Economic Progress Institute
- Assets
- $886.9k
- Revenue
- $1.0m
- Investments
- $105.4k
- Employees
- 9
- Location
- Providence, RI
- Founding
- 06/2010
- Data as of
- 09/2023
- EIN
- 32-0295517
Organization Overview
Economic Progress Institute is located in Providence, RI. The organization was established in 2010. According to its NTEE Classification (W05) the organization is classified as: Research Institutes & Public Policy Analysis, under the broad grouping of Public & Societal Benefit and related organizations. As of 09/2023, Economic Progress Institute employed 9 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Economic Progress Institute 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 09/2023, Economic Progress Institute generated $1.0m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 9.4% each year. All expenses for the organization totaled $689.2k during the year ending 09/2023. While expenses have increased by 3.8% per year over the past 8 years. They've been increasing with an increasing level of total revenue. 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
THE INSTITUTE PROVIDES RESEARCH, POLICY ANALYSIS, PUBLIC EDUCATION AND ADVOCACY IN ORDER TO IMPROVE THE ECONOMIC SECURITY OF LOW AND MODEST-INCOME RHODE ISLANDERS AND MONITOR AND ENCOURAGE THE DEVELOPMENT OF TAX AND BUDGET POLICIES THAT ARE EQUITABLE AND ADEQUATE TO FUND PUBLIC SERVICES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE INSTITUTE INFORMS POLICY DEBATE WITH ACCURATE, DATA-DRIVEN ANALYSIS ABOUT THE ECONOMIC HEALTH OF RHODE ISLAND AND ITS RESIDENTS. WE SCRUTINIZE REVENUE AND SPENDING PROPOSALS TO DETERMINE HOW THEY WOULD AFFECT RHODE ISLANDER'S DAY-TO-DAY LIVES. WE PUT THIS INFORMATION INTO THE HANDS OF POLICYMAKERS, JOURNALISTS AND CONCERN CITIZENS TO PROMOTE,DEBATE AND ENCOURAGE SOUND DECISION-MAKING.
THE INSTITUTE WORKS TO ENSURE THE EFFICACY AND SUSTANABILITY OF WORKER FRIENDLY WORK PLACE POLICIES SUCH AS PAID FAMILY LEAVE. RHODE ISLAND WAS A LEADER IN CREATING ONE OF THE NATION'S FIRST PAID LEAVE PROGRAMS FOR ITS WORKERS - THE TEMPORARY CAREGIVER INSURANCE PROGRAM (TCI) IN JANUARY 2014. WE WORK WITH COMMUNITY ORGANIZATIONS TO ENSURE INDIVIDUALS KNOW ABOUT PROGRAM AND THAT THE ADMINISTRATION OF THE PROGRAM WORKS FOR WORKERS. WE ALSO WORKED WITH A COALITION OF ORGANIZATIONS TO PROVIDE ECONOMIC POLICY ANALYSIS SHOWING WHY PAID SICK LEAVE ARE IMPORTANT, ESPECIALLY FOR LOWER- WAGE WORKERS AND WORKERS OF COLOR, AND HELPED EXPLAIN THE INTERSECTION AND IMPORTANCE OF RHODE ISLAND OFFERING BOTH PAID FAMILY LEAVE EARNED SICK DAYS.
THE INSTITUTE EDUCATES COMMUNITY-BASED WORKERS ABOUT THE WORK SUPPORTS THAT HELP FAMILIES MEET BASIC NEED THROUGH WRITTEN MATERIALS, IN-PERSON TRAINING AND ONLINE GUIDES TO ASSISTANCE. WE ALSO COLLABORATE WITH STATE AGENCIES TO IMPROVE THE DELIVERY OF SERVICES TO IMPROVE EFFICIENCY AND PROGRAM INTEGRITY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Dwayne Keys Chair | OfficerTrustee | 1 | $0 |
Linda Shaw Vice Chair | OfficerTrustee | 1 | $0 |
Collin E Bailey ESQ Treasurer | OfficerTrustee | 1 | $0 |
Jill Beckwith Secretary | OfficerTrustee | 1 | $0 |
Anna Cano Morales Board Member | Trustee | 1 | $0 |
Paola Fernandez Board Member | Trustee | 1 | $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 | $889,329 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $889,329 |
| Total Program Service Revenue | $0 |
| Investment income | $12,634 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $84,141 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,023,304 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $8,000 |
| 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. | $115,561 |
| Compensation of current officers, directors, key employees. | $28,890 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $309,098 |
| Pension plan accruals and contributions | $2,839 |
| Other employee benefits | $56,011 |
| Payroll taxes | $38,471 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $172 |
| Fees for services: Accounting | $11,740 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $1,588 |
| Fees for services: Other | $73,740 |
| Advertising and promotion | $0 |
| Office expenses | $6,806 |
| Information technology | $10,571 |
| Royalties | $0 |
| Occupancy | $4,414 |
| Travel | $2,670 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $19,975 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,477 |
| Insurance | $4,643 |
| All other expenses | $31 |
| Total functional expenses | $689,201 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $746,603 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $18,751 |
| Accounts receivable, net | $8,870 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $7,224 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $105,421 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $886,869 |
| Accounts payable and accrued expenses | $36,528 |
| 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 | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $36,528 |
| Net assets without donor restrictions | $444,969 |
| Net assets with donor restrictions | $405,372 |
| 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 | $886,869 |
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