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Nonprofiteer
← PROMISE INC

Form 990 for tax year 2024

Filed by PROMISE INC.

Totals

Total revenue
$1,583,902
Total expenses
$1,469,304
Contributions and grants received
$896,862
Grants paid
$0
Program service revenue
$280,128
Investment income
$65,991
Other revenue
$340,921
Total assets, end of year
$5,619,299
Total liabilities, end of year
$63,869
Net assets or fund balances, end of year
$5,555,430
Program services expenses (Part IX)
$1,142,643
Management and general expenses
$245,522
Fundraising expenses
$81,139
Program service expenses (Part III)
$1,142,643

Program services were 77.8% 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.

  • 1c · Fundraising events

    $259,767

  • 1e · Government grants (contributions)

    $14,222

  • 1f · All other contributions, gifts and grants

    $622,873

  • 1g · Noncash contributions included above

    $74,245

  • 2a · Program service revenue: RESIDENT COMMUNITY PRO

    total $244,102 · related or exempt $244,102

  • 2b · Program service revenue: CATERING INCOME

    total $36,026 · related or exempt $36,026

  • 3 · Investment income

    total $65,296 · excluded $65,296

  • 6a · Gross rents

    real property $6,486

  • 6b · Less rental expenses

    real property $0

  • 6c · Rental income or loss

    real property $6,486

  • 6d · Net rental income or loss

    total $6,486 · related or exempt $6,486

  • 7a · Gross sales of assets other than inventory

    other assets $100,000

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

    other assets $99,305

  • 7c · Gain or loss

    other assets $695

  • 7d · Net gain or loss

    total $695 · excluded $695

  • 8a · Fundraising events: gross income

    $332,163

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

    $259,767

  • 8b · Fundraising events: direct expenses

    $191,419

  • 8c · Net income from fundraising events

    total $140,744 · excluded $140,744

  • 10a · Gross sales of inventory

    $293,438

  • 10b · Cost of goods sold

    $208,347

  • 10c · Net income from sales of inventory

    total $85,091 · related or exempt $85,091

  • 11a · Other revenue: PIB - RESIDENCE SERVIC

    total $84,000 · related or exempt $84,000

  • 11b · Other revenue: MAIL FULFILLMENT

    total $22,711 · related or exempt $22,711

  • 11c · Other revenue: MISCELLANEOUS INCOME

    total $1,889 · related or exempt $1,889

  • 11e · Other revenue, total

    $108,600

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $163,453 · program services $53,939 · management and general $53,940 · fundraising $55,574

  • 7 · Other salaries and wages

    total $731,169 · program services $622,277 · management and general $102,943 · fundraising $5,949

  • 8 · Pension plan contributions

    total $8,294 · program services $5,544 · management and general $1,983 · fundraising $767

  • 9 · Other employee benefits

    total $65,677 · program services $43,904 · management and general $15,700 · fundraising $6,073

  • 10 · Payroll taxes

    total $30,907 · program services $20,661 · management and general $7,388 · fundraising $2,858

  • 11b · Fees: legal

    total $1,720 · program services $1,720

  • 11c · Fees: accounting

    total $23,700 · management and general $23,700

  • 11g · Fees: other

    total $16,663 · program services $12,658 · management and general $3,074 · fundraising $931

  • 12 · Advertising and promotion

    total $13,735 · program services $11,358 · management and general $1,705 · fundraising $672

  • 13 · Office expenses

    total $9,832 · program services $5,015 · management and general $4,817

  • 14 · Information technology

    total $43,536 · program services $43,536

  • 16 · Occupancy

    total $31,929 · program services $27,269 · fundraising $4,660

  • 20 · Interest

    total $515 · program services $515

  • 22 · Depreciation, depletion and amortization

    total $75,390 · program services $69,605 · management and general $5,785

  • 23 · Insurance

    total $49,199 · program services $49,199

  • 24a · Other expenses: REPAIRS AND MAINTENANCE

    total $77,458 · program services $77,458

  • 24b · Other expenses: SUPPLIES

    total $54,584 · program services $45,203 · management and general $7,466 · fundraising $1,915

  • 24c · Other expenses: PROGRAM EXPENSES

    total $30,375 · program services $29,170 · management and general $1,205

  • 24d · Other expenses: BANK SERVICE CHARGES

    total $15,447 · program services $14,939 · fundraising $508

  • 24e · All other expenses

    total $25,721 · program services $8,673 · management and general $15,816 · fundraising $1,232

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $41,688 · end of year $147,655

  • 2 · Savings and temporary cash investments

    beginning of year $971,953 · end of year $1,034,330

  • 3 · Pledges and grants receivable

    beginning of year $50,897 · end of year $51,180

  • 4 · Accounts receivable

    beginning of year $88,545 · end of year $88,545

  • 8 · Inventories for sale or use

    beginning of year $4,685 · end of year $4,329

  • 9 · Prepaid expenses and deferred charges

    beginning of year $29,929 · end of year $41,039

  • 10a · Land, buildings and equipment: cost or other basis

    $1,991,131

  • 10b · Land, buildings and equipment: accumulated depreciation

    $509,519

  • 10c · Land, buildings and equipment, net

    beginning of year $1,541,416 · end of year $1,481,612

  • 12 · Investments: other securities

    beginning of year $432,606 · end of year $437,637

  • 15 · Other assets

    beginning of year $2,370,164 · end of year $2,332,972

  • 17 · Accounts payable and accrued expenses

    beginning of year $74,761 · end of year $59,685

  • 19 · Deferred revenue

    beginning of year $7,500 · end of year $0

  • 25 · Other liabilities

    beginning of year $5,757 · end of year $4,184

  • 27 · Net assets without donor restrictions

    beginning of year $5,154,472 · end of year $5,085,405

  • 28 · Net assets with donor restrictions

    beginning of year $289,393 · end of year $470,025

Mission and programs · 2024

Mission

PROMISE, INC. IS A 501(C)3 NONPROFIT ORGANIZATION ESTABLISHED IN 2009 THAT WAS DESIGNED TO PROVIDE AFFORDABLE, INDEPENDENT HOUSING FOR INDIVIDUALS WITH COGNITIVE AND PHYSICAL DISABILITIES UTILIZING PUBLIC AND PRIVATE PARTNERSHIPS TO DEVELOP A MODEL COMMUNITY.

Activities or mission (Part I)

PROMISE INC. EXISTS TO FOSTER AND CREATE AFFORDABLE HOUSING AND SUPPORT SERVICES FOR INDIVIDUALS WITH DISABILITIES AND OTHER SPECIAL NEEDS, CREATING AN INCLUSIVE, REPLICABLE MODEL. THE HOUSING DEVELOPMENT IS LOCATED IN BREVARD COUNTY, FLORIDA, SERVING ADULTS WITH DISABILITIES, PROVIDING THEM WITH A COLLEGE-LIKE EXPERIENCE; INCLUDING VOCATIONAL OPPORTUNITIES WITH ON-SITE TRAINING AND CONTINUING EDUCATION. THE ORGANIZATION ALSO OPERATES A THRIFT STORE AND CAFETERIA AND PROVIDES VOCATIONAL OPPORTUNITIES TO POTENTIAL RESIDENTS OF THE HOUSING DEVELOPMENT.

  • PROMISE'S RESIDENT COMMUNITY PROGRAM - INCORPORATES A VARIETY OF PROGRAMS AND SERVICES THAT SEEK TO PROVIDE A FULFILLING LIFE FOR EACH OF ITS RESIDENTS. THE RESIDENT COMMUNITY PROGRAM (RCP) INCLUDES VOCATIONAL TRAINING AND EMPLOYMENT OPPORTUNITIES; TRANSPORTATION SERVICES; INDEPENDENT LIVING COURSES; HEALTH, FITNESS AND NUTRITION CLASSES. THE RESIDENTS PARTICIPATING IN THE RCP HAVE MORE THAN 60 ACTIVITIES PER WEEK TO CHOOSE FROM.PROMISE TREASURES THRIFT SHOPPE - OPENED IN OCTOBER 2013, IS THE PROMISE TREASURES THRIFT SHOPPE, LOCATED IN WEST MELBOURNE, FLORIDA. THE ORGANIZATION CURRENTLY HAS EIGHT RESIDENTS ON THE PAYROLL AT TREASURES AND PROVIDE VOCATIONAL TRAINING FOR ANOTHER 30 YOUNG ADULTS WITH SPECIAL NEEDS AND OPERATE WITH THE HELP OF MORE THAN 40 COMMUNITY VOLUNTEERS. TREASURES OFFERS A VARIETY OF BOUTIQUE AND FURNITURE ITEMS, HOME DECOR, ELECTRONICS, HOLIDAY ITEMS, HANDMADE SOY CANDLES, ALL-NATURAL DOGGIE TREATS AND MORE TO CUSTOMERS. IN MID-DECEMBER 2023, THE ORGANIZATION RENAMED THE THRIFT SHOPPE TO TREASURES BOUTIQUE AND RELOCATED OPERATIONS TO THE CAFE AND BAKERY INSIDE AVES' PLACE.

    Expenses $1,142,643 · Revenue $480,305

As filed on the 2024 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Dr Lori D Bradstreet

    CHAIR

    Total calculated
    $0
    Hours/week
    2

  • Wayne Cooper

    TREASURER

    Total calculated
    $0
    Hours/week
    2

  • Frank J Vega

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • Melissa Dugas

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • Margaret Lohan-Avalos

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • Lynn Wilson

    SECRETARY

    Total calculated
    $0
    Hours/week
    2

  • Cindy Dropeski

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • Mason Williams

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • Harold Edward Rusty Melle

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • David Lazear

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • Scott Buescher

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • Jeff Kiel

    CEO

    Total calculated
    $168,761
    From this org
    $161,254
    From related orgs
    $0
    Other
    $7,507
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $150,000
    Bonus
    $11,254
    Other
    $0
    Deferred
    $4,915
    Nontaxable benefits
    $2,592
    Filer's total
    $168,761

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.

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

Provenance

Return type
form_990
Tax year
2024
Filed
11 November 2025
IRS schema version
2024v5.2
Source object
202533189349310783

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