Overview
What is Prism Economic Development Corporation?
Prism Economic Development Corporation, situated in Milwaukee, Wisconsin, is a nonprofit organization committed to fostering economic growth and promoting human flourishing in the Sherman Park Community. They achieve this by offering a unique resource – Upstart Kitchen. This shared kitchen space provides budding entrepreneurs in economically disadvantaged areas with access to professional-grade facilities and a supportive community. In addition to offering a platform for business development, Prism Economic Development Corporation also organizes catering events, providing these entrepreneurs with opportunities to enhance their skills and gain exposure for their products.
Official website here: www.prismedc.org
What are the reviews and ratings of this charity?
Charity Navigator Rating: Two-Star out of Four Stars (Needs Improvement) - Score: 66%
Prism Economic Development Corporation has received a two-star rating from Charity Navigator, indicating a need for improvement in its accountability and financial practices. While the organization demonstrates a strong commitment to having a 100% independent board, it faces significant challenges in other areas, particularly in financial transparency and governance. The organization scored poorly on the Independent Board Size and Financial Statements criteria, suggesting a lack of robust financial reporting mechanisms.
Despite these issues, Prism Economic Development Corporation excels in its program expense ratio, allocating 85.59% of its expenses directly to its programs. This indicates a strong focus on fulfilling its mission rather than administrative costs. Furthermore, the nonprofit has a solid track record regarding asset management and conflict of interest policies, which are essential for maintaining operational integrity.
However, areas of concern include the absence of a whistleblower policy and inadequate documentation practices, as highlighted by low scores in these categories. Additionally, the organization's tax form is not posted on its website, which could hinder transparency efforts. Addressing these limitations will be crucial for enhancing trust and improving its overall rating in the future.
This AI summary has been generated from information found on Charity Navigator.
Is Prism Economic Development Corporation legitimate?
Prism Economic Development Corporation is a legitimate nonprofit organization registered as a 501(c)(3) entity. Prism Economic Development Corporation 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: $0
Professional Fundraising Fees: $0
Other Salaries and Wages: $95,787
For more financial information, click here
Official website here: www.prismedc.org
What is the mission statement of Prism Economic Development Corporation?
Prism Economic Development Corporation's mission is centered around providing resources to the Sherman Park community, aiming to foster sustainable economic growth and promote human flourishing. Specifically, Prism EDC strives to make these resources accessible, enabling the community to thrive economically. One of their initiatives, the Upstart Kitchen, offers a professional-grade kitchen to budding entrepreneurs in economically depressed areas. By providing this facility, Prism EDC also offers an ecosystem of community support, enabling these entrepreneurs to hone their skills and increase their visibility through catering events.
Official website here: www.prismedc.org
Who is the CEO of Prism Economic Development Corporation?
Walter Harvey is the President of Prism Economic Development Corporation.
Official website here: www.prismedc.org
What is the revenue of Prism Economic Development Corporation?
Prism Economic Development Corporation's revenue in 2022 was $1,155,184.
Official website here: www.prismedc.org
Who are the executives of Prism Economic Development Corporation and what are their salaries?
The average compensation at Prism Economic Development Corporation during 2022 was $23,947. There are 4 employees and 25 volunteers at Prism Economic Development Corporation.
Here are 4 key members and their salaries:
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $39,000
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
Official website here: www.prismedc.org
Where can I find the form 990 for Prism Economic Development Corporation?
Prism Economic Development Corporation's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.prismedc.org
Learn more at the official website: www.prismedc.org
Mission Statement of Prism Economic Development Corporation
Prism Economic Development Corporation is an organization committed to serving the Sherman Park Community by providing them with resources that foster sustained economic growth and human flourishing. Its mission is to create an environment where local entrepreneurs in economically depressed areas have access to professional-grade kitchen facilities and a supportive community. By offering these resources, Prism EDC aims to empower these entrepreneurs, allowing them to hone their skills and increase their visibility in the local market through catering events. This approach ultimately contributes to the overall economic growth and well-being of the Sherman Park Community.
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Impact
October, 2024
Prism Economic Development Corporation significantly impacts the Sherman Park Community by fostering economic growth and supporting human flourishing. Through its initiative, Upstart Kitchen, it provides budding entrepreneurs in economically distressed areas access to a professional-grade kitchen and a robust ecosystem of community support. This facility has not only empowered local entrepreneurs to develop their culinary skills but has also facilitated 18 catering events, allowing them to showcase their products and services to the broader community. By creating opportunities for skill development and economic engagement, Prism helps to revitalize the Sherman Park area, contributing to the overall sustainability and growth of the local economy.
This information is meant to be a general summary of Prism Economic Development Corporation. 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.
- Program Service Revenue: $197,924
- Gross Receipts: $1,155,184
Assets and Liabilities:
- Total Assets: $1,174,483
- Total Liabilities: $148,638
- Net Assets: $1,025,845
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
UpStart Kitchen
Revenue
$42,420
Catering Services
Revenue
$155,504
Organization Details
Founding Year
2011
Phone
(262) 227-6507Principal Officer
Walter Harvey
Main Address
3725 N Sherman Blvd, Milwaukee, WI, 53216
Website
www.prismedc.orgNTEE Category
Code: P40 - Human services
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