Prosperity Now
- Assets
- $25.4m
- Revenue
- $17.2m
- Investments
- $0.0
- Employees
- 101
- Location
- Washington, DC
- Founding
- 01/1980
- Data as of
- 12/2022
- EIN
- 52-1141804
Organization Overview
Prosperity Now is located in Washington, DC. The organization was established in 1980. According to its NTEE Classification (S31) the organization is classified as: Urban & Community Economic Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 12/2022, Prosperity Now employed 101 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Prosperity Now 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 Now generated $17.2m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 5.7% each year. All expenses for the organization totaled $24.2m during the year ending 12/2022. While expenses have increased by 9.2% 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.
Since 2015, Prosperity Now has awarded 304 individual grants totaling $14,059,361. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
SEE PART III, LINE 1.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SAVINGS AND FINANCIAL CAPABILITY: THE SAVINGS AND FINANCIAL CAPABILITY PROGRAM FOCUSES ON PROGRAM AND PRACTICE INNOVATIONS THAT HELP LOW-INCOME INDIVIDUALS AND FAMILIES HAVE THE KNOWLEDGE, SKILLS, AND RESOURCES THEY NEED TO BUILD ASSETS. THE PROGRAM ENSURES ADULTS ALSO HAVE ACCESS TO A RANGE OF PRODUCTS AND SERVICES THAT SUPPORT FINANCIAL CAPABILITY AND ASSET BUILDING, INCLUDING INDIVIDUAL DEVELOPMENT ACCOUNTS, FINANCIAL COACHING AND COUNSELING, FINANCIAL EDUCATION, AND ACCESS TO OTHER FINANCIAL PRODUCTS. THE PROGRAM PROVIDES TECHNICAL ASSISTANCE, RESEARCH, AND POLICY SUPPORT TO THE FIELD OF FINANCIAL CAPABILITY AND ASSET BUILDING PROVIDERS. IT IS ALSO ENSURING THAT LARGE PUBLIC SYSTEMS SUCH AS SCHOOLS, WORKFORCE DEVELOPMENT, HOUSING PROGRAMS, AND EMERGENCY ASSISTANCE INCORPORATE OPPORTUNITIES TO BUILD FINANCIAL CAPABILITY.
RESEARCH, POLICY, RACIAL WEALTH DIVIDE AND FIELD ENGAGEMENT: THE APPLIED RESEARCH TEAM AT PROSPERITY NOW PRODUCES AND DISSEMINATES THREE KINDS OF RESEARCH: (1) RESEARCH THAT HELPS DEFINE THE CURRENT STATE OF HOUSEHOLD FINANCIAL SECURITY IN THE U.S.; (2) RESEARCH THAT DOCUMENTS THE EMERGENCE AND GROWTH OF INNOVATIVE NEW PROGRAMS, POLICIES, AND PRODUCTS DESIGNED TO HELP IMPROVE FINANCIAL SECURITY FOR U.S. CONSUMERS, AND; (3) RESEARCH THAT BUILDS THE EVIDENCE BASE ABOUT THE EFFECTIVENESS OF THESE STRATEGIES.IN 2015, PROSPERITY NOW LAUNCHED THE RACIAL WEALTH DIVIDE INITIATIVE TO HELP PROSPERITY NOW ADDRESS RACIAL WEALTH INEQUALITY IN A MORE COMPREHENSIVE AND TARGETED MANNER. THE POLICY PROGRAM AT PROSPERITY NOW HELPS EDUCATE POLICYMAKERS, ADVOCATES AND THE PUBLIC ABOUT INNOVATIVE POLICY IDEAS THAT CAN SUPPORT LOW-INCOME HOUSEHOLDS IN THEIR EFFORTS TO STRENGTHEN THEIR FINANCIAL WELL-BEING.PROSPERITY NOW'S FIELD ENGAGEMENT TEAM CONNECTS, BUILDS THE CAPACITY OF AND MOBILIZES A BROAD RANGE OF STAKEHOLDERS IN THE ASSET-BUILDING AND FINANCIAL CAPABILITY FIELDS. THE TEAM MANAGES PROSPERITY NOW'S NATIONAL NETWORKS OF ADVOCATES, PRACTITIONERS, POLICYMAKERS AND OTHERS WORKING TO ENSURE THAT LOW- AND MODERATE-INCOME FAMILIES HAVE THE SKILLS, SUPPORT AND OPPORTUNITIES TO FUNDAMENTALLY IMPROVE THEIR ECONOMIC POSITION.
NATIONAL CONFERENCE AND COMMUNICATIONS: : PROSPERITY NOW'S COMMUNICATIONS TEAM SUPPORTS EACH OF ITS ONGOING PROGRAMS AS WELL AS THE LARGER GOALS OF THE ORGANIZATION BY ELEVATING PROSPERITY NOW'S BRAND, PROGRAMS, AND EXPERTS, AND BY PROMOTING AND EXPLAINING THE WORK OF PROSPERITY NOW TO A VARIETY OF STAKEHOLDERS. THIS WORK IS ACCOMPLISHED CHIEFLY THROUGH STRONG ENGAGEMENT IN SOCIAL MEDIA AND THE PUBLICATION OF BLOGS, NEWSLETTERS, REPORTS, POLICY PAPERS AND OTHER PRINTED MATERIALS THROUGH THE PROSPERITY NOW WEBSITE, TRADITIONAL MEDIA AND STAKEHOLDER OUTREACH. IN ADDITION, THE COMMUNICATIONS TEAM WORKS WITH THE ORGANIZATION'S OTHER CORE PROGRAMS TO PROVIDE TECHNICAL ASSISTANCE TO PROSPERITY NOW PARTNERS AND GRANTEES. THE COMMUNICATIONS TEAM IS ALSO CHARGED WITH PRODUCING PROSPERITY NOW'S BIENNIAL PROSPERITY SUMMIT (PREVIOUSLY REFERRED TO AS THE ASSETS LEARNING CONFERENCE), THE PREMIER NATIONAL CONVENING ON FINANCIAL CAPABILITY AND ASSET BUILDING. SINCE ITS LAUNCH IN THE LATE 1990S, THE CONFERENCE HAS ALWAYS BEEN A DYNAMIC EVENT, WITH EXTENSIVE NETWORKING AND BUSINESS-TO-BUSINESS BRIDGE-BUILDING, BALANCED WITH PRESENTATIONS BY NATIONAL LEADERS FROM THE PUBLIC AND PRIVATE SECTORS, PROMINENT RESEARCHERS, CUTTING-EDGE ANALYSTS AND NUTS-AND-BOLTS INNOVATORS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Victor Reinoso Chair | OfficerTrustee | 4 | $0 |
Courtney Howard Hodapp Vice Chair | OfficerTrustee | 4 | $0 |
Romilda Avila Treasurer | OfficerTrustee | 4 | $0 |
Ronald Grzywinski Secretary | OfficerTrustee | 4 | $0 |
Jackson Brossy Director | Trustee | 4 | $0 |
Darlene Goins Director | Trustee | 4 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Giant Machines Software Llc Software Engineering Support | 12/30/22 | $492,000 |
Porter Novelli Inc Communication And Public Relations Suppo | 12/30/22 | $383,795 |
Chapman Cubine Allen & Hussey Inc Fr & Consulting Services | 12/30/22 | $273,824 |
Boston Consulting Group Talent Acquisition Services | 12/30/22 | $180,000 |
Datakind Inc Data Science Consulting Services | 12/30/22 | $225,000 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $285,000 |
| All other contributions, gifts, grants, and similar amounts not included above | $15,749,692 |
| Noncash contributions included in lines 1a–1f | $69,262 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $16,034,692 |
| Total Program Service Revenue | $720,239 |
| Investment income | $318,286 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $26,400 |
| Net Gain/Loss on Asset Sales | $53,455 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $17,231,034 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $4,585,750 |
| 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. | $415,061 |
| Compensation of current officers, directors, key employees. | $16,602 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $8,741,203 |
| Pension plan accruals and contributions | $419,514 |
| Other employee benefits | $792,430 |
| Payroll taxes | $615,761 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $101,562 |
| Fees for services: Accounting | $50,804 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $412,495 |
| Fees for services: Investment Management | $37,157 |
| Fees for services: Other | $4,756,850 |
| Advertising and promotion | $0 |
| Office expenses | $82,961 |
| Information technology | $67,958 |
| Royalties | $0 |
| Occupancy | $742,409 |
| Travel | $627,517 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $1,276,025 |
| Interest | $28 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $63,834 |
| Insurance | $37,434 |
| All other expenses | $0 |
| Total functional expenses | $24,165,756 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $7,196,559 |
| Savings and temporary cash investments | $28,392 |
| Pledges and grants receivable | $2,050,000 |
| Accounts receivable, net | $4,257 |
| 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 | $485,236 |
| Net Land, buildings, and equipment | $138,722 |
| Investments—publicly traded securities | $8,417,535 |
| Investments—other securities | $0 |
| Investments—program-related | $2,250,000 |
| Intangible assets | $0 |
| Other assets | $4,824,773 |
| Total assets | $25,395,474 |
| Accounts payable and accrued expenses | $1,212,515 |
| Grants payable | $3,589,500 |
| 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 | $5,218,059 |
| Total liabilities | $10,020,074 |
| Net assets without donor restrictions | $850,158 |
| Net assets with donor restrictions | $14,525,242 |
| 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 | $25,395,474 |
Grants Awarded
Over the last fiscal year, Prosperity Now has awarded $4,560,750 in support to 43 organizations.
| Grant Recipient | Amount |
|---|---|
AMALGAMATED CHARITABLE FOUNDATION INC PURPOSE: TO PROMOTE THE ORGANIZATION'S MISSION & EXPAND ITS REACH TO THE UNDERSERVED POPULATION | $500,000 |
ENTREPRENEUR READY INC PURPOSE: TO PROMOTE THE ORGANIZATION'S MISSION & EXPAND ITS REACH TO THE UNDERSERVED POPULATION | $1,900,000 |
PACIFIC COMMUNITY VENTURES INC PURPOSE: TO PROMOTE THE ORGANIZATION'S MISSION & EXPAND ITS REACH TO THE UNDERSERVED POPULATION | $500,000 |
AFRICAN DEVELOPMENT CENTER PURPOSE: TO PROMOTE THE ORGANIZATION'S MISSION & EXPAND ITS REACH TO THE UNDERSERVED POPULATION | $173,125 |
COLLEGIATE DIRECTIONS INC PURPOSE: TO PROMOTE THE ORGANIZATION'S MISSION & EXPAND ITS REACH TO THE UNDERSERVED POPULATION | $50,000 |
CITY FIRST ENTERPRISES PURPOSE: TO PROMOTE THE ORGANIZATION'S MISSION & EXPAND ITS REACH TO THE UNDERSERVED POPULATION | $160,000 |