Progress Fund
- Assets
- $61.7m
- Revenue
- $4.5m
- Investments
- $143.2k
- Employees
- 5
- Location
- Greensburg, PA
- Founding
- 10/1998
- Data as of
- 12/2023
- EIN
- 31-1598881
Organization Overview
Progress Fund is located in Greensburg, PA. The organization was established in 1998. According to its NTEE Classification (S32) the organization is classified as: Rural Economic Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 12/2023, Progress Fund employed 5 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Progress Fund is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 12/2023, Progress Fund generated $4.5m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 0.6% each year. All expenses for the organization totaled $1.5m during the year ending 12/2023. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
RAISE AND LEND FUNDS FOR COMMUNITY DEVELOPMENT
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROMOTE HISTORIC PRESERVATION AND COMPATIBLE COMMUNITY AND ECONOMIC REVITALIZATION BY MAKING LOANS
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
David Miller Board Member | Trustee | 4 | $0 |
Jan Dofner Board Member | Trustee | 4 | $0 |
Eric Martin Board Member | Trustee | 4 | $0 |
Patricia Brennen Board Member | Trustee | 4 | $0 |
R John Dawes Chairman | Officer | 8 | $0 |
James Butler Secretary | Officer | 8 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $2,633,333 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $2,633,333 |
| Total Program Service Revenue | $1,274,389 |
| Investment income | $555,385 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $58,016 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $4,527,484 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $50,000 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $383,892 |
| Compensation of current officers, directors, key employees. | $147,901 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $197,873 |
| Pension plan accruals and contributions | $240,970 |
| Other employee benefits | $49,059 |
| Payroll taxes | $41,279 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $29,155 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $14,883 |
| Office expenses | $18,962 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $41,157 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $184,449 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $52,877 |
| Insurance | $18,808 |
| All other expenses | $57,283 |
| Total functional expenses | $1,541,529 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $31,799,942 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $20,829,257 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $15,211 |
| Net Land, buildings, and equipment | $1,681,335 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $143,193 |
| Investments—program-related | $7,207,150 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $61,676,088 |
| Accounts payable and accrued expenses | $187,424 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $8,046,612 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $3,807,415 |
| Total liabilities | $12,041,451 |
| Net assets without donor restrictions | $46,799,320 |
| Net assets with donor restrictions | $2,835,317 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $61,676,088 |
Grants Awarded
Over the last fiscal year, Progress Fund has awarded $40,000 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
KENTUCKY KNOB PURPOSE: REPAIRS | $15,000 |
PVB HOLDINGS PURPOSE: RENT REIMBURSEMENT | $25,000 |