Overview
What is The Prosperity Foundation Inc?
The Prosperity Foundation Inc, situated in New Haven, Connecticut, is a compact nonprofit organization with a mission to bolster Connecticut's African-American/Black communities. They primarily focus on three key areas: economic development, education, and health. To achieve this, they grant awards to various organizations, facilitating educational training in STEM programs and other related fields. With a modest workforce of two dedicated individuals, The Prosperity Foundation Inc strives to contribute positively to its community by promoting growth and improvement in essential sectors.
Official website here: www.tpfct.org
What are the reviews and ratings of this charity?
Charity Navigator Rating: 0 Stars
The Prosperity Foundation Inc has received a score of 45% from Charity Navigator, resulting in a Zero-Star out of Four Star rating. This low rating reflects significant concerns regarding its accountability and financial transparency. While the organization boasts a fully independent board and has effective policies in place, such as conflict of interest and whistleblower policies, it falls short in financial reporting. Notably, the foundation has not provided financial statements, which has heavily impacted its score.
The organization demonstrates a commitment to governance, as evidenced by its complete independent board membership and the presence of documented meeting minutes. However, the absence of financial statements and a missing tax form on its website raises red flags about its overall transparency. Additionally, the program expense ratio of approximately 45% indicates that less than half of its expenditures go towards its programs, which is below the industry standard.
On a more positive note, The Prosperity Foundation Inc shows strength in its culture and community engagement, scoring 77 in these areas. It also has implemented equity strategies effectively, earning a score of 77 out of 100. Despite this, the substantial gaps in financial data reporting overshadow these strengths, posing challenges for potential donors or stakeholders looking for accountability and effective financial management.
This AI summary has been generated from information found on Charity Navigator.
Is The Prosperity Foundation Inc legitimate?
The Prosperity Foundation Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. The Prosperity Foundation Inc 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: $100,000
Professional Fundraising Fees: $0
Other Salaries and Wages: $2,308
For more financial information, click here
Official website here: www.tpfct.org
What is the mission statement of The Prosperity Foundation Inc?
The Prosperity Foundation Inc is dedicated to enhancing the well-being of African-American and Black communities in Connecticut, focusing on three key areas: economic development, education, and health. Their mission involves engaging in charitable and educational activities aimed at strengthening these sectors. The foundation has demonstrated this commitment by awarding grants to numerous organizations, specifically for educational initiatives in STEM programs and similar fields.
Official website here: www.tpfct.org
Who is the CEO of The Prosperity Foundation Inc?
Orsella Hughes is the Executive Dir. of The Prosperity Foundation Inc.
Official website here: www.tpfct.org
What is the revenue of The Prosperity Foundation Inc?
The Prosperity Foundation Inc's revenue in 2022 was $1,820,718.
Official website here: www.tpfct.org
Who are the executives of The Prosperity Foundation Inc and what are their salaries?
The average compensation at The Prosperity Foundation Inc during 2022 was $51,154. There are 2 employees and 7 volunteers at The Prosperity Foundation Inc.
Here are 8 key members and their salaries:
- Compensation: $100,000
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
Official website here: www.tpfct.org
Where can I find the form 990 for The Prosperity Foundation Inc?
The Prosperity Foundation Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.tpfct.org
Learn more at the official website: www.tpfct.org
Mission Statement of The Prosperity Foundation Inc
The Prosperity Foundation Inc is committed to enacting charitable and educational initiatives aimed at bolstering the strength of Connecticut's African-American/Black communities. This nonprofit organization focuses on three key areas: economic development, education, and health. Its mission is to contribute positively to these sectors and ultimately improve the overall well-being of the African-American/Black community in Connecticut.
To achieve its mission, The Prosperity Foundation Inc awards grants to various organizations that conduct educational programs in STEM (Science, Technology, Engineering, and Mathematics) fields and other related areas. By investing in these initiatives, the foundation seeks to promote educational opportunities that can empower individuals within the community and potentially lead to improved economic prospects. By strengthening education, the foundation hopes to contribute to a more self-sufficient and prosperous African-American/Black community in Connecticut.
Shop smarter and support your favorite cause with the Give Freely browser extension. Save money with coupons and donate to charity with a single click. Download now!
Impact
July, 2024
The Prosperity Foundation Inc has made a significant impact on strengthening Connecticut's African-American/Black communities through its pursuit of charitable and educational activities. This organization has awarded 31 grants to various organizations conducting educational training in STEM programs and other important areas. By focusing on economic development, education, and health initiatives, The Prosperity Foundation Inc is making tangible improvements in the lives of individuals within these communities in New Haven, CT. Their mission to support and empower these communities is evident in the positive outcomes they have achieved.
This information is meant to be a general summary of The Prosperity Foundation Inc. 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: $36,132
- Gross Receipts: $1,820,718
Assets and Liabilities:
- Total Assets: $1,929,277
- Total Liabilities: $0
- Net Assets: $1,929,277
Want to help this charity, for free? You can click here to learn more about Give Freely
Organization Details
Founding Year
2015
Phone
(203) 909-1315Principal Officer
Orsella Hughes
Main Address
1287 Chapel St, New Haven, CT, 06511
Website
www.tpfct.orgNTEE Category
Code: P20 - Human services
If you are a representative of The Prosperity Foundation Inc and wish to learn more about how Give Freely can help you raise funds, please click here: https://givefreely.com/nonprofits/. Our services are offered at no cost to your organization.