Civic Intelligence

Progress Trust Inc.

990 • Fiscal year 2023 • EIN 23-3017662

Jul 01, 2022 to Jun 30, 2023 • Filed on Jul 16, 2024

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

91st percentile

0.85x

Higher debt load relative to assets than 91% of similar nonprofits.

2023 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2023

Liabilities / Revenue

96th percentile

6.17x

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

2023 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2023

Net Margin

68th percentile

13%

Higher net margin than 68% of similar nonprofits.

2023 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2023

Top Officer Pay

23rd percentile

$15,000

Higher top officer pay than 23% of similar nonprofits.

Top officer pay equals 1.2% of source-year revenue.

2023 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2023

Asset Growth

19th percentile

-3.9%

Faster asset growth than 19% of similar nonprofits.

2023 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2022 to 2023

Revenue Growth

75th percentile

25%

Faster revenue growth than 75% of similar nonprofits.

2023 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2022 to 2023

Assets

Down

$8,790,247

Down $353,771 (-3.9%) from 2022

Net Assets

Down

$1,347,113

Down $683,741 (-34%) from 2022

Liabilities

Up

$7,443,134

Up $329,970 (+4.6%) from 2022

Revenue

Up

$1,205,829

Up $244,743 (+25%) from 2022

Expenses

Up

$1,046,134

Up $110,222 (+12%) from 2022

Net Income

Up

$159,695

Up $134,521 (+534%) from 2022

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

2023

Assets$8,790,247
Liabilities$7,443,134
Net Assets$1,347,113

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

2023

Revenue$1,205,829
Expenses$1,046,134
Net Income$159,695
Jump To
Filing Snapshot
Filing Period
Jul 1, 2022 to Jun 30, 2023
Signed
Jul 16, 2024
Return Version
2022v5.0
Gross Receipts
$1,689,073
Mission and Program Overview

Mission

ECONOMIC DEVELOPMENT

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$8,517,568$8,241,722▼ $275,846
Cash and Non-Interest-Bearing Accounts$278,899$460,286▲ $181,387
Accounts Receivable$37,271$88,239▲ $50,968
Loans From Officers Directors$0--
Total Assets$8,833,738$8,790,247▼ $43,491
Other Assets Total$0--
Liabilities
Other Liabilities$6,824,509$7,424,788▲ $600,279
Accounts Payable and Accrued Expenses$7,864$18,346▲ $10,482
Total Liabilities$6,832,373$7,443,134▲ $610,761
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$2,001,365$1,347,113▼ $654,252
Total Net Assets Fund Balance$2,001,365$1,347,113▼ $654,252
Total Liabilities and Net Assets / Fund Balance$8,833,738$8,790,247▼ $43,491

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$8,187,065$3,864,806-
Equipment$20,902--
Leasehold Improvements$33,755--
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseTotal
Wendall R WhitlockBd MemberPT$15,000$15,000
Lawrence S Spruel JrTreasurerPT$5,250$5,250
Daryl DebrestPresident & CEO/Director of FacilitiesFT$3,500$3,500

Board Members and Trustees

NameTitle
Anthony Johnson SrBd Member/Director Operations
Kerri Conner MatchettBd Member
Shannon Harris-QuickBd Member
Aaron SmithBd. Member
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$373,061
Investment Income
$1,046
Other Revenue
$831,722
Change in Net Assets
$159,695
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$931,783
Salaries, Compensation, and Employee Benefits$114,351
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Interest$356,122$0$0$356,122
Depreciation Depletion$279,425$0$0$279,425
Insurance$86,276$25,000$0$111,276
Other Salaries and Wages$70,601$20,000$0$90,601
Occupancy$51,388$20,000$0$71,388
Fees for Services Other$32,818$22,000$0$54,818
Office Expenses$0$29,100$0$29,100
Current Officers, Directors, Trustees, and Key Employees$13,750$10,000$0$23,750
Conferences and Meetings$2,610$5,000$0$7,610
Travel$2,983$1,000$0$3,983
Advertising$1,812$1,000$0$2,812
Other Expenses$558$0$0$558
Total Functional Expenses$913,034$133,100$0$1,046,134
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
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Loans from Officers, Directors, Trustees, and Key Employees$0--
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Notes Payable$7,150,265
Security deposits$269,588
Credit Card$4,935
Business Use & Occupancy Tax$0
Loan from PIA$0
Customer escrow$0
Real Estate Tax Liability$0
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
Daryl Debrest
Title
President & CEO
Phone
2152327070
Signed
2024-07-16
Discuss with paid preparer
Yes

Organization Details

Formed
1999
Legal Domicile
Pa
Voting Board Members
7
Independent Board Members
7
Employees
3
Volunteers
0

Preparer

Firm
Anita T Conner & Associates PC
Address
766 Old York Rd, Jenkintown, PA 19046
Preparer
Anita T Conner CPA MS Tax CFP
Phone
2157828833
Supplemental Narrative

Additional Explanations

Pt VI, Line 11B

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

Pt XI

Prior Period adjustment due to incorrect Note payable balance

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IRS990ScheduleA/GovtFurnSrvcFcltsVl170Grp/TotalAmt00
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearAmt01046
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus1YearAmt0578
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus3YearsAmt041
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus4YearsAmt047
IRS990ScheduleA/GrossInvestmentIncome170Grp/TotalAmt01712
IRS990ScheduleA/GrossReceiptsRltdActivitiesAmt01678136
IRS990ScheduleA/InvestmentIncomeCYPct00
IRS990ScheduleA/OtherIncome170Grp/CurrentTaxYearMinus3YearsAmt0119
IRS990ScheduleA/OtherIncome170Grp/TotalAmt0119
IRS990ScheduleA/OtherSupportSumAmt00
IRS990ScheduleA/PublicOrganization170Ind0X
IRS990ScheduleA/PublicSupportCY170Pct00.95820
IRS990ScheduleA/PublicSupportCY509Pct00
IRS990ScheduleA/PublicSupportPY170Pct00.99140
IRS990ScheduleA/PublicSupportTotal170Amt041923
IRS990ScheduleA/PublicSupportTotal509Amt00
IRS990ScheduleA/SubstantialContributorsTotAmt00
IRS990ScheduleA/TaxRevLeviedOrgnztnlBnft170Grp/CurrentTaxYearMinus2YearsAmt027
IRS990ScheduleA/TaxRevLeviedOrgnztnlBnft170Grp/CurrentTaxYearMinus4YearsAmt047
IRS990ScheduleA/TaxRevLeviedOrgnztnlBnft170Grp/TotalAmt074
IRS990ScheduleA/ThirtyThrPctSuprtTestsCY170Ind0X
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearAmt09889
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus1YearAmt09414
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus2YearsAmt09155
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus3YearsAmt06845
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus4YearsAmt06620
IRS990ScheduleA/TotalCalendarYear170Grp/TotalAmt041923
IRS990ScheduleA/TotalSupportAmt043754
IRS990ScheduleA/UnrelatedBusinessNetIncm170Grp/TotalAmt00
IRS990/ScheduleBRequiredInd0false
IRS990ScheduleD/BuildingsGrp/BookValueAmt08187065
IRS990ScheduleD/BuildingsGrp/DepreciationAmt03864806
IRS990ScheduleD/BuildingsGrp/InvestmentCostOrOtherBasisAmt012051871
IRS990ScheduleD/EquipmentGrp/BookValueAmt020902
IRS990ScheduleD/EquipmentGrp/InvestmentCostOrOtherBasisAmt020902
IRS990ScheduleD/LeaseholdImprovementsGrp/BookValueAmt033755
IRS990ScheduleD/LeaseholdImprovementsGrp/InvestmentCostOrOtherBasisAmt033755
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt07150265
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt1269588
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt20
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt30
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt40
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt50
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt64935
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/OtherLiabilitiesOrgGrp/Desc6Credit Card
IRS990ScheduleD/TotalBookValueLandBuildingsAmt08241722
IRS990ScheduleD/TotalLiabilityAmt07424788
IRS990/ScheduleJRequiredInd0false
IRS990/ScheduleORequiredInd0true
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0The form is given to the board for signature and approval.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1Prior Period adjustment due to incorrect Note payable balance
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Pt VI, Line 11b
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Pt XI
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
IRS990/TaxablePartyNotificationInd0false
IRS990/TaxExemptBondsInd0false
IRS990/TerminateOperationsInd0false
IRS990/TotalAssetsBOYAmt08833738
IRS990/TotalAssetsEOYAmt08790247
IRS990/TotalAssetsGrp/BOYAmt08833738
IRS990/TotalAssetsGrp/EOYAmt08790247
IRS990/TotalCompGreaterThan150KInd0false
IRS990/TotalEmployeeCnt03
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt0133100
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt0913034
IRS990/TotalFunctionalExpensesGrp/TotalAmt01046134
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt06832373
IRS990/TotalLiabilitiesEOYAmt07443134
IRS990/TotalLiabilitiesGrp/BOYAmt06832373
IRS990/TotalLiabilitiesGrp/EOYAmt07443134
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt02001365
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt01347113
IRS990/TotalOtherCompensationAmt00
IRS990/TotalOthProgramServiceRevGrp/ExclusionAmt00
IRS990/TotalOthProgramServiceRevGrp/TotalRevenueColumnAmt0373061
IRS990/TotalOthProgramServiceRevGrp/UnrelatedBusinessRevenueAmt00
IRS990/TotalProgramServiceExpensesAmt0913034
IRS990/TotalProgramServiceRevenueAmt0373061
IRS990/TotalReportableCompFromOrgAmt023750
IRS990/TotalRevenueGrp/ExclusionAmt00
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt01205829

Document Assets

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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
2023Detailed filing. Detailed filing data is available for this year.$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