Nonprofit · EIN 20-1608155
PROMISE ACADEMY
Tax-exempt · MEMPHIS, TN 38108
Financials
| Year ended | Form | Revenue | Expenses | Net income | Total assets | Liabilities | Net assets |
|---|---|---|---|---|---|---|---|
| June 30, 2025 | 990 | $5,159,361 | $5,386,522 | -$227,161 | $3,749,890 | $876,637 | $2,873,253 |
| June 30, 2024 | 990 | $5,290,516 | $5,568,628 | -$278,112 | $4,194,373 | $1,093,959 | $3,100,414 |
| June 30, 2023 | 990 | $5,346,212 | $5,741,547 | -$395,335 | $4,499,082 | $1,120,556 | $3,378,526 |
Financial details: 990 for the year ended June 30, 2025
Revenue
- Contributions, gifts and grants
- $4,793,358
- of which government grants
- $3,524,555
- Program service revenue
- $366,003
- Investment income
- $0
- Other revenue
- $0
Expenses
- Grants and similar amounts paid
- $0
- Compensation of officers, directors and key employees
- $578,535
- Other salaries and wages
- $1,922,230
- Salaries, compensation and benefits (total)
- $3,127,341
- Professional fundraising fees
- $0
- Occupancy
- $72,784
- Depreciation
- $199,614
- Program services (functional)
- $3,958,665
- Management and general (functional)
- $1,427,857
Balance sheet and other
- Total assets, start of year
- $4,194,373
- Total assets, end of year
- $3,749,890
- Total liabilities, end of year
- $876,637
- Net assets, end of year
- $2,873,253
- Land, buildings and equipment
- $1,635,131
- Net assets without donor restrictions
- $1,876,841
- Net assets with donor restrictions
- $996,412
- Gross receipts
- $5,159,361
- Employees
- 55
- Volunteers
- 0
- Year formed
- 2004
- State of legal domicile
- TN
From the e-filed returns the IRS publishes as XML (latest three processing years; amended returns replace the original). PDF copies at the IRS.
Officers, directors and key employees
As listed on the 990 for the year ended June 30, 2025, highest compensation first.
| Name | Title | Hours / week | Compensation | From related orgs |
|---|---|---|---|---|
| PATRICK WASHINGTON | EXECUTIVE DIRECTOR Officer | 40 | $0 | $175,885 |
| KIASI MALONE | CHIEF OF ACCOUNTABILITY Highest-paid employee | 40 | $162,284 | $0 |
| WILLIE RICHARDSON | CHIEF OF TECHNOLOGY Highest-paid employee | 40 | $110,335 | $0 |
| JEFFREY MONROE | PRINCIPAL Highest-paid employee | 40 | $102,350 | $0 |
| CARMEN FONDREN | FINANCIAL MANAGER Highest-paid employee | 40 | $101,896 | $0 |
| STEVEN TERRY | FACILITIES MANAGER Highest-paid employee | 40 | $101,670 | $0 |
| CHARLES GERBER | PRESIDENT & CHAIRMAN Trustee or director, Officer | 1 | $0 | $0 |
| STEPHANIE CHITTOM | TREASURER Trustee or director, Officer | 1 | $0 | $0 |
| DIANA BURTON | BOARD MEMBER Trustee or director | 1 | $0 | $0 |
| JOHNNY MOORE | BOARD MEMBER Trustee or director | 1 | $0 | $0 |
| COLENZO HUBBARD | BOARD MEMBER Trustee or director | 1 | $0 | $0 |
| EMILY WOODSIDE | BOARD MEMBER Trustee or director | 1 | $0 | $0 |
| ANTHONY BRANCH | BOARD MEMBER Trustee or director | 1 | $0 | $0 |
| CANDIS DAWSON | BOARD MEMBER Trustee or director | 1 | $0 | $0 |
| EMMA REDDEN | BOARD MEMBER Trustee or director | 1 | $0 | $0 |
1 more people on this return
| Name | Title | Hours / week | Compensation |
|---|---|---|---|
| KATHERINE WHITE | BOARD MEMBER Trustee or director | 1 | $0 |
990 for the year ended June 30, 2024: 14 people
| Name | Title | Hours / week | Compensation | From related orgs |
|---|---|---|---|---|
| PATRICK WASHINGTON | EXECUTIVE DIRECTOR Officer | 40 | $0 | $167,879 |
| KIASI MALONE | CHIEF OF ACCOUNTABILITY Highest-paid employee | 40 | $151,536 | $0 |
| WILLIE RICHARDSON | CHIEF OF TECHNOLOGY Highest-paid employee | 40 | $100,734 | $0 |
| CHARLES GERBER | PRESIDENT & CHAIRMAN Trustee or director, Officer | 1 | $0 | $0 |
| GRADY GARRISON | SECRETARY Trustee or director, Officer | 1 | $0 | $0 |
| STEPHANIE CHITTOM | TREASURER Trustee or director, Officer | 1 | $0 | $0 |
| DIANA BURTON | BOARD MEMBER Trustee or director | 1 | $0 | $0 |
| JOHNNY MOORE | BOARD MEMBER Trustee or director | 1 | $0 | $0 |
| COLENZO HUBBARD | BOARD MEMBER Trustee or director | 1 | $0 | $0 |
| EMILY WOODSIDE | BOARD MEMBER Trustee or director | 1 | $0 | $0 |
| CAROL RUSSELL | BOARD MEMBER Trustee or director | 1 | $0 | $0 |
| PATRICIA EMORY-WALKER | BOARD MEMBER Trustee or director | 1 | $0 | $0 |
| TERESA HANDY | BOARD MEMBER Trustee or director | 1 | $0 | $0 |
| MARY CORNPROPST | BOARD MEMBER Trustee or director | 1 | $0 | $0 |
990 for the year ended June 30, 2023: 14 people
| Name | Title | Hours / week | Compensation | From related orgs |
|---|---|---|---|---|
| KIASI MALONE | CHIEF OF ACCOUNTABILITY Highest-paid employee | 40 | $143,262 | $0 |
| PATRICK WASHINGTON | EXECUTIVE DIRECTOR Officer | 40 | $0 | $130,440 |
| ELIZABETH BAILEY | FORMER FINANCE MANAGER Highest-paid employee | 0 | $115,332 | $0 |
| CHARLES GERBER | PRESIDENT & CHAIRMAN Trustee or director, Officer | 1 | $0 | $0 |
| GRADY GARRISON | SECRETARY Trustee or director, Officer | 1 | $0 | $0 |
| STEPHANIE CHITTOM | TREASURER Trustee or director, Officer | 1 | $0 | $0 |
| DIANA BURTON | BOARD MEMBER Trustee or director | 1 | $0 | $0 |
| JOHNNY MOORE | BOARD MEMBER Trustee or director | 1 | $0 | $0 |
| COLENZO HUBBARD | BOARD MEMBER Trustee or director | 1 | $0 | $0 |
| EMILY WOODSIDE | BOARD MEMBER Trustee or director | 1 | $0 | $0 |
| CAROL RUSSELL | BOARD MEMBER Trustee or director | 1 | $0 | $0 |
| PATRICIA EMORY-WALKER | BOARD MEMBER Trustee or director | 1 | $0 | $0 |
| TERESA HANDY | BOARD MEMBER Trustee or director | 1 | $0 | $0 |
| MARY CORNPROPST | BOARD MEMBER Trustee or director | 1 | $0 | $0 |
Address and contacts
- Address (IRS master file)
- 1346 BRYAN STREET, MEMPHIS, TN 38108-2407
- In care of
- % CHARLES GERBER
- Principal officer (990 for 2024)
- PATRICK WASHINGTON, 1346 BRYAN STREET, MEMPHIS, TN 38108
- Signed the 990
- PATRICK WASHINGTON, EXECUTIVE DIRECTOR
- Phone
- (901) 324-4456
- Website
- HTTP://PROMISEACADEMY.COM
- Return prepared by
- THE MARSTON GROUP PLC
Mission
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 REGOROUS SCHOOLS.
Program accomplishments
- 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.Expenses $3,958,665 · revenue $366,003
What it must file and when
IRS records say it files Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N. Its accounting year ends in June, so each return is due on the 15th day of the 5th month after that.
| Tax year | Year ended | Due | IRS public records |
|---|---|---|---|
| 2025 | June 30, 2026 | November 16, 2026 | Not due yet |
| 2024 | June 30, 2025 | November 17, 2025 | 990 on file |
| 2023 | June 30, 2024 | November 15, 2024 | 990 on file |
IRS record
- EIN
- 20-1608155
- Tax-exempt status
- 501(c)(3): Charitable, religious, educational or scientific organization
- Foundation status
- School
- Donations deductible (Pub 78)
- Public charity, 50% deduction limit
- Exempt since
- 2005
- Accounting year ends
- June
- Files
- Form 990 or 990-EZ
- Category (NTEE)
- Education (B29)
- Assets (IRS master file)
- $3,749,890
- Income (IRS master file)
- $5,159,361
Filing history
| Form | Year ended | Revenue | Expenses | Assets | Return |
|---|---|---|---|---|---|
| 990 | June 2025 | $5,159,361 | $5,386,522 | $3,749,890 | XML |
| 990 | June 2024 | $5,290,516 | $5,568,628 | $4,194,373 | XML |
| 990 | June 2023 | $5,346,212 | $5,741,547 | $4,499,082 | XML |
| 990 | June 2022 | $6,428,391 | $5,692,124 | $7,397,276 | IRS |
| 990 | June 2021 | – | – | – | IRS |
| 990 | June 2020 | – | – | – | IRS |
| 990 | June 2019 | – | – | – | IRS |
| 990 | June 2018 | – | – | – | IRS |
990-N: the IRS bulk file holds only the latest e-Postcard per organization; earlier years come from archived copies of that file since 2020 and can have gaps (the IRS e-Postcard search lists every one). 990, 990-EZ, 990-PF, 990-T: every e-filed return in the IRS e-file index since 2019; XML for the latest three processing years, amounts from the IRS Statistics of Income extracts before that. PDF copies and determination letters at the IRS (search EIN 20-1608155).
Questions about PROMISE ACADEMY
- What is the EIN of PROMISE ACADEMY?
- The employer identification number (EIN) of PROMISE ACADEMY is 20-1608155.
- Is PROMISE ACADEMY tax-exempt?
- Yes. The IRS lists it as tax-exempt under section 501(c)(3) since 2005.
- Are donations to PROMISE ACADEMY tax-deductible?
- Yes. It is listed in IRS Publication 78 (Public charity, 50% deduction limit).
- Which annual return does PROMISE ACADEMY file?
- Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N.
- When is the next return of PROMISE ACADEMY due?
- The return for tax year 2025 (the year ending June 30, 2026) is due November 16, 2026. Form 8868 extends it by six months; the 990-N cannot be extended.
- When did PROMISE ACADEMY last file with the IRS?
- The latest return in the IRS public files is the 990 for the year ended June 2025.
- Who is the principal officer of PROMISE ACADEMY?
- The 990 for the year ended June 30, 2025 names PATRICK WASHINGTON.
- Who are the officers and directors of PROMISE ACADEMY?
- The 990 for the year ended June 30, 2025 lists 16 people; 5 received compensation from the organization.
- How much revenue does PROMISE ACADEMY have?
- On its 990 for the year ended June 30, 2025 it reported revenue of $5,159,361, expenses of $5,386,522 and total assets of $3,749,890 at year end.
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