Overview
What is Prosperity Now?
Prosperity Now, formerly known as CFED, is a Washington D.C.-based nonprofit organization focused on empowering low-income individuals and families to build assets and financial capability. Through innovative programs and practices, they provide access to a range of products and services, including individual development accounts, financial coaching, financial education, and access to financial products. The organization also offers technical assistance, research, and policy support to the financial capability and asset building field. Prosperity Now aims to make financial security a reality for millions, enabling them to contribute to an opportunity economy. With a team of 101 employees, they drive responsive policy change at all government levels and support community leaders in advancing economic opportunity for all.
Official website here: www.prosperitynow.org
What are the reviews and ratings of this charity?
Charity Navigator Rating: 95% - Four-Star out of Four Star rating from Charity Navigator.
Prosperity Now has demonstrated exceptional performance across various metrics, earning a Four-Star rating, which reflects its strong accountability and financial management. With an impressive score of 94 in Accountability & Finance, the organization showcases a solid commitment to responsible stewardship of resources, evidenced by a low fundraising efficiency ratio of $0.08, indicating effective fundraising practices. The program expense ratio of 78.20% highlights a focus on direct program services, ensuring that a significant portion of expenditures supports its mission.
The organization excels in community engagement and leadership, achieving a perfect score of 100 in both Culture & Community and Leadership & Adaptability. This indicates a robust organizational culture and an adaptive leadership style that is responsive to changing needs. The board composition is exemplary, with 100% independent members and a well-structured oversight committee, further affirming the organization's commitment to ethical governance.
While the financial health appears strong with a working capital ratio of 0.85 years and a manageable liabilities to assets ratio of 39.45%, there may be slight concerns regarding liquidity. Nonetheless, the continued investment in leadership development and the absence of material diversions of assets reflect a stable and forward-thinking organization. Overall, Prosperity Now stands out for its high standards of accountability and community focus, positioning itself as a leader in promoting economic opportunity.
This AI summary has been generated from information found on Charity Navigator.
Is Prosperity Now legitimate?
Prosperity Now is a legitimate nonprofit organization registered as a 501(c)(3) entity. Prosperity Now 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: $997,962
Professional Fundraising Fees: $506,834
Other Salaries and Wages: $8,992,968
For more financial information, click here
Official website here: www.prosperitynow.org
What is the mission statement of Prosperity Now?
Prosperity Now, previously known as CFED, strives to enable millions of individuals to attain financial security and contribute to a thriving economy. Through their initiatives, they amplify practical solutions that empower low- and moderate-income people to accumulate wealth. They actively advocate for responsive policy changes at various levels of government to support economic opportunity for all. Furthermore, they support the efforts of community leaders nationwide in advancing economic prosperity for everyone.
Official website here: www.prosperitynow.org
Who is the CEO of Prosperity Now?
Gary Cunningham is the CEO of Prosperity Now The CEO's salary of Prosperity Now is $288,886 and their total compensation is $325,268.
Official website here: www.prosperitynow.org
What is the revenue of Prosperity Now?
Prosperity Now's revenue in 2023 was $20,410,607.
Official website here: www.prosperitynow.org
Who are the executives of Prosperity Now and what are their salaries?
The average compensation at Prosperity Now during 2023 was $113,533. There are 88 employees and 16 volunteers at Prosperity Now.
Here are 23 key members and their salaries (Prosperity Now's CEO's salary is $288,886 and their total compensation is $325,268):
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- Compensation: $288,886
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- Other: $29,790
- Compensation: $214,981
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- Other: $15,570
Official website here: www.prosperitynow.org
Where can I find the form 990 for Prosperity Now?
Prosperity Now's most recent form 990 was submitted in 2023 and can be accessed here.
Official website here: www.prosperitynow.org
Learn more at the official website: www.prosperitynow.org
Mission Statement of Prosperity Now
Prosperity Now, formerly known as CFED, is a mission-driven organization that strives to make financial security a reality for millions of people, enabling them to contribute to an opportunity economy. Through innovative and practical solutions, Prosperity Now empowers low-and moderate-income individuals to build wealth. The organization's efforts extend beyond individual empowerment and reach into policy change at all levels of government.
Prosperity Now's commitment to financial security for all extends beyond its direct impact on individuals. The organization also supports the initiatives of community leaders across the country, working together to advance economic opportunity for everyone. With a strong focus on scalable solutions, Prosperity Now is at the forefront of driving meaningful change in the lives of those most in need.
Prosperity Now's work is rooted in the belief that everyone deserves the opportunity to achieve financial stability and contribute to their communities. By providing innovative solutions and advocating for responsive policy change, Prosperity Now is making a significant impact on the lives of millions, helping them build wealth and secure a brighter future.
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Impact
October, 2024
Prosperity Now has a significant impact on low- and moderate-income individuals and families by enhancing their financial capability and promoting asset building. Through its Savings and Financial Capability Program, it provides innovative solutions that equip individuals with the knowledge, skills, and resources necessary to build wealth.
Key components of this program include access to individual development accounts, financial coaching and counseling, financial education, and other essential financial products and services. By offering technical assistance, research, and policy support, Prosperity Now strengthens the network of financial capability and asset building providers.
Moreover, the organization works to integrate financial capability opportunities into large public systems, such as schools, workforce development, and housing programs, ensuring that these vital services include pathways for individuals to achieve financial stability. As a result, Prosperity Now empowers millions to aspire toward financial security and actively participate in an opportunity economy, driving meaningful policy change and supporting community leaders dedicated to enhancing economic opportunity across the nation.
This information is meant to be a general summary of Prosperity Now. 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 2023.
- Investment Income: $176,314
- Program Service Revenue: $120,868
- Gross Receipts: $26,551,191
Assets and Liabilities:
- Total Assets: $25,395,474
- Total Liabilities: $10,020,074
- Net Assets: $15,375,400
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
CONTRACTS AND SERVICE FEE REVENUE
Revenue
$83,618
CONFERENCE REG. FEES
Revenue
$32,600
HONORARIUM
Revenue
$4,650
Organization Details
Founding Year
1979
Principal Officer
Cherie Collins Sims
Website
www.prosperitynow.orgNTEE Category
Code: S31Z - Community improvement
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