Center For Economic Progress
- Assets
- $0.0
- Revenue
- $871.9k
- Investments
- $0.0
- Employees
- 0
- Location
- Chicago, IL
- Founding
- 09/1990
- Data as of
- 09/2019
- EIN
- 36-3693728
Organization Overview
Center For Economic Progress is located in Chicago, IL. The organization was established in 1990. According to its NTEE Classification (L99) the organization is classified as: Housing & Shelter N.E.C., under the broad grouping of Housing & Shelter and related organizations. Center For Economic Progress 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 09/2019, Center For Economic Progress generated $871.9k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 5 years, the organization has seen revenues fall by an average of (21.8%) each year. All expenses for the organization totaled $1.2m during the year ending 09/2019. As we would expect to see with falling revenues, expenses have declined by (16.0%) per year over the past 5 years. 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
2019
Describe the Organization's Mission:
Part 3 - Line 1
IMPROVES THE FINANCIAL STABILITY OF WORKING FAMILIES BY PROVIDING TAX AND FINANCIAL SERVICES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
OPERATING ONE OF THE LARGEST AND OLDEST STATEWIDE VOLUNTEER INCOME TAX ASSISTANCE (VITA) PROGRAMS OF ITS KIND, CEP PROVIDES LOW-INCOME FAMILIES WITH FREE, HIGH QUALITY TAX PREPARATION AND AN ALTERNATIVE TO PAID TAX PREPARERS. ALL PROGRAMS WERE TRANSFERRED TO LADDER UP AS OF 9/30/2019.
CEP PROVIDES FREE, PROFESSIONAL REPRESENTATION TO LOW-INCOME TAXPAYERS FACING AN IRS CONTROVERSY. THROUGH ITS YEAR-ROUND CLINIC, CEP ALSO OFFERS EDUCATION AND OUTREACH ON THE EARNED INCOME TAX CREDIT (EITC), TAXPAYER RIGHTS AND RESPONSIBILITIES, AND COLLECTION ALTERNATIVES. ALL PROGRAMS WERE TRANSFERRED TO LADDER UP AS OF 9/30/2019.
CEP PROVIDES YEAR-ROUND WORKSHOPS, COORDINATES A TAX-TIME SAVINGS CAMPAIGN AND OFFERS ONE-ON-ONE FINANCIAL COACHING TO HELP CLIENTS SET FINANCIAL GOALS, CREATE A SPENDING PLAN, ACCESS SAFE AND AFFORDABLE BANK PRODUCTS LIKE BANK ACCOUNTS, REVIEW AND CORRECT CREDIT REPORTS AND IMPROVE CREDIT SCORES. ALL PROGRAMS WERE TRANSFERRED TO LADDER UP AS OF 9/30/2019.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Robert M Burke President And Treasurer | OfficerTrustee | 1 | $0 |
John Chandler Secretary | OfficerTrustee | 1 | $0 |
Jamie O'brien Director | Trustee | 1 | $0 |
Mark Sneider Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $711,324 |
| All other contributions, gifts, grants, and similar amounts not included above | $307,865 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,019,189 |
| Total Program Service Revenue | $0 |
| Investment income | $0 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$147,810 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $871,860 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $20,000 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $795,830 |
| Pension plan accruals and contributions | $29,212 |
| Other employee benefits | $36,007 |
| Payroll taxes | $35,661 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $11 |
| 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 | $86,233 |
| Advertising and promotion | $1,306 |
| Office expenses | $2,499 |
| Information technology | $8,588 |
| Royalties | $0 |
| Occupancy | $63,771 |
| Travel | $6,225 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $18,284 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $15,807 |
| Insurance | $1,784 |
| All other expenses | $0 |
| Total functional expenses | $1,249,313 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| 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 | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $0 |
| 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 | $0 |
| Total liabilities | $0 |
| Net assets without donor restrictions | $0 |
| 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 | $0 |
Grants Awarded
Over the last fiscal year, Center For Economic Progress has awarded $55,936 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
PREPARE AND PROSPER PURPOSE: TAX SERVICES GRANT | $50,000 |
GATEWAY EITC COMMUNITY COALITION PURPOSE: TAX SERVICES GRANT | $5,936 |