Progress Trust Inc

Nonprofit profile at a glance

EIN
233017662
IRS 990 coverage
2011–2024
Forms available
Form 990 2024
Location
Philadelphia, PA, USA
Phone
2152327070
Rating
75
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Urban, Community Economic Development

Official website

Reported finances

Revenue
$1,001,338
Expenses
$1,026,129
Assets
$8,486,299
Liabilities
$7,168,144

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

Leadership & pay

10 people listed

Executive titles in this filing

  • Daryl Debrest (President & CEO/Director of Facilities)

Highest reported compensation

  • Daryl Debrest (President & CEO/Director of Facilities): $52,000 total reported compensation
  • Wendall R Whitlock (Bd Member): $30,000 total reported compensation
  • Anthony Johnson Sr (Bd Member/Director Operations): $8,333 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

Economic development

What it reported doing in 2024

Our mission is to serve as an economic development engine that will revitalize the progress plaza property, providing greater social and economic empowerment to the residents of phladelphia.

Operating model

Revenue model
Other-operating. 98% of the money available for current operations came from other operating revenue.
Distribution model
Direct operator. The filing allocates 100% of reported program-service expenses outside its grant, affiliate-payment, and member-benefit lines. This expense classification does not rule out separately announced grant awards.

The verdict

SUPPORTED - A large share of available resources goes toward mission work and the filed numbers largely add up. Some filing-based governance responses are negative or unanswered and expenses are high relative to revenue.

Rating breakdown

  • Financial Efficiency: 72
  • Transparency & Controls: 92
  • Accountability: 63
  • Sustainability: 45
  • Growth: 80

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 81.7%; rating input score 82
  • Program expense ratio: 79.6%; rating input score 80
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 91.7%; rating input score 92; 12th percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
  • Governance controls: 1 of 9 controls in place; rating input score 11
    • Conflict-of-interest policy: Fail
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • CEO compensation review process: Fail
    • Other executive compensation review process: Fail
    • Form 990 shared with the board: Fail
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: -2.5%; rating input score 29; 29th percentile among comparable filings
  • Total-asset coverage ratio: 8.27; rating input score 90; 90th percentile among comparable filings
  • Liabilities to assets ratio: 0.84; rating input score 8; 8th percentile among comparable filings
  • Officer compensation ratio: 10%; rating input score 37; 37th percentile among comparable filings

Growth

  • Program expense growth: 6.6% per year; rating input score 100; 50th percentile among comparable filings
  • Revenue growth: 1.2% per year; rating input score 100; 20th percentile among comparable filings
  • Asset growth: -1.7% per year; rating input score 0; 13th percentile among comparable filings

Details

  • Where the money goes: 81.7% of revenue deployed · 79.6% of spending went to programs
  • Governance: 7 of 7 board members independent · 1 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $817K in reported program spending
  • Leadership: top reported pay $52K · 10 people listed
  • Consistency: 26 of 26 current checks pass
  • Schedules: 4 filed schedules
  • Filing history: 14 filing years from 2011 to 2024
  • Contacts: How to reach this organization
  • Money network: 5 filed money-flow records
  • Related organizations: 1 filed related-organization link
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • High — Accountability: Governance controls: 7 of 8 not reported.
  • High — Sustainability: Operating margin scored 29/100.
  • High — Growth: Asset growth scored 0/100.
  • High — Sustainability: Liabilities to assets ratio scored 8/100.
  • Moderate — Sustainability: Officer compensation ratio scored 37/100.