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Nonprofiteer
← PROSPERA NORTH CAROLINA LLC

Form 990 for tax year 2023

Filed by PROSPERA NORTH CAROLINA LLC.

Totals

Total revenue
$1,682,287
Total expenses
$1,079,019
Contributions and grants received
$1,668,120
Grants paid
$19,125
Program service revenue
$0
Investment income
$14,167
Other revenue
$0
Total assets, end of year
$1,941,686
Total liabilities, end of year
$233,366
Net assets or fund balances, end of year
$1,708,320
Program services expenses (Part IX)
$791,201
Management and general expenses
$100,838
Fundraising expenses
$186,980
Program service expenses (Part III)
$791,201

Program services were 73.3% 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)

    $1,077,277

  • 1f · All other contributions, gifts and grants

    $590,843

  • 2f · All other program service revenue

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

  • 3 · Investment income

    total $14,167 · excluded $14,167

  • 6c · Rental income or loss

    real property $0 · personal property $0

  • 7c · Gain or loss

    securities $0 · other assets $0

  • 11d · All other revenue

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

  • 11e · Other revenue, total

    $0

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $19,125 · program services $19,125

  • 5 · Compensation of officers, directors and key employees

    total $295,778 · program services $183,433 · management and general $22,302 · fundraising $90,043

  • 7 · Other salaries and wages

    total $387,867 · program services $326,701 · management and general $38,474 · fundraising $22,692

  • 8 · Pension plan contributions

    total $3,546 · program services $3,114 · fundraising $432

  • 9 · Other employee benefits

    total $107,274 · program services $80,973 · management and general $13,670 · fundraising $12,631

  • 10 · Payroll taxes

    total $50,359 · program services $38,444 · management and general $4,200 · fundraising $7,715

  • 11c · Fees: accounting

    total $25,900 · program services $17,542 · management and general $4,375 · fundraising $3,983

  • 11g · Fees: other

    total $32,012 · program services $0 · management and general $0 · fundraising $32,012

  • 12 · Advertising and promotion

    total $16,626 · program services $12,466 · management and general $1,204 · fundraising $2,956

  • 13 · Office expenses

    total $26,056 · program services $23,982 · management and general $1,332 · fundraising $742

  • 14 · Information technology

    total $20,400 · program services $14,700 · management and general $2,300 · fundraising $3,400

  • 16 · Occupancy

    total $13,950 · program services $11,100 · management and general $2,266 · fundraising $584

  • 17 · Travel

    total $47,384 · program services $37,826 · management and general $6,701 · fundraising $2,857

  • 19 · Conferences, conventions and meetings

    total $21,707 · program services $15,021 · management and general $1,010 · fundraising $5,676

  • 22 · Depreciation, depletion and amortization

    total $5,923 · program services $4,743 · management and general $223 · fundraising $957

  • 23 · Insurance

    total $1,600 · program services $1,300 · fundraising $300

  • 24a · Other expenses: Gifts

    total $235 · program services $235

  • 24b · Other expenses: Taxes - Other

    total $213 · program services $71 · management and general $142

  • 24c · Other expenses: Bank Service Charges

    total -$449 · management and general -$449

  • 24d · Other expenses: Other Associates Benefits

    total $3,513 · program services $425 · management and general $3,088

  • 24e · All other expenses

    total $0 · program services $0 · management and general $0 · fundraising $0

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $936,051 · end of year $1,219,987

  • 3 · Pledges and grants receivable

    beginning of year $61,446 · end of year $124,457

  • 5 · Loans and receivables from officers and key people

    end of year $0

  • 6 · Loans and receivables from disqualified persons

    end of year $0

  • 9 · Prepaid expenses and deferred charges

    beginning of year $740 · end of year $2,630

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

    $27,826

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

    $12,055

  • 10c · Land, buildings and equipment, net

    beginning of year $14,963 · end of year $15,771

  • 11 · Investments: publicly traded securities

    beginning of year $303,621 · end of year $578,841

  • 12 · Investments: other securities

    beginning of year $0

  • 13 · Investments: program-related

    beginning of year $0

  • 15 · Other assets

    beginning of year $11,433 · end of year $0

  • 17 · Accounts payable and accrued expenses

    beginning of year $22,404 · end of year $32,248

  • 22 · Loans and payables to officers and key people

    end of year $0

  • 25 · Other liabilities

    beginning of year $212,817 · end of year $201,118

  • 27 · Net assets without donor restrictions

    beginning of year $836,604 · end of year $1,061,393

  • 28 · Net assets with donor restrictions

    beginning of year $256,429 · end of year $646,927

Mission and programs · 2023

Mission

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

Activities or mission (Part I)

PROSPERA NC IS AN ECONOMIC DEVELOPMENT, NONPROFIT ORGANIZATION IN NC SPECIALIZING IN PROVIDING BILINGUAL ASSISTANCE TO HISPANIC ENTREPRENEURS TRYING TO ESTABLISH OR EXPAND THEIR BUSINESS IN NORTH CAROLINA. PROSPERA'S 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'S 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 416 BUSINESS OWNERS ACROSS THE STATE OF NORTH CAROLINA.

    Expenses $376,449

  • EDUCATIONAL ASSISTANCE: ORIENTATION SESSIONS PROVIDE BASIC INFORMATION ABOUT HOW TO START A BUSINESS. PROSPERA WORKSHOP SERIES OFFERS TRAINING ON SPECIFIC TOPICS THAT ASSIST ENTREPRENEURS IN MAKING CRITICAL DECISIONS TO ACHIEVE SUCCESS. PROSPERA HAD OVER 789 ATTENDEES TO THE EDUCATIONAL SESSIONS OFFERED IN SPANISH AND FREE OF CHARGE.

    Expenses $208,330

  • 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 15 BUSINESSES.

    Expenses $206,422 · Grants $19,125

As filed on the 2023 return.

Listed in Part VII

  • ALEXANDER SUEIRO

    TREASURER

    Total calculated
    $0
    Hours/week
    1 + 3 related

  • AUGUSTO SANABRIA

    CEO/PRESIDENT

    Total calculated
    $333,401
    From this org
    $0
    From related orgs
    $288,538
    Other
    $44,863
    Hours/week
    2.5 + 45 related

    Schedule J breakdown matched by us

    Base
    $0 + $263,338 related
    Bonus
    $0 + $25,200 related
    Other
    $0
    Deferred
    $0 + $8,735 related
    Nontaxable benefits
    $0 + $36,128 related
    Filer's total
    $0 + $333,401 related

  • GEORGE BERMUDEZ

    VICE CHAIR

    Total calculated
    $0
    Hours/week
    1 + 3 related

  • LORI DUARTE-ROBERTS

    SECRETARY

    Total calculated
    $0
    Hours/week
    1 + 3 related

  • LUZ AVILES

    CHAIR

    Total calculated
    $0
    Hours/week
    1 + 3 related

  • LUIS E OTERO

    CFO

    Total calculated
    $212,380
    From this org
    $0
    From related orgs
    $182,353
    Other
    $30,027
    Hours/week
    2.5 + 45 related

    Schedule J breakdown matched by us

    Base
    $0 + $182,353 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $5,411 related
    Nontaxable benefits
    $0 + $24,616 related
    Filer's total
    $0 + $212,380 related

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

None.

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

The filer's explanations (Part III)

Schedule J, Part I, Line 3 Arrangement used to establish the top management official's compensation
THE PRESIDENT/CEO'S SALARY AND PERFORMANCE REVIEW IS DONE BY THE EXECUTIVE COMMITTEE OF THE HISPANIC BUSINESS INITIATIVE FUND BOARD, A RELATED ENTITY, ON AN ANNUAL BASIS. AS PART OF THE REVIEW, AN INDEPENDENT COMPENSATION CONSULTANT WAS HIRED, WHICH RESEARCH INCLUDED LOCAL AND NATIONAL COMPENSATION PACKAGES AWARDED TO OTHER NON-PROFIT ORGANIZATIONS REPORTED ON SALARY SURVEYS AND FORM 990S.

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.

Provenance

Return type
form_990
Tax year
2023
Filed
6 August 2025
IRS schema version
2023v6.0
Source object
202522189349301047

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