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The Promise Foundation Inc. is a private corporation based in WILMINGTON, NC. The foundation received its IRS ruling in 2008. The principal officer is Promise Foundation. It holds total assets of $43K. Annual income is reported at $13K. Total assets have decreased from $526K in 2011 to $37K in 2023. The foundation is governed by 4 officers and trustees. The foundation operates in the area of philanthropy & grantmaking. According to its most recent filing, the foundation only makes contributions to preselected charitable organizations. Tax records are available from 2016 to 2023. Grantmaking is concentrated in North Carolina. According to available records, The Promise Foundation Inc. has made 11 grants totaling $28K, with a median grant of $1K. Annual giving has decreased from $23K in 2021 to $5K in 2022. Individual grants have ranged from $500 to $10K, with an average award of $3K. The foundation has supported 8 unique organizations. Grant recipients are concentrated in North Carolina. Contributions to this foundation are tax-deductible.
Smallest Grant
$300
Median Grant
$1K
Average Grant
$2K
Largest Grant
$11K
Based on 10 grants from the most recent 990-PF filing.
No program descriptions are available for this foundation. Many private foundations report program activities in their annual 990-PF filings — check the Tax Filings section below for the most recent filing.
The Promise Foundation Inc. primarily funds organizations in the area of philanthropy & grantmaking. Based on available records, the foundation has funded 11 grants. Its grantmaking reaches organizations primarily in NC.
The Promise Foundation Inc. has distributed a total of $28K across 11 grants. The median grant size is $1K, with an average of $3K. Individual grants have ranged from $500 to $10K.
The Promise Foundation Inc. typically selects its grantees rather than accepting unsolicited proposals.
The Promise Foundation Inc. is headquartered in WILMINGTON, NC.
| Name | Title | Compensation | Benefits | Total |
|---|---|---|---|---|
| Denise Mvincent | President | $0 | $0 | N/A |
| Benjamin Vincent | Vice-Pres. | $0 | $0 | N/A |
| Katherine Nicholas | Secretary | $0 | $0 | N/A |
| Jon T Vincent | Treasurer | $0 | $0 | N/A |
Total Giving
$1K
Total Assets
$37K
Fair Market Value
$37K
Net Worth
$37K
Grants Paid
$1K
Contributions
N/A
Net Investment Income
$170
Distribution Amount
N/A
Total Grants
11
Total Giving
$28K
Average Grant
$3K
Median Grant
$1K
Unique Recipients
8
Most Common Grant
$1K
of 2022 grantees were first-time recipients
| Recipient | Location | Amount | Year |
|---|---|---|---|
| Countrywide CdcFood Bank | Navassa, NC | $1K | 2022 |
| Harrelson CenterDonation to helpprovide humanitarianservices | Wilmington, NC | $1K | 2022 |
| Wilmington School Of The ArtsCharter Schoolincorporatingthe arts | Wilmington, NC | $500 | 2022 |
| Community Boys & Girls Club Of WilmingtonTo promote a safeplace for kids. | Wilmington, NC | $10K | 2021 |
| Eden Village Of WilmingtonDonation to supportbuilding of homes for the homeless. | Wilmington, NC | $10K | 2021 |
| Terrylyn Eve McneilHelp for recipientto purchase acar | Elizabethtown, NC | $1K | 2021 |
| Abilities TennisSupport foreducational needs | Wilmington, NC | $1K | 2021 |
| Christ Community ChurchSupport formultiple missions | Wilmington, NC | $500 | 2021 |