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Nonprofiteer
← PROSPERUS DETROIT MICRO LENDING

Form 990 for tax year 2022

Filed by PROSPERUS DETROIT MICRO LENDING.

Totals

Total revenue
$3,302,099
Total expenses
$2,010,396
Contributions and grants received
$3,187,178
Grants paid
$207,000
Program service revenue
$114,921
Investment income
$0
Other revenue
$0
Total assets, end of year
$3,608,105
Total liabilities, end of year
$66,456
Net assets or fund balances, end of year
$3,541,649
Program services expenses (Part IX)
$1,572,035
Management and general expenses
$389,875
Fundraising expenses
$48,486
Program service expenses (Part III)
$1,572,035

Program services were 78.2% 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.

  • 1e · Government grants (contributions)

    $1,000,000

  • 1f · All other contributions, gifts and grants

    $2,187,178

  • 2a · Program service revenue: Interest income from l

    total $69,375 · related or exempt $69,375

  • 2b · Program service revenue: Service income fees

    total $32,617 · related or exempt $32,617

  • 2c · Program service revenue: Loan fees

    total $12,929 · related or exempt $12,929

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $207,000 · program services $207,000

  • 5 · Compensation of officers, directors and key employees

    total $193,619 · program services $118,986 · management and general $37,608 · fundraising $37,025

  • 7 · Other salaries and wages

    total $619,093 · program services $599,506 · management and general $14,686 · fundraising $4,901

  • 8 · Pension plan contributions

    total $12,578 · program services $12,199 · management and general $289 · fundraising $90

  • 9 · Other employee benefits

    total $71,813 · program services $71,813

  • 10 · Payroll taxes

    total $63,136 · program services $51,148 · management and general $6,664 · fundraising $5,324

  • 11b · Fees: legal

    total $6,089 · management and general $6,089

  • 11c · Fees: accounting

    total $73,650 · management and general $73,650

  • 11g · Fees: other

    total $121,914 · program services $101,970 · management and general $19,944

  • 12 · Advertising and promotion

    total $110,716 · program services $96,110 · management and general $14,606

  • 13 · Office expenses

    total $18,785 · program services $60 · management and general $18,725

  • 14 · Information technology

    total $75,587 · program services $62,351 · management and general $13,236

  • 16 · Occupancy

    total $23,240 · program services $20,660 · management and general $1,434 · fundraising $1,146

  • 17 · Travel

    total $17,493 · program services $932 · management and general $16,561

  • 19 · Conferences, conventions and meetings

    total $7,054 · program services $315 · management and general $6,739

  • 23 · Insurance

    total $13,944 · management and general $13,944

  • 24a · Other expenses: Technical assistance

    total $216,473 · program services $216,473

  • 24b · Other expenses: Provision for loan loss

    total $138,691 · management and general $138,691

  • 24c · Other expenses: Membership dues

    total $19,521 · program services $12,512 · management and general $7,009

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $1,353,120 · end of year $2,370,816

  • 4 · Accounts receivable

    beginning of year $10,214 · end of year $25,875

  • 7 · Other notes and loans receivable

    beginning of year $949,227 · end of year $1,185,699

  • 9 · Prepaid expenses and deferred charges

    beginning of year $5,522 · end of year $9,136

  • 15 · Other assets

    beginning of year $0 · end of year $16,579

  • 17 · Accounts payable and accrued expenses

    beginning of year $68,137 · end of year $66,456

  • 27 · Net assets without donor restrictions

    beginning of year $1,284,763 · end of year $1,757,795

  • 28 · Net assets with donor restrictions

    beginning of year $965,183 · end of year $1,783,854

Mission and programs · 2022

Mission

ProsperUs advances economic equity in under-resourced communities by supporting entrepreneurs with opportunities and capital needed to build businesses, generational wealth, and vibrant neighborhoods.

  • Microlending - In 2022, ProsperUs deployed over $900,000 in microloans in the portfolio. Training & Technical Assistance -- In 2022, 115 entrepreneurs participated in our business development training classes, 21 participated in personal financial coaching, and 162 business service projects were facilitated.

    Expenses $1,572,035 · Grants $207,000 · Revenue $114,921

As filed on the 2022 return.

Listed in Part VII

  • Steve Kosuda

    Chairman

    Total calculated
    $0
    Hours/week
    1

  • Hector Hernandez

    Director

    Total calculated
    $0
    Hours/week
    2

  • Steve Tobocman

    Director

    Total calculated
    $0
    Hours/week
    1

  • John Schoeniger

    Director

    Total calculated
    $0
    Hours/week
    1

  • Richmond Hawkins

    Director

    Total calculated
    $0
    Hours/week
    1

  • Pierre Batton

    Director

    Total calculated
    $0
    Hours/week
    1

  • Kimberly Faison

    Director

    Total calculated
    $0
    Hours/week
    1

  • Don Jones

    Director

    Total calculated
    $0
    Hours/week
    1

  • Chanell R Contreras

    Executive Director

    Total calculated
    $190,061
    From this org
    $166,450
    From related orgs
    $0
    Other
    $23,611
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $166,450
    Bonus
    $0
    Other
    $0
    Deferred
    $3,519
    Nontaxable benefits
    $20,092
    Filer's total
    $190,061

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 · Form 990 of other organizations
  • 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

The 10 largest by cash amount. The API serves every itemized grant.

Provenance

Return type
form_990
Tax year
2022
Filed
28 August 2023
IRS schema version
2022v5.0
Source object
202322409349301067

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