Progressive Inc

Analysis

Progressive Inc is a registered charity in United States, based in Madison, WI. It received its IRS tax-exemption ruling in September 1984, 42 years ago. The IRS classifies it as a publicly supported organisation (gross receipts test) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending December 2023, Progressive Inc reported income of $1.2m and spending of $1.1m, spending 94% of its income. Across the 5 years on record, from December 2019 to December 2023, income grew from $1.1m to $1.2m (+3.1%), an average of +0.8% a year. The sharpest change came in the year to December 2021, when income rose by 54%. Over the whole period it spent 83% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, Progressive Inc sits at the 79th percentile: it is larger than about 79% of them. Against every charity in United States with reported income it ranks in the 81st percentile, and in the 82nd percentile within WI. Charities of a similar size with the same main cause include Employment Program for Recovered Alcoholics Inc ($1.2m), Senior Citizens of Humboldt County Inc ($1.2m) and Hesed Christian Ministries Inc ($1.2m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 91% and program service revenue 6.9% of the total. Compensation of current officers, directors and key employees was $159k (15% of expenses). Other salaries and wages came to $156k. It paid $15k in professional fundraising fees. At year end it held assets of $743k against liabilities of $268k, net assets of $475k. It reported 7 employees.