EIN 23-7131829

Prepare and Prosper

IRS 501(c) type
501(c)(3)
Num. employees
57
Year formed
1971
Most recent tax filings
2023-06-01
Description
Prepare and Prosper offers free tax prep, financial coaching, and banking access to low and moderate-income individuals in St. Paul.
Also known as...
Accountability Minnesota
Total revenues
$2,572,017
2023
Total expenses
$2,472,462
2023
Total assets
$3,147,378
2023
Num. employees
57
2023

Program areas at Prepare and Prosper

Prepare + Prosper (P+P) is a St. Paul-based economic justice nonprofit founded in 1971 to provide free high-quality tax preparation to low- and moderate-income Minnesotans. While tax preparation remains core, P+P has since evolved into a nationally recognized leader in financial inclusion by offering innovative, accessible programs and tools to support historically disinvested communities in building wealth and improving their financial health. P+P's mission is to work, along with volunteers, with people who have low to moderate incomes to build financial well-being through free tax preparation and financial services, products, and coaching, and by changing systems to create economic opportunity. P+P is committed to creating equity in financial well-being and promoting the creation and transmission of generational wealth. All programs free tax preparation, integrated financial services, FAIR, and financial coaching - provide tools people can use. Tax time is important for many Minnesotans, particularly if they qualify for refundable tax credits like the Earned Income Tax Credit (EITC), one of the nation's most effective anti-poverty tools, and P+P, a Volunteer Income Taxpayer Assistance (VITA) partner program since 1975, is Minnesota's largest conduit for these credits. In 2014, P+P launched two major initiatives Money Mentors and Financial Access in Reach (FAIR) to support greater financial well-being. Money Mentors provides coaching and resources to participants as they work toward self-identified goals like building credit or reducing debt. FAIR provides a three-product financial solution for financially underserved households and is designed to be scaled nationally through a community-based distribution model.P+P returned to in-person tax clinic services in summer 2022 and, during tax season 2023, offered tax clinics and integrated financial services at seven community partner sites and the main location in St. Paul. These in-person clinic options were supplemented with P+P's DIY Tax Prep which pairs access to a free TaxSlayer account with weekly webinars and technical support. Additionally, the self-employment tax program, led by seasoned tax preparers, supported sole proprietors in meeting their individual tax obligations throughout the year. As one of the only organizations in the area offering free ITINs and bilingual staff and volunteers, P+P continued to support immigrants navigate the US tax system. Finally, the Remote Tax Prep program offered older adults and people who have disabilities the opportunity to have their taxes completed by trained volunteers and receive the maximum tax credits and refunds they have earned, without having to travel to a tax clinic site. During FY23: P+P staff and volunteers assisted over 7,670 customers, including 973 self-employed people, with high quality tax preparation services, filing 16,550 federal and state returns, and bringing more than $15 million in tax refunds back to members of the community. More than 26% of customers who received services in tax clinics also accessed at least one financial service, product, referral and/or save all or part of their refund. P+P's Certifying Acceptance Agents helped 50 people apply for or renew their Individual Taxpayer Identification Numbers (ITINs) at no cost. ITINs allow people without Social Security Numbers to file tax returns. Money Mentors financial coaching program welcomed 14 new coaches and enrolled 97 new participants who work together toward individually identified financial goals. 74 new customers enrolled in FAIR products, offered in partnership with Sunrise Banks 35 checking, 57 savings, and 19 credit builder accounts; the distribution partner network expanded six-fold to 28 partners; and P+P launched an 18-month pilot project to determine if waiving the $3 checking maintenance fee reduced account closure and improved customer satisfaction.
P+P has worked to leverage the expertise of its staff, amplify the voices of people directly affected, and build cross sector partnerships and networks to inform policy and systems change and build a more equitable, inclusive financial future. Recent efforts include strengthening public policy related to tax credits, asset building, and consumer protection. P+P staff, volunteers, and customers have focused on generating support for the progressive tax policies and public programs that provide protection for the people most affected by Minnesota's economic and racial inequities. Over the past few years, these efforts have included:- Testifying in the House Tax Committee and hosting an engagement session for young workers to gain support for the $30 million expansion of the Working Family credit;- Supporting the Tax Time Savings Bill in 2019, which resulted in a $200,000 increase in funding to reach more families with free, high-quality tax and financial services; and- Monitoring and participating in tax reform deliberations to ensure protection and possible expansion of tax credits, with a focus on the Earned Income Tax Credit (EITC) and Child Tax Credit.P+P also works to shift policy through "proof of concept." For example, through the FAIR initiative, P+P has set out to change the overall financial products marketplace by demonstrating that affordable banking products designed to help people build and protect their wealth can be a sustainable (and profitable) business practice for financial institutions.Key Systems Change Partnerships- Governor's Workforce Development Board: Suyapa Miranda serves on the Equity and New Refugees committees of this taskforce which analyzes and recommends policies to the governor and legislature.- Minnesota Asset Building Coalition: Alejandro Valenzuela, Jr sits on the advisory board of this statewide coalition of 140 nonprofits creating asset-building opportunities and reducing systemic barriers to economic mobility by engaging direct service providers and their clients in effective advocacy.- St. Paul Office of Financial Empowerment + Financial Empowerment Community Council: P+P works with OFE's CollegeBound initiative and last fall got information about the Advanced Child Tax Credit into the hands of eligible families who had not accessed it. Suyapa Miranda sits on the Financial Empowerment Community Council which advises the Office.- Liberation in a Generation: Co-founder, Jeremie Greer is Vice-Chair of P+P's Board of Directors and consults on programming and initiatives.- Prosperity Now: Prosperity Now facilitates a national network of community-based VITA and financial coaching programs and several P+P staff serve on these national committees including Katy Schultz who recently stepped down as chair of the Taxpayer Opportunity Network. P+P is an active partner, presenting at convenings and contributing to field guides and toolkits.- Other VITA sites: P+P partners with VITA sites in urban, rural, and Native communities across Minnesota to share resources and best practices in free tax preparation and asset building services. P+P offers its volunteer training modules and manuals, technical assistance, and marketing materials and strategies.
Financial Capability + LearningPrepare + Prosper runs two specialized programs designed to increase the financial health and well-being of individuals, families, and communities: Money Mentors financial coaching and FAIR.

Who funds Prepare and Prosper

Grants from foundations and other nonprofits
GrantmakerDescriptionAmount
Northwest Area FoundationStrengthening Connection + Engagement To Build Financial Well-Being$185,000
JP Morgan Chase FoundationIn Support of Financial Health$125,000
Target FoundationEconomic Opportunity - Hometown$50,000
...and 25 more grants received totalling $667,020

Personnel at Prepare and Prosper

NameTitleCompensation
Alanna Barry.Chief Administrative Officer
Melissa KalalChief People Officer
Suyapa MirandaExecutive Director$131,833
Deena AndersDevelopment Director / Board Member
Maureen HartungDirector of Development
...and 16 more key personnel

Financials for Prepare and Prosper

RevenuesFYE 06/2023
Total grants, contributions, etc.$2,558,381
Program services$14,257
Investment income and dividends$16,430
Tax-exempt bond proceeds$0
Royalty revenue$0
Net rental income$0
Net gain from sale of non-inventory assets$0
Net income from fundraising events$-17,051
Net income from gaming activities$0
Net income from sales of inventory$0
Miscellaneous revenues$0
Total revenues$2,572,017

Form 990s for Prepare and Prosper

Fiscal year endingDate received by IRSFormPDF link
2023-062024-03-22990View PDF
2022-062022-11-10990View PDF
2021-062021-11-01990View PDF
2020-062021-02-22990View PDF
2019-062020-01-14990View PDF
...and 9 more Form 990s
Data update history
October 14, 2024
Updated personnel
Identified 3 new personnel
August 26, 2024
Received grants
Identified 2 new grant, including a grant for $8,000 from The Jaye F and Betty F Dyer Foundation
May 18, 2024
Received grants
Identified 2 new grant, including a grant for $29,888 from American Online Giving Foundation
May 17, 2024
Posted financials
Added Form 990 for fiscal year 2023
February 3, 2024
Received grants
Identified 12 new grant, including a grant for $185,000 from Northwest Area Foundation
Nonprofit Types
Human service organizationsFamily service centersCharities
Issues
Human services
Characteristics
Political advocacyLobbyingFundraising eventsState / local levelReceives government fundingEndowed supportCommunity engagement / volunteeringTax deductible donationsAccepts online donations
General information
Address
2610 University Ave W 450
Saint Paul, MN 55114
Metro area
Minneapolis-St. Paul-Bloomington, MN-WI
County
Ramsey County, MN
Website URL
prepareandprosper.org/ 
Phone
(651) 262-2155
Facebook page
prepareandprosper 
Twitter profile
@prepareprosper 
IRS details
EIN
23-7131829
Fiscal year end
June
Taxreturn type
Form 990
Year formed
1971
Eligible to receive tax-deductible contributions (Pub 78)
Yes
Categorization
NTEE code, primary
P50: Personal Social Services
NAICS code, primary
624190: Individual and Family Services
Parent/child status
Independent
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