The Prosperity Foundation Inc
- Assets
- $1.9m
- Revenue
- $1.8m
- Investments
- $0.0
- Employees
- 2
- Location
- New Haven, CT
- Founding
- 09/2015
- Data as of
- 12/2022
- EIN
- 47-4364468
Organization Overview
The Prosperity Foundation Inc is located in New Haven, CT. The organization was established in 2015. According to its NTEE Classification (P20) the organization is classified as: Human Service Organizations, under the broad grouping of Human Services and related organizations. As of 12/2022, Prosperity Foundation Inc employed 2 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Prosperity Foundation Inc is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 12/2022, Prosperity Foundation Inc generated $1.8m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 33.0% each year . All expenses for the organization totaled $545.5k during the year ending 12/2022. While expenses have increased by 16.4% per year over the past 7 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
PURSUE CHARITABLE AND EDUCATIONAL ACTIVITIES TO STRENGTHEN CONNECTICUT'S AFRICAN- AMERICAN/BLACK COMMUNITIES IN AREAS SUCH AS ECONOMIC DEVELOPMENT, EDUCATION, AND HEALTH.
Describe the Organization's Program Activity:
Part 3 - Line 4a
EDUCATION AWARDED 31 GRANTS TO VARIOUS ORGANIZATIONS CONDUCTING EDUCATIONAL TRAINING IN STEM PROGRAMS, ETC
ECONOMIC DEVAWARDED 7 GRANTS TO ORGANIZATIONS IN THE AFRICAN/AMERICAN COMMUNITY SERVING THE HARTFORD/NEW HAVEN/FAIRFIELD COUNTY REGIONS
HEALTH AWARDED 12 GRANTS TO VARIOUS ORGANIZATIONS CONDUCTING HEALTH SCREENINGS, EDUCATIONAL, AND INSTRUCTIONAL PROGRAMS
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Orsella Hughes Executive Dir. | OfficerTrustee | 40 | $100,000 |
Howard K Hill President | OfficerTrustee | 5 | $0 |
Larry Conaway Vice President | OfficerTrustee | 3 | $0 |
Cathy Graves 1122-62322 Secretary | OfficerTrustee | 1 | $0 |
Adrienne Cochrane Director | Trustee | 1 | $0 |
Valarie Shultz-Wilson Director | Trustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,784,586 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,784,586 |
| Total Program Service Revenue | $0 |
| Investment income | $36,132 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,820,718 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $328,466 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $100,000 |
| Compensation of current officers, directors, key employees. | $100,000 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $2,308 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $8,402 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $5,500 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $28,000 |
| Advertising and promotion | $3,740 |
| Office expenses | $10,846 |
| Information technology | $22,705 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $3 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $27,533 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $1,746 |
| All other expenses | $144 |
| Total functional expenses | $545,536 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $86,505 |
| Savings and temporary cash investments | $790,276 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $1,052,496 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $1,929,277 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $0 |
| Net assets without donor restrictions | $86,505 |
| Net assets with donor restrictions | $1,842,772 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $1,929,277 |