrelatedBusinessTxblIncome |
| Contributions Grants Prior Year | 3688120 | ContributionsGrantsPriorYear |
| Contributions Grants Current Year | 4039848 | ContributionsGrantsCurrentYear |
| Program Service Revenue Prior Year | 0 | ProgramServiceRevenuePriorYear |
| Program Service Revenue CY | 0 | ProgramServiceRevenueCY |
| Investment Income Prior Year | -9726 | InvestmentIncomePriorYear |
| Investment Income Current Year | -3228 | InvestmentIncomeCurrentYear |
| Other Revenue Prior Year | 47786 | OtherRevenuePriorYear |
| Other Revenue Current Year | 32576 | OtherRevenueCurrentYear |
| Total Revenue Prior Year | 3726180 | TotalRevenuePriorYear |
| Total Revenue Current Year | 4069196 | TotalRevenueCurrentYear |
| Grants And Similar Amnts Prior Year | 0 | GrantsAndSimilarAmntsPriorYear |
| Grants And Similar Amnts CY | 0 | GrantsAndSimilarAmntsCY |
| Benefits Paid To Members Prior Year | 0 | BenefitsPaidToMembersPriorYear |
| Benefits Paid To Members CY | 0 | BenefitsPaidToMembersCY |
| Salaries Etc Prior Year | 2459128 | SalariesEtcPriorYear |
| Salaries Etc Current Year | 2578560 | SalariesEtcCurrentYear |
| Total Prof Fundrsng Exp Prior Year | 0 | TotalProfFundrsngExpPriorYear |
| Total Prof Fundrsng Exp CY | 0 | TotalProfFundrsngExpCY |
| Total Fundrsng Exp Current Year | 0 | TotalFundrsngExpCurrentYear |
| Other Expense Prior Year | 1219789 | OtherExpensePriorYear |
| Other Expenses Current Year | 1317336 | OtherExpensesCurrentYear |
| Total Expenses Prior Year | 3678917 | TotalExpensesPriorYear |
| Total Expenses Current Year | 3895896 | TotalExpensesCurrentYear |
| Revenues Less Expenses Prior Year | 47263 | RevenuesLessExpensesPriorYear |
| Revenues Less Expenses CY | 173300 | RevenuesLessExpensesCY |
| Total Assets BOY | 656720 | TotalAssetsBOY |
| Total Assets EOY | 689227 | TotalAssetsEOY |
| Total Liabilities BOY | 400386 | TotalLiabilitiesBOY |
| Total Liabilities EOY | 259593 | TotalLiabilitiesEOY |
| Net Assets Or Fund Balances BOY | 256334 | NetAssetsOrFundBalancesBOY |
| Net Assets Or Fund Balances EOY | 429634 | NetAssetsOrFundBalancesEOY |
| Mission Description | 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. | MissionDescription |
| Significant New Program Services | 0 | SignificantNewProgramServices |
| Significant Change | 0 | SignificantChange |
| Expense | 2962498 | Expense |
| Description | 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 368 STUDENTS IN THE PRIOR YEAR TO 393 IN THE CURRENT YEAR. | Description |
| Total Program Service Expense | 2962498 | TotalProgramServiceExpense |
| Described In501 C3 | 1 | DescribedIn501C3 |
| Schedule B Required | 1 | ScheduleBRequired |
| Political Activities | 0 | PoliticalActivities |
| Lobbying Activities | 0 | LobbyingActivities |
| Subject To Proxy Tax | 0 | SubjectToProxyTax |
| Donor Advised Funds | 0 | DonorAdvisedFunds |
| Conservation Easements | 0 | ConservationEasements |
| Collections Of Art | 0 | CollectionsOfArt |
| Credit Counseling | 0 | CreditCounseling |
| Term Or Permanent Endowments | 0 | TermOrPermanentEndowments |
| Report Land Bldg Equip | 1 | ReportLandBldgEquip |
| Report Invest Oth Securities | 0 | ReportInvestOthSecurities |
| Report Prog Rel Invest | 0 | ReportProgRelInvest |
| Report Other Assets | 0 | ReportOtherAssets |
| Report Other Liabilities | 0 | ReportOtherLiabilities |
| Report Fin48 Footnote | 0 | ReportFin48Footnote |
| Independent Audit Financial Stmt | 1 | IndependentAuditFinancialStmt |
| Consolidated Audit Financial Stmt | 0 | ConsolidatedAuditFinancialStmt |
| School | 1 | School |
| Foreign Office | 0 | ForeignOffice |
| Foreign Activities | 0 | ForeignActivities |
| More Than5000 K To Organizations | 0 | MoreThan5000KToOrganizations |
| More Than5000 K To Individuals | 0 | MoreThan5000KToIndividuals |
| Professional Fundraising | 0 | ProfessionalFundraising |
| Fundraising Activities | 1 | FundraisingActivities |
| Gaming | 0 | Gaming |
| Hospital | 0 | Hospital |
| Grants To Organizations | 0 | GrantsToOrganizations |
| Grants To Individuals | 0 | GrantsToIndividuals |
| Schedule J Required | 0 | ScheduleJRequired |
| Tax Exempt Bonds | 0 | TaxExemptBonds |
| Excess Benefit Transaction | 0 | ExcessBenefitTransaction |
| Prior Excess Benefit Transaction | 0 | PriorExcessBenefitTransaction |
| Loan To Officer Or DQP | 0 | LoanToOfficerOrDQP |
| Grant To Related Person | 0 | GrantToRelatedPerson |
| Bsnss Rltnshp With Organization | 1 | BsnssRltnshpWithOrganization |
| Bsnss Rltnshp Thru Family Member | 0 | BsnssRltnshpThruFamilyMember |
| Officer Entity With Bsnss Rltnshp | 0 | OfficerEntityWithBsnssRltnshp |
| Deductible Non Cash Contributions | 0 | DeductibleNonCashContributions |
| Deductible Contributions Of Art | 0 | DeductibleContributionsOfArt |
| Terminated | 0 | Terminated |
| Partial Liquidation | 0 | PartialLiquidation |
| Disregarded Entity | 0 | DisregardedEntity |
| Related Entity | 0 | RelatedEntity |
| Related Org Controlled Entity | 0 | RelatedOrgControlledEntity |
| Transaction Related Entity | 0 | TransactionRelatedEntity |
| Transfers To Exempt Non Chrtbl Org | 0 | TransfersToExemptNonChrtblOrg |
| Activities Conducted Partnership | 0 | ActivitiesConductedPartnership |
| Schedule O Required | 1 | ScheduleORequired |
| Number Forms Transmitted With1096 | 22 | NumberFormsTransmittedWith1096 |
| Number W2 G Included | 0 | NumberW2GIncluded |
| Compliance With Backup Witholding | 1 | ComplianceWithBackupWitholding |
| Number Of Employees | 56 | NumberOfEmployees |
| Employment Tax Returns Filed | 1 | EmploymentTaxReturnsFiled |
| Unrelated Business Income | 0 | UnrelatedBusinessIncome |
| Foreign Financial Account | 0 | ForeignFinancialAccount |
| Prohibited Tax Shelter Trans | 0 | ProhibitedTaxShelterTrans |
| Taxable Party Notification | 0 | TaxablePartyNotification |
| Non Deductible Contributions | 0 | NonDeductibleContributions |
| Quid Pro Quo Contributions | 0 | QuidProQuoContributions |
| Form8282 Property Disposed Of | 0 | Form8282PropertyDisposedOf |
| Funds To Pay Premiums | 0 | FundsToPayPremiums |
| Premiums Paid | 1 | PremiumsPaid |
| Form8899 Filed | 0 | Form8899Filed |
| Form1098 C Filed | 0 | Form1098CFiled |
| Indoor Tanning Services | 0 | IndoorTanningServices |
| Info In Schedule O Part VI | X | InfoInScheduleOPartVI |
| Nbr Voting Governing Body Members | 12 | NbrVotingGoverningBodyMembers |
| Number Independent Voting Members | 12 | NumberIndependentVotingMembers |
| Family Or Business Relationship | 1 | FamilyOrBusinessRelationship |
| Delegation Of Management Duties | 0 | DelegationOfManagementDuties |
| Changes To Organizing Docs | 0 | ChangesToOrganizingDocs |
| Material Diversion Or Misuse | 0 | MaterialDiversionOrMisuse |
| Members Or Stockholders | 0 | MembersOrStockholders |
| Election Of Board Members | 0 | ElectionOfBoardMembers |
| Decisions Subject To Approval | 0 | DecisionsSubjectToApproval |
| Minutes Of Governing Body | 1 | MinutesOfGoverningBody |
| Minutes Of Committees | 1 | MinutesOfCommittees |
| Officer Mailing Address | 0 | OfficerMailingAddress |
| Local Chapters | 0 | LocalChapters |
| Form990 Provided To Governing Body | 1 | Form990ProvidedToGoverningBody |
| Conflict Of Interest Policy | 1 | ConflictOfInterestPolicy |
| Annual Disclosure Covered Persons | 1 | AnnualDisclosureCoveredPersons |
| Regular Monitoring Enforcement | 1 | RegularMonitoringEnforcement |
| Whistleblower Policy | 1 | WhistleblowerPolicy |
| Document Retention Policy | 1 | DocumentRetentionPolicy |
| Compensation Process CEO | 0 | CompensationProcessCEO |
| Compensation Process Other | 1 | CompensationProcessOther |
| Investment In Joint Venture | 0 | InvestmentInJointVenture |
| States Where Copy Of Return Is Filed | TN | StatesWhereCopyOfReturnIsFiled |
| Upon Request | X | UponRequest |
The Books Are In Care Of TheBooksAreInCareOf
Name Business NameBusiness
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | BETH BAILEY | BusinessNameLine1 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Telephone Number | 9013244456 | TelephoneNumber |
Address US AddressUS
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 1346 BRYAN STREET | AddressLine1 |
| City | MEMPHIS | City |
| State | TN | State |
| ZIP Code | 38108 | ZIPCode |
| Field | Value | IRS element (for citing) |
|---|---|---|
| No Listed Persons Compensated | X | NoListedPersonsCompensated |
Form990 Part VII Section A Form990PartVIISectionA (12 entries)
| TitleTitle | Average Hours Per WeekAverageHoursPerWeek | Individual Trustee Or DirectorIndividualTrusteeOrDirector | OfficerOfficer | Reportable Comp From OrganizationReportableCompFromOrganization | Reportable Comp From Related OrgsReportableCompFromRelatedOrgs | Other CompensationOtherCompensation |
|---|---|---|---|---|---|---|
| ANDY TAYLOR | ||||||
| CFO/TREASURER | 20.00 | X | X | 0 | 0 | 0 |
| CHARLES C GERBER | ||||||
| PRESIDENT | 20.00 | X | X | 0 | 0 | 0 |
| GRADY GARRISON | ||||||
| SECRETARY | 3.00 | X | X | 0 | 0 | 0 |
| DIANA BURTON | ||||||
| DIRECTOR | 0.00 | X | 0 | 0 | 0 | |
| MARY CORNPROPST | ||||||
| DIRECTOR | 3.00 | X | X | 0 | 0 | 0 |
| MICHAEL BILGER | ||||||
| DIRECTOR | 0.00 | X | 0 | 0 | 0 | |
| MARY GARRISON | ||||||
| DIRECTOR | 0.00 | X | 0 | 0 | 0 | |
| FATHER COLENZO HUBBARD | ||||||
| DIRECTOR | 0.00 | X | 0 | 0 | 0 | |
| JOHNNY MOORE | ||||||
| DIRECTOR | 0.00 | X | 0 | 0 | 0 | |
| PEGGY WILLIAMSON | ||||||
| DIRECTOR | 0.00 | X | 0 | 0 | 0 | |
| EMILY WOODSIDE | ||||||
| DIRECTOR | 0.00 | X | 0 | 0 | 0 | |
| JAMAL MCCALL | ||||||
| DIRECTOR | 0.00 | X | 0 | 0 | 0 | |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Reportable Comp From Org | 0 | TotalReportableCompFromOrg |
| Total Reportable Comp Frm Rltd Orgs | 0 | TotalReportableCompFrmRltdOrgs |
| Total Other Compensation | 0 | TotalOtherCompensation |
| Number Individuals GT100 K | 0 | NumberIndividualsGT100K |
| Formers Listed | 0 | FormersListed |
| Total Comp GT150 K | 0 | TotalCompGT150K |
| Compensation From Other Sources | 0 | CompensationFromOtherSources |
| Number Of Contractors GT100 K | 0 | NumberOfContractorsGT100K |
| Government Grants | 166085 | GovernmentGrants |
| All Other Contributions | 3873763 | AllOtherContributions |
| Total Contributions | 4039848 | TotalContributions |
Less Cost Oth Basis Sales Expenses LessCostOthBasisSalesExpenses
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other | 3228 | Other |
Gain Or Loss GainOrLoss
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other | -3228 | Other |
Net Gain Or Loss Investments NetGainOrLossInvestments
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | -3228 | TotalRevenueColumn |
| Exclusion | -$3,228 | ExclusionAmount |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Gross Income Fundraising Events | 20015 | GrossIncomeFundraisingEvents |
| Fundraising Direct Expenses | 5864 | FundraisingDirectExpenses |
Net Income From Fundraising Events NetIncomeFromFundraisingEvents
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | 14151 | TotalRevenueColumn |
| Exclusion | $14,151 | ExclusionAmount |
Other Revenue Misc OtherRevenueMisc (3 entries)
| DescriptionDescription | Business CodeBusinessCode | Total Revenue ColumnTotalRevenueColumn | Related Or Exempt Function IncomeRelatedOrExemptFunctionIncome |
|---|---|---|---|
| UNIFORMS | 611710 | 17398 | 17398 |
| SNACK/COKE MACHINE COM | 900099 | 660 | 660 |
| SUPPLY FEE | 611710 | 367 | 367 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Other Revenue | 18425 | TotalOtherRevenue |
Total Revenue TotalRevenue
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | 4069196 | TotalRevenueColumn |
| Related Or Exempt Function Income | 18425 | RelatedOrExemptFunctionIncome |
| Unrelated Business Revenue | 0 | UnrelatedBusinessRevenue |
| Exclusion | $10,923 | ExclusionAmount |
Other Salaries And Wages OtherSalariesAndWages
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 2200380 | Total |
| Program Services | 1650285 | ProgramServices |
| Management And General | 550095 | ManagementAndGeneral |
Pension Plan Contributions PensionPlanContributions
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 194486 | Total |
| Program Services | 145865 | ProgramServices |
| Management And General | 48621 | ManagementAndGeneral |
Payroll Taxes PayrollTaxes
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 183694 | Total |
| Program Services | 137771 | ProgramServices |
| Management And General | 45923 | ManagementAndGeneral |
Fees For Services Accounting FeesForServicesAccounting
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 14698 | Total |
| Management And General | 14698 | ManagementAndGeneral |
Fees For Services Other FeesForServicesOther
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 68038 | Total |
| Management And General | 68038 | ManagementAndGeneral |
Office Expenses OfficeExpenses
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 12341 | Total |
| Management And General | 12341 | ManagementAndGeneral |
Occupancy Occupancy
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 406475 | Total |
| Program Services | 345504 | ProgramServices |
| Management And General | 60971 | ManagementAndGeneral |
Travel Travel
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 35767 | Total |
| Program Services | 26825 | ProgramServices |
| Management And General | 8942 | ManagementAndGeneral |
Interest Interest
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 4546 | Total |
| Management And General | 4546 | ManagementAndGeneral |
Depreciation Depletion DepreciationDepletion
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 73105 | Total |
| Program Services | 73105 | ProgramServices |
Insurance Insurance
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 269402 | Total |
| Program Services | 202052 | ProgramServices |
| Management And General | 67350 | ManagementAndGeneral |
Other Expenses OtherExpenses (4 entries)
| DescriptionDescription | TotalTotal | Program ServicesProgramServices | Management And GeneralManagementAndGeneral |
|---|---|---|---|
| TEXTBOOKS | 142709 | 142709 | |
| SCHOOL SUPPLIES | 117508 | 79153 | 38355 |
| CONTRACT INSTRUCTORS | 85305 | 85305 | |
| STAFF DEVELOPMENT | 43258 | 34606 | 8652 |
All Other Expenses AllOtherExpenses
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 44184 | Total |
| Program Services | 39318 | ProgramServices |
| Management And General | 4866 | ManagementAndGeneral |
Total Functional Expenses TotalFunctionalExpenses
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 3895896 | Total |
| Program Services | 2962498 | ProgramServices |
| Management And General | 933398 | ManagementAndGeneral |
| Fundraising | 0 | Fundraising |
Cash Non Interest Bearing CashNonInterestBearing
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 450489 | BOY |
| EOY | 441752 | EOY |
Accounts Receivable AccountsReceivable
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 14426 | BOY |
| EOY | 77394 | EOY |
Prepaid Expenses Deferred Charges PrepaidExpensesDeferredCharges
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 38181 | BOY |
| EOY | 49788 | EOY |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Land Buildings Equipment Basis | 361773 | LandBuildingsEquipmentBasis |
| Land Bldg Equipment Accum Deprec | 241480 | LandBldgEquipmentAccumDeprec |
Land Buildings Equipment Basis Net LandBuildingsEquipmentBasisNet
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 153624 | BOY |
| EOY | 120293 | EOY |
Total Assets TotalAssets
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 656720 | BOY |
| EOY | 689227 | EOY |
Accounts Payable Accrued Expenses AccountsPayableAccruedExpenses
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 137455 | BOY |
| EOY | 191991 | EOY |
Deferred Revenue DeferredRevenue
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 28453 | BOY |
| EOY | 0 | EOY |
Unsecured Notes Loans Payable UnsecuredNotesLoansPayable
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 89425 | BOY |
| EOY | 67602 | EOY |
Other Liabilities OtherLiabilities
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 145053 | BOY |
| EOY | 0 | EOY |
Total Liabilities TotalLiabilities
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 400386 | BOY |
| EOY | 259593 | EOY |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Follow SFAS117 | X | FollowSFAS117 |
Unrestricted Net Assets UnrestrictedNetAssets
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 170813 | BOY |
| EOY | 370076 | EOY |
Temporarily Restricted Net Assets TemporarilyRestrictedNetAssets
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 85521 | BOY |
| EOY | 59558 | EOY |
Total Net Assets Fund Balances TotalNetAssetsFundBalances
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 256334 | BOY |
| EOY | 429634 | EOY |
Total Liab Net Assets Fund Balances TotalLiabNetAssetsFundBalances
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 656720 | BOY |
| EOY | 689227 | EOY |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Reconcilation Revenue Expenses | 173300 | ReconcilationRevenueExpenses |
| Reconcilation Other Changes | 0 | ReconcilationOtherChanges |
| Info In Schedule O Part XII | X | InfoInScheduleOPartXII |
| Method Of Accounting Accrual | X | MethodOfAccountingAccrual |
| Accountant Compile Or Review | 0 | AccountantCompileOrReview |
| FS Audited | 1 | FSAudited |
| Audit Committee | 1 | AuditCommittee |
| Financial Statement Separate | X | FinancialStatementSeparate |
| Federal Grant Audit Required | 1 | FederalGrantAuditRequired |
| Federal Grant Audit Performed | 1 | FederalGrantAuditPerformed |
Schedule A IRS990ScheduleA
| Field | Value | IRS element (for citing) |
|---|---|---|
| School170b1 Aii | X | School170b1Aii |
Schedule B IRS990ScheduleB
Contributor Info ContributorInfo
| Field | Value | IRS element (for citing) |
|---|---|---|
| Contributor Number | RESTRICTED | ContributorNumber |
Contributor Name Business ContributorNameBusiness
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | RESTRICTED | BusinessNameLine1 |
Contributor Address US ContributorAddressUS
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | RESTRICTED | AddressLine1 |
| Address Line2 | RESTRICTED | AddressLine2 |
| City | RESTRICTED | City |
| State | RESTRICTED | State |
| ZIP Code | RESTRICTED | ZIPCode |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Aggregate Contributions | RESTRICTED | AggregateContributions |
Schedule D IRS990ScheduleD
Equipment Equipment
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | 361773 | OtherCostOrOtherBasis |
| Depreciation | 241480 | Depreciation |
| Book Value | 120293 | BookValue |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Of Book Value Land Buildings | 120293 | TotalOfBookValueLandBuildings |
| Total Revenue | 4069196 | TotalRevenue |
| Total Expenses | 3895896 | TotalExpenses |
| Excess Or Deficit For Year | 173300 | ExcessOrDeficitForYear |
| Excess Or Deficit Per FS | 173300 | ExcessOrDeficitPerFS |
| Tot Revenue Etc Audited Fincl Stmt | 4088630 | TotRevenueEtcAuditedFinclStmt |
| Donated Srvc And Use Of Facilities | 10342 | DonatedSrvcAndUseOfFacilities |
| Other Revenues | 9092 | OtherRevenues |
| Revenue Not Rptd F990 | 19434 | RevenueNotRptdF990 |
| Revenue Subtotal | 4069196 | RevenueSubtotal |
| Revenue Not Rptd On Fin Stmt | 0 | RevenueNotRptdOnFinStmt |
| Total Revenue Per Form990 | 4069196 | TotalRevenuePerForm990 |
| Tot Expenses Etc Audited Fincl Stmt | 3915330 | TotExpensesEtcAuditedFinclStmt |
| Donated Services Use Of Facilities | 10342 | DonatedServicesUseOfFacilities |
| Other Expenses Included | 9092 | OtherExpensesIncluded |
| Expenses Not Rptd F990 | 19434 | ExpensesNotRptdF990 |
| Expenses Subtotal | 3895896 | ExpensesSubtotal |
| Expenses Not Rptd On Fin Stmt | 0 | ExpensesNotRptdOnFinStmt |
| Total Expenses Per Form990 | 3895896 | TotalExpensesPerForm990 |
Form990 Schedule D Part XIV Form990ScheduleDPartXIV (2 entries)
| IdentifierIdentifier | ExplanationExplanation |
|---|---|
| PART XII, LINE 2D - OTHER ADJUSTMENTS: | FUNDRAISING EXPENSES 5,864. LOSS ON DISPOSAL OF CAPITAL ASSETS 3,228. |
| PART XIII, LINE 2D - OTHER ADJUSTMENTS: | FUNDRAISING EXPENSES 5,864. LOSS ON DISPOSAL OF CAPITAL ASSETS 3,228. |
Schedule E IRS990ScheduleE
| Field | Value | IRS element (for citing) |
|---|---|---|
| Nondiscriminatory Policy Stmt | 1 | NondiscriminatoryPolicyStmt |
| Policy Statement In Brochures Etc | 1 | PolicyStatementInBrochuresEtc |
| Policy Publ Via Broadcast Media | 1 | PolicyPublViaBroadcastMedia |
| Maint Racial Composition Records | 1 | MaintRacialCompositionRecords |
| Maint Scholarships Records | 0 | MaintScholarshipsRecords |
| Maint Copies Of Brochures Etc | 1 | MaintCopiesOfBrochuresEtc |
| Maint Copies Of All Solicitations | 1 | MaintCopiesOfAllSolicitations |
| Discriminate Race Students Rights | 0 | DiscriminateRaceStudentsRights |
| Discriminate Race Admiss Policies | 0 | DiscriminateRaceAdmissPolicies |
| Discriminate Race Emplmn Faculty | 0 | DiscriminateRaceEmplmnFaculty |
| Discriminate Race Scholarships | 0 | DiscriminateRaceScholarships |
| Discriminate Race Educ Policies | 0 | DiscriminateRaceEducPolicies |
| Discriminate Race Use Of Fclts | 0 | DiscriminateRaceUseOfFclts |
| Discriminate Race Athletic Prog | 0 | DiscriminateRaceAthleticProg |
| Discriminate Race Other Acty | 0 | DiscriminateRaceOtherActy |
| Government Financial Aid Received | 1 | GovernmentFinancialAidReceived |
| Government Financial Aid Revoked | 0 | GovernmentFinancialAidRevoked |
| Compliance With Rev Proc7550 | 1 | ComplianceWithRevProc7550 |
Form990 Schedule E Part II Form990ScheduleEPartII (3 entries)
| IdentifierIdentifier | Return ReferenceReturnReference | ExplanationExplanation |
|---|---|---|
| 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. |
Schedule G IRS990ScheduleG
Events Information EventsInformation
| Field | Value | IRS element (for citing) |
|---|---|---|
| Name Of Event1 | FIELD TRIP FUNDRAISING | NameOfEvent1 |
| Gross Receipts Event1 | 8922 | GrossReceiptsEvent1 |
| Gross Revenue Event1 | 8922 | GrossRevenueEvent1 |
| Name Of Event2 | BOOK FAIR | NameOfEvent2 |
| Gross Receipts Event2 | 9102 | GrossReceiptsEvent2 |
| Gross Revenue Event2 | 9102 | GrossRevenueEvent2 |
| Other Direct Expenses Event2 | 5754 | OtherDirectExpensesEvent2 |
| Total Number Of Other Events | 1 | TotalNumberOfOtherEvents |
| Gross Receipts Other Events | 1991 | GrossReceiptsOtherEvents |
| Gross Revenue Other Events | 1991 | GrossRevenueOtherEvents |
| Other Direct Expenses Other Events | 110 | OtherDirectExpensesOtherEvents |
| Gross Receipts Total | 20015 | GrossReceiptsTotal |
| Gross Revenue Total Events | 20015 | GrossRevenueTotalEvents |
| Other Direct Expenses Total Events | 5864 | OtherDirectExpensesTotalEvents |
| Direct Expense Summary Events | 5864 | DirectExpenseSummaryEvents |
| Net Income Summary | 14151 | NetIncomeSummary |
Schedule L IRS990ScheduleL
Form990 Schedule L Part IV Form990ScheduleLPartIV (4 entries)
| RelationshipRelationship | Amount Of TransactionAmountOfTransaction | Description Of TransactionDescriptionOfTransaction | Sharing Of RevenuesSharingOfRevenues |
|---|---|---|---|
| CHARLES GERBER | |||
| BOARD PRESIDENT | 67602 | GUARANTOR OF SUNTRUST NOTE; PROMISE ACADEMY OWED $67,602 ON THE NOTE AT JUNE 30, 2012. | 0 |
| JOHNNY MOORE | |||
| BOARD MEMBER | 67602 | PRESIDENT OF SUNTRUST BANK; PROMISE ACADEMY OWED $67,602 ON THE NOTE TO SUNTRUST BANK AT JUNE 30, 2012. | 0 |
| MEG GERBER | |||
| WIFE OF BOARD MEMBER | 2471 | REIMBURSED FOR PAYING ADMINISTRATIVE EXPENSES OUT OF POCKET. | 0 |
| JACQUELINE MCCALL | |||
| WIFE OF BOARD MEMBER | 17904 | EMPLOYEED BY PROMISE ACADEMY TIL 1/12/12 AND RECEIVED W-2. | 0 |
Schedule O IRS990ScheduleO
General Explanation GeneralExplanation (7 entries)
| Return ReferenceReturnReference | ExplanationExplanation | IdentifierIdentifier |
|---|---|---|
| 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. JACQUELINE MCCALL IS THE WIFE OF JAMAL MCCALL (BOARD OF DIRECTORS MEMBER). | |
| 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 15B | COMPENSATION IS BASED ON MEMPHIS CITY SCHOOLS SALARY SCHEDULE. | |
| FORM 990, PART VI, SECTION C, LINE 19 | UPON REQUEST. | |
| 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. MICHAEL BILGER - 8951 MT. HILL DRIVE, MEMPHIS, TN 38138. MARY GARRISON - 4409 WALNUT GROVE RD, MEMPHIS, TN 38117. FATHER COLENZO HUBBARD - 604 ST. PAUL AVENUE, MEMPHIS, TN 38126. JOHNNY MOORE - 999 S. SHADY GROVE ROAD, SUITE 202, MEMPHIS, TN 38120. PEGGY WILLIAMSON - 1399 CARR AVENUE, MEMPHIS, TN 38104. EMILY WOODSIDE - 1602 EAST CLANLO DRIVE, MEMPHIS, TN 38104. JAMAL MCCALL - 2670 UNION AVENUE EXTD, SUITE 1100, MEMPHIS, TN 38112. | CONTACT ADDRESSES FOR OFFICERS, DIRECTORS, ETC |
| FORM 990, PART XII, LINE 2C: | NO CHANGE FROM PRIOR YEAR. |