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Nonprofiteer
← PROSPERA INITIATIVES INC

Form 990 for tax year 2024

Filed by PROSPERA INITIATIVES INC.

Totals

Total revenue
$4,478,265
Total expenses
$4,446,365
Contributions and grants received
$4,408,962
Grants paid
$0
Program service revenue
$0
Investment income
$146,338
Other revenue
-$77,035
Total assets, end of year
$5,902,594
Total liabilities, end of year
$1,172,605
Net assets or fund balances, end of year
$4,729,989
Program services expenses (Part IX)
$3,530,440
Management and general expenses
$367,462
Fundraising expenses
$548,463
Program service expenses (Part III)
$3,530,440

Program services were 79.4% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 1c · Fundraising events

    $533,954

  • 1e · Government grants (contributions)

    $1,905,240

  • 1f · All other contributions, gifts and grants

    $1,969,768

  • 1g · Noncash contributions included above

    $273,878

  • 2f · All other program service revenue

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 3 · Investment income

    total $147,340 · excluded $147,340

  • 6c · Rental income or loss

    real property $0 · personal property $0

  • 7b · Less cost or other basis and sales expenses

    other assets $1,002

  • 7c · Gain or loss

    securities $0 · other assets -$1,002

  • 7d · Net gain or loss

    total -$1,002 · excluded -$1,002

  • 8a · Fundraising events: gross income

    $61,086

  • 8a · Fundraising events: contributions included on line 1c

    $533,954

  • 8b · Fundraising events: direct expenses

    $139,721

  • 8c · Net income from fundraising events

    total -$78,635 · excluded -$78,635

  • 11a · Other revenue: Advertising on Event Program

    total $1,600 · unrelated business $1,600

  • 11d · All other revenue

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 11e · Other revenue, total

    $1,600

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $824,836 · program services $626,961 · management and general $27,898 · fundraising $169,977

  • 7 · Other salaries and wages

    total $1,504,697 · program services $1,292,532 · management and general $121,146 · fundraising $91,019

  • 8 · Pension plan contributions

    total $380,988 · program services $294,362 · management and general $37,503 · fundraising $49,123

  • 9 · Other employee benefits

    total $139,246 · program services $70,109 · management and general $54,530 · fundraising $14,607

  • 10 · Payroll taxes

    total $268,514 · program services $236,163 · management and general $14,790 · fundraising $17,561

  • 11b · Fees: legal

    total $2,241 · management and general $2,241

  • 11c · Fees: accounting

    total $114,814 · program services $99,422 · management and general $10,142 · fundraising $5,250

  • 11g · Fees: other

    total $268,950 · program services $196,950 · management and general $0 · fundraising $72,000

  • 12 · Advertising and promotion

    total $41,722 · program services $40,763 · management and general $19 · fundraising $940

  • 13 · Office expenses

    total $141,477 · program services $109,733 · management and general $16,300 · fundraising $15,444

  • 14 · Information technology

    total $128,374 · program services $75,589 · management and general $28,137 · fundraising $24,648

  • 16 · Occupancy

    total $218,562 · program services $200,210 · management and general $4,260 · fundraising $14,092

  • 17 · Travel

    total $196,842 · program services $138,294 · management and general $21,816 · fundraising $36,732

  • 19 · Conferences, conventions and meetings

    total $81,989 · program services $67,598 · management and general $3,624 · fundraising $10,767

  • 22 · Depreciation, depletion and amortization

    total $70,335 · program services $60,991 · management and general $3,164 · fundraising $6,180

  • 23 · Insurance

    total $23,944 · program services $16,692 · management and general $3,103 · fundraising $4,149

  • 24a · Other expenses: EVENT EXPENSES AND SUPPLIES

    total $16,567 · program services $2,908 · management and general $913 · fundraising $12,746

  • 24b · Other expenses: BANK SERVICE CHARGES

    total $14,365 · management and general $14,365

  • 24c · Other expenses: GIFTS

    total $6,963 · program services $524 · management and general $3,211 · fundraising $3,228

  • 24d · Other expenses: TAXES OTHER

    total $947 · program services $662 · management and general $285

  • 24e · All other expenses

    total -$8 · program services -$23 · management and general $15 · fundraising $0

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $1,502,503 · end of year $1,570,302

  • 3 · Pledges and grants receivable

    beginning of year $721,543 · end of year $532,822

  • 5 · Loans and receivables from officers and key people

    beginning of year $0 · end of year $0

  • 6 · Loans and receivables from disqualified persons

    beginning of year $0 · end of year $0

  • 9 · Prepaid expenses and deferred charges

    beginning of year $101,725 · end of year $130,148

  • 10a · Land, buildings and equipment: cost or other basis

    $364,511

  • 10b · Land, buildings and equipment: accumulated depreciation

    $237,601

  • 10c · Land, buildings and equipment, net

    beginning of year $197,866 · end of year $126,910

  • 11 · Investments: publicly traded securities

    beginning of year $2,522,476 · end of year $2,643,699

  • 12 · Investments: other securities

    beginning of year $0

  • 13 · Investments: program-related

    beginning of year $0

  • 15 · Other assets

    beginning of year $632,003 · end of year $898,713

  • 17 · Accounts payable and accrued expenses

    beginning of year $227,684 · end of year $258,580

  • 19 · Deferred revenue

    beginning of year $242,100 · end of year $265,013

  • 22 · Loans and payables to officers and key people

    beginning of year $0 · end of year $0

  • 25 · Other liabilities

    beginning of year $524,057 · end of year $649,012

  • 27 · Net assets without donor restrictions

    beginning of year $3,823,409 · end of year $4,037,281

  • 28 · Net assets with donor restrictions

    beginning of year $860,866 · end of year $692,708

Mission and programs · 2024

Mission

TO STRENGTHEN THE ECONOMY OF FLORIDA THROUGH QUALITY BUSINESS DEVELOPMENT AND TRAINING TO HISPANIC ENTREPRENEURS.

Activities or mission (Part I)

PROSPERA INITIATIVES, INC. IS AN ECONOMIC DEVELOPMENT, NONPROFIT ORGANIZATION IN FLORIDA SPECIALIZING IN PROVIDING BILINGUAL ASSISTANCE TO HISPANIC ENTREPRENEURS TRYING ESTABLISH OR EXPAND THEIR BUSINESS IN FLORIDA. PROSPERA INITIATIVES, INC. QUALITY YEAR-ROUND PROFESSIONAL SERVICES INCLUDE EDUCATIONAL PROGRAMS, INDIVIDUAL CONSULTING AND TECHNICAL ASSISTANCE, ENTREPRENEURIAL GRANTS FOR SUBCONTRACTED SERVICES, AND LOAN FACILITATION.

  • ONE-ON-ONE CONSULTING: PROSPERA STAFF MEET WITH BUSINESS OWNERS TO ASSESS THE VIABILITY OF THE BUSINESS IDEA AND THE JOB CREATION POTENTIAL OF THE BUSINESS VENTURE. IN-HOUSE STAFF ADVISE CLIENTS AS TO THE GENERAL BUSINESS PRACTICES, FINANCIALS, LICENSES/PERMITS, AND ACCESS TO CAPITAL, AMONG OTHERS. IN-HOUSE CONSULTING IS PROVIDED BILINGUAL AND FREE OF CHARGE TO THE BUSINESS OWNER. PROSPERA ASSISTED 1,546 BUSINESS OWNERS ACROSS THE STATE OF FLORIDA.

    Expenses $1,646,195

  • ENTREPRENEURIAL GRANTS: PROSPERA'S GRANTS ALLOW STARTUPS AND EXISTING BUSINESSES TO RECEIVE ADVANCED BUSINESS DEVELOPMENT SERVICES AT NO OR MINIMAL COST, COMPLETED BY SUBCONTRACTED PROVIDERS PAID BY PROSPERA. THE GRANTS OFFERED BY PROSPERA INCLUDE: LEGAL STRUCTURE ASSESSMENT, ACCOUNTING ASSESSMENT, BUSINESS PLAN DEVELOPMENT, MARKETING PLAN, CORPORATE BRANDING, WEB PAGE CREATION, QUICKBOOKS TRAINING, AND LOAN APPLICATION PREPARATION. PROSPERA AWARDED ENTREPRENEURIAL GRANTS TO 265 BUSINESSES.

    Expenses $968,431

  • EDUCATIONAL ASSISTANCE: ORIENTATION SESSIONS PROVIDE BASIC INFORMATION ABOUT HOW TO START A BUSINESS. THE BUSINESS WORKSHOP SERIES OFFERS TRAINING ON SPECIFIC TOPICS THAT ASSIST ENTREPRENEURS IN MAKING CRITICAL DECISIONS TO ACHIEVE SUCCESS. PROSPERA HAD OVER 2,901 ATTENDEES TO THE EDUCATIONAL SESSIONS OFFERED IN SPANISH AND FREE OF CHARGE.

    Expenses $915,814

As filed on the 2024 return.

Listed in Part VII

  • Alexander Sueiro

    TREASURER

    Total calculated
    $0
    Hours/week
    1 + 3 related

  • George Bermudez

    CHAIR

    Total calculated
    $0
    Hours/week
    1 + 3 related

  • Sharon Arroyo

    SECRETARY

    Total calculated
    $0
    Hours/week
    1 + 3 related

  • Alex Dominguez

    DIRECTOR-AT-LARGE

    Total calculated
    $0
    Hours/week
    1

  • Amanda Dietz

    DIRECTOR-AT-LARGE

    Total calculated
    $0
    Hours/week
    1

  • Carlos Brackley

    DIRECTOR-AT-LARGE

    Total calculated
    $0
    Hours/week
    1

  • Carlos F Escobar

    VICE CHAIR

    Total calculated
    $0
    Hours/week
    1

  • Carolina Y Blanco

    DIRECTOR-AT-LARGE

    Total calculated
    $0
    Hours/week
    1

  • Elisha Gonzalez

    DIRECTOR-AT-LARGE

    Total calculated
    $0
    Hours/week
    1

  • Isaac Juarez

    ASSISTANT TREASURER

    Total calculated
    $0
    Hours/week
    1

  • Kate Wilson

    DIRECTOR-AT-LARGE

    Total calculated
    $0
    Hours/week
    1

  • Luis Rosero

    DIRECTOR-AT-LARGE

    Total calculated
    $0
    Hours/week
    1

  • Luz Avilez

    PAST CHAIR

    Total calculated
    $0
    Hours/week
    1

  • Mike Hernandez

    DIRECTOR-AT-LARGE

    Total calculated
    $0
    Hours/week
    1

  • Rick Gonzalez

    DIRECTOR-AT-LARGE

    Total calculated
    $0
    Hours/week
    1

  • Ruben Perez

    DIRECTOR-AT-LARGE

    Total calculated
    $0
    Hours/week
    1

  • Sherry Ambrose

    DIRECTOR-AT-LARGE

    Total calculated
    $0
    Hours/week
    1

  • Augusto Sanabria

    CEO/PRESIDENT

    Total calculated
    $370,461
    From this org
    $317,632
    From related orgs
    $0
    Other
    $52,829
    Hours/week
    40 + 7.5 related

    Schedule J breakdown matched by us

    Base
    $289,912
    Bonus
    $27,720
    Other
    $0
    Deferred
    $14,037
    Nontaxable benefits
    $38,792
    Filer's total
    $370,461

  • Luis E Otero

    CFO

    Total calculated
    $213,961
    From this org
    $187,530
    From related orgs
    $0
    Other
    $26,431
    Hours/week
    40 + 7.5 related

    Schedule J breakdown matched by us

    Base
    $187,530
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $26,431
    Filer's total
    $213,961

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

  • 3 · Compensation committee
  • 3 · Independent compensation consultant
  • 3 · Form 990 of other organizations
  • 3 · Written employment contract
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

No itemized grants to organizations on this return.

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

  • PROSPERA NATIONWIDE INC

    501(c)(3) · ECONOMIC DEVELOPMENT · FL · controlled entity

    Directly controlled by PROSPERA INITIATIVES INC

  • PROSPERA NORTH CAROLINA LLC

    501(c)(3) · ECONOMIC DEVELOPMENT · NC · controlled entity

    Directly controlled by PROSPERA INITIATIVES INC

  • PROSPERA GEORGIA LLC

    501(c)(3) · ECONOMIC DEVELOPMENT · GA · controlled entity

    Directly controlled by PROSPERA INITIATIVES INC

Provenance

Return type
form_990
Tax year
2024
Filed
16 July 2026
IRS schema version
2024v5.1
Source object
202621979349301727

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