2011-02-10T14:40:37-06:00 2010-06-30 Joseph Decosimo and Company PLLC 6750 Poplar Avenue Suite 600 Memphis TN 38138 990 2009-07-01 201608155 PROMISE ACADEMY INC PROM 9013244456 1346 BRYAN ST MEMPHIS TN 38108 ANDY TAYLOR 9013244456 2011-01-31 1 Frank P Lamanna CPA 9016838899 2011-01-28 2009 2016-02-24 21:20:13Z CHARLES C GERBER ONE COMMERCE SQUARE STE 1900 MEMPHIS TN 38103 3365982 0 X WWW.PROMISEACADEMY.COM X 2004 TN TO PREPARE CHILDREN TO EXCEL IN THE NATION'S MOST RIGOROUS SCHOOLS. 14 14 58 25 0 0 2181025 3345198 0 -11366 0 20784 2169659 3365982 0 0 1440110 2271122 0 0 754226 1043445 2194336 3314567 -24677 51415 317203 518262 159544 309191 157659 209071 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 2544028 PROVIDES AN ALTERNATIVE MEANS WITHIN THE PUBLIC SCHOOL SYSTEM TO ACCOMPLISH NECESSARY OUTCOMES OF EDUCATION. The average number of students attending increased from 227 students in the prior year to 342 in the current year. 2544028 1 1 0 0 0 0 0 0 0 1 1 0 1 0 0 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 1 15 0 1 58 1 0 0 0 0 0 0 0 0 0 0 0 14 14 1 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 0 1 0 TN X BETH BAILEY 9013244456 1346 Bryan Street Memphis TN 38108 X 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 Tom Beazley X 0 0 0 Diana Burton X 0 0 0 MARY CORNPROPST X 0 0 0 Jay Dennis X 0 0 0 MICHAEL BILGER X 0 0 0 Mary Garrison X 0 0 0 Father Colenzo Hubbard X 0 0 0 Johnny Moore X 0 0 0 Peggy Williamson X 0 0 0 Emily Woodside X 0 0 0 JAMAL MCCALL X 0 0 0 0 0 0 0 0 0 0 0 8706 145866 3190626 3345198 0 8706 0 OTHER INCOME 900099 20784 20784 20784 3365982 20784 0 0 1957909 1468432 489477 138150 103612 34538 175063 131297 43766 12650 12650 10671 10671 4309 4309 146433 93215 53218 404526 343848 60678 29537 22262 7275 2948 2948 54582 54582 159483 119612 39871 TEXTBOOKS 117425 117425 STAFF DEVELOPMENT 49201 39361 9840 Food Service 29016 29016 STUDENT ACTIVITIES 17471 17471 Other Charges 5193 3895 1298 3314567 2544028 770539 0 81045 169488 83698 132615 8929 7457 331219 122517 143531 208702 317203 518262 93793 142871 56266 30000 110054 35751 0 159544 309191 X 157659 145187 63884 157659 209071 317203 518262 X 0 1 1 X 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 331219 122517 208702 208702 3365982 3314567 51415 -3 -3 51412 3381982 16000 16000 3365982 0 3365982 3330567 16000 16000 3314567 0 3314567 Part X: Description of Uncertain Tax Positions Under FIN 48: ITEM 2 - FIN 48 DISCLOSURE: During the year ended June 30, 2010, the School adopted the FASB's new interpretation, "Accounting for Uncertainty in Income Taxes." This interpretation prescribes a recognition threshold and measurement attributes for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. The adoption of this interpretation did not have a material effect on the School's financial statements. Part XI, Line 8 - Other Adjustments: ROUNDING: -3. 1 1 1 PROMISE ACADEMY INC IS NOT A PRIVATE SCHOOL. IT IS A PUBLIC CHARTER SCHOOL AND ACCEPTS STUDENTS OF ALL RACES. 1 0 1 1 PROMISE ACADEMY INC IS NOT A PRIVATE SCHOOL. IT IS A PUBLIC CHARTER SCHOOL. NO FEES ARE CHARGED; NO SCHOLARSHIPS NEEDED. 0 0 0 0 0 0 0 0 1 0 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. 1 CHARLES GERBER BOARD PRESIDENT 110954 GUARANTOR OF SUNTRUST NOTE; PROMISE ACADEMY OWED $110,054 ON THE NOTE AT JUNE 30, 2010. 0 JOHNNY MOORE BOARD MEMBER 110954 PRESIDENT OF SUNTRUST BANK; PROMISE ACADEMY OWED $110,054 ON THE NOTE TO SUNTRUST BANK AT JUNE 30, 2010. 0 Form 990, Part VI, Section A, line 2 Charles Gerber and Andy Taylor are business partners. 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 15b Compensation is based on Memphis City Schools Salary Schedule. Form 990, Part VI, Section C, line 19 Upon Request. Form 990, Part XI, Line 2c: THE PROCESS HAS NOT CHANGED.