Progress Okc A Community Development Corporation Inc
- Assets
- $1.3m
- Revenue
- $170.5k
- Investments
- $0.0
- Employees
- 0
- Location
- Oklahoma City, OK
- Founding
- 12/2016
- Data as of
- 12/2023
- EIN
- 81-1435304
Organization Overview
Progress Okc A Community Development Corporation Inc, operating under the name Progress Okc Cdc, is located in Oklahoma City, OK. The organization was established in 2016. According to its NTEE Classification (S30) the organization is classified as: Economic Development, 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. Progress Okc Cdc 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 Okc Cdc generated $170.5k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (6.3%) each year. All expenses for the organization totaled $423.3k 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
PROMOTE EMPLOYMENT HOUSINGAND ECONOMIC DEVELOPMENT IN UNDERSERVED AND DISINVESTED COMMUNITIES THROUGHOUT OKLAHOMA CITY
Describe the Organization's Program Activity:
Part 3 - Line 4a
ENTREPRENEURSHIP & SMALL BUSINESS - ACCELERATES INCLUSIVE GROWTH AND STRENGTHENS SMALL BUSINESS BY PROVIDING TECHNICAL ASSISTANCE AND COACHING FOR UNDERSERVED BUSINESSES. COMPONENTS INCLUDE NETWORKING, INDUSTRY ADVICE AND BUSINESS PLANNING FROM VETTED EXPERTS, TECHNOLOGICAL TOOLS, AND CULTURALLY COMPETENT BUSINESS SKILLS TRAINING AND FACILITATION. TO DATE, THE PROGRAM HAS HAD OVER 200 CONTACTS WITH SMALL AND MINORITY-OWNED BUSINESSES AND 75 BUSINESSES COMPLETING THE ACCELERATOR PROGRAM. PROGRESS OKC IS WORKING TO SECURE FUNDING TO EXPAND PROGRAM OFFERINGS SO THAT MANY MORE BUSINESSES CAN BE REACHED AND HELPED IN 2023 AND BEYOND.
MINORITY ENTERPRISE DEVELOPMENT PROGRAM - HOLDS AN ANNUAL NATIONAL MINORITY DEVELOPMENT WEEK EVENT IN OKLAHOMA CITY TO HIGHLIGHT MINORITY OWNED BUSINESSES ACROSS INDUSTRIES AND CULTURES; CELEBRATE ACHIEVEMENTS AND CONTRIBUTIONS OF THESE BUSINESSES AND ENTREPRENEURS; AND STRENGTHEN THE MINORITY BUSINESS ECOSYSTEM THROUGH BEST PRACTICE EDUCATION, CONSUMER RELATIONS, TECHNOLOGY INNOVATION, AND CAPITAL INVESTMENT. EVENT HOSTS AND PARTNERS ARE DIVERSE STAKEHOLDERS WITH PROGRESS OKC SERVING AS LEAD CONVER. IN 2023 THE EVENT INCLUDED 15 EVENTS WITH 35 PARTNERS AND HAD OVER 400 PARTICIPANTS.
HOUSING - PROGRESS OKC BUILDS HOMES FOR LOW-TO-MODERATE (LTM) INCOME BUYERS. PROJECTS ARE CURRENTLY FUNDED BY HUD HOME FUNDS. IN 2022 PROGRESS OKC SECURED FUNDING TO BUILD FOUR NEW HOMES. ALL FOUR HOMES WERE COMPLETED IN 2023 AND TWO WERE SOLD IN EARLY 2024. SINCE THE INCEPTION OF THIS PROGRAM, 13 HOMES HAVE BEEN COMPLETED. ELEVEN OF THOSE HOMES WERE/WILL BE SOLD TO LTM INCOME BUYERS AND TWO WERE MARKET RATE HOMES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Ashley Dickson-Oso Chairman | Trustee | 1 | $0 |
Ray Douglas Trustee | Trustee | 1 | $0 |
Kelly Gray Trustee | Trustee | 1 | $0 |
Joseph H Allen Treasurersecretary | Trustee | 1 | $0 |
Teresa Goggins Vice Chairman | Trustee | 1 | $0 |
Louis Almaraz Trustee | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Tramba Construction Llc Construction | 12/30/23 | $807,654 |
The Alliance For Econ Dev Management Agmt | 12/30/23 | $127,225 |
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 | $132,981 |
| Noncash contributions included in lines 1a–1f | $3,930 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $132,981 |
| Total Program Service Revenue | $35,709 |
| Investment income | $1,849 |
| 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 | $170,539 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| 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. | $0 |
| 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 | $95,248 |
| Fees for services: Legal | $3,930 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $130 |
| Advertising and promotion | $0 |
| Office expenses | $680 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $34,630 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $42,258 |
| Insurance | $3,621 |
| All other expenses | $0 |
| Total functional expenses | $423,278 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $58,753 |
| Savings and temporary cash investments | $146,974 |
| Pledges and grants receivable | $66,750 |
| Accounts receivable, net | $1,000 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $30,745 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $154,944 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $831,453 |
| Total assets | $1,290,619 |
| Accounts payable and accrued expenses | $88,698 |
| 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 | $541,705 |
| Unsecured mortgages and notes payable | $176,986 |
| Other liabilities | $0 |
| Total liabilities | $807,389 |
| Net assets without donor restrictions | $238,191 |
| Net assets with donor restrictions | $245,039 |
| 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 | $1,290,619 |