Overview
What is The Progress Fund?
The Progress Fund is a dedicated nonprofit organization situated in Greensburg, Pennsylvania. Their primary objective is to foster community development by raising and disbursing funds. Specifically, they focus on preserving historical sites and stimulating economic growth within the community. By offering loans, The Progress Fund plays a significant role in revitalizing the local area, contributing to its overall prosperity and maintaining its rich heritage.
Official website here: www.progressfund.org
What are the reviews and ratings of this charity?
Charity Navigator Rating: 91% (Four-Star out of Four Stars)
The Progress Fund has achieved an impressive Four-Star rating from Charity Navigator, reflecting a strong performance in accountability and finance. The rating is primarily based on the charity's high accountability scores, showcasing a well-structured governance model with a majority of independent board members and effective financial oversight practices. Their financial statements are audited, and there are no reported issues concerning material diversion of assets, which underscores the organization's commitment to transparency.
However, there are some limitations in their policies, particularly regarding whistleblower and document retention policies, both of which are currently missing. These factors may detract from their overall governance robustness despite the strong financial indicators. Their program expense ratio is commendable at 68.64%, indicating that a significant portion of their funds goes towards their programs rather than administrative costs.
The Progress Fund also demonstrates excellent financial health, with a low liabilities-to-assets ratio and substantial working capital. Their fundraising efficiency could be improved, as indicated by their $0.012 ratio, which suggests that costs associated with fundraising are relatively high compared to the funds raised. Overall, while The Progress Fund shows many strengths, addressing the noted policy gaps could further enhance their credibility and operational effectiveness.
This AI summary has been generated from information found on Charity Navigator.
Is The Progress Fund legitimate?
The Progress Fund is a legitimate nonprofit organization registered as a 501(c)(3) entity. The Progress Fund 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: $397,538
Professional Fundraising Fees: $0
Other Salaries and Wages: $227,736
For more financial information, click here
Official website here: www.progressfund.org
What is the mission statement of The Progress Fund?
The Progress Fund, as a non-profit organization, is dedicated to the mission of procuring and dispensing funds for the purpose of fostering community development. This mission specifically focuses on stimulating historic preservation and the revitalization of local economies. By leveraging its resources, The Progress Fund aims to contribute positively to the well-being and growth of communities, without specifying a particular location in its endeavors.
Official website here: www.progressfund.org
Who is the CEO of The Progress Fund?
David Kahley is the Board Member of The Progress Fund. The CEO's salary of The Progress Fund is $211,338 and their total compensation is $269,751.
Official website here: www.progressfund.org
What is the revenue of The Progress Fund?
The Progress Fund's revenue in 2022 was $5,589,608.
Official website here: www.progressfund.org
Who are the executives of The Progress Fund and what are their salaries?
The average compensation at The Progress Fund during 2022 was $104,212. There are 6 employees at The Progress Fund.
Here are 9 key members and their salaries (The Progress Fund's CEO's salary is $211,338 and their total compensation is $269,751):
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $211,338
- Related: $0
- Other: $58,413
- Compensation: $186,200
- Related: $0
- Other: $69,056
Official website here: www.progressfund.org
Where can I find the form 990 for The Progress Fund?
The Progress Fund's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.progressfund.org
Learn more at the official website: www.progressfund.org
Mission Statement of The Progress Fund
The Progress Fund, a non-profit organization, is dedicated to advancing its mission of raising and lending funds for community development. This mission is geared towards promoting historic preservation and economic revitalization in various communities, without specifying a particular location. The Progress Fund functions as a financial institution, providing loans to aid in these transformative initiatives. By doing so, it contributes to the betterment and regeneration of communities, ultimately fostering a sense of growth and progress.
Shop smarter and support your favorite cause with the Give Freely browser extension. Save money with coupons and donate to charity with a single click. Download now!
Impact
October, 2024
The Progress Fund significantly impacts community development in Greensburg, PA, by providing vital loans aimed at historic preservation and economic revitalization. Through its funding, it fosters community improvement, supporting local initiatives that enhance the cultural and economic landscape of the area. By focusing on preserving historic sites and revitalizing neighborhoods, The Progress Fund helps to stimulate local economies, create jobs, and maintain the unique character of Greensburg. Its efforts contribute to a stronger, more vibrant community, ensuring that development aligns with the area's heritage and future aspirations.
This information is meant to be a general summary of The Progress Fund. 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 2022.
- Investment Income: $183,921
- Program Service Revenue: $1,136,279
- Gross Receipts: $5,610,416
Assets and Liabilities:
- Total Assets: $56,975,518
- Total Liabilities: $10,230,617
- Net Assets: $46,744,901
Want to help this charity, for free? You can click here to learn more about Give Freely
Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
LOAN INTEREST
Revenue
$1,077,536
LOAN FEES
Revenue
$58,300
CONSULTING FEES
Revenue
$443
Organization Details
Founding Year
1998
Phone
(724) 216-9160Principal Officer
David Kahley
Main Address
425 WEST PITTSBURGH STREET, GREENSBURG, PA, 15601
Website
www.progressfund.orgNTEE Category
Code: S32Z - Community improvement
If you are a representative of The Progress Fund and wish to learn more about how Give Freely can help you raise funds, please click here: https://givefreely.com/nonprofits/. Our services are offered at no cost to your organization.