2017-05-15T17:10:22-05:00 2016-06-30 570381582 ELLIOTT DAVIS DECOSIMO LLC PLLC 1000 RIDGEWAY LOOP SUITE 402 MEMPHIS TN 38120 990 2015-07-01 201608155 PROMISE ACADEMY INC PROM 9013244456 1346 BRYAN ST MEMPHIS TN 38108 R ANDREW TAYLOR TREASURER 9013244456 2017-05-12 1 KEVIN D MCADAMS CPA P00238157 9016838899 2015 2021-01-29 14:40:06Z CHARLES C GERBER ONE COMMERCE SQUARE STE 1900 MEMPHIS TN 38103 4599949 0 X HTTP://PROMISEACADEMY.COM X 2004 TN OUR PURPOSE IS TO TEACH AND INSPIRE OUR CHILDREN SO THAT THEY CAN SUCCEED IN ANY SETTING. 14 14 74 20 0 0 4616656 4403607 0 0 0 -2512 185759 189114 4802415 4590209 0 0 0 0 2695407 2657635 0 0 29265 1778083 1754775 4473490 4412410 328925 177799 1468095 2302246 1106437 1762789 361658 539457 OUR CENTAL WORK IS TO TEACH AND INSPIRE THE MIND, BODY AND SPIRIT OF OUR CHILDREN SO THAT THEY CAN RISE ABOVE THE REST AND SUCCEED IN ANY ACADEMIC AND CULTURAL SETTING. PROMISE ACADEMY IS COMMITTED TO PREPARING CHILDREN TO EXCEL IN THE NATION'S MOST RIGOROUS SCHOOLS. 0 0 3274328 156247 OUR CENTRAL WORK IS TO TEACH AND INSPIRE THE MIND, BODY AND SPIRIT OF OUR CHILDREN SO THAT THEY CAN RISE ABOVE THE REST AND SUCCEED IN ANY ACADEMIC AND CULTURAL SETTING. PROMISE ACADEMY IS COMMITTED TO PREPARING CHILDREN TO EXCEL IN THE NATION'S MOST RIGOROUS SCHOOLS. THE SCHOOL PROVIDES AN ALTERNATIVE MEANS WITHIN THE PUBLIC SCHOOL SYSTEM TO ACCOMPLISH NECESSARY OUTCOMES OF EDUCATION. THE AVERAGE NUMBER OF STUDENTS ATTENDING IN THE CURRENT YEAR IS 414. 3274328 1 1 0 0 0 0 0 0 0 0 1 0 0 1 1 0 1 0 1 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 25 0 1 74 1 0 0 0 0 0 0 0 0 0 0 X 14 14 1 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 TN X BETH BAILEY 9013244456 1346 BRYAN STREET MEMPHIS TN 38108 X R ANDREW TAYLOR TREASURER 20.00 20.00 X X 0 0 0 CHARLES C GERBER PRESIDENT AND CHAIRMAN 20.00 20.00 X X 0 0 0 GRADY GARRISON SECRETARY 3.00 3.00 X X 0 0 0 DIANA BURTON DIRECTOR 0.30 0.30 X 0 0 0 MARY CORNPROPST ASSISTANT TREASURER 3.00 3.00 X X 0 0 0 FATHER COLENZO HUBBARD DIRECTOR 0.30 0.30 X 0 0 0 JOHNNY MOORE DIRECTOR 0.30 0.30 X 0 0 0 EMILY WOODSIDE DIRECTOR 0.30 0.30 X 0 0 0 JAMAL MCCALL DIRECTOR 0.30 0.30 X 0 0 0 MARY GARRISON DIRECTOR 0.30 0.30 X 0 0 0 J LEWIS WARDLAW DIRECTOR 0.30 0.30 X 0 0 0 CAROL RUSSELL DIRECTOR 0.30 0.30 X 0 0 0 PATRICIA EMORY-WALKER DIRECTOR 0.30 0.30 X 0 0 0 DR RUSSELL WIGGINGTON DIRECTOR 0.30 0.30 X 0 0 0 THOMAS A BEAZLEY EXECUTIVE DIRECTOR 40.00 X 109402 0 10325 KIASI MALONE HIGHEST-COMPENSATED EMPLOY 50.00 X 115131 0 10318 224533 0 20643 2 0 0 0 0 372270 4031337 4403607 750 3262 -2512 -2512 -2512 36833 6478 30355 30355 SHARED SCIENCE REVENUE 900099 147392 147392 OTHER INCOME 900099 11367 11367 158759 4590209 156247 0 30355 2424922 1818692 606230 54340 54340 178373 133780 44593 20840 20840 239053 40500 198553 13317 13317 10928 10928 635747 540385 95362 1477 1108 369 67247 67247 303445 227584 75861 TEXTBOOKS 129565 129565 SCHOOL SUPPLIES 112443 78710 33733 CONTRACT INSTRUCTORS 79773 79773 STUDENT ACTIVITIES 56369 29661 26708 84571 59666 22348 2557 4412410 3274328 1108817 29265 807907 647512 24281 213040 36547 54787 608980 425160 194217 183820 405143 1203087 1468095 2302246 224035 237756 882402 1525033 1106437 1762789 X 167441 355637 194217 183820 361658 539457 1468095 2302246 177799 0 X X 0 1 X 1 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 608980 425160 183820 183820 NET PENSION ASSET 1203087 1203087 NET PENSION LIABILITY 1525033 1525033 4599949 9740 9740 4590209 0 4590209 4422150 9740 9740 4412410 0 4412410 PART XI, LINE 2D - OTHER ADJUSTMENTS: FUNDRAISING EXPENSES 6,478. COST OF GOODS SOLD 3,262. PART XII, LINE 2D - OTHER ADJUSTMENTS: FUNDRAISING EXPENSES 6,478. COST OF GOODS SOLD 3,262. 1 1 1 1 0 1 1 0 0 0 0 0 0 0 0 1 0 1 SCHEDULE E, PART I, LINE 3 PROMISE ACADEMY INC IS NOT A PRIVATE SCHOOL. IT IS A PUBLIC CHARTER SCHOOL AND ACCEPTS STUDENTS OF ALL RACES. SCHEDULE E, PART I, LINE 4 PROMISE ACADEMY INC IS NOT A PRIVATE SCHOOL. IT IS A PUBLIC CHARTER SCHOOL. NO FEES ARE CHARGED; NO SCHOLARSHIPS NEEDED. SCHEDULE E, PART I, LINE 6 THE SCHOOL RECEIVES FUNDS FROM SHELBY COUNTY SCHOOLS AND THE STATE OF TENNESSEE BASED ON A PER-PUPIL ALLOCATION; THE SCHOOL ALSO RECEIVES FEDERAL TITLE I FUNDING THAT PROVIDES FINANCIAL ASSISTANCE TO LOW INCOME AREA SCHOOLS. UNIFORM SALES 12761 12761 2244 SUPPLIES & MATERIALS 8415 8415 1480 4 15657 15657 6478 36833 36833 10202 10202 26631 FORM 990, PART VI, SECTION A, LINE 2 CHARLES GERBER AND ANDY TAYLOR ARE BUSINESS PARTNERS; THEY EMPLOY MARY CORNPROPST AS THEIR CHIEF FINANCIAL OFFICER. MARY GARRISON IS GRADY GARRISON'S SPOUSE. TOM BEAZLEY, EXECUTIVE DIRECTOR HAS A DAUGHER THAT TEACHES AT PROMISE, KRISTEN MCGLASSON. FORM 990, PART VI, SECTION B, LINE 11 THE FINANCE COMMITTEE PRESENTS THE FORM 990 TO THE BOARD OF DIRECTORS FOR REVIEW AT A MONTHLY MEETING. FORM 990, PART VI, SECTION B, LINE 12C GRADY GARRISON, THE BOARD ATTORNEY, MONITORS THIS AT MONTHLY MEETINGS. FORM 990, PART VI, SECTION B, LINE 15 COMPENSATION IS BASED ON COMPARABLE SALARIES IN THE AREA. FORM 990, PART VI, SECTION C, LINE 19 UPON REQUEST. FORM 990, PART XII, LINE 2C: THERE WAS NO CHANGE FROM THE PRIOR YEAR. PROMISE ACADEMY SPRING HILL 3796 FRAYSER RALEIGH ROAD MEMPHIS TN 38128 464445628 CHARTER SCHOOL TN 501(C)(3) LINE 2 N/A 0 0 0 0 1 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 PROMISE ACADEMY SPRINGHILL D 39975 FAIR MARKET VALUE PROMISE ACADEMY SPRINGHILL L 147392 FAIR MARKET VALUE