Progress Trust Inc

Analysis

Progress Trust Inc is a registered charity in United States, based in Philadelphia, PA. It received its IRS tax-exemption ruling in February 2000, 26 years ago. Its declared purposes cover community improvement and capacity building, which this site groups under community and economic development. The IRS classifies it as a publicly supported organisation (donations from the general public) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending June 2024, Progress Trust Inc reported income of $767k and spending of $882k, spending 115% of what it took in. Across the 6 years on record, from June 2019 to June 2024, income fell from $991k to $767k (-23%), an average of -5.0% a year. The sharpest change came in the year to June 2024, when income dropped by 36%. Over the whole period it spent 97% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Progress Trust Inc sits at the 74th percentile: it is larger than about 74% of them. Against every charity in United States with reported income it ranks in the 76th percentile, and in the 74th percentile within PA. Charities of a similar size with the same main cause include Roanoke Economic Development Incorporated ($766k), Edc 413works Inc ($767k) and Latino Business Foundation Silicon Valley ($766k).

On its Form 990 for the period ending June 2024, revenue came from program service revenue 1.7% of the total. Other salaries and wages came to $153k. At year end it held assets of $8.5m against liabilities of $7.5m, net assets of $1.0m. It reported 2 employees.