Progeny Start Ups Inc

Analysis

Progeny Start Ups Inc is a registered charity in United States, based in Memphis, TN. It received its IRS tax-exemption ruling in September 2022, 4 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 2022, Progeny Start Ups Inc reported income of $274k and spending of $324k, spending 118% of what it took in. Across the 3 years on record, from December 2020 to December 2022, income grew from $66k to $274k (+315%), an average of +104% a year. The sharpest change came in the year to December 2022, when income rose by 119%. Over the whole period it spent 175% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Progeny Start Ups Inc sits at the 57th percentile: it is larger than about 57% of them. Against every charity in United States with reported income it ranks in the 60th percentile, and in the 61st percentile within TN. Charities of a similar size with the same main cause include Yadkin County Economic Development Partnership ($273k), Brewable Inc ($274k) and Providence Resilience Partnership Inc ($273k).

On its Form 990 for the period ending December 2022, revenue came from contributions and grants 26% and program service revenue 74% of the total. Compensation of current officers, directors and key employees was $100k (31% of expenses). Other salaries and wages came to $65k. At year end it held assets of $22k against liabilities of $171k, net assets of -$149k. It reported 6 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.