Nonprofit · EIN 76-0789317
PROMISE ACADEMY
Tax-exempt · CLEVELAND, OH 44114
Financials
| Year ended | Form | Revenue | Expenses | Net income | Total assets | Liabilities | Net assets |
|---|---|---|---|---|---|---|---|
| June 30, 2025 | 990 | $1,656,032 | $1,545,923 | $110,109 | $1,721,237 | $2,531,403 | -$810,166 |
| June 30, 2024 | 990 | $1,706,003 | $1,716,422 | -$10,419 | $1,894,944 | $2,815,219 | -$920,275 |
| June 30, 2023 | 990 | $1,291,191 | $1,544,624 | -$253,433 | $1,135,924 | $2,045,780 | -$909,856 |
Financial details: 990 for the year ended June 30, 2025
Revenue
- Contributions, gifts and grants
- $1,655,514
- of which government grants
- $1,655,514
- Program service revenue
- $0
- Investment income
- $0
- Other revenue
- $518
Expenses
- Grants and similar amounts paid
- $0
- Compensation of officers, directors and key employees
- $0
- Other salaries and wages
- $573,554
- Salaries, compensation and benefits (total)
- $665,536
- Professional fundraising fees
- $0
- Legal fees
- $42,116
- Accounting fees
- $47,104
- Occupancy
- $213,441
- Travel
- $1,011
- Depreciation
- $13,144
- Program services (functional)
- $1,420,269
- Management and general (functional)
- $125,654
Balance sheet and other
- Total assets, start of year
- $1,894,944
- Total assets, end of year
- $1,721,237
- Total liabilities, end of year
- $2,531,403
- Net assets, end of year
- -$810,166
- Land, buildings and equipment
- $736,703
- Net assets without donor restrictions
- -$738,608
- Net assets with donor restrictions
- -$71,558
- Gross receipts
- $1,656,032
- Employees
- 16
- Volunteers
- 0
- Year formed
- 2005
- State of legal domicile
- OH
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 |
|---|---|---|---|
| Kristine McDyer Puess | President Trustee or director, Officer | 0.5 | $0 |
| Royce Muskeyvalley | Vice President Trustee or director, Officer | 0.3 | $0 |
| Helen Smith | Secretary Trustee or director, Officer | 0.3 | $0 |
| Kamlie Beshara | Treasurer Officer | 1 | $0 |
| Tonia Dupree | Director Trustee or director | 0.3 | $0 |
| Lanee Williams | Director Trustee or director | 0.3 | $0 |
990 for the year ended June 30, 2024: 11 people
| Name | Title | Hours / week | Compensation |
|---|---|---|---|
| Lynn Phares | President Trustee or director, Officer | 0.5 | $0 |
| Royce Muskeyvalley | Vice President Trustee or director, Officer | 0.3 | $0 |
| Helen Smith | Secretary Trustee or director, Officer | 0.3 | $0 |
| Kamlie Beshara | Treasurer Officer | 1 | $0 |
| Lanee Williams | Director Trustee or director | 0.3 | $0 |
| Marius Boboc | Director Trustee or director | 0.3 | $0 |
| Kristine McDyer Puess | Director Trustee or director | 0.3 | $0 |
| Tonia DuPree | Director Trustee or director | 0.3 | $0 |
| Paige Crawford | Director Trustee or director | 0.3 | $0 |
| Cassandra Coin Sweeney | Director Trustee or director | 0.3 | $0 |
| Sara Edelman | Director Trustee or director | 0.3 | $0 |
990 for the year ended June 30, 2023: 5 people
| Name | Title | Hours / week | Compensation |
|---|---|---|---|
| Lynn Phares | President Trustee or director, Officer | 0.5 | $0 |
| Royce Muskeyvalley | Vice President Trustee or director, Officer | 0.3 | $0 |
| Helen Smith | Secretary Trustee or director, Officer | 0.3 | $0 |
| Kamlie Beshara | Treasurer Officer | 1 | $0 |
| Sarah Edelman | Director Trustee or director | 0.3 | $0 |
Address and contacts
- Address (IRS master file)
- 1701 E 13TH ST, CLEVELAND, OH 44114-3227
- In care of
- % LYNN PHARES
- Principal officer (990 for 2024)
- Lynn Phares, 1701 E 13TH ST, CLEVELAND, OH 44114
- Signed the 990
- Kamlie, Beshara
- Phone
- (303) 437-1216
Mission
Promise Academy recognizes that all students have the right to and deserve an education that prepares them for post-secondary success of their choosing. We educate and graduate students who have not been successful in traditional high school and have dropped out or are at risk of dropping out. We do this through flexible and individualized learning experiences supported by meaningful relationships with caring adults who are constantly learning from students and exemplifying high engagement learning for students.
Program accomplishments
- The program services are 100% education for the benefit of students that have dropped out of high school and require special attention to receive a high school diploma in accordance with the Ohio Department of Educations requirements.Expenses $1,420,269 · revenue $1,656,032
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
- 76-0789317
- 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
- 2011
- Accounting year ends
- June
- Files
- Form 990 or 990-EZ
- Category (NTEE)
- Education (B29)
- Assets (IRS master file)
- $1,721,237
- Income (IRS master file)
- $1,656,032
Filing history
| Form | Year ended | Revenue | Expenses | Assets | Return |
|---|---|---|---|---|---|
| 990 | June 2025 | $1,656,032 | $1,545,923 | $1,721,237 | IRS |
| 990 | June 2024 | $1,706,003 | $1,716,422 | $1,894,944 | IRS |
| 990 | June 2023 | $1,291,191 | $1,544,624 | $1,135,924 | XML |
| 990 | June 2022 | $1,317,874 | $1,723,361 | $1,616,922 | 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 76-0789317).
Questions about PROMISE ACADEMY
- What is the EIN of PROMISE ACADEMY?
- The employer identification number (EIN) of PROMISE ACADEMY is 76-0789317.
- Is PROMISE ACADEMY tax-exempt?
- Yes. The IRS lists it as tax-exempt under section 501(c)(3) since 2011.
- 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 Lynn Phares.
- Who are the officers and directors of PROMISE ACADEMY?
- The 990 for the year ended June 30, 2025 lists 6 people; 0 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 $1,656,032, expenses of $1,545,923 and total assets of $1,721,237 at year end.
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