Nonprofit · EIN 23-3017662
PROGRESS TRUST INC
Tax-exempt · PHILADELPHIA, PA 19122
Financials
| Year ended | Form | Revenue | Expenses | Net income | Total assets | Liabilities | Net assets |
|---|---|---|---|---|---|---|---|
| June 30, 2025 | 990 | $1,001,338 | $1,026,129 | -$24,791 | $8,486,299 | $7,168,144 | $1,318,155 |
| June 30, 2024 | 990 | $766,630 | $882,319 | -$115,689 | $8,504,906 | $7,482,652 | $1,022,254 |
| June 30, 2023 | 990 | $1,205,829 | $1,046,134 | $159,695 | $8,790,247 | $7,443,134 | $1,347,113 |
| June 30, 2022 | 990 | $961,086 | $935,912 | $25,174 | $9,144,018 | $7,113,164 | $2,030,854 |
Financial details: 990 for the year ended June 30, 2025
Revenue
- Contributions, gifts and grants
- $0
- Program service revenue
- $12,924
- Investment income
- $2,670
- Net rental income
- $985,744
- Other revenue
- $985,744
Expenses
- Grants and similar amounts paid
- $0
- Other salaries and wages
- $184,023
- Salaries, compensation and benefits (total)
- $195,805
- Professional fundraising fees
- $0
- Legal fees
- $9,872
- Accounting fees
- $34,970
- Travel
- $2,265
- Depreciation
- $279,425
- Program services (functional)
- $817,234
- Management and general (functional)
- $208,895
Balance sheet and other
- Total assets, start of year
- $8,504,906
- Total assets, end of year
- $8,486,299
- Total liabilities, end of year
- $7,168,144
- Net assets, end of year
- $1,318,155
- Land, buildings and equipment
- $7,689,959
- Net assets without donor restrictions
- $1,318,155
- Gross receipts
- $1,652,049
- Employees
- 2
- Volunteers
- 0
- Year formed
- 1999
- State of legal domicile
- PA
From the e-filed returns the IRS publishes as XML (latest three processing years; amended returns replace the original). PDF copies at the IRS.
Officers, directors and key employees
As listed on the 990 for the year ended June 30, 2025, highest compensation first.
| Name | Title | Hours / week | Compensation |
|---|---|---|---|
| Daryl Debrest | President & CEO/Director of Facilities Trustee or director, Officer | 40 | $52,000 |
| Wendall R Whitlock | Bd Member Trustee or director | 5 | $30,000 |
| Anthony Johnson Sr | Bd Member/Director Operations Trustee or director, Officer | 40 | $8,333 |
| Lawrence S Spruel Jr | Bd. Member Trustee or director | 2 | $8,250 |
| Rache Cross | Treasurer Trustee or director, Officer | 16 | $4,125 |
| Aaron Smith | Bd. Member Trustee or director | 2 | $0 |
| Shannon Harris-Quick | Bd Member Trustee or director | 2 | $0 |
| Jason Coles | Bd. Member Trustee or director | 2 | $0 |
| Carlo Batts | Bd. Member Trustee or director | 0 | $0 |
| Tiana Trottman | Board Secretary Trustee or director | 0 | $0 |
990 for the year ended June 30, 2024: 6 people
| Name | Title | Hours / week | Compensation |
|---|---|---|---|
| Daryl Debrest | President & CEO/Director of Facilities Trustee or director, Officer | 40 | $30,000 |
| Wendall R Whitlock | Bd Member Trustee or director | 5 | $27,500 |
| Lawrence S Spruel Jr | Treasurer Trustee or director, Officer | 16 | $9,000 |
| Aaron Smith | Bd. Member Trustee or director | 2 | $0 |
| Shannon Harris-Quick | Bd Member Trustee or director | 2 | $0 |
| Anthony Johnson Sr | Bd Member/Director Operations Trustee or director, Officer | 40 | $0 |
990 for the year ended June 30, 2023: 7 people
| Name | Title | Hours / week | Compensation |
|---|---|---|---|
| Wendall R Whitlock | Bd Member Trustee or director | 5 | $15,000 |
| Lawrence S Spruel Jr | Treasurer Trustee or director, Officer | 16 | $5,250 |
| Daryl Debrest | President & CEO/Director of Facilities Trustee or director, Officer | 40 | $3,500 |
| Aaron Smith | Bd. Member Trustee or director | 2 | $0 |
| Kerri Conner Matchett | Bd Member Trustee or director | 2 | $0 |
| Shannon Harris-Quick | Bd Member Trustee or director | 2 | $0 |
| Anthony Johnson Sr | Bd Member/Director Operations Trustee or director, Officer | 40 | $0 |
990 for the year ended June 30, 2022: 7 people
| Name | Title | Hours / week | Compensation |
|---|---|---|---|
| Wendall R Whitlock | Bd Member Trustee or director | 5 | $30,000 |
| Anthony Johnson Sr | Bd Member/Director Operations Trustee or director, Officer | 40 | $10,000 |
| Lawrence S Spruel Jr | Treasurer Trustee or director, Officer | 16 | $9,750 |
| Daryl Debrest | President & CEO/Director of Facilities Trustee or director, Officer | 40 | $6,000 |
| Aaron Smith | Bd. Member Trustee or director | 2 | $0 |
| Kerri Conner Matchett | Bd Member Trustee or director | 2 | $0 |
| Shannon Harris-Quick | Bd Member Trustee or director | 2 | $0 |
Address and contacts
- Address (IRS master file)
- 1501 N BROAD ST, PHILADELPHIA, PA 19122-3319
- In care of
- % PROGRESS PLAZA SHOPPING CENTER
- Principal officer (990 for 2024)
- Lawrence Spruel, 1501 N Broad St Ste 200, Philadelphia, PA 19122
- Signed the 990
- Daryl Debrest, President & CEO
- Phone
- (215) 232-7070
- Return prepared by
- Alford and Rambaran LLC
Mission
ECONOMIC DEVELOPMENT
Program accomplishments
- 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.Expenses $817,234 · revenue $937,370
What it must file and when
IRS records say it files Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N. Its accounting year ends in June, so each return is due on the 15th day of the 5th month after that.
| Tax year | Year ended | Due | IRS public records |
|---|---|---|---|
| 2025 | June 30, 2026 | November 16, 2026 | Not due yet |
| 2024 | June 30, 2025 | November 17, 2025 | 990 on file |
| 2023 | June 30, 2024 | November 15, 2024 | 990 on file |
IRS record
- EIN
- 23-3017662
- Tax-exempt status
- 501(c)(3): Charitable, religious, educational or scientific organization
- Foundation status
- Publicly supported organization (170(b)(1)(A)(vi))
- Donations deductible (Pub 78)
- Public charity, 50% deduction limit
- Exempt since
- 2000
- Accounting year ends
- June
- Files
- Form 990 or 990-EZ
- Category (NTEE)
- Community improvement and capacity building (S31)
- Assets (IRS master file)
- $8,486,299
- Income (IRS master file)
- $1,652,049
Filing history
| Form | Year ended | Revenue | Expenses | Assets | Return |
|---|---|---|---|---|---|
| 990 | June 2025 | $1,001,338 | $1,026,129 | $8,486,299 | XML |
| 990 | June 2024 | $766,630 | $882,319 | $8,504,906 | XML |
| 990 | June 2023 | $1,205,829 | $1,046,134 | $8,790,247 | XML |
| 990 | June 2022 | $961,086 | $935,912 | $9,144,018 | XML |
| 990 | June 2021 | – | – | – | IRS |
| 990 | June 2020 | – | – | – | IRS |
| 990 | June 2018 | – | – | – | IRS |
990-N: the IRS bulk file holds only the latest e-Postcard per organization; earlier years come from archived copies of that file since 2020 and can have gaps (the IRS e-Postcard search lists every one). 990, 990-EZ, 990-PF, 990-T: every e-filed return in the IRS e-file index since 2019; XML for the latest three processing years, amounts from the IRS Statistics of Income extracts before that. PDF copies and determination letters at the IRS (search EIN 23-3017662).
Questions about PROGRESS TRUST INC
- What is the EIN of PROGRESS TRUST INC?
- The employer identification number (EIN) of PROGRESS TRUST INC is 23-3017662.
- Is PROGRESS TRUST INC tax-exempt?
- Yes. The IRS lists it as tax-exempt under section 501(c)(3) since 2000.
- Are donations to PROGRESS TRUST INC tax-deductible?
- Yes. It is listed in IRS Publication 78 (Public charity, 50% deduction limit).
- Which annual return does PROGRESS TRUST INC file?
- Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N.
- When is the next return of PROGRESS TRUST INC due?
- The return for tax year 2025 (the year ending June 30, 2026) is due November 16, 2026. Form 8868 extends it by six months; the 990-N cannot be extended.
- When did PROGRESS TRUST INC last file with the IRS?
- The latest return in the IRS public files is the 990 for the year ended June 2025.
- Who is the principal officer of PROGRESS TRUST INC?
- The 990 for the year ended June 30, 2025 names Lawrence Spruel.
- Who are the officers and directors of PROGRESS TRUST INC?
- The 990 for the year ended June 30, 2025 lists 10 people; 5 received compensation from the organization, the highest $52,000 (Daryl Debrest, President & CEO/Director of Facilities).
- How much revenue does PROGRESS TRUST INC have?
- On its 990 for the year ended June 30, 2025 it reported revenue of $1,001,338, expenses of $1,026,129 and total assets of $8,486,299 at year end.
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