Overview
What is Prosperity Works?
Prosperity Works is a nonprofit organization based in Albuquerque, New Mexico, with a mission to foster economic prosperity for all New Mexicans. They achieve this by building the capacity of organizations and advocating for policies that promote financial well-being. One of their key initiatives involves deploying Individual Development Accounts (IDAs) to encourage savings, investment, and asset accumulation among moderate-income and working families. These accounts can be used for various purposes, such as buying a first home, pursuing post-secondary education, starting or expanding a small business, purchasing a car, repairing a home, or going to work or school. Prosperity Works collaborates with banks, credit unions, NGOs, and public and private investments to operate the New Mexico Assets Consortium, which manages this rural and urban delivery system. Their aim is to stabilize families financially, help them build assets, and contribute to the development of strong communities. With a workforce of six individuals, Prosperity Works is committed to providing opportunities, knowledge, and relationships for New Mexicans to achieve economic prosperity.
Official website here: www.prosperityworks.net
What are the reviews and ratings of this charity?
Charity Navigator Rating: 87%, Three-Star out of Four Star rating.
Prosperity Works has achieved a solid rating of 87%, reflecting its strong accountability and financial management practices. The organization has a fully independent board and demonstrates a commitment to transparency through its various policies, such as conflict of interest and whistleblower policies. Additionally, it has a high program expense ratio of 85.73%, indicating that the majority of its funding is directed towards its programs rather than administrative costs.
User feedback highlights the positive impact that Prosperity Works has on the community, particularly in helping individuals transition from poverty to prosperity through initiatives like Individual Development Accounts and Child Savings Accounts. Donors appreciate the effectiveness of these programs, noting that contributions are often matched, significantly amplifying their impact. Reviews suggest that the organization not only supports individual financial growth but also engages in advocacy to address systemic issues like predatory lending practices.
While the organization has a commendable performance in many areas, its liabilities to assets ratio of 61.68% may indicate some level of financial risk. Nonetheless, the overall sentiment from both the charity's rating and user reviews points to Prosperity Works as a trustworthy and impactful organization within its community.
This AI summary has been generated from information found on Charity Navigator and Great Nonprofits.
What do the Facebook reviews say about Prosperity Works?
96% of 9 reviewers on Facebook recommend this charity. Here is a summary of their reviews:
Many users express strong support for Prosperity Works, highlighting the organization's effectiveness in helping individuals transform their relationship with money. The training, programs, and services provided are praised for creating tangible paths to wealth accumulation while also addressing the issue of poverty. Reviewers commend the dedicated team for their impactful work and commitment to solving complex problems.
Overall, there is a clear appreciation for Prosperity Works' mission and initiatives, with users feeling that the organization truly delivers on its promises to empower individuals and foster financial stability. The positive sentiment reflects a strong belief in the nonprofit's ability to create lasting change in the community.
This AI summary has been generated from reviews found on Facebook.
Is Prosperity Works legitimate?
Prosperity Works is a legitimate nonprofit organization registered as a 501(c)(3) entity. Prosperity Works 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: $181,267
Professional Fundraising Fees: $0
Other Salaries and Wages: $181,670
For more financial information, click here
Official website here: www.prosperityworks.net
What is the mission statement of Prosperity Works?
Prosperity Works strives to enhance the economic prosperity of all New Mexicans by strengthening organizations and advocating for policies that foster financial inclusion and opportunity. Through this work, they aim to create a vision where every individual has the chance, knowledge, and connections to achieve economic prosperity. One of their key initiatives involves Individual Development Accounts (IDAs), which encourage savings, investment, and asset accumulation among moderate-income and working families. These IDAs can be used for various purposes such as purchasing a home, pursuing post-secondary education, starting or expanding a small business, purchasing a car, or repairing a home. By collaborating with banks, credit unions, NGOs, and public and private investments, Prosperity Works and its partners operate the New Mexico Assets Consortium, providing a rural and urban delivery system that stabilizes families financially, helps them build assets, and fosters strong communities.
Official website here: www.prosperityworks.net
Who is the CEO of Prosperity Works?
Dr Ann Lyn Hall is the CEO of Prosperity Works The CEO's salary of Prosperity Works is $121,254 and their total compensation is $125,260.
Official website here: www.prosperityworks.net
What is the revenue of Prosperity Works?
Prosperity Works's revenue in 2023 was $662,063.
Official website here: www.prosperityworks.net
Who are the executives of Prosperity Works and what are their salaries?
The average compensation at Prosperity Works during 2023 was $60,490. There are 6 employees and 2 volunteers at Prosperity Works.
Here are 7 key members and their salaries (Prosperity Works's CEO's salary is $121,254 and their total compensation is $125,260):
- Compensation: $121,254
- Related: $0
- Other: $4,006
- Compensation: $54,376
- Related: $0
- Other: $1,631
- 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.prosperityworks.net
Where can I find the form 990 for Prosperity Works?
Prosperity Works's most recent form 990 was submitted in 2023 and can be accessed here.
Official website here: www.prosperityworks.net
Learn more at the official website: www.prosperityworks.net
Mission Statement of Prosperity Works
Prosperity Works, as an organization, is committed to building the capacity of various entities and advocating for policies that foster economic prosperity for all New Mexicans. Through this work, Prosperity Works seeks to implement a vision where every New Mexican has the opportunity, knowledge, and relationships necessary to achieve economic prosperity.
One of the ways Prosperity Works achieves this mission is by implementing Individual Development Accounts (IDAs). IDAs are matched savings accounts that encourage savings, investment, and asset accumulation among moderate-income and working families. These accounts can be used for various purposes, such as buying a first home, pursuing post-secondary education, starting or expanding a small business, purchasing a car for work or school, or repairing a home. By partnering with banks, credit unions, NGOs, public, and private investments, Prosperity Works operates the New Mexico Assets Consortium, which manages a rural and urban delivery system. This system is instrumental in financially stabilizing families, assisting them in building assets, and strengthening communities across New Mexico.
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Impact
July, 2024
Prosperity Works's impact lies in building the capacity of organizations and advocating for policies that foster economic prosperity for all New Mexicans. By deploying Individual Development Accounts (IDAs) to encourage savings, investment, and asset accumulation among moderate-income and working families, Prosperity Works helps stabilize families financially, assists in building assets, and contributes to the creation of strong communities throughout New Mexico. Through partnerships with banks, credit unions, NGOs, and public and private investments, the New Mexico Assets Consortium effectively manages this rural and urban delivery system, enabling individuals to buy homes, pursue post-secondary education, start businesses, acquire vehicles for work or school, and repair homes. This approach not only empowers individuals but also contributes to the overall economic well-being of the entire community.
This information is meant to be a general summary of Prosperity Works. 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: $2,296
- Program Service Revenue: $243,608
- Gross Receipts: $662,063
Assets and Liabilities:
- Total Assets: $1,771,855
- Total Liabilities: $1,092,984
- Net Assets: $678,871
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
PROGRAM SERVICE FEES
Revenue
$243,608
Organization Details
Founding Year
1999
Principal Officer
Dr Ann Lyn Hall
Website
www.prosperityworks.netNTEE Category
Code: Y02 - Mutual benefit
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