Progress Fund

Analysis

Progress Fund is a registered charity in United States, based in Greensburg, PA. It received its IRS tax-exemption ruling in October 1998, 28 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 December 2023, Progress Fund reported income of $4.5m and spending of $1.5m, leaving 66% of income unspent that year. Across the 5 years on record, from December 2019 to December 2023, income grew from $3.6m to $4.5m (+25%), an average of +5.8% a year. The sharpest change came in the year to December 2020, when income rose by 240%. Over the whole period it spent 28% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Progress Fund sits at the 92nd percentile: it is larger than about 92% of them. Against every charity in United States with reported income it ranks in the 91st percentile, and in the 90th percentile within PA. Charities of a similar size with the same main cause include Development Workshop Inc ($4.5m), Enableutah ($4.5m) and Educational Programs in Home Living ($4.5m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 58% and program service revenue 28% of the total. Compensation of current officers, directors and key employees was $384k (25% of expenses). Other salaries and wages came to $198k. At year end it held assets of $61.7m against liabilities of $12.0m, net assets of $49.6m. It reported 5 employees.