Civic Intelligence

Progress Trust Inc.

990 • Fiscal year 2020 • EIN 23-3017662

Jul 01, 2019 to Jun 30, 2020 • Filed on Oct 22, 2020

1501 N Broad StreetPhiladelphia, PA 19122

(215) 232-7070

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

88th percentile

0.85x

Higher debt load relative to assets than 88% of similar nonprofits.

2020 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2020

Liabilities / Revenue

96th percentile

8.59x

Higher debt load relative to revenue than 96% of similar nonprofits.

2020 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2020

Net Margin

77th percentile

22%

Higher net margin than 77% of similar nonprofits.

2020 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2020

Top Officer Pay

23rd percentile

$27,132

Higher top officer pay than 23% of similar nonprofits.

Top officer pay equals 2.9% of source-year revenue.

2020 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2020

Asset Growth

22nd percentile

-1.9%

Faster asset growth than 22% of similar nonprofits.

2020 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2019 to 2020

Revenue Growth

36th percentile

-4.3%

Faster revenue growth than 36% of similar nonprofits.

2020 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2019 to 2020

Assets

Down

$9,631,781

Down $182,822 (-1.9%) from 2019

Net Assets

Up

$1,481,273

Up $204,909 (+16%) from 2019

Liabilities

Down

$8,150,508

Down $387,731 (-4.5%) from 2019

Revenue

Down

$948,379

Down $42,743 (-4.3%) from 2019

Expenses

Down

$741,485

Down $292,588 (-28%) from 2019

Net Income

Up

$206,894

Up $249,845 (+582%) from 2019

Historical Trend

Balance Sheet Trend

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$15M$10M$5.0M$0Assets 2011: $11,908,166Liabilities 2011: $8,395,389Net Assets 2011: $3,512,7772011Assets 2012: $10,182,754Liabilities 2012: $8,580,535Net Assets 2012: $1,602,2192012Assets 2013: $9,940,911Liabilities 2013: $8,611,652Net Assets 2013: $1,329,2592013Assets 2014: $10,024,191Liabilities 2014: $8,758,943Net Assets 2014: $1,265,2482014Assets 2015: $11,185,628Liabilities 2015: $9,167,406Net Assets 2015: $2,018,2222015Assets 2016: $10,808,910Liabilities 2016: $8,999,000Net Assets 2016: $1,809,9102016Assets 2017: $10,731,272Liabilities 2017: $8,800,692Net Assets 2017: $1,930,5802017Assets 2018: $9,965,972Liabilities 2018: $8,682,466Net Assets 2018: $1,283,5062018Assets 2019: $9,814,603Liabilities 2019: $8,538,239Net Assets 2019: $1,276,3642019Assets 2020: $9,631,781Liabilities 2020: $8,150,508Net Assets 2020: $1,481,2732020Assets 2021: $9,386,361Liabilities 2021: $8,147,847Net Assets 2021: $1,238,5142021Assets 2022: $9,144,018Liabilities 2022: $7,113,164Net Assets 2022: $2,030,8542022Assets 2023: $8,790,247Liabilities 2023: $7,443,134Net Assets 2023: $1,347,1132023Assets 2024: $8,504,906Liabilities 2024: $7,482,652Net Assets 2024: $1,022,2542024Assets 2025: $8,486,299Liabilities 2025: $7,168,144Net Assets 2025: $1,318,1552025

Highlighted filing

2020

Assets$9,631,781
Liabilities$8,150,508
Net Assets$1,481,273

Operations Trend

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$1.5M$1.0M$500K$0-$500KRevenue 2011: $696,906Expenses 2011: $824,516Net Income 2011: -$127,6102011Expenses 2012: $1,097,2812012Expenses 2013: $1,098,5332013Revenue 2014: $1,208,208Expenses 2014: $1,272,219Net Income 2014: -$64,0112014Revenue 2015: $898,369Expenses 2015: $1,130,066Net Income 2015: -$231,6972015Revenue 2016: $754,308Expenses 2016: $984,736Net Income 2016: -$230,4282016Revenue 2017: $968,462Expenses 2017: $882,786Net Income 2017: $85,6762017Revenue 2018: $435,107Expenses 2018: $624,562Net Income 2018: -$189,4552018Revenue 2019: $991,122Expenses 2019: $1,034,073Net Income 2019: -$42,9512019Revenue 2020: $948,379Expenses 2020: $741,485Net Income 2020: $206,8942020Revenue 2021: $948,909Expenses 2021: $1,023,066Net Income 2021: -$74,1572021Revenue 2022: $961,086Expenses 2022: $935,912Net Income 2022: $25,1742022Revenue 2023: $1,205,829Expenses 2023: $1,046,134Net Income 2023: $159,6952023Revenue 2024: $766,630Expenses 2024: $882,319Net Income 2024: -$115,6892024Revenue 2025: $1,001,338Expenses 2025: $1,026,129Net Income 2025: -$24,7912025

Highlighted filing

2020

Revenue$948,379
Expenses$741,485
Net Income$206,894
Jump To
Filing Snapshot
Filing Period
Jul 1, 2019 to Jun 30, 2020
Signed
Oct 22, 2020
Return Version
2019v5.1
Gross Receipts
$1,219,737
Mission and Program Overview

Mission

ECONOMIC DEVELOPMENT

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$9,319,346$9,039,921▼ $279,425
Accounts Receivable$417,594$440,473▲ $22,879
Cash and Non-Interest-Bearing Accounts$77,663$151,387▲ $73,724
Total Assets$9,814,603$9,631,781▼ $182,822
Liabilities
Other Liabilities$8,255,456$7,877,778▼ $377,678
Accounts Payable and Accrued Expenses$282,783$272,730▼ $10,053
Total Liabilities$8,538,239$8,150,508▼ $387,731
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$1,276,364$1,481,273▲ $204,909
Total Net Assets Fund Balance$1,276,364$1,481,273▲ $204,909
Total Liabilities and Net Assets / Fund Balance$9,814,603$9,631,781▼ $182,822

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$9,022,597$3,026,531-
Equipment$17,324--
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseTotal
Cynthia FullenwellenBd MemberPT$27,132$27,132
Lawrence S Spruel JrVice Pres & TreasurerPT$9,000$9,000
Daryl DebrestBd Member & Facilities MngrPT$6,000$6,000

Board Members and Trustees

NameTitle
Wendall R WhitlockPresident & CEO
Anthony Johnson SrBd Member
Kerri Conner MatchettBd Member
Lillian RubinBd Member
Shannon Harris-QuickBd Member
Dr Aaron SmithBd. Member
Jewell Antonie-JohnsonVice Pres & Chief Admin Officer
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$6,845
Investment Income
$41
Other Revenue
$941,493
Change in Net Assets
$206,894
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$741,485
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Depreciation Depletion$0$279,425$0$279,425
Interest$27,145$206,606$0$233,751
Fees for Services Other$9,932$74,630$0$84,562
Insurance$0$25,063$0$25,063
All Other Expenses$852$23,766$0$24,618
Office Expenses$0$20,714$0$20,714
Fees for Services Legal$0$13,839$0$13,839
Fees for Services Accounting$0$13,200$0$13,200
Other Expenses$0$5,911$0$5,911
Travel$0$2,749$0$2,749
Advertising$2,650$0$0$2,650
Conferences and Meetings$0$1,516$0$1,516
Information Technology$0$131$0$131
Total Functional Expenses$47,096$694,389$0$741,485
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Notes Payable$7,613,057
Customer escrow$154,223
Security deposits$99,365
Real Estate Tax Liability$74,731
Loan from PIA$12,000
Business Use & Occupancy Tax$-75,598
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Backup withholding compliance
Yes
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
No
Other officer compensation reviewed
No
Conflict-of-interest policy
No
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No
Filing and Contact Details

Filer

Filer Name
Progress Trust Inc
EIN
23-3017662
Phone
2152327070
Address
1501 N Broad Street, Philadelphia, PA 19122

Signing Officer

Name
Wendell Whitlock
Title
Chairman
Phone
2152327070
Signed
2020-10-22
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Lawrence Spruel
Formed
1999
Legal Domicile
Pa
Voting Board Members
10
Independent Board Members
10
Employees
0
Volunteers
0

Preparer

Firm
Anita T Conner & Associates PC
Address
766 Old York Road, Jenkintown, PA 19046
Preparer
Kerri M Conner CPA
Phone
2157828833
Supplemental Narrative

Additional Explanations

Pt VI, Line 11B

The form is given to the board for signature and approval.

Form 990, Part IX, Line 11G

Consulting 1350. 1350.

Form 990, Part IX, Line 11G

Professional fees other 2575. 2575.

Form 990, Part IX, Line 11G

Manager 32619. 9932. 22687.

Form 990, Part IX, Line 11G

Administration 48018. 48018.

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IRS990/ProhibitedTaxShelterTransInd0false
IRS990/PYContributionsGrantsAmt06573
IRS990/PYExcessBenefitTransInd0false
IRS990/PYInvestmentIncomeAmt047
IRS990/PYOtherExpensesAmt01034073
IRS990/PYOtherRevenueAmt0975374
IRS990/PYProgramServiceRevenueAmt09128
IRS990/PYRevenuesLessExpensesAmt0-42951
IRS990/PYTotalExpensesAmt01034073
IRS990/PYTotalRevenueAmt0991122
IRS990/QuidProQuoContributionsInd0false
IRS990/RcvFndsToPayPrsnlBnftCntrctInd0false
IRS990/ReconcilationRevenueExpnssAmt0206894
IRS990/RelatedEntityInd0true
IRS990/RelatedOrganizationCtrlEntInd0false
IRS990/RentalIncomeOrLossGrp/RealAmt0941374
IRS990/ReportInvestmentsOtherSecInd0false
IRS990/ReportLandBuildingEquipmentInd0true
IRS990/ReportOtherAssetsInd0false
IRS990/ReportOtherLiabilitiesInd0true
IRS990/ReportProgramRelatedInvstInd0false
IRS990/RevenueAmt0948378
IRS990ScheduleA/Form990ScheduleAPartVIGrp/ExplanationTxt0Other Income Part II, Line 10 Description: Other income 2019: 119.
IRS990ScheduleA/Form990ScheduleAPartVIGrp/FormAndLineReferenceDesc0Pt II Ln 10
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearAmt06845
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus1YearAmt06573
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus2YearsAmt03500
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus3YearsAmt02730
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus4YearsAmt02603
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/TotalAmt022251
IRS990ScheduleA/GovtFurnSrvcFcltsVl170Grp/TotalAmt00
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearAmt041
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus1YearAmt047
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus2YearsAmt024
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus3YearsAmt0201
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus4YearsAmt0228
IRS990ScheduleA/GrossInvestmentIncome170Grp/TotalAmt0541
IRS990ScheduleA/InvestmentIncomeCYPct00
IRS990ScheduleA/OtherIncome170Grp/CurrentTaxYearAmt0119
IRS990ScheduleA/OtherIncome170Grp/TotalAmt0119
IRS990ScheduleA/OtherSupportSumAmt00
IRS990ScheduleA/PublicOrganization170Ind0X
IRS990ScheduleA/PublicSupportCY170Pct00.97130
IRS990ScheduleA/PublicSupportCY509Pct00
IRS990ScheduleA/PublicSupportPY170Pct00.96270
IRS990ScheduleA/PublicSupportTotal170Amt022298
IRS990ScheduleA/PublicSupportTotal509Amt00
IRS990ScheduleA/SubstantialContributorsTotAmt00
IRS990ScheduleA/TaxRevLeviedOrgnztnlBnft170Grp/CurrentTaxYearMinus1YearAmt047
IRS990ScheduleA/TaxRevLeviedOrgnztnlBnft170Grp/TotalAmt047
IRS990ScheduleA/ThirtyThrPctSuprtTestsCY170Ind0X
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearAmt06845
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus1YearAmt06620
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus2YearsAmt03500
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus3YearsAmt02730
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus4YearsAmt02603
IRS990ScheduleA/TotalCalendarYear170Grp/TotalAmt022298
IRS990ScheduleA/TotalSupportAmt022958
IRS990ScheduleA/UnrelatedBusinessNetIncm170Grp/TotalAmt00
IRS990/ScheduleBRequiredInd0false
IRS990ScheduleD/BuildingsGrp/BookValueAmt09022597
IRS990ScheduleD/BuildingsGrp/DepreciationAmt03026531
IRS990ScheduleD/BuildingsGrp/InvestmentCostOrOtherBasisAmt012049128
IRS990ScheduleD/EquipmentGrp/BookValueAmt017324
IRS990ScheduleD/EquipmentGrp/InvestmentCostOrOtherBasisAmt017324
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt07613057
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt199365
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt2-75598
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt312000
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt4154223
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt574731
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0Notes Payable
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc1Security deposits
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc2Business Use & Occupancy Tax
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc3Loan from PIA
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc4Customer escrow
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc5Real Estate Tax Liability
IRS990ScheduleD/TotalBookValueLandBuildingsAmt09039921
IRS990ScheduleD/TotalLiabilityAmt07877778
IRS990/ScheduleJRequiredInd0false
IRS990/ScheduleORequiredInd0true
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0The form is given to the board for signature and approval.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1Consulting 1350. 1350.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2Professional fees other 2575. 2575.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3Manager 32619. 9932. 22687.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4Administration 48018. 48018.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Pt VI, Line 11b
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Form 990, Part IX, Line 11g
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2Form 990, Part IX, Line 11g
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3Form 990, Part IX, Line 11g
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4Form 990, Part IX, Line 11g
IRS990ScheduleR/AssetExchangeInd0false
IRS990ScheduleR/AssetPurchaseFromOtherOrgInd0false
IRS990ScheduleR/AssetSaleToOtherOrgInd0false
IRS990ScheduleR/DivRelatedOrganizationInd0false
IRS990ScheduleR/GiftGrntCapContriFromOthOrgInd0false
IRS990ScheduleR/GiftGrntOrCapContriToOthOrgInd0false
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ControlledOrganizationInd0false
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DirectControllingEntityName/BusinessNameLine1Txt0no
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DisregardedEntityName/BusinessNameLine1Txt0Progress Investments
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/EIN0231662811
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ExemptCodeSectionTxt0n/a
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/LegalDomicileStateCd0PA
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PrimaryActivitiesTxt0Economic Development
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PublicCharityStatusTxt0n/a
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/AddressLine1Txt01501 N Broad Street
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/CityNm0Philadelphia
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/StateAbbreviationCd0PA
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/ZIPCd019122
IRS990ScheduleR/LoansOrGuaranteesFromOthOrgInd0false
IRS990ScheduleR/LoansOrGuaranteesToOtherOrgInd0true
IRS990ScheduleR/PaidEmployeesSharingInd0true
IRS990ScheduleR/PerformOfServicesByOtherOrgInd0false
IRS990ScheduleR/PerformOfServicesForOthOrgInd0false
IRS990ScheduleR/ReceiptOfIntAnntsRntsRyltsInd0false
IRS990ScheduleR/ReimbursementPaidByOtherOrgInd0false
IRS990ScheduleR/ReimbursementPaidToOtherOrgInd0false
IRS990ScheduleR/RentalOfFacilitiesToOthOrgInd0false
IRS990ScheduleR/RentalOfFcltsFromOthOrgInd0true
IRS990ScheduleR/SharingOfFacilitiesInd0true
IRS990ScheduleR/TransactionsRelatedOrgGrp/MethodOfAmountDeterminationTxt0Actual cash transaction
IRS990ScheduleR/TransactionsRelatedOrgGrp/OtherOrganizationName/BusinessNameLine1Txt0Progress Investment Associates
IRS990ScheduleR/TransactionsRelatedOrgGrp/OtherOrganizationName/BusinessNameLine1Txt1Progress Investment Associates
IRS990ScheduleR/TransactionsRelatedOrgGrp/OtherOrganizationName/BusinessNameLine1Txt2Progress Investments Associates
IRS990ScheduleR/TransactionsRelatedOrgGrp/OtherOrganizationName/BusinessNameLine1Txt3Progress Investments Associates
IRS990ScheduleR/TransactionsRelatedOrgGrp/TransactionTypeTxt0K
IRS990ScheduleR/TransactionsRelatedOrgGrp/TransactionTypeTxt1O
IRS990ScheduleR/TransactionsRelatedOrgGrp/TransactionTypeTxt2N
IRS990ScheduleR/TransactionsRelatedOrgGrp/TransactionTypeTxt3D
IRS990ScheduleR/TransferFromOtherOrgInd0false
IRS990ScheduleR/TransferToOtherOrgInd0false
IRS990/SchoolOperatingInd0false
IRS990/SignificantChangeInd0false
IRS990/SignificantNewProgramSrvcInd0false
IRS990/SubjectToProxyTaxInd0false
IRS990/TaxableDistributionsInd0false

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Detailed filing. Detailed filing data is available for this year.$8.49$7.17$1.32$1.00$1.03$0.02
2024XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$8.50$7.48$1.02$0.77$0.88$0.12
2023XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$8.79$7.44$1.35$1.21$1.05$0.16
2022XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$9.14$7.11$2.03$0.96$0.94$0.03
2021Detailed filing. Detailed filing data is available for this year.$9.39$8.15$1.24$0.95$1.02$0.07
2020Detailed filing. Detailed filing data is available for this year.$9.63$8.15$1.48$0.95$0.74$0.21
2019Detailed filing. Detailed filing data is available for this year.$9.81$8.54$1.28$0.99$1.03$0.04
2018Detailed filing. Detailed filing data is available for this year.$9.97$8.68$1.28$0.44$0.62$0.19
2017Detailed filing. Detailed filing data is available for this year.$10.7$8.80$1.93$0.97$0.88$0.09
2016XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$10.8$9.00$1.81$0.75$0.98$0.23
2015Detailed filing. Detailed filing data is available for this year.$11.2$9.17$2.02$0.90$1.13$0.23
2014XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$10.0$8.76$1.27$1.21$1.27$0.06
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$9.94$8.61$1.33$1.10
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$10.2$8.58$1.60$1.10
2011Summary only. Only limited summary data is available for this year.$11.9$8.40$3.51$0.70$0.82$0.13