2012-11-14T13:15:01-06:00 2012-06-30 620852719 JOSEPH DECOSIMO AND COMPANY PLLC 6750 POPLAR AVENUE SUITE 600 MEMPHIS TN 38138 990 2011-07-01 201608155 PROMISE ACADEMY INC PROM 9013244456 1346 BRYAN ST MEMPHIS TN 38108 R ANDREW TAYLOR 9013244456 2012-11-09 1 FRANK P LAMANNA CPA P00300469 9016838899 2011 2016-02-24 21:20:13Z CHARLES C GERBER ONE COMMERCE SQUARE STE 1900 MEMPHIS TN 38103 4078288 0 X HTTP://PROMISEACADEMY.COM X 2004 TN OUR CENTRAL AND ONLY WORK IS TO TEACH AND INSPIRE THE MIND, BODY AND SPIRIT OF OUR CHILDREN SO THAT THEY CAN SUCCEED IN ANY ACADEMIC OR CULTURAL SETTING. PROMISE ACADEMY IS COMMITTED TO PREPARING CHILDREN TO EXCEL IN THE NATION'S MOST RIGOROUS SCHOOLS. 12 12 56 25 0 0 3688120 4039848 0 0 -9726 -3228 47786 32576 3726180 4069196 0 0 0 0 2459128 2578560 0 0 0 1219789 1317336 3678917 3895896 47263 173300 656720 689227 400386 259593 256334 429634 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 2962498 THE SCHOOL PROVIDES AN ALTERNATIVE MEANS WITHIN THE PUBLIC SCHOOL SYSTEM TO ACCOMPLISH NECESSARY OUTCOMES OF EDUCATION. THE AVERAGE NUMBER OF STUDENTS ATTENDING INCREASED FROM 368 STUDENTS IN THE PRIOR YEAR TO 393 IN THE CURRENT YEAR. 2962498 1 1 0 0 0 0 0 0 0 0 1 0 0 0 0 0 1 0 1 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 22 0 1 56 1 0 0 0 0 0 0 0 0 1 0 0 0 X 12 12 1 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 0 1 0 TN X BETH BAILEY 9013244456 1346 BRYAN STREET MEMPHIS TN 38108 X ANDY TAYLOR 20.00 X X 0 0 0 CHARLES C GERBER 20.00 X X 0 0 0 GRADY GARRISON 3.00 X X 0 0 0 DIANA BURTON 0.00 X 0 0 0 MARY CORNPROPST 3.00 X X 0 0 0 MICHAEL BILGER 0.00 X 0 0 0 MARY GARRISON 0.00 X 0 0 0 FATHER COLENZO HUBBARD 0.00 X 0 0 0 JOHNNY MOORE 0.00 X 0 0 0 PEGGY WILLIAMSON 0.00 X 0 0 0 EMILY WOODSIDE 0.00 X 0 0 0 JAMAL MCCALL 0.00 X 0 0 0 0 0 0 0 0 0 0 0 166085 3873763 4039848 3228 -3228 -3228 -3228 20015 5864 14151 14151 UNIFORMS 611710 17398 17398 SNACK/COKE MACHINE COM 900099 660 660 SUPPLY FEE 611710 367 367 18425 4069196 18425 0 10923 2200380 1650285 550095 194486 145865 48621 183694 137771 45923 14698 14698 68038 68038 12341 12341 406475 345504 60971 35767 26825 8942 4546 4546 73105 73105 269402 202052 67350 TEXTBOOKS 142709 142709 SCHOOL SUPPLIES 117508 79153 38355 CONTRACT INSTRUCTORS 85305 85305 STAFF DEVELOPMENT 43258 34606 8652 44184 39318 4866 3895896 2962498 933398 0 450489 441752 14426 77394 38181 49788 361773 241480 153624 120293 656720 689227 137455 191991 28453 0 89425 67602 145053 0 400386 259593 X 170813 370076 85521 59558 256334 429634 656720 689227 173300 0 X X 0 1 1 X 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 361773 241480 120293 120293 4069196 3895896 173300 173300 4088630 10342 9092 19434 4069196 0 4069196 3915330 10342 9092 19434 3895896 0 3895896 PART XII, LINE 2D - OTHER ADJUSTMENTS: FUNDRAISING EXPENSES 5,864. LOSS ON DISPOSAL OF CAPITAL ASSETS 3,228. PART XIII, LINE 2D - OTHER ADJUSTMENTS: FUNDRAISING EXPENSES 5,864. LOSS ON DISPOSAL OF CAPITAL ASSETS 3,228. 1 1 1 1 0 1 1 0 0 0 0 0 0 0 0 1 0 1 EXPLANATION OF NONDISCRIMINATORY POLICY PUBLICATION 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. EXPLANATION OF DOCUMENT RETENTION 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. EXPLANATION OF GOVERNMENT FINANCIAL ASSISTANCE SCHEDULE E, PART I, LINE 6 THE SCHOOL RECEIVES FUNDS FROM MEMPHIS CITY SCHOOLS BASED ON A PER-PUPIL ALLOCATION; THE SCHOOL ALSO RECEIVES FEDERAL TITLE I FUNDING THAT PROVIDES FINANCIAL ASSISTANCE TO LOW INCOME AREA SCHOOLS. FIELD TRIP FUNDRAISING 8922 8922 BOOK FAIR 9102 9102 5754 1 1991 1991 110 20015 20015 5864 5864 14151 CHARLES GERBER BOARD PRESIDENT 67602 GUARANTOR OF SUNTRUST NOTE; PROMISE ACADEMY OWED $67,602 ON THE NOTE AT JUNE 30, 2012. 0 JOHNNY MOORE BOARD MEMBER 67602 PRESIDENT OF SUNTRUST BANK; PROMISE ACADEMY OWED $67,602 ON THE NOTE TO SUNTRUST BANK AT JUNE 30, 2012. 0 MEG GERBER WIFE OF BOARD MEMBER 2471 REIMBURSED FOR PAYING ADMINISTRATIVE EXPENSES OUT OF POCKET. 0 JACQUELINE MCCALL WIFE OF BOARD MEMBER 17904 EMPLOYEED BY PROMISE ACADEMY TIL 1/12/12 AND RECEIVED W-2. 0 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. JACQUELINE MCCALL IS THE WIFE OF JAMAL MCCALL (BOARD OF DIRECTORS MEMBER). 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 15B COMPENSATION IS BASED ON MEMPHIS CITY SCHOOLS SALARY SCHEDULE. FORM 990, PART VI, SECTION C, LINE 19 UPON REQUEST. CONTACT ADDRESSES FOR OFFICERS, DIRECTORS, ETC FORM 990, PART VII ANDY TAYLOR - ONE COMMERCE SQUARE, SUITE 1900, MEMPHIS, TN 38103. CHARLES C GERBER - ONE COMMERCE SQUARE, SUITE 1900, MEMPHIS, TN 38103. GRADY GARRISON - 165 MADISON AVENUE, SUITE 2000, MEMPHIS, TN 38103. DIANA BURTON - 3670 HACKS CROSS RD, BLDG G, 3RD FLOOR, MEMPHIS, TN 38125. MARY CORNPROPST - 2930 WATERLEAF DRIVE, GERMANTOWN, TN 38138. MICHAEL BILGER - 8951 MT. HILL DRIVE, MEMPHIS, TN 38138. MARY GARRISON - 4409 WALNUT GROVE RD, MEMPHIS, TN 38117. FATHER COLENZO HUBBARD - 604 ST. PAUL AVENUE, MEMPHIS, TN 38126. JOHNNY MOORE - 999 S. SHADY GROVE ROAD, SUITE 202, MEMPHIS, TN 38120. PEGGY WILLIAMSON - 1399 CARR AVENUE, MEMPHIS, TN 38104. EMILY WOODSIDE - 1602 EAST CLANLO DRIVE, MEMPHIS, TN 38104. JAMAL MCCALL - 2670 UNION AVENUE EXTD, SUITE 1100, MEMPHIS, TN 38112. FORM 990, PART XII, LINE 2C: NO CHANGE FROM PRIOR YEAR.