RICHMOND PROMISE INC

EIN: 811653085 501(c)(3) Education

RICHMOND, CA

Total Revenue
$856,880
Total Expenses
$3,150,289
Total Assets
$23,841,976
Net Assets
$23,374,148
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Financial Trends

Organization Details

Formation Year
2016
Legal Domicile
CA
Principal Officer
CHRISTOPHER WHITMORE
Phone
5107617231
Tax Period
2023-01-01 to 2023-12-31

RICHMOND PROMISE INC, founded in 2016, is a small nonprofit in the Education sector that reported $857K in total revenue in fiscal year 2023. Expenses of $3.2M exceeded revenue, resulting in a 268% operating deficit.

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.

Program Service Accomplishments

Program 1
Expenses: $2,629,946

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...

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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.IMPACT HIGHLIGHTS:*AWARDED 3,476 SCHOLARSHIPS AS OF JUNE 2023.*AS PART OF OUR COLLEGE ACCESS PROGRAMMING, WE HOSTED 3 PARENT AND FAMILY-SPECIFIC FSA ID WORKSHOPS AHEAD OF THE FAFSA LAUNCH, 18 "CASH FOR COLLEGE" WORKSHOPS AND 21 RICHMOND PROMISE SCHOLARSHIP INFORMATION WORKSHOPS AT 14 SCHOOLS IN THE WEST CONTRA COSTA UNIFIED SCHOOL DISTRICT BOUNDARIES.*WELCOMED 475 NEW RICHMOND PROMISE SCHOLARS AND ACHIEVED A SCHOLARSHIP CLAIM RATE OF 93% OR ONLY 7% SUMMER MELT*EMPLOYED 232 CURRENT RICHMOND PROMISE SCHOLARS TO DATE, INCLUDING 45 THIS PAST YEAR THROUGH OUR NEAR PEER AMBASSADOR, CAMPUS NETWORK LEADERS & SUMMER ASSOCIATES PROGRAM, SUPPORTING YOUNGER STUDENTS WITH FINANCIAL AID COMPLETION, AND SUPPORTING A SUCCESSFUL TRANSITION FROM HIGH SCHOOL TO COLLEGE. *COLLABORATED WITH HEALTH CAREER CONNECTION TO PLACE 10 STUDENTS INTO PAID PUBLIC HEALTH INTERNSHIPS IN RICHMOND. PARTICIPANTS SERVED FOR 10 WEEKS AND PROVIDED SUPPORT TO ORGANIZATIONS LIKE LIFELONG MEDICAL CARE CENTER, HEALTHY CONTRA COSTA AND ROTACARE CLINIC.*TECHNOLOGICAL ACCESS SERVES AS A CORE COMPONENT OF RP'S BASIC NEEDS SUPPORT SYSTEM. 55 COMPUTERS WERE PROVIDED TO STUDENTS WHO NEEDED THEM.*MORE THAN 500 SCHOLARS HAVE REPORTED THAT THEY GRADUATED FROM THEIR DEGREE PROGRAMS AS OF DECEMBER 2023*ENTERED A PARTNERSHIP WITH WESTERN GOVERNORS UNIVERSITY. NOW RICHMOND PROMISE SCHOLARS CAN QUALIFY FOR A PARTNER SCHOLARSHIP THAT, COMBINED WITH THE RP SCHOLARSHIP AND OTHER FUNDING SOURCES SUCH AS PELL GRANTS, WOULD ALLOW A STUDENT TO PURSUE A COLLEGE DEGREE AT LITTLE TO NO COST.*THIS YEAR, WE HELD OUR FIRST SET OF SUMMER WORKSHOPS FOR STUDENTS ENTERING THEIR SECOND YEAR IN COLLEGE AND/OR WITH RICHMOND PROMISE. SCHOLARS PARTICIPATED IN A FINANCIAL LITERACY SEMINAR, LED BY AN EXPERT AT WELLS FARGO, LEARNED HOW TO PREPARE FOR INTERVIEWS THANKS TO OUR PARTNERS AT HEALTH CAREER CONNECTION, AND GOT A GLIMPSE INTO STUDYING ABROAD FROM AN RP SCHOLAR ATTENDING UCLA. THE SERIES CONCLUDED WITH A VIRTUAL WORKSHOP ON RESUME BUILDING HOSTED BY ANOTHER FORMER RP SCHOLAR. 140 STUDENTS JOINED US, CHOOSING ONE OF THE THREE SESSIONS OFFERED.

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

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Financial Overview (2023)

Revenue Breakdown

Contributions & Grants $246,249
Program Service Revenue $0
Investment Income $609,698
Other Revenue $933
TOTAL REVENUE $856,880

Expense Breakdown

Grants Paid $1,661,796
Salaries & Benefits $869,631
Fundraising Expenses $375,626
Program Expenses $2,629,946
Other Expenses $618,862
TOTAL EXPENSES $3,150,289

Year-over-Year Comparison

2023 2022 Change
Revenue $856,880 $881,299 0.0%
Expenses $3,150,289 $3,059,795 +0.0%
Net Income $-2,293,409 $-2,178,496 +0.1%
Key Indicators
Grants to Organizations Grants to Individuals Lobbying Political Activity Foreign Activities Donor Advised Fund Schedule B Required
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Governance

Voting Members
11
Independent Members
11
Employees
8
Volunteers
35

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
4
$176,745
Total Directors
11
$0
Key Employees
0
$0
Highest Compensated
2
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
MICHAEL LITTLETON CHAIR 1.00
Officer Director
$0 $0 $0
MOJDEH MEHDIZADEH TREASURER 0.50
Officer Director
$0 $0 $0
LINSI CRAIN SECRETARY 0.50
Officer Director
$0 $0 $0
ANNMARIE BAINES BOARD MEMBER 0.20
Director
$0 $0 $0
NICOLE BARNETT BOARD MEMBER 0.20
Director
$0 $0 $0
SHASA CURL BOARD MEMBER 0.20
Director
$0 $0 $0
CHRIS HURST BOARD MEMBER 0.20
Director
$0 $0 $0
ILAF ESUF BOARD MEMBER 0.20
Director
$0 $0 $0
JEFF BUTLER BOARD MEMBER 0.20
Director
$0 $0 $0
LINDA SCHMID BOARD MEMBER 0.20
Director
$0 $0 $0
REE'SHEMAH THORNTON BOARD MEMBER 0.20
Director
$0 $0 $0
CHRISTOPHER WHITMORE EXECUTIVE DIRECTOR 45.00
Officer
$163,154 $13,591 $176,745
MAYA KAMATH DIRECTOR OF DEVELOPMENT 40.00
Highest
$105,000 $8,455 $113,455
ANJANINE BONET CHIEF OPERATING OFFICER 50.00
Highest
$106,839 $19,130 $125,969
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
2024 No data No data No data No data
2023 $856,880 $3,150,289 $23,841,976 $-2,293,409
2022 $881,299 $3,059,795 $24,507,252 $-2,178,496
2021 $2,258,504 $3,110,941 $30,074,049 $-852,437
2020 $949,804 $2,735,646 $30,330,994 $-1,785,842
2019 $825,802 $1,726,370 $31,731,033 $-900,568
2018 $685,617 $1,136,108 $32,046,400 $-450,491
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