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Nonprofiteer
← RICHMOND PROMISE INC

Form 990 for tax year 2022

Filed by RICHMOND PROMISE INC.

Totals

Total revenue
$881,299
Total expenses
$3,059,795
Contributions and grants received
$620,175
Grants paid
$1,528,042
Program service revenue
$0
Investment income
$265,293
Other revenue
-$4,169
Total assets, end of year
$24,507,252
Total liabilities, end of year
$477,213
Net assets or fund balances, end of year
$24,030,039
Program services expenses (Part IX)
$2,738,455
Management and general expenses
$108,688
Fundraising expenses
$212,652
Program service expenses (Part III)
$2,738,455

Program services were 89.5% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 1c · Fundraising events

    $6,005

  • 1e · Government grants (contributions)

    $207,650

  • 1f · All other contributions, gifts and grants

    $406,520

  • 3 · Investment income

    total $520,794 · excluded $520,794

  • 7a · Gross sales of assets other than inventory

    securities $1,968,327

  • 7b · Less cost or other basis and sales expenses

    securities $2,223,828

  • 7c · Gain or loss

    securities -$255,501

  • 7d · Net gain or loss

    total -$255,501 · excluded -$255,501

  • 8a · Fundraising events: gross income

    $1,837

  • 8a · Fundraising events: contributions included on line 1c

    $6,005

  • 8b · Fundraising events: direct expenses

    $7,873

  • 8c · Net income from fundraising events

    total -$6,036 · excluded -$6,036

  • 11a · Other revenue: MISCELLANEOUS INCOME

    total $1,867 · related or exempt $1,867

  • 11e · Other revenue, total

    $1,867

Functional expenses

Part IX, the statement of functional expenses.

  • 2 · Grants to domestic individuals

    total $1,528,042 · program services $1,528,042

  • 5 · Compensation of officers, directors and key employees

    total $152,871 · program services $99,366 · management and general $30,574 · fundraising $22,931

  • 7 · Other salaries and wages

    total $407,803 · program services $330,756 · management and general $8,364 · fundraising $68,683

  • 8 · Pension plan contributions

    total $21,065 · program services $16,503 · management and general $1,081 · fundraising $3,481

  • 9 · Other employee benefits

    total $38,085 · program services $29,778 · management and general $2,058 · fundraising $6,249

  • 10 · Payroll taxes

    total $42,912 · program services $33,009 · management and general $2,881 · fundraising $7,022

  • 11a · Fees: management

    total $16,187 · program services $12,451 · management and general $1,087 · fundraising $2,649

  • 11c · Fees: accounting

    total $16,868 · management and general $16,868

  • 11f · Fees: investment management

    total $84,690 · fundraising $84,690

  • 11g · Fees: other

    total $535,900 · program services $498,019 · management and general $34,297 · fundraising $3,584

  • 12 · Advertising and promotion

    total $9,496 · program services $5,789 · fundraising $3,707

  • 13 · Office expenses

    total $19,425 · program services $17,109 · management and general $629 · fundraising $1,687

  • 14 · Information technology

    total $134,820 · program services $125,951 · management and general $5,499 · fundraising $3,370

  • 16 · Occupancy

    total $12,696 · program services $10,390 · management and general $671 · fundraising $1,635

  • 17 · Travel

    total $9,109 · program services $8,544 · management and general $164 · fundraising $401

  • 19 · Conferences, conventions and meetings

    total $10,787 · program services $9,413 · management and general $778 · fundraising $596

  • 23 · Insurance

    total $5,644 · program services $2,121 · management and general $3,072 · fundraising $451

  • 24a · Other expenses: BUSINESS EXPENSES

    total $8,437 · program services $6,256 · management and general $665 · fundraising $1,516

  • 24b · Other expenses: PROGRAM SUPPLIES

    total $4,958 · program services $4,958

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $323,020 · end of year $357,025

  • 2 · Savings and temporary cash investments

    beginning of year $847,397 · end of year $1,847,505

  • 3 · Pledges and grants receivable

    beginning of year $8,551,699 · end of year $5,573,213

  • 9 · Prepaid expenses and deferred charges

    beginning of year $108,036

  • 11 · Investments: publicly traded securities

    beginning of year $16,592,096 · end of year $14,047,294

  • 12 · Investments: other securities

    beginning of year $3,650,801 · end of year $2,641,587

  • 15 · Other assets

    beginning of year $1,000 · end of year $40,628

  • 17 · Accounts payable and accrued expenses

    beginning of year $561,103 · end of year $477,213

  • 27 · Net assets without donor restrictions

    beginning of year $20,909,129 · end of year $18,356,207

  • 28 · Net assets with donor restrictions

    beginning of year $8,603,817 · end of year $5,673,832

Mission and programs · 2022

Mission

TO PROMOTE EDUCATIONAL EQUITY BY REMOVING BARRIERS AND CREATING PATHWAYS TO ENSURE ALL STUDENTS IN RICHMOND HAVE ACCESS TO HIGH QUALITY EDUCATION, EXCEL FROM HIGH SCHOOL TO HIGHER EDUCATION, ATTAIN A POSTSECONDARY DEGREE OR CERTIFICATION, (CONTINUED ON SCH. O)THRIVE IN THE FIELD OF THEIR CHOICE, AND BECOME A LEADER OF POSITIVE CHANGE IN THEIR COMMUNITY AND THE WORLD.

Activities or mission (Part I)

TO PROMOTE EDUCATIONAL EQUITY TO ENSURE ALL STUDENTS HAVE ACCESS TO HIGH QUALITY EDUCATION.

  • 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.

    Expenses $2,738,455 · Grants $1,528,042 · Revenue $1,867

As filed on the 2022 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Michael Littleton

    CHAIR

    Total calculated
    $0
    Hours/week
    1

  • Mojdeh Mehdizadeh

    TREASURER

    Total calculated
    $0
    Hours/week
    0.5

  • Linsi Crain

    SECRETARY

    Total calculated
    $0
    Hours/week
    0.15

  • Annmarie Baines

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    0.15

  • Shasa Curl

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    0.15

  • Chris Hurst

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    0.15

  • Ilaf Esuf

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    0.15

  • Jeff Butler

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    0.15

  • Linda Schmid

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    0.15

  • Ree'Shemah Thornton

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    0.15

  • Christopher Whitmore

    EXECUTIVE DIRECTOR

    Total calculated
    $152,870
    From this org
    $143,100
    From related orgs
    $0
    Other
    $9,770
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $143,100
    Bonus
    $0
    Other
    $0
    Deferred
    $2,504
    Nontaxable benefits
    $7,266
    Filer's total
    $152,870

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

  • 3 · Approval by the board or compensation committee

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

No itemized grants to organizations on this return.

Provenance

Return type
form_990
Tax year
2022
Filed
13 November 2023
IRS schema version
2022v5.0
Source object
202333179349306833

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