Promise Academy

Nonprofit profile at a glance

EIN
352519571
IRS 990 coverage
2016–2024
Forms available
Form 990 2024
Location
Tyler, TX, USA
Phone
9036307369
Rating
72
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Elementary, Secondary Education, K - 12
Affiliation
Christianity

Official website

Reported finances

Revenue
$1,228,248
Expenses
$1,266,272
Assets
$942,517
Liabilities
$-3,720

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

Leadership & pay

15 people listed

Executive titles in this filing

  • KELLI LOMAX (President)

Highest reported compensation

  • SARAH CUMMING (HEAD OF SCHOOL): $59,870 total reported compensation

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

Overview

Mission

Promise Academy cultivates wise, creative, and compassionate leaders through exemplary Christ-centered education in North Tyler for the joy of our city and the glory of God.

What it reported doing in 2024

Promise academy wrapped up our tenth year of operation graduating our fifth class offifth graders. We had 84 students enrolled at promise academy and lead them through challenging education opportunities. We believe in educating the whole child and provide a solid core curriculum that is focused on explicit and systematic phonics and reading comprehension instruction as well as numeracy and mastered mathematics. This is supported and enriched through experimental activities, artistic endeavors, and character cultivation and formation. Over 90% of our students would qualify for free or reduced lunch, and over 90% of our families are from a minority ethnicity.

Operating model

Revenue model
Donor-supported. 90% of the money available for current operations came from contributions and gifts.
Distribution model
Direct operator. The filing allocates 100% of reported program-service expenses outside its grant, affiliate-payment, and member-benefit lines. This expense classification does not rule out separately announced grant awards.
  • Includes noncash contributions: Reported contributions include donated property or goods.

The verdict

SUPPORTED - The filed numbers largely add up and most voting board members are independent. A relatively small share of available resources goes toward mission work and a relatively small share of total spending goes to programs.

Rating breakdown

  • Financial Efficiency: 50
  • Transparency & Controls: 92
  • Accountability: 90
  • Sustainability: 30
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 53.7%; rating input score 54
  • Program expense ratio: 50.8%; rating input score 51
  • Fundraising efficiency: $7.22 raised per $1 spent on fundraising; rating input score 27; 27th 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: Limited
  • 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: 6 of 8 controls in place; rating input score 75
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: NotApplicable
    • Other executive compensation review process: Pass
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: -3.1%; rating input score 28; 28th percentile among comparable filings
  • Total-asset coverage ratio: 0.74; rating input score 34; 34th percentile among comparable filings
  • Liabilities to assets ratio: Limited
  • Officer compensation ratio: 4.7%; rating input score 54; 54th percentile among comparable filings

Growth

  • Program expense growth: 16.2% per year; rating input score 100; 77th percentile among comparable filings
  • Revenue growth: 13.3% per year; rating input score 100; 75th percentile among comparable filings
  • Asset growth: 15.6% per year; rating input score 100; 74th percentile among comparable filings

Details

  • Where the money goes: 53.7% of revenue deployed · 50.8% of spending went to programs
  • Governance: 14 of 14 board members independent · 6 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $643K in reported program spending
  • Leadership: top reported pay $60K · 15 people listed
  • Consistency: 26 of 26 current checks pass
  • Schedules: 7 filed schedules · includes major donors
  • Filing history: 9 filing years from 2016 to 2024
  • Contacts: How to reach this organization
  • Money network: 1 filed money-flow record
  • 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.
  • 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.

  • Review — Financial Efficiency: Mission deployment rate scored 54/100.
  • Review — Financial Efficiency: Program expense ratio scored 51/100.
  • High — Financial Efficiency: Fundraising efficiency scored 27/100.
  • High — Sustainability: Operating margin scored 28/100.
  • Review — Accountability: Governance controls: Independent financial-statement audit not reported.
  • Moderate — Sustainability: Total-asset coverage ratio scored 34/100.
  • Review — Sustainability: Officer compensation ratio scored 54/100.