Promise Network Inc is a private foundation focused on Arts, Culture & Humanities, based in BIRMINGHAM, AL. IRS filing data is available from 2020 through 2024. As of 2024, the organization holds $450K in total assets. In 2024, it made $85K in qualifying distributions. Net investment income was $50K.
Financial Overview
From 2024 IRS Form 990-PF · View filing
Total Assets
$450K
-17.5% YoY
Revenue
$91K
+105.0% YoY
Qualifying Distributions
$85K
-12.0% YoY
Expenses
$184K
-13.3% YoY
Under IRS private-foundation payout rules, Promise Network Inc reported a distributable amount of $25K for 2024 — the minimum it must pay out in qualifying distributions.
About Promise Network Inc
Based on IRS filings
Promise Network Inc is a private foundation focused on Arts, Culture & Humanities, based in BIRMINGHAM, AL. IRS filing data is available from 2020 through 2024. As of 2024, the organization holds $450K in total assets. In 2024, it made $85K in qualifying distributions. Net investment income was $50K.
Focus Areas
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Geographic Focus
Where this funder awards grants
Grant Distribution by State
Cities
Financial History
Multi-year comparison from IRS filings
| Metric | 2024 | 2023 | 2022 |
|---|---|---|---|
| Total Assets | $449,686 | $544,998 | $708,332 |
| Revenue | $91,279 | $44,523 | $22,321 |
| Expenses | $183,509 | $211,646 | $178,703 |
| Qualifying Distributions | $85,000 | $96,636 | $77,136 |
| Net Investment Income | $49,967 | $21,881 | $12,041 |
| Distributable Amount | $25,291 | $30,467 | $38,410 |
Giving Over Time
Total grant dollars and number of grants per year
Grant Insights
How this funder distributes its grants
Top Recipients
Top 0 recipients in 2024
Grant Size Distribution
7 grants across all recorded years
Giving History
Grant recipients and amounts by year
No grants recorded for 2024.
Leadership & Key People
Officers and directors from IRS filings
Compensation Overview
From 2024 IRS filing
From 2024 filing
| Name | Title | Hours | Compensation |
|---|---|---|---|
| RONALD W MITCHELL | PRESIDENT | 10 | $85,000 |
| ELAINE MITCHELL | DIRECTOR | — | — |
| KATHY STUTTS | DIRECTOR | — | — |
| JIM STUTTS | DIRECTOR | — | — |
Subject Areas
Focus areas based on grantmaking activity
Frequently Asked Questions
What is Promise Network Inc?
Promise Network Inc is a private foundation focused on Arts, Culture & Humanities, based in BIRMINGHAM, AL. It holds $450K in total assets as of 2024.
How large is Promise Network Inc?
As of 2024, Promise Network Inc holds $450K in total assets with $91K in annual revenue.
Where does Promise Network Inc operate?
Promise Network Inc has awarded grants in California, Colorado, Georgia, Pennsylvania.
How much is Promise Network Inc required to give away each year?
Private foundations must generally distribute about 5% of their assets annually. For 2024, Promise Network Inc reported a distributable amount of $25K on its IRS Form 990-PF — the minimum it must pay out in qualifying distributions.
What is Promise Network Inc's EIN?
Promise Network Inc's EIN (Employer Identification Number) is 63-0771801. IRS Form 990 filing data is available on this page for 2020–2024.
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Data last updated April 2026. Sourced from IRS Form 990-PF filings.
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