Prosperity Works
- Assets
- $1.4m
- Revenue
- $462.2k
- Investments
- $0.0
- Employees
- 8
- Location
- Albuquerque, NM
- Founding
- 02/2000
- Data as of
- 09/2021
- EIN
- 85-0466059
Organization Overview
Prosperity Works is located in Albuquerque, NM. The organization was established in 2000. According to its NTEE Classification (Y02) the organization is classified as: Management & Technical Assistance, under the broad grouping of Mutual & Membership Benefit and related organizations. As of 09/2021, Prosperity Works employed 8 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Prosperity Works 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 09/2021, Prosperity Works generated $462.2k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 6 years, the organization has seen revenues fall by an average of (12.5%) each year. All expenses for the organization totaled $658.0k during the year ending 09/2021. 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
PROSPERITY WORKS BUILDS THE CAPACITY OF ORGANIZATIONS AND ADVOCATES FOR POLICIES THAT GENERATE ECONOMIC PROSPERITY FOR ALL NEW MEXICANS. THROUGH THIS WORK, WE IMPLEMENT A VISION THAT EVERY NEW MEXICAN HAS THE OPPORTUNITY, KNOWLEDGE AND RELATIONSHIPS TO ACHIEVE ECONOMIC PROSPERITY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
FINANCIAL INCLUSION AND OPPORTUNITY- INDIVIDUAL DEVELOPMENT ACCOUNTS (IDAS) HAVE BEEN DEPLOYED TO ENCOURAGE SAVINGS, INVESTMENT AND ASSET ACCUMULATION AMONG MODERATE INCOME AND WORKING FAMILIES. IDAS ARE MATCHED SAVINGS ACCOUNTS THAT ARE USED TO (A) BUY A FIRST HOME (B) PURSUE POST SECONDARY EDUCATION (C) START OR EXPAND A SMALL BUSINESS. IN COUNTIES THROUGHOUT NEW MEXICO, PROSPERITY WORKS AND ITS PARTNERS USE IDAS TO STABILIZE FAMILIES FINANCIALLY, ASSIST THEM IN BUILING ASSETS, AND BUILD STRONG COMMUNITIES. IT IS WITH BANKS, CREDIT UNIONS, NGO'S AND PUBLIC AND PRIVATE INVESTMENTS THAT WE ARE ABLE TO OPERATE THE NEW MEXICO ASSETS CONSORTIUM THAT MANAGES THIS RURAL AND URBAN DELIVERY SYSTEM.
CONSUMER ADVOCACY. PROSPERITY WORKS FORMED THE NEW MEXICO FAIR LENDING COALITION TO WORK WITH ORGANIZATIONS AND COMMUNITIES ACROSS THE STATE TO LIMIT THE ABUSES IN STORE FRONT LENDING AND TO PROVIDE AN ALTERNATVE FOR ACCESS TO CAPITAL THAT IS FAIR, EASILY ACCESSED, TRANSPARENT, AND ONE THAT PROVIDES A MEANS TO BUILD A CREDIT HISTORY.
CHILDRENS ECONOMIC SECURITY: PROSPERITY KIDS IS A MATCHED COLLEGE SAVINGS ACCOUNT INITIATIVE. IT IS DESIGNED TO LEVERAGE THE IMPORTANT WORK OF PARTNER ORGANIZATIONS THUS FURTHERING THEIR ENGAGEMENT WITH CLIENTS AND INCREASING THEIR IMPACT. THUS, YOUNG PARENTS ARE RETAINED IN HOME VISITNG PROGRAMS; SINGLE PARENT COLLEGE STUDENTS SUSTAIN THEIR ENROLLMENT; HEADSTART PARENTS PARTICIPATE IN PROGRAM REQUIREMENTS; AND, PARENTS ENROLLED IN CHILD DEVELOPMENT AND COMMUNITY LEADERSHIP COURSES MAKE MAJOR INVESTMENTS IN THE HEALTHLY DEVELOPMENT EDUCATION OF THEIR CHILDREN AND OF THEIR FAMILY AS A WHOLE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Ona Porter Founder Emer | Officer | 40 | $39,608 |
Arellana Cordero CEO (to Marc | Officer | 40 | $28,426 |
Daya Khalsa Chairman | OfficerTrustee | 5 | $0 |
Juan Abeyta Vice Chairma | OfficerTrustee | 1 | $0 |
Amber Carillo Secretary | OfficerTrustee | 1 | $0 |
Susan M Morrison Past Chairwo | OfficerTrustee | 1 | $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 | $433,550 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $433,550 |
| Total Program Service Revenue | $6,928 |
| Investment income | $704 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $5,000 |
| 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 | $462,169 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $19,800 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $70,034 |
| Compensation of current officers, directors, key employees. | $17,030 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $206,627 |
| Pension plan accruals and contributions | $714 |
| Other employee benefits | $26,690 |
| Payroll taxes | $19,802 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $104,789 |
| Advertising and promotion | $400 |
| Office expenses | $1,973 |
| Information technology | $27,532 |
| Royalties | $0 |
| Occupancy | $34,817 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $548 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $2,100 |
| All other expenses | $0 |
| Total functional expenses | $657,966 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $363,927 |
| Savings and temporary cash investments | $483,636 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $496 |
| 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 | $178 |
| Net Land, buildings, and equipment | $105,000 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $448,900 |
| Total assets | $1,402,137 |
| Accounts payable and accrued expenses | $24,244 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $449,300 |
| 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 | $50,250 |
| Total liabilities | $523,794 |
| Net assets without donor restrictions | $878,343 |
| Net assets with donor restrictions | $0 |
| 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 | $1,402,137 |
Grants Recieved
Over the last fiscal year, we have identified 5 grants that Prosperity Works has recieved totaling $246,421.
| Awarding Organization | Amount |
|---|---|
Marshall L And Perrine D Mccune Charitable Foundation Santa Fe, NM PURPOSE: GENERAL OPERATING SUPPORT | $90,000 |
Santa Fe Community Foundation Santa Fe, NM PURPOSE: GENERAL OPERATING SUPPORT | $76,260 |
United States Energy Foundation San Francisco, CA PURPOSE: TO SUPPORT EDUCATION AND OUTREACH TO BUILD A CLEAN ENERGY FUTURE. TO SUPPORT THE ORGANIZATION'S UNANTICIPATED NEEDS. | $75,000 |
Pnm Foundation Inc Albuquerque, NM PURPOSE: REDUCE YOUR USE GRANTS | $5,000 |
Amazonsmile Foundation Seattle, WA PURPOSE: GENERAL SUPPORT | $161 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Operating Engineers Union 3 Pensioned Health & Welfare Fund Alameda, CA | $267,164,659 | $118,212,622 |
Santa Monica Unite Here Health Benefit Plan Los Angeles, CA | $90,475,217 | $108,535,750 |
Eighth District Electrical Benefit Las Vegas, NV | $118,392,460 | $100,887,270 |
Stationary Engineers Welfare Fund Pleasanton, CA | $174,720,411 | $105,937,986 |
Los Angeles Firemens Relief Association Los Angeles, CA | $301,793,711 | $126,355,681 |
California Field Iron Worker Vacation Tr Fund Pasadena, CA | $33,176,478 | $91,008,100 |
Los Angeles County Fire Fighters Local 1014 El Monte, CA | $309,492,833 | $115,023,931 |
Brazos Sandy Creek Electric Cooperative Inc Houston, TX | $476,133,566 | $90,167,263 |
Louisiana Sheriffs Association Group Benefits Tr Baton Rouge, LA | $29,172,289 | $79,789,053 |
Medical And Life Benefits Plan Tr For Hourly Retirees Plano, TX | $192,864,033 | $61,135,347 |
Citgo Employees Benefit Trust Tulsa, OK | $49,627,698 | $95,340,803 |
Nonprofits Insurance Alliance Of California Santa Cruz, CA | $422,311,251 | $88,356,752 |