New Haven Promise Inc

Nonprofit profile at a glance

EIN
811267064
IRS 990 coverage
2020–2024
Forms available
Form 990 2024
Location
New Haven, CT, USA
Phone
2037766473
Rating
91
Verdict
STRONG
Rating confidence
Moderate
Sector
Human Service Organizations

Official website

Reported finances

Revenue
$6,221,208
Expenses
$5,837,918
Assets
$2,968,372
Liabilities
$478,839

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

Leadership & pay

9 people listed

Executive titles in this filing

  • Patricia Melton (President)

Highest reported compensation

  • Patricia Melton (President): $243,130 total reported compensation
  • Brett Hoover (Director - Data and Digital Strategy): $117,826 total reported compensation

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

Overview

Mission

New Haven Promise works to build a culture in the public schools in which students aspire to attend and graduate from college; to provide financial incentives and support for those students; and to facilitate their return to live, work and serve in the greater New Haven community.

What it reported doing in 2024

"BACK NEW HAVEN" - Career and Civic Launch: meets the city and regional needs for a diverse homegrown talent pipeline that strengthens neighborhoods and creates career and leadership opportunities for more than a thousand returned Promise Alumni. New Haven Promise facilitates scholars' return to live, work and participate fully in the greater New Haven community. Hosted job fairs and brokered entry-level full-time job oppurtunities for Promise alumni; hosted professional and leadership development workshop series; tracked alumni to live and work in the greater New Haven region after graduation; hosted financial wealth education and homebuyer seminars to discuss wealth building in 20s; connected alumni with mortgage experts, realtors and their peer alumni who have already become homeowners; served Yale Teaching Fellowship, a program that aims to train high-quality teachers from a variety of backgrounds and experiences, cover teacher shortage areas, and promote long-term teacher retention in New Haven Public Schools.

Operating model

Revenue model
Donor-supported. 96% of the money available for current operations came from contributions and gifts.
Distribution model
Grant intermediary. The nonprofit sent 87% of its reported program spending out as grants.
  • Includes noncash contributions: Reported contributions include donated property or goods.

The verdict

STRONG - A large share of available resources goes toward mission work and the filed numbers largely add up. Total assets are small relative to annual expenses; liquid coverage is unknown and expenses are high relative to revenue.

Rating breakdown

  • Financial Efficiency: 89
  • Transparency & Controls: 95
  • Accountability: 100
  • Sustainability: 42
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 88.6%; rating input score 89
  • Program expense ratio: 94.4%; rating input score 94
  • Fundraising efficiency: $48.95 raised per $1 spent on fundraising; rating input score 78; 78th percentile among comparable filings

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: 6 of 6 controls in place; rating input score 100
    • Compensation committee: Pass
    • Independent consultant: Pass
    • Other Form 990s reviewed: Pass
    • Written employment contract: Pass
    • Compensation survey or study: Pass
    • Board or committee approval: Pass
  • Foreign activity oversight: Limited
  • Grant itemization coverage: 99.9%; rating input score 100; 42nd percentile among comparable filings
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
  • Governance controls: 8 of 9 controls in place; rating input score 100
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • Other executive compensation review process: Limited
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 6.2%; rating input score 54; 54th percentile among comparable filings
  • Total-asset coverage ratio: 0.51; rating input score 18; 18th percentile among comparable filings
  • Liabilities to assets ratio: 0.16; rating input score 49; 49th percentile among comparable filings
  • Officer compensation ratio: 6.2%; rating input score 46; 46th percentile among comparable filings

Growth

  • Program expense growth: 3.1% per year; rating input score 100; 28th percentile among comparable filings
  • Revenue growth: 5.6% per year; rating input score 100; 45th percentile among comparable filings
  • Asset growth: 10.5% per year; rating input score 100; 60th percentile among comparable filings

Details

  • Where the money goes: 88.6% of revenue deployed · 94.4% of spending went to programs
  • Governance: 7 of 7 board members independent · 8 of 9 filing controls reported
  • Programs: 3 filed program accomplishments · $5.5M in reported program spending
  • Leadership: top reported pay $243K · 9 people listed · 6 of 6 pay-setting controls reported
  • Consistency: 46 of 46 current checks pass
  • Schedules: 6 filed schedules · includes major donors, grants, and executive pay
  • Filing history: 4 filing years from 2020 to 2024
  • Contacts: How to reach this organization
  • Money network: 23 filed money-flow records
  • Related organizations: 21 filed related-organization links
  • 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.
  • Staff and benefit plans: Retirement and health plans the organization files with the Department of Labor, and the people in them.

Key Signals

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

  • High — Sustainability: Total-asset coverage ratio scored 18/100.
  • Review — Sustainability: Operating margin scored 54/100.
  • Moderate — Sustainability: Officer compensation ratio scored 46/100.
  • Moderate — Sustainability: Liabilities to assets ratio scored 49/100.