Overview
What is Progress Trust Inc?
Progress Trust Inc, situated in Philadelphia, Pennsylvania, is a dedicated nonprofit organization that focuses on urban development. Their primary mission revolves around economic development, aiming to stimulate growth and prosperity in the city and its surrounding areas. The organization's activities are centered around this mission, contributing to the overall economic well-being of the community.
Official website here: www.sullivanprogressplaza.com
What are the reviews and ratings of this charity?
Charity Navigator Rating: 0 Stars (43%)
Progress Trust Inc has received a low score of 43%, resulting in a Zero-Star out of Four Star rating from Charity Navigator. This rating reflects significant concerns regarding the organization's accountability and financial transparency. While the charity has an entirely independent board, which is a positive aspect, it lacks essential financial documentation and policies that are critical for ensuring trust and effective governance.
The charity's financial health appears to be concerning, as indicated by a high liabilities-to-assets ratio of 77.79%, suggesting that a considerable portion of its assets are encumbered by liabilities. Additionally, the organization has not provided financial statements or disclosed important policies such as a conflict of interest policy and a whistleblower policy, which are fundamental for operational integrity and accountability.
On a more positive note, Progress Trust Inc does have a program expense ratio of 60.93%, indicating that a majority of its expenses support its mission-related activities. However, the absence of publicly available financial documents and vital governance policies raises red flags for potential donors and stakeholders, highlighting the need for improvement in these areas to build confidence in the organization’s operations and financial management.
This AI summary has been generated from information found on Charity Navigator.
Is Progress Trust Inc legitimate?
Progress Trust Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Progress Trust Inc submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $0
Professional Fundraising Fees: $0
Other Salaries and Wages: $0
For more financial information, click here
Official website here: www.sullivanprogressplaza.com
What is the mission statement of Progress Trust Inc?
Progress Trust Inc, as an urban development organization, is dedicated to promoting economic development. Their mission is centered around stimulating economic growth and improvement in the relevant communities they serve. By pursuing this goal, Progress Trust Inc aims to contribute to the overall economic well-being and progress of the areas they operate in. Their activities likely encompass initiatives that foster business growth, create job opportunities, and encourage sustainable development.
Official website here: www.sullivanprogressplaza.com
Who is the CEO of Progress Trust Inc?
Lawrence Spruel is the President & Ceo of Progress Trust Inc. The CEO's salary of Progress Trust Inc is $30,000 and their total compensation is $30,000.
Official website here: www.sullivanprogressplaza.com
What is the revenue of Progress Trust Inc?
Progress Trust Inc's revenue in 2021 was $948,909.
Official website here: www.sullivanprogressplaza.com
Who are the executives of Progress Trust Inc and what are their salaries?
Here are 8 key members and their salaries (Progress Trust Inc's CEO's salary is $30,000 and their total compensation is $30,000):
- Compensation: $30,000
- Related: $0
- Other: $0
- Compensation: $9,000
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $25,194
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $2,500
- Related: $0
- Other: $0
Official website here: www.sullivanprogressplaza.com
Where can I find the form 990 for Progress Trust Inc?
Progress Trust Inc's most recent form 990 was submitted in 2021 and can be accessed here.
Official website here: www.sullivanprogressplaza.com
Learn more at the official website: www.sullivanprogressplaza.com
Mission Statement of Progress Trust Inc
Progress Trust Inc, as an urban development organization, is dedicated to achieving economic growth. Their mission, in simple terms, is to stimulate and foster economic development. By taking on this role, Progress Trust Inc aims to contribute positively to the economic landscape, potentially driving progress and prosperity in various communities.
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Impact
October, 2024
Progress Trust Inc has a significant impact on the urban landscape of Philadelphia, PA, primarily through its commitment to economic development. By focusing on community improvement, the organization strives to revitalize neighborhoods, create jobs, and foster sustainable economic growth. Its initiatives likely include supporting local businesses, enhancing public spaces, and promoting infrastructure improvements, which collectively contribute to a healthier, more vibrant community. Through these efforts, Progress Trust Inc plays a crucial role in uplifting the local economy and improving the quality of life for residents in the region.
This information is meant to be a general summary of Progress Trust Inc. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2021.
- Investment Income: $27
- Program Service Revenue: $9,128
- Gross Receipts: $1,244,586
Assets and Liabilities:
- Total Assets: $9,386,361
- Total Liabilities: $8,147,847
- Net Assets: $1,238,514
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Organization Details
Founding Year
1999
Phone
(215) 232-7070Principal Officer
Lawrence Spruel
Main Address
1501 N Broad Street, Philadelphia, PA, 19122
NTEE Category
Code: S31 - Community improvement
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