Overview
What is Prosperus Detroit Micro-Lending?
Prosperus Detroit Micro-Lending is a Detroit, Michigan-based nonprofit organization situated at 684 W Baltimore St 101. Their primary mission is to foster economic equity in underprivileged communities by providing entrepreneurs with the necessary resources and capital to establish thriving businesses and generate wealth for future generations. In 2022, they disbursed over $900,000 in microloans, supporting a multitude of ventures. Additionally, ProsperUs offers business development training courses, personal financial coaching, and facilitates various business service projects, helping 115 entrepreneurs, 21 individuals, and 162 businesses, respectively. The nonprofit's activities are geared towards creating vibrant and revitalized neighborhoods. With a team of 14 dedicated employees, ProsperUs is committed to making a positive impact on Detroit's under-resourced communities.
What are the reviews and ratings of this charity?
Charity Navigator Rating: 95% (Four-Star out of Four Stars)
Prosperus Detroit Micro-Lending has achieved a high rating of 95%, reflecting strong performance in accountability and finance. This rating is significant as it indicates the organization operates with a high level of transparency and financial health, which is essential for donor confidence. The charity's score is exclusively derived from its accountability and finance practices, emphasizing its commitment to maintaining rigorous standards.
The organization boasts a fully independent board of directors, which is a positive indicator of governance. With 10 out of 10 points for independent board members and robust financial oversight, Prosperus demonstrates a solid structure for decision-making. The absence of any material asset diversion and the presence of comprehensive policies, such as conflict of interest and whistleblower protocols, further point to its strong ethical framework.
On the operational side, Prosperus Detroit Micro-Lending shows impressive financial metrics, including a program expense ratio of 83.72%, which indicates that a large portion of its funds is directed towards its mission. Additionally, its fundraising efficiency ratio is commendable at $0.022, suggesting effective fundraising practices. Overall, while the organization shows remarkable strengths, ongoing monitoring of its financial practices and community impact will be crucial for sustained success.
This AI summary has been generated from information found on Charity Navigator.
Is Prosperus Detroit Micro-Lending legitimate?
Prosperus Detroit Micro-Lending is a legitimate nonprofit organization registered as a 501(c)(3) entity. Prosperus Detroit Micro-Lending 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: $193,619
Professional Fundraising Fees: $0
Other Salaries and Wages: $619,093
For more financial information, click here
What is the mission statement of Prosperus Detroit Micro-Lending?
ProsperUs, an organization dedicated to economic equality, supports entrepreneurs in under-resourced communities by providing them with essential opportunities and capital. Their mission is to assist these entrepreneurs in establishing businesses, fostering generational wealth, and revitalizing neighborhoods. In 2022, ProsperUs disbursed over $900,000 in microloans, and offered business development training classes to 115 entrepreneurs, as well as personal financial coaching to 21 individuals. Furthermore, they facilitated 162 business service projects to help these entrepreneurs succeed.
Who is the CEO of Prosperus Detroit Micro-Lending?
Chanell Scott Contreras is the Chairman of Prosperus Detroit Micro-Lending.
What is the revenue of Prosperus Detroit Micro-Lending?
Prosperus Detroit Micro-Lending's revenue in 2022 was $3,302,099.
Who are the executives of Prosperus Detroit Micro-Lending and what are their salaries?
The average compensation at Prosperus Detroit Micro-Lending during 2022 was $58,051. There are 14 employees and 8 volunteers at Prosperus Detroit Micro-Lending.
Here are 9 key members and their salaries:
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- Compensation: $166,450
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- Other: $23,611
Where can I find the form 990 for Prosperus Detroit Micro-Lending?
Prosperus Detroit Micro-Lending's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Prosperus Detroit Micro-Lending
ProsperUs Detroit Micro-Lending, an organization dedicated to advancing economic equity, focuses on supporting entrepreneurs in under-resourced communities. Their mission is to provide these entrepreneurs with the essential opportunities and capital required to establish businesses, generate wealth across generations, and revitalize neighborhoods. By offering microloans, business development training classes, personal financial coaching, and facilitating various business service projects, ProsperUs Detroit Micro-Lending empowers entrepreneurs to create sustainable ventures, thereby contributing to the overall improvement of their communities.
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Impact
July, 2024
Prosperus Detroit Micro-Lending's impact includes deploying over $900,000 in microloans in 2022, supporting 115 entrepreneurs with business development training classes, providing personal financial coaching to 21 individuals, and facilitating 162 business service projects. This initiative plays a crucial role in advancing economic equity in under-resourced communities, empowering entrepreneurs to build businesses, create generational wealth, and contribute to the vibrancy of neighborhoods in Detroit.
This information is meant to be a general summary of Prosperus Detroit Micro-Lending. 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: $114,921
- Gross Receipts: $3,302,099
Assets and Liabilities:
- Total Assets: $3,608,105
- Total Liabilities: $66,456
- Net Assets: $3,541,649
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
Interest income from l
Revenue
$69,375
Service income fees
Revenue
$32,617
Loan fees
Revenue
$12,929
Organization Details
Founding Year
2013
Phone
(313) 586-0655Principal Officer
Chanell Scott Contreras
Main Address
684 W Baltimore St 101, Detroit, MI, 48202
NTEE Category
Code: S31 - Community improvement
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