Providence Promise

Nonprofit profile at a glance

EIN
471918920
IRS 990 coverage
2014–2024
Forms available
Form 990 2024
Location
Providence, RI, USA
Phone
4013833381
Rating
78
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Scholarships, Student Financial Aid Services, Awards

Official website

Reported finances

Revenue
$783,915
Expenses
$855,447
Assets
$560,099
Liabilities
$398,582

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

Leadership & pay

16 people listed

Executive titles in this filing

  • MADALYN CIAMPI (EXECUTIVE DIRECTOR)

Highest reported compensation

  • MADALYN CIAMPI (EXECUTIVE DIRECTOR): $106,345 total reported compensation

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

Overview

Mission

Providence promise promotes high educational aspirations and more equitable opportunities for providence public school students by advocating for college savings accounts and family engagement, increasing financial literacy, and reducing the financial burden of higher education.

What it reported doing in 2024

Providence promise's unique, multi- pronged structure is designed to holistically address the challenges faced by providence students in their pursuit of higher education.early enrollment: parents/guardians enroll their children by the time they enter the public school system, when children from birth to grade nine are eligible.college savings: upon enrollment, families open a 529 college savings account for each child and contribute an average of 1% of their gross annual household income into each child's account for a period of up to 15 years. Providence promise provides an initial contribution of $100 to each child's account, and also provides opportunities for families and children to earn additional incentives to build their college savings by achieving certain goals.family engagement: providence promise facilitates ongoing family engagement and financial literacy through school- based events, workshops, college visits, referrals to college access programs, and more. The family engagement program also includes a dedicated parent council comprised of parent leaders who inform program changes and future workshop topics, and help to plan events.reducing the financial burden: providence promise will work with each student and their family to identify the higher education choices that best fit the needs and goals of each child and to assure that all accessible financial aid is secured, including funds that may be raisedby providence promise.

Operating model

Revenue model
Donor-supported. 83% of the money available for current operations came from contributions and gifts.
Distribution model
Hybrid. The nonprofit split its reported program spending across 72% for direct work, and 28% for grants.

The verdict

SUPPORTED - The filed numbers largely add up and a large share of available resources goes toward mission work. Fundraising costs are high for each dollar raised and expenses are high relative to revenue.

Rating breakdown

  • Financial Efficiency: 61
  • Transparency & Controls: 94
  • Accountability: 95
  • Sustainability: 22
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 68.5%; rating input score 68
  • Program expense ratio: 62.7%; rating input score 63
  • Fundraising efficiency: $4.92 raised per $1 spent on fundraising; rating input score 17; 17th 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; 76th 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: 7 of 8 controls in place; rating input score 88
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Fail
    • CEO compensation review process: Pass
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: -9.1%; rating input score 18; 18th percentile among comparable filings
  • Total-asset coverage ratio: 0.65; rating input score 30; 30th percentile among comparable filings
  • Liabilities to assets ratio: 0.71; rating input score 10; 10th percentile among comparable filings
  • Officer compensation ratio: 12.4%; rating input score 29; 29th percentile among comparable filings

Growth

  • Program expense growth: 24.6% per year; rating input score 100; 87th percentile among comparable filings
  • Revenue growth: 20.2% per year; rating input score 100; 85th percentile among comparable filings
  • Asset growth: 23.2% per year; rating input score 100; 85th percentile among comparable filings

Details

  • Where the money goes: 68.5% of revenue deployed · 62.7% of spending went to programs
  • Governance: 15 of 15 board members independent · 7 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $536K in reported program spending
  • Leadership: top reported pay $106K · 16 people listed
  • Consistency: 32 of 32 current checks pass
  • Schedules: 6 filed schedules · includes major donors and grants
  • Filing history: 10 filing years from 2014 to 2024
  • Contacts: How to reach this organization
  • Money network: 1 filed money-flow record
  • Related organizations: 1 filed related-organization link
  • 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.

  • High — Financial Efficiency: Fundraising efficiency scored 17/100.
  • High — Sustainability: Operating margin scored 18/100.
  • Review — Accountability: Governance controls: Document-retention policy not reported.
  • Moderate — Sustainability: Total-asset coverage ratio scored 30/100.
  • High — Sustainability: Liabilities to assets ratio scored 10/100.
  • High — Sustainability: Officer compensation ratio scored 29/100.