Progress Fund
- Assets
- $57.0m
- Revenue
- $5.6m
- Investments
- $143.6k
- Employees
- 6
- Location
- Greensburg, PA
- Founding
- 10/1998
- Data as of
- 12/2022
- 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 12/2022, Progress Fund employed 6 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 12/2022, Progress Fund generated $5.6m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 3.3% each year. All expenses for the organization totaled $1.5m during the year ending 12/2022. 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
2022
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 Kahley President & CEO | Officer | 40 | $211,338 |
Karen Post Treasurer & CFO | Officer | 40 | $186,200 |
James Butler Secretary | Officer | 8 | $0 |
R John Dawes Chairman | Officer | 8 | $0 |
Jared Gorentz Vice Chairman | Officer | 8 | $0 |
David Miller Board Member | Trustee | 4 | $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 | $4,219,406 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $4,219,406 |
| Total Program Service Revenue | $1,136,279 |
| Investment income | $186,409 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $56,134 |
| Net Gain/Loss on Asset Sales | -$2,488 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $5,589,608 |
| 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. | $397,538 |
| Compensation of current officers, directors, key employees. | $160,427 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $227,736 |
| Pension plan accruals and contributions | $139,127 |
| Other employee benefits | $49,659 |
| Payroll taxes | $44,633 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $56,972 |
| Fees for services: Accounting | $22,345 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $6,161 |
| Office expenses | $22,388 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $36,694 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $179,434 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $51,254 |
| Insurance | $22,623 |
| All other expenses | $59,301 |
| Total functional expenses | $1,460,409 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $31,144,618 |
| 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 | $18,849,212 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $19,277 |
| Net Land, buildings, and equipment | $1,374,944 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $143,588 |
| Investments—program-related | $5,443,879 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $56,975,518 |
| Accounts payable and accrued expenses | $181,839 |
| 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 | $8,992,492 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $1,056,286 |
| Total liabilities | $10,230,617 |
| Net assets without donor restrictions | $41,562,149 |
| Net assets with donor restrictions | $5,182,752 |
| 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 | $56,975,518 |
Grants Recieved
Over the last fiscal year, we have identified 2 grants that Progress Fund has recieved totaling $700,000.
| Awarding Organization | Amount |
|---|---|
Richard King Mellon Foundation Dtd 01-01-47 Pittsburgh, PA PURPOSE: TOWARD TWO-YEAR SUPPORT OF TOURISM BUSINESSES WITH POTENTIAL TO ACTIVATE RURAL COMMUNITIES AND CONSERVED LANDS IN THE PENNSYLVANIA WILDS | $350,000 |
Richard King Mellon Foundation Dtd 01-01-47 Pittsburgh, PA PURPOSE: TOWARD TWO-YEAR SUPPORT OF TOURISM BUSINESSES WITH POTENTIAL TO ACTIVATE RURAL COMMUNITIES AND CONSERVED LANDS IN THE PENNSYLVANIA WILDS | $350,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Adams And Brown Counties Economic Opportunities Inc Georgetown, OH | $10,344,175 | $16,374,406 |
Pride Community Services Inc Logan, WV | $3,436,459 | $7,199,401 |
Allegany County Community Opportunities And Rural Developmen Belmont, NY | $2,583,412 | $6,739,671 |
Psats Enola, PA | $11,834,261 | $6,502,359 |
La Peninsula Community Organization Inc Bronx, NY | $2,816,738 | $5,481,479 |
Rural Action Inc The Plains, OH | $1,800,530 | $4,307,921 |
West Virginia Community Action Partnerships Inc Charleston, WV | $514,969 | $3,682,058 |
Greater Easton Development Partnership Easton, PA | $6,246,333 | $3,172,729 |
Rural Development Corp Vineland, NJ | $1,998,052 | $2,373,281 |
Progress Fund Greensburg, PA | $56,975,518 | $5,589,608 |
Greater Pittsburgh Chamber Of Commerce Pittsburgh, PA | $334,273 | $1,396,311 |
Stark Economic Development Board Inc Canton, OH | $4,016,090 | $2,811,607 |