PROVIDENCE PROMISE

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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

2014

Legal Domicile

Principal Officer

JOHN KASHMANIAN

Phone

4013833381

Tax Period

2024-07-01 to 2025-06-30

PROVIDENCE PROMISE, founded in 2014, is a small nonprofit in the Education sector that reported $784K in total revenue in fiscal year 2024.

Mission

PROVIDENCE PROMISE PROMOTES HIGH EDUCATIONAL ASPIRATIONS AND MORE EQUITABLE OPPORTUNITIES FOR PROVIDENCE PUBLIC SCHOOL STUDENTS BY ADVOCATING FOR COLLEGE SAVINGS ACCOUNTS AND FAMILY ENGAGEMENT, INCREASING FINANCIAL LITERACY, AND REDUCING THE FINANCIAL BURDEN OF HIGHER EDUCATION.

Program Service Accomplishments

Program 1

Expenses: $536,446 Revenue: $2,210

PROVIDENCE PROMISE'S UNIQUE, MULTI- PRONGED STRUCTURE IS DESIGNED TO HOLISTICALLY ADDRESS THE CHALLENGES FACED BY PROVIDENCE STUDENTS IN THEIR PURSUIT OF HIGHER EDUCATION.EARLY ENROLLMENT...

PROVIDENCE PROMISE'S UNIQUE, MULTI- PRONGED STRUCTURE IS DESIGNED TO HOLISTICALLY ADDRESS THE CHALLENGES FACED BY PROVIDENCE STUDENTS IN THEIR PURSUIT OF HIGHER EDUCATION.EARLY ENROLLMENT: PARENTS/GUARDIANS ENROLL THEIR CHILDREN BY THE TIME THEY ENTER THE PUBLIC SCHOOL SYSTEM, WHEN CHILDREN FROM BIRTH TO GRADE NINE ARE ELIGIBLE.COLLEGE SAVINGS: UPON ENROLLMENT, FAMILIES OPEN A 529 COLLEGE SAVINGS ACCOUNT FOR EACH CHILD AND CONTRIBUTE AN AVERAGE OF 1% OF THEIR GROSS ANNUAL HOUSEHOLD INCOME INTO EACH CHILD'S ACCOUNT FOR A PERIOD OF UP TO 15 YEARS. PROVIDENCE PROMISE PROVIDES AN INITIAL CONTRIBUTION OF $100 TO EACH CHILD'S ACCOUNT, AND ALSO PROVIDES OPPORTUNITIES FOR FAMILIES AND CHILDREN TO EARN ADDITIONAL INCENTIVES TO BUILD THEIR COLLEGE SAVINGS BY ACHIEVING CERTAIN GOALS.FAMILY ENGAGEMENT: PROVIDENCE PROMISE FACILITATES ONGOING FAMILY ENGAGEMENT AND FINANCIAL LITERACY THROUGH SCHOOL- BASED EVENTS, WORKSHOPS, COLLEGE VISITS, REFERRALS TO COLLEGE ACCESS PROGRAMS, AND MORE. THE FAMILY ENGAGEMENT PROGRAM ALSO INCLUDES A DEDICATED PARENT COUNCIL COMPRISED OF PARENT LEADERS WHO INFORM PROGRAM CHANGES AND FUTURE WORKSHOP TOPICS, AND HELP TO PLAN EVENTS.REDUCING THE FINANCIAL BURDEN: PROVIDENCE PROMISE WILL WORK WITH EACH STUDENT AND THEIR FAMILY TO IDENTIFY THE HIGHER EDUCATION CHOICES THAT BEST FIT THE NEEDS AND GOALS OF EACH CHILD AND TO ASSURE THAT ALL ACCESSIBLE FINANCIAL AID IS SECURED, INCLUDING FUNDS THAT MAY BE RAISEDBY PROVIDENCE PROMISE.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

Financial Overview (2024)

Revenue Breakdown

Contributions & Grants $753,932

Program Service Revenue $2,210

Investment Income $1,360

Other Revenue $26,413

TOTAL REVENUE $783,915

Expense Breakdown

Grants Paid $148,203

Salaries & Benefits $549,841

Fundraising Expenses $153,181

Program Expenses $536,446

Other Expenses $157,403

TOTAL EXPENSES $855,447

Year-over-Year Comparison

	2024	2023	Change
Revenue	$783,915	$811,416	0.0%
Expenses	$855,447	$982,916	-0.1%
Net Income	$-71,532	$-171,500	-0.6%

Key Indicators

✗ Grants to Organizations ✓ Grants to Individuals ✗ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✓ Schedule B Required

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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

Employees

Volunteers

Governance Policies

✓ Conflict of Interest Policy

✓ Whistleblower Policy

✗ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School

✗ Operated a Hospital

✗ Provided First Class Travel

⚠ Reported Conflict of Interest

✗ Reported Asset Diversion

✗ Excess Benefit Transaction

✗ Made Political Expenditures

✗ Engaged in Lobbying

✗ Operated Donor Advised Fund

✗ Maintained Art Collections

✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers

$106,345

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
MICHAEL CATARINA	BOARD CHAIR	1.00	Officer Director	$0	$0	$0
CHRISTINE DIBIASE	VICE CHAIR	1.00	Officer Director	$0	$0	$0
JOHN KASHMANIAN	TREASURER	2.00	Officer Director	$0	$0	$0
MONICA HORAN	SECRETARY	1.00	Officer Director	$0	$0	$0
RICHARD LAPPIN	FOUNDER	5.00	Director	$0	$0	$0
LAJUAN ALLEN	DIRECTOR	1.00	Director	$0	$0	$0
ROBERT BARGE	DIRECTOR	1.00	Director	$0	$0	$0
DANIEL BAUDOUIN	DIRECTOR	2.00	Director	$0	$0	$0
MARINA BETANCUR	DIRECTOR	1.00	Director	$0	$0	$0
MARLEN HERNANDEZ	DIRECTOR	1.00	Director	$0	$0	$0
LISA LAPPIN LEVINE	DIRECTOR	1.00	Director	$0	$0	$0
TORRELL MOLA	DIRECTOR	0.10	Director	$0	$0	$0
JAMES VINCENT	DIRECTOR	0.10	Director	$0	$0	$0
DR KENNETH WONG	DIRECTOR	0.10	Director	$0	$0	$0
YOKO YAMAMOTO	DIRECTOR	1.00	Director	$0	$0	$0
MADALYN CIAMPI	EXECUTIVE DIRECTOR	40.00	Officer	$97,699	$8,646	$106,345

Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year	Revenue	Expenses	Assets	Net Income
2025	$783,915	$855,447	$560,099	$-71,532
2024	$811,416	$982,916	$482,135	$-171,500
2023	$819,387	$812,162	$688,834	$7,225
2022	$631,702	$485,912	$403,115	$145,790
2021	$452,764	$324,536	$240,350	$128,228
2020	$241,447	$189,718	$139,057	$51,729
2019	$200,800	$203,052	$61,471	$-2,252