Progressive Residential Services Inc

Analysis

Progressive Residential Services Inc is a registered charity in United States, based in Bloomfld HLS, MI. It received its IRS tax-exemption ruling in May 1982, 44 years ago. 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 September 2023, Progressive Residential Services Inc reported income of $6.3m and spending of $7.3m, spending 117% of what it took in. Across the 6 years on record, from September 2018 to September 2023, income grew from $6.1m to $6.3m (+2.6%), an average of +0.5% a year. Over the whole period it spent 103% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, Progressive Residential Services Inc sits at the 93rd percentile: it is larger than about 93% of them. Against every charity in United States with reported income it ranks in the 93rd percentile, and in the 93rd percentile within MI. Charities of a similar size with the same main cause include Childrens Receiving Home of Sacramento ($6.3m), St Barnabas Senior Center of Los Angeles ($6.3m) and Young Womens Christian Assoc of Annapolis & Anne Arundel Cty MD ($6.3m).

On its Form 990 for the period ending September 2023, revenue came from contributions and grants 89% and program service revenue 11% of the total. Compensation of current officers, directors and key employees was $675 (0.0% of expenses). Other salaries and wages came to $5.1m. At year end it held assets of $1.8m against liabilities of $1.7m, net assets of $110k. It reported 282 employees.

Data notes from the register: Spending has exceeded income in each of the last three reported years, so the charity has been drawing on reserves or other funds.