Progress Industries

Analysis

Progress Industries is a registered charity in United States, based in Newton, IA. It received its IRS tax-exemption ruling in June 1979, 47 years ago. Its declared purposes cover employment, 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 2023, Progress Industries reported income of $12.9m and spending of $12.8m, spending 99% of its income. Across the 5 years on record, from June 2019 to June 2023, income grew from $11.4m to $12.9m (+13%), an average of +3.1% a year. The sharpest change came in the year to June 2021, when income rose by 28%. Over the whole period it spent 94% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Progress Industries sits at the 97th percentile: it is larger than about 97% of them. Against every charity in United States with reported income it ranks in the 96th percentile, and in the 96th percentile within IA. Charities of a similar size with the same main cause include Local First Arizona Foundation ($12.9m), Antelope Valley Partners for Health ($13.0m) and Beacon Interfaith Housing Collaborative ($12.9m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 6.6% and program service revenue 93% of the total. Compensation of current officers, directors and key employees was $243k (1.9% of expenses). Other salaries and wages came to $7.7m. At year end it held assets of $5.5m against liabilities of $1.3m, net assets of $4.2m. It reported 313 employees.