Overview
What is Prepare And Prosper?
Prepare And Prosper is a nonprofit organization located at 2610 University Ave W 450, St Paul, MN 55114. Their primary mission is to assist individuals with low to moderate incomes in improving their financial well-being. They achieve this through offering free tax preparation services, financial coaching, and facilitating access to financial products and services. The organization leverages the skills of numerous volunteers to help taxpayers navigate the tax code, meet their obligations, and often access income-boosting tax credits. By integrating financial services into the tax filing process, Prepare And Prosper provides an opportunity for individuals to enhance various aspects of their financial lives. To date, the organization has served over 7,700 taxpayers, returning a substantial amount in refunds and credits. A significant portion of their clients engages with at least one financial product, service, or referral offered by the nonprofit. With a workforce of 65 dedicated individuals, Prepare And Prosper aims to create economic opportunities for those they serve.
Official website here: www.prepareandprosper.org
What are the reviews and ratings of this charity?
Charity Navigator Rating: 96% - Four-Star out of Four Stars
Prepare And Prosper has achieved a commendable Four-Star rating from Charity Navigator, reflecting strong performance in accountability and finance. With an impressive accountability score of 97 and a culture and community score of 90, the organization demonstrates a solid commitment to transparency and community engagement. Its low fundraising efficiency ratio of $0.08 indicates that a small percentage of donations are spent on fundraising, optimizing resources for programs.
The organization exhibits a high program expense ratio of 83.51%, meaning a significant portion of funds is directed towards its core mission rather than administrative costs. The presence of a fully independent board and a solid working capital ratio of 1.09 years suggests stability and sound governance practices. Additionally, the charity has implemented robust policies, including a conflict of interest policy and feedback mechanisms, which have earned it perfect scores in both feedback collection and usage.
While Prepare And Prosper has demonstrated excellence across multiple metrics, the data does not indicate any notable limitations or challenges faced by the organization. Overall, its high ratings reflect a well-managed nonprofit dedicated to its mission and accountable to its stakeholders.
This AI summary has been generated from information found on Charity Navigator.
Is Prepare And Prosper legitimate?
Prepare And Prosper is a legitimate nonprofit organization registered as a 501(c)(3) entity. Prepare And Prosper submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $133,431
Professional Fundraising Fees: $0
Other Salaries and Wages: $1,228,911
For more financial information, click here
Official website here: www.prepareandprosper.org
What is the mission statement of Prepare And Prosper?
Prepare and Prosper, an organization, works towards enhancing the financial well-being of individuals with low to moderate incomes. They achieve this through offering free tax preparation, financial services, products, and coaching. Volunteers assist individuals in navigating the tax code, meeting their obligations, and accessing income-boosting tax credits. Prepare and Prosper's mission extends beyond taxes, integrating financial services into the tax filing process to help customers improve other financial areas. Trained volunteers provide customers with opportunities to engage with financial products, services, and referrals to advance their financial goals. A significant number of customers have benefited from these financial services, saving part or all of their refunds.
Official website here: www.prepareandprosper.org
Who is the CEO of Prepare And Prosper?
Suyapa Miranda is the President of Prepare And Prosper.
Official website here: www.prepareandprosper.org
What is the revenue of Prepare And Prosper?
Prepare And Prosper's revenue in 2022 was $2,156,071.
Official website here: www.prepareandprosper.org
Who are the executives of Prepare And Prosper and what are their salaries?
The average compensation at Prepare And Prosper during 2022 was $20,959. There are 65 employees and 341 volunteers at Prepare And Prosper.
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- Compensation: $101,565
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- Other: $1,649
Official website here: www.prepareandprosper.org
Where can I find the form 990 for Prepare And Prosper?
Prepare And Prosper's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.prepareandprosper.org
Learn more at the official website: www.prepareandprosper.org
Mission Statement of Prepare And Prosper
Prepare and Prosper, a nonprofit organization, is dedicated to enhancing the financial well-being of individuals with moderate to low incomes. Their mission is twofold: firstly, they provide free tax preparation services to help individuals comply with tax obligations and maximize their tax refunds, often through income-boosting tax credits like the EITC. Secondly, they offer financial coaching and access to various products and services to assist individuals in achieving their short-term and long-term financial goals.
By leveraging the skills of hundreds of volunteers, Prepare and Prosper aids individuals in navigating the complex tax code. Their tax preparation services have served over 7,700 taxpayers, returning over $20 million in refunds and credits. Moreover, they integrate financial services into the tax filing process, offering opportunities for customers to engage with and improve other financial aspects of their lives, such as reviewing credit reports, accessing financial products, and connecting to financial planning services.
Prepare and Prosper's financial services are designed to contribute to their clients' financial goals. Trained volunteers work with clients to determine if the organization's financial products, services, or referrals can be beneficial. This may include access to FAIR checking and savings accounts, connecting to pro-bono financial planning, or participating in Prepare and Prosper's financial coaching program, Money Mentors. Overall, Prepare and Prosper aims to empower individuals to manage their finances effectively, promoting financial stability and well-being.
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Impact
October, 2024
Prepare And Prosper (P+P) significantly impacts the financial well-being of individuals with low to moderate incomes by providing essential services such as free tax preparation, financial coaching, and banking access. By offering expertise in navigating the complexities of the tax code, P+P helps taxpayers fulfill their obligations while maximizing their returns, including income-boosting credits like the Earned Income Tax Credit (EITC).
To date, P+P has assisted 7,718 taxpayers, returning over $20 million in refunds and credits—often representing the largest influx of income they receive annually. This not only alleviates financial burdens but also allows individuals to engage proactively with their financial futures. During the tax preparation process, trained volunteers connect customers with various financial products and services designed to advance their short- and long-term financial goals.
Moreover, P+P integrates financial services into the tax filing experience, enabling customers to access tools such as credit report reviews and banking products. For instance, 856 customers engaged with at least one financial product or service in tax clinics, and 21.9% successfully saved part or all of their refunds. Through initiatives like the Money Mentors financial coaching program, P+P fosters continued personal financial growth, empowering individuals to create a pathway toward economic stability. By focusing on systemic change, P+P strives to create greater economic opportunities for those it serves, ultimately supporting the development of sustainable financial well-being in the community.
This information is meant to be a general summary of Prepare And Prosper. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2022.
- Investment Income: $5,469
- Program Service Revenue: $3,577
- Gross Receipts: $2,177,170
Assets and Liabilities:
- Total Assets: $2,509,288
- Total Liabilities: $108,091
- Net Assets: $2,401,197
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
Other Program Revenue
Revenue
$2,797
Training Fees
Revenue
$780
Organization Details
Founding Year
1971
Phone
(651) 287-0187Principal Officer
Suyapa Miranda
Main Address
2610 University Ave W 450, St Paul, MN, 55114
Website
www.prepareandprosper.orgNTEE Category
Code: P51Z - Human services
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