Richmond Promise Inc

What it reported doing in 2024

Launched in january 2016, the richmond promise is a community-wide college success initiative to build a college graduating culture in richmond, ca. The richmond promise was created with the belief that all richmond students should have the opportunity to develop their skills and reach their full potential, regardless of race, income level, or personal background. We see a day when all young people in richmond have access to high quality education, excel from high school to higher education, attain a postsecondary degree or certification, thrive in the field of their choice, and become a leader of positive change in their community and the world. Through a college scholarship, collaborative cross-sector partnerships, and supportive programming, (continued on sch o )the richmond promise aims to ensure all students in richmond excel to and through higher education, reach their career goals, and become change-making leaders in the richmond community. The richmond promise invests directly in our students' futures through the richmond promise scholarship. Each year they are enrolled at any not-for-profit community college, 4-year college or career technical education program in the us, scholars receive $1,500, renewable for 4 years. We strive to support all students in richmond to reach their higher education goals, which is why any richmond student graduating from an eligible high school can access the scholarship.we work collaboratively with west contra costa unified school district, the city of richmond, contra costa community college, and local business and philanthropy to support our scholars at three key momentum points through college and career-pre-college: during middle school, we focus on building college awareness. We hire current richmond promise college scholars to talk with middle school students in an effort to put them on the path to college at this pivotal age. This near-peer model connects middle schoolers with college students who share the same identities. This shared perspective creates an immediate trust that leads to real impact.-high school to college transition: in high school and the transition to college, we focus on ensuring college access and affordability. In partnership with the school district, we meet students where they are - in the classroom. - to work on financial aid completion and the richmond promise scholarship application. Our scholarship of $1500 a year can be used at any not-for-profit 2-year or 4-year school or cte program in the united states. The scholarship can be used towards the full cost of attendance - including tuition, housing, books, and transportation. We provide summer success workshops through which our scholars learn about how to succeed in their first years at school.-first year through college success: at the college level, our focus is on achieving a post-secondary degree, and supporting students with the resources, networks, and mentors to thrive in the field of their choice. We build formal partnerships with colleges, including contra costa college and berkeley city college, to provide support at the institutional level. We also offer individualized coaching to our most at-risk students. Additionally, we leverage the collective wisdom within our community to pair scholars with richmond mentors to start preparing for their careers.2024 program highlights:* welcomed 498 new scholarships in 2024*4205 scholarships awarded since the organization's founding in 2016*in the final year of a joint-grant from the city of richmond deparment of children & youth, collaborated with health career connection (hcc) to place 10 students into paid public health internships in richmond. Participants served for 10 weeks and provided support to organizations like lifelong medical care center, healthy contra costa and rotacare clinic. Overall, 27 rp scholars were placed in hcc internships for this grant, and several others participated in other hcc programming as a result of our partnership.*a

Financial Efficiency

• Mission deployment rate: 100%; rating input score 100
• Program expense ratio: 83.5%; rating input score 84
• Fundraising efficiency: $1.2 raised per $1 spent on fundraising; rating input score 4; 4th percentile among comparable filings

Transparency & Controls

• Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
• Pay-setting controls: 1 of 6 controls in place; rating input score 17
  • Compensation committee: Missing
  • Independent consultant: Missing
  • Other Form 990s reviewed: Missing
  • Written employment contract: Missing
  • Compensation survey or study: Missing
  • Board or committee approval: Pass
• 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: 9 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: Pass
  • Form 990 shared with the board: Pass
  • Board meeting minutes documented: Pass
  • Audit committee oversight: Pass
  • Independent financial-statement audit: Pass

Sustainability

• Operating margin: -222.7%; rating input score 0; 0th percentile among comparable filings
• Total-asset coverage ratio: 5.69; rating input score 86; 86th percentile among comparable filings
• Liabilities to assets ratio: 0.02; rating input score 61; 61st percentile among comparable filings
• Officer compensation ratio: 11.3%; rating input score 33; 33rd percentile among comparable filings

Growth

• Program expense growth: 11.1% per year; rating input score 100; 66th percentile among comparable filings
• Revenue growth: -37.9% per year; rating input score 0; 1st percentile among comparable filings
• Asset growth: -4.9% per year; rating input score 0; 7th percentile among comparable filings