Hartford Promise Inc

Nonprofit profile at a glance

EIN
810924703
IRS 990 coverage
2016–2024
Forms available
Form 990 2024
Location
Hartford, CT, USA
Phone
8609565310
Rating
81
Verdict
STRONG
Rating confidence
Moderate
Sector
Scholarships, Student Financial Aid Services, Awards

Official website

Reported finances

Revenue
$3,242,664
Expenses
$2,646,500
Assets
$5,666,006
Liabilities
$51,689

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

Leadership & pay

15 people listed

Executive titles in this filing

  • RICHARD SUGARMAN (PRESIDENT THROUGH 6/30/24)
  • SIVANTHINI HINES (PRESIDENT EFFECTIVE 7/1/24)

Highest reported compensation

  • SIVANTHINI HINES (PRESIDENT EFFECTIVE 7/1/24): $146,545 total reported compensation
  • RICHARD SUGARMAN (PRESIDENT THROUGH 6/30/24): $20,165 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

To transform the lives of thousands of hartford students through an integrated college success model that provides them the financial resources, support services, & key relationships that lead to college success & economic mobility.

What it reported doing in 2024

The organization enriched numerous high school sgraduates of hartford, Connecticut with encouragement and provided scholarships for financial support to qualified candidates. The organization encourages college preparedness, attendance, and success for qualified highschool graduates.

Operating model

Revenue model
Donor-supported. 94% of the money available for current operations came from contributions and gifts.
Distribution model
Grant intermediary. The nonprofit sent 69% of its reported program spending out as grants.

The verdict

STRONG - A large share of available resources goes toward mission work and the filed numbers largely add up. Some filing-based governance responses are negative or unanswered and fundraising costs are high for each dollar raised.

Rating breakdown

  • Financial Efficiency: 71
  • Transparency & Controls: 94
  • Accountability: 81
  • Sustainability: 70
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 69.3%; rating input score 69
  • Program expense ratio: 82.5%; rating input score 82
  • Fundraising efficiency: $14.8 raised per $1 spent on fundraising; rating input score 50; 50th percentile among comparable filings

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: 100%; rating input score 100; 72nd percentile among comparable filings
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 93.8%; rating input score 94; 24th percentile among comparable filings
  • Governance controls: 5 of 8 controls in place; rating input score 62
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • CEO compensation review process: Pass
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Fail
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 18.4%; rating input score 75; 75th percentile among comparable filings
  • Total-asset coverage ratio: 2.14; rating input score 64; 64th percentile among comparable filings
  • Liabilities to assets ratio: 0.01; rating input score 86; 86th percentile among comparable filings
  • Officer compensation ratio: 6.3%; rating input score 45; 45th percentile among comparable filings

Growth

  • Program expense growth: 17.4% per year; rating input score 100; 82nd percentile among comparable filings
  • Revenue growth: 8.8% per year; rating input score 100; 63rd percentile among comparable filings
  • Asset growth: 17.9% per year; rating input score 100; 80th percentile among comparable filings

Details

  • Where the money goes: 69.3% of revenue deployed · 82.5% of spending went to programs
  • Governance: 15 of 16 board members independent · 5 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $2.2M in reported program spending
  • Leadership: top reported pay $147K · 15 people listed
  • Consistency: 29 of 29 current checks pass
  • Schedules: 5 filed schedules · includes major donors and grants
  • Filing history: 9 filing years from 2016 to 2024
  • Contacts: How to reach this organization
  • Money network: 2 filed money-flow records
  • Related organizations: Filed and resolved organization relationships.
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • Review — Accountability: Governance controls: 3 of 8 not reported.
  • Review — Financial Efficiency: Fundraising efficiency scored 50/100.
  • Moderate — Sustainability: Officer compensation ratio scored 45/100.