Progress of Peoples Management Corp

Analysis

Progress of Peoples Management Corp is a registered charity in United States, based in Brooklyn, NY. It received its IRS tax-exemption ruling in March 1946, 80 years ago. Its declared purposes cover housing and shelter, which this site groups under housing and shelter. The IRS classifies it as a church under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending June 2023, Progress of Peoples Management Corp reported income of $4.9m and spending of $4.4m, spending 90% of its income. Across the 5 years on record, from June 2019 to June 2023, income grew from $2.7m to $4.9m (+79%), an average of +16% a year. The sharpest change came in the year to June 2023, when income rose by 74%. Over the whole period it spent 72% of the income it received.

Among 15,864 United States charities whose main cause is housing and shelter and that reported income, Progress of Peoples Management Corp sits at the 91st percentile: it is larger than about 91% of them. Against every charity in United States with reported income it ranks in the 92nd percentile, and in the 89th percentile within NY. Charities of a similar size with the same main cause include Savin Rock Communities Inc ($4.9m), Carmel Terrace Inc ($4.9m) and New Samaritan Parkville Inc ($4.9m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 36% and program service revenue 61% of the total. Other salaries and wages came to $741k. At year end it held assets of $6.6m against liabilities of $340k, net assets of $6.3m.