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Nonprofiteer
← WATERBURY PROMISE INC

Form 990 for tax year 2023

Filed by WATERBURY PROMISE INC.

Totals

Total revenue
$2,674,017
Total expenses
$793,439
Contributions and grants received
$2,401,739
Grants paid
$370,183
Program service revenue
$0
Investment income
$272,278
Other revenue
$0
Total assets, end of year
$6,084,894
Total liabilities, end of year
$38,124
Net assets or fund balances, end of year
$6,046,770
Program services expenses (Part IX)
$482,471
Management and general expenses
$135,350
Fundraising expenses
$175,618
Program service expenses (Part III)
$482,471

Program services were 60.8% 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.

  • 1e · Government grants (contributions)

    $2,000,000

  • 1f · All other contributions, gifts and grants

    $401,739

  • 3 · Investment income

    total $272,278 · excluded $272,278

Functional expenses

Part IX, the statement of functional expenses.

  • 2 · Grants to domestic individuals

    total $370,183 · program services $370,183

  • 5 · Compensation of officers, directors and key employees

    total $137,260 · program services $34,315 · management and general $68,630 · fundraising $34,315

  • 7 · Other salaries and wages

    total $113,305 · program services $16,996 · management and general $16,996 · fundraising $79,313

  • 9 · Other employee benefits

    total $19,672 · program services $4,028 · management and general $6,723 · fundraising $8,921

  • 10 · Payroll taxes

    total $30,395 · program services $6,224 · management and general $10,387 · fundraising $13,784

  • 11b · Fees: legal

    total $570 · management and general $570

  • 11c · Fees: accounting

    total $13,350 · management and general $13,350

  • 11e · Fees: professional fundraising services

    total $6,489 · fundraising $6,489

  • 11g · Fees: other

    total $1,669 · management and general $1,669

  • 12 · Advertising and promotion

    total $11,836 · fundraising $11,836

  • 13 · Office expenses

    total $12,296 · program services $2,518 · management and general $4,202 · fundraising $5,576

  • 14 · Information technology

    total $7,164 · management and general $7,164

  • 19 · Conferences, conventions and meetings

    total $9,299 · program services $1,904 · management and general $3,178 · fundraising $4,217

  • 23 · Insurance

    total $1,858 · management and general $1,858

  • 24a · Other expenses: SCHOLAR AND RELATED EXP

    total $46,303 · program services $46,303

  • 24b · Other expenses: DEVELOPMENT EXPENSE

    total $11,167 · fundraising $11,167

  • 24c · Other expenses: OTHER EXPENSE

    total $623 · management and general $623

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $169,567 · end of year $146,528

  • 3 · Pledges and grants receivable

    end of year $24,758

  • 12 · Investments: other securities

    beginning of year $4,023,202 · end of year $5,913,608

  • 17 · Accounts payable and accrued expenses

    beginning of year $17,997 · end of year $27,216

  • 25 · Other liabilities

    beginning of year $13,143 · end of year $10,908

  • 27 · Net assets without donor restrictions

    beginning of year $4,044,852 · end of year $5,976,841

  • 28 · Net assets with donor restrictions

    beginning of year $116,777 · end of year $69,929

Mission and programs · 2023

Mission

WATERBURY PROMISE, INC. IS A CONNECTICUT CHARITABLE ORGANIZATION DEDICATED TO INCREASING COLLEGE ASPIRATIONS, REDUCING FINANCIAL BARRIERS AND INSPIRING EVERY WATERBURY STUDENT TOWARD POST-SECONDARY EDUCATION AND COMPLETION. THE PROGRAM'S COMPREHENSIVE COLLEGE ACCESS, SUCCESS AND CAREER READINESS MODEL IS CENTERED ON A GENEROUS LAST-DOLLAR SCHOLARSHIP DESIGNED TO BRIDGE THE FINANCIAL GAP AFTER ALL INDIVIDUAL GRANTS, FINANCIAL AID, AND OTHER SCHOLARSHIPS HAVE BEEN APPLIED. EQUALLY IMPORTANT, ARE THE WRAP-AROUND SUPPORT SERVICES AND RESOURCES PROVIDED TO ENSURE STUDENTS PERSIST TO GRADUATION, ARE CAREER READY, AND EARN A LIFE-CHANGING DEGREE. THIS HOLISTIC MODEL FOCUSES ON BREAKING DOWN ALL BARRIERS (FINANCIAL, ACADEMIC, SOCIAL-EMOTIONAL, ETC.) TO POST-SECONDARY EDUCATION AND COMPLETION.

  • WATERBURY PROMISE, INC. IS A CONNECTICUT CHARITABLE ORGANIZATION DEDICATED TO INCREASING COLLEGE ASPIRATIONS, REDUCING FINANCIAL BARRIERS AND INSPIRING EVERY WATERBURY STUDENT TOWARD POST-SECONDARY EDUCATION AND COMPLETION. THE PROGRAM'S COMPREHENSIVE COLLEGE ACCESS, SUCCESS AND CAREER READINESS MODEL IS CENTERED ON A GENEROUS LAST-DOLLAR SCHOLARSHIP DESIGNED TO BRIDGE THE FINANCIAL GAP AFTER ALL INDIVIDUAL GRANTS, FINANCIAL AID, AND OTHER SCHOLARSHIPS HAVE BEEN APPLIED. EQUALLY IMPORTANT, ARE THE WRAP-AROUND SUPPORT SERVICES AND RESOURCES PROVIDED TO ENSURE STUDENTS PERSIST TO GRADUATION, ARE CAREER READY, AND EARN A LIFE-CHANGING DEGREE. THIS HOLISTIC MODEL FOCUSES ON BREAKING DOWN ALL BARRIERS (FINANCIAL, ACADEMIC, SOCIAL-EMOTIONAL, ETC.) TO POST-SECONDARY EDUCATION AND COMPLETION.

    Expenses $482,471 · Grants $370,183

As filed on the 2023 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • PAUL K PERNEREWSKI JR

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • DARREN SCHWARTZ

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • KELONDA MAULL

    EXECUTIVE DIRECTOR

    Total calculated
    $159,093
    From this org
    $0
    From related orgs
    $135,212
    Other
    $23,881
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $0 + $135,212 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0 + $23,881 related
    Filer's total
    $0 + $159,093 related

  • ADRIENNE PARKMOND

    BOARD CHAIR

    Total calculated
    $0
    Hours/week
    2

  • KAREN HARVEY

    BOARD VICE CHAIR

    Total calculated
    $0
    Hours/week
    2

  • STEVEN E SCHNEIDER

    BOARD VICE CHAIR

    Total calculated
    $0
    Hours/week
    2

  • SEAN MOSLEY

    TREASURER

    Total calculated
    $0
    Hours/week
    2

  • LEEANN NEAL

    SECRETARY

    Total calculated
    $0
    Hours/week
    2

  • BELINDA ARCE-LOPEZ

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • MAURICE B MOSLEY

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • NEIL M O'LEARY

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • MARCIA TEJEDA

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • JOSH CAREY

    ADVISORY, NON-VOTING MEMBE

    Total calculated
    $0
    Hours/week
    1

  • SANDRA D WILSON

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • HEDY AYERS

    DIRECTOR OF DEVELOPMENT & COMMUNITY ENGAGEMENT

    Total calculated
    $117,440
    From this org
    $0
    From related orgs
    $110,927
    Other
    $6,513
    Hours/week
    40

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

None.

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
2023
Filed
23 October 2024
IRS schema version
2023v5.1
Source object
202433039349301713

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