Progress Lakeshore INC FY2022 filing

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To assist local businesses in their growth in the manitowoc county area and to attract new businesses to the manitowoc county area.

501(c)(6) business league; gifts are not tax-deductible as charitable contributions.
$73K paid to officers and key staff.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Pay: Part VII

Before you give

FY2022 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
501(c)(6)
not on the IRS revocation list
Looks good: listed by the IRS and not on the revocation list.
IRS BMF · Auto-Revocation List
Tax-deductible gifts
No
Donations are not tax-deductible
Worth a look: the IRS does not list gifts to it as deductible.
IRS Pub. 78 · IRS BMF
Latest return
FY2024
latest Form 990
Looks good: the latest return is for FY2024, 2 tax years back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
2 of 5
filings with a surplus
Average deficit $55K a year · 19% of revenue · last 5 filings
Concern: a surplus in 2 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Pay to officers and key staff
$73K
to officers and key staff · 15% of spending
Looks good: pay to officers and key staff is 15% of spending; 15% or less.
Pt VII · Sec A
8 mo
of spending, in cash
Looks good: 7.5 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
2
named funders · $18K
Fine: 2 funders name it on their filings; under 3.
Funders’ Sch. I, 990-PF
Liabilities
$69K
18% of total assets
Looks good: liabilities are 18% of assets; 50% or less.
Pt X · Ln 26
Independent board members
17
of 17 voting members
Looks good: 17 of 17 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$255K
-2% vs prior year
Spent
$481K
Net assets
$312K
By yearFY2020–FY2024
Revenue
$255K
FY2022▼ -2%
Tap a bar for its year
Revenue by fiscal year
FY2020$251K
FY2021$261K
FY2022$255K
FY2023$355K
FY2024$299K
Expenses
$481K
FY2022▲ +105%
Tap a bar for its year
Expenses by fiscal year
FY2020$245K
FY2021$235K
FY2022$481K
FY2023$382K
FY2024$351K
Net assets
$312K
FY2022▼ -42%
Tap a bar for its year
Net assets by fiscal year
FY2020$504K
FY2021$538K
FY2022$312K
FY2023$285K
FY2024$232K

From the FY2022 Form 990 · see the original

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You’re viewing the FY2022 filing — not the latest on file. See the latest (FY2024) →

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2024. IRS ruling in Dec 2005.

IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Where the money goes

What each dollar paid for.

Fundraising 5% · $23K

Form 990 Part IX, line 25. Every line is in By the numbers.

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Who runs it and what they're paid

23 people listed on the 990; $73K paid to officers and key staff.

Part VII, Section A · reportable compensation
Executive Director
$73,495Pt VII · Sec A
Board Member - President
$0Pt VII · Sec A
Ex Officio
$0Pt VII · Sec A
Ex Officio
$0Pt VII · Sec A
Ex Officio
$0Pt VII · Sec A
Board Member
$0Pt VII · Sec A
Ex Officio
$0Pt VII · Sec A
Board Member
$0Pt VII · Sec A

Jamie Zastrow’s $79K as Executive Director is at the 54th percentile of top reported officer pay among 1708 $100K–1M community development nonprofits. Peer set: organizations in the same NTEE major field of work and revenue-size band, compared on each org’s own highest-paid officer/key-employee, from Form 990 Part VII / 990-PF Part VIII. Descriptive placement, not a verdict on whether the pay is appropriate.

Compensation history total reportable pay by year · 2 named individuals · Part VII

NameFY2024FY2023FY2022FY2021FY2020
Jamie Zastrow$78,528$77,818$73,495$53,728—
Peter Wills————$74,571

Total reportable compensation (Form 990 Part VII column D / Schedule J column E) by filing year, matched by name within this organization. The Schedule J base / bonus / deferred breakdown is not parsed into this dataset.

See Progress Lakeshore INC executive salaries →

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Questions the 990 asks

The form asks each of these directly. These are the filed answers.

  • Family or business ties among officersPt VI · Ln 2No
  • Top official's pay set by an independent reviewPt VI · Ln 15aYes

Programs and updates

Helps local businesses grow and attracts new ones to Manitowoc County.

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Provided by the organization

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3 programs · in their own filed words · FY2022
01

Perfect your pitch is a series of videos designed to help budding entrepreneurs nail down their elevator pitch, perfect speaking in public, and learn the basics of pitching a business idea, in preparation for participating in our annual level up pitch contest.

Pt IX · col B
02

Excellence in economic development awards breakfast is a celebration to recognize businesses and individuals who create a positive business climate in manitowoc county. There are 5 award categories: (1) entrepreneurial achievement award, (2) neighborhood development award, (3) corporate investment award, (4) economic accelerator of the…

Pt IX · col B
03

Our entrepreneur training program is an immersive course offered in conjunction with the wisconsin small business development center. The eight-week sessions equip aspiring entrepreneurs to start and grow successful businesses.

Pt IX · col B

Funders

Who pays for it.

From grant filings on record. Receipts are incomplete: individual donors are never listed.

Grants

Schedule I · received and paid
Grants received · FY2023
Total grants receivedfrom 2 funders$18K
Grants paid · 1 grant · $200K · 2022–2022

By the numbers

The FY2022 990, line by line.

1The main four
Money inPt VIII
$255K
Ln 12
Gifts and grantsLn 1h$244K
Fees for servicesLn 2g$10K
Investment incomeLn 3$1K
Money outPt IX
$481K
Ln 25
Fundraisingcol D$23K
Owns and owesPt X
$312K
net assets · Ln 32
Cash and savingsLn 1–2$299K
Total assetsLn 16$382K
LiabilitiesLn 26$69K
PeoplePt VI, VII
23
listed · VII A
PaidVII A1
Voting boardVI 1a17
IndependentVI 1b17
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$244K
Government grantsLn 1e$23K
Noncash giftsLn 1g$12K
Fundraising eventsLn 1c$23K
Fees for servicesLn 2g$10K
Investment incomeLn 3$1K
Total revenueLn 12$255K
Assets in detailPt X, end of year
CashLn 1$135K
SavingsLn 2$164K
Cash and savings togetherLn 1–2$299K
Land, buildings, equipmentLn 10c$13K
Other assetsLn 15$58K
Total assetsLn 16$382K
LiabilitiesLn 26$69K
Net assetsLn 32$312K
OperationsPt I, VI
EmployeesI 56
VolunteersI 633
Fiscal year endsHeaderDecember
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13Yes
Records policyVI 14Yes
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY22End FY22
Cash and savingsLn 1–2$523K$299K
Land, buildings, equipmentLn 10c$17K$13K
Total assetsLn 16$548K$382K
LiabilitiesLn 26$9K$69K
Net assetsLn 32$538K$312K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic organizationsLn 1$200K
Pay of current officers, directors and key staffLn 5$73K
Other salaries and wagesLn 7$105K
Other employee benefitsLn 9$485
Payroll taxesLn 10$14K
Legal feesLn 11b$191
Accounting feesLn 11c$10K
Advertising and promotionLn 12$2K
Office expensesLn 13$12K
Information technologyLn 14$3K
OccupancyLn 16$28K
TravelLn 17$2K
Depreciation, depletion and amortizationLn 22$3K
InsuranceLn 23$3K
Other expenses (24a–d)Ln 24$22K
All other expensesLn 24e$2K
Total functional expensesLn 25$481K

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest $299K$351K−$53K$232K 990 PDF
FY2023 $355K$382K−$27K$285K 990 PDF
FY2022 Viewing $255K$481K−$226K$312K 990 PDF
FY2021 $261K$235K$26K$538K 990 PDF
FY2020 $251K$245K$6K$504K 990 PDF

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Schedules filed Part IV

III · Programs R · Related orgs G · Fundraising L · Interested persons I · Grants A · Public support O · Explanations
See the full FY2022 990 (6 parts)
Part I · Summary $254,689 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $260,711$244,307
I-9 Program service revenuePrior year $4,038$9,787
I-10 Investment incomePrior year $2,051$1,371
I-11 Other revenuePrior year −$6,240−$776
I-12 Total revenuePrior year $260,560$254,689
I-13 Grants and similar amounts paidPrior year $0$200,000
I-14 Benefits paid to membersPrior year $0$0
I-15 Salaries and benefitsPrior year $163,315$193,302
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $71,649$87,406
I-18 Total expensesPrior year $234,964$480,708
I-19 Revenue less expensesPrior year $25,596−$226,019
Part VI · Governance 17 of 17 board members independent, no flags
VI-1a Voting members of the governing body17
VI-1b Independent voting members17
VI-2 Family or business relationship among officers or directorsNo
VI-12a Written conflict of interest policyYes
VI-13 Written whistleblower policyYes
VI-14 Document retention and destruction policyYes
VI-15a Process for setting top official's payYes
Part VIII · Statement of revenue $254,689 across 10 lines filed
Lines not itemized here account for $545 of total revenue; see the IRS return.
VIII-1c Fundraising events$22,750
VIII-1e Government grants$22,599
VIII-1f All other contributions, gifts and grants$198,958
VIII-1g Noncash contributions (included above)$12,310
VIII-1h Total contributions, gifts and grants$244,307
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $9,787$9,787
VIII-3 Investment incomeExcluded from tax $1,371$1,371
VIII-6 Net rental income or lossExcluded from tax $3,300$3,300
VIII-8 Net income from fundraising eventsExcluded from tax −$4,621−$4,621
VIII-12 Total revenueRelated to mission $9,787 · Unrelated business $0 · Excluded from tax $595$254,689
Part IX · Statement of functional expenses $480,708 across 16 lines filed
IX-1 Grants to domestic organizations$200,000
IX-5 Pay of current officers, directors and key staff$73,495
IX-7 Other salaries and wages$105,465
IX-9 Other employee benefits$485
IX-10 Payroll taxes$13,857
IX-11b Legal fees$191
IX-11c Accounting fees$9,950
IX-12 Advertising and promotion$2,025
IX-13 Office expenses$11,580
IX-14 Information technology$2,520
IX-16 Occupancy$28,166
IX-17 Travel$2,238
IX-22 Depreciation, depletion and amortization$3,427
IX-23 Insurance$2,971
IX-24 Other expenses (24a–d)$22,491
IX-24e All other expenses$1,847
IX-25 Total functional expenses$480,708
Part X · Balance sheet $381,514 assets, 15 lines filed
X-1 Cash, non-interest-bearingStart of year $160,155$135,134
X-2 Savings and temporary cash investmentsStart of year $363,053$163,942
X-4 Accounts receivableStart of year $1,917$8,140
X-9 Prepaid expenses and deferred chargesStart of year $4,400$2,899
X-10c Land, buildings and equipment, netStart of year $16,738$13,311
X-15 Other assetsStart of year $1,341$58,088
X-16 Total assetsStart of year $547,604$381,514
X-17 Accounts payable and accrued expensesStart of year $9,473$10,937
X-19 Deferred revenueStart of year $0$1,000
X-25 Other liabilitiesStart of year $0$57,465
X-26 Total liabilitiesStart of year $9,473$69,402
X-27 Net assets without donor restrictionsStart of year $537,631$312,112
X-28 Net assets with donor restrictionsStart of year $500$0
X-32 Total net assets or fund balancesStart of year $538,131$312,112
X-33 Total liabilities and net assetsStart of year $547,604$381,514
Part XI · Reconciliation of net assets $312,112 net assets at year end
XI-1 Total revenue$254,689
XI-2 Total expenses$480,708
XI-3 Revenue less expenses−$226,019
XI-4 Net assets at start of year$538,131
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$312,112

Form 990 e-file (XML) FY2022 from the IRS · Classification, formation year and address from the IRS Business Master File

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