Project First Rate
- Assets
- $158.0k
- Revenue
- $264.1k
- Investments
- $0.0
- Employees
- 1
- Location
- Rockford, IL
- Founding
- 12/2014
- Data as of
- 05/2023
- EIN
- 80-0906394
Organization Overview
Project First Rate is located in Rockford, IL. The organization was established in 2014. According to its NTEE Classification (S46) the organization is classified as: Boards of Trade, under the broad grouping of Community Improvement & Capacity Building and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Project First Rate is a 501(c)(6) and as such, is described as a "Business League, Chambers of Commerce, or Real Estate Board" by the IRS.
For the year ending 05/2023, Project First Rate generated $264.1k in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 9.5% each year. All expenses for the organization totaled $292.7k during the year ending 05/2023. While expenses have increased by 13.0% 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
PROMOTING THE DEVELOPMENT, ESTABLISHMENT, OR EXPANSION OF INDUSTRIES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO PROMOTE THE MEMBERSHIP TO THE COMMUNITY, PROMOTE THE ORGANIZED TRADES AS A VIABLE CAREER OPTION, AND TO WORK WITH NONPROFIT AND OTHER ORGANIZATIONS TO ENGAGE ITS MEMBERSHIP IN COMMUNITY OUTREACH.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Charles Barrett Board Member | Trustee | 1 | $0 |
Brad Long Board Member | Trustee | 1 | $0 |
Linda Mchugh Board Member | Trustee | 1 | $0 |
Alan Golden Board Member | Trustee | 1 | $0 |
Joe Maring Board Member | Trustee | 1 | $0 |
Keith Gahl Secretary | 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 | $3,300 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $3,300 |
| Total Program Service Revenue | $260,757 |
| Investment income | $0 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| 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 | $264,057 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $50,300 |
| 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. | $110,903 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $4,450 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $17,563 |
| Office expenses | $8,145 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $19,261 |
| Travel | $1,827 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $1,925 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $11,683 |
| Insurance | $963 |
| All other expenses | $0 |
| Total functional expenses | $292,661 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $98,209 |
| Savings and temporary cash investments | $0 |
| 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 | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $59,820 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $158,029 |
| Accounts payable and accrued expenses | $0 |
| 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 | $2,053 |
| Total liabilities | $2,053 |
| Net assets without donor restrictions | $155,976 |
| Net assets with donor restrictions | $0 |
| 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 | $158,029 |
Grants Awarded
Over the last fiscal year, Project First Rate has awarded $47,300 in support to 5 organizations.
| Grant Recipient | Amount |
|---|---|
GROWTH DIMENSIONS FOR BELVIDERE & BOONE COUNTY INC PURPOSE: GENERAL SUPPORT | $8,500 |
ROCKFORD AREA HABITAT FOR HUMANITY PURPOSE: GENERAL SUPPORT | $7,000 |
ROCKFORD LUTHERAN SCHOOLS FOUNDATION PURPOSE: GENERAL SUPPORT | $15,000 |
ROCK RIVER DEVELOPMENT PARTNERSHIP INC A NOT-FOR-PROFIT CORPORATION PURPOSE: GENERAL SUPPORT | $8,800 |
ROCKFORD AREA CONVENTION & VISITORS BUREAU CHARITABLE FOUNDATION PURPOSE: GENERAL SUPPORT | $8,000 |