Form 990 for tax year 2023
Filed by PROSPERUS DETROIT MICRO LENDING.
Totals
- Total revenue
- $1,801,771
- Total expenses
- $2,249,853
- Contributions and grants received
- $1,682,942
- Grants paid
- $99,560
- Program service revenue
- $118,829
- Investment income
- $0
- Other revenue
- $0
- Total assets, end of year
- $4,215,384
- Total liabilities, end of year
- $1,121,817
- Net assets or fund balances, end of year
- $3,093,567
- Program services expenses (Part IX)
- $1,700,741
- Management and general expenses
- $477,030
- Fundraising expenses
- $72,082
- Program service expenses (Part III)
- $1,700,741
Program services were 75.6% 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.
-
1f · All other contributions, gifts and grants
$1,682,942
-
2a · Program service revenue: Interest income from l
total $94,005 · related or exempt $94,005
-
2b · Program service revenue: Loan fees
total $13,482 · related or exempt $13,482
-
2c · Program service revenue: Service income fees
total $11,342 · related or exempt $11,342
Functional expenses
Part IX, the statement of functional expenses.
-
1 · Grants to domestic organizations and governments
total $99,560 · program services $99,560
-
5 · Compensation of officers, directors and key employees
total $148,894 · program services $126,020 · management and general $14,423 · fundraising $8,451
-
7 · Other salaries and wages
total $903,809 · program services $764,961 · management and general $87,551 · fundraising $51,297
-
8 · Pension plan contributions
total $4,649 · program services $3,935 · management and general $450 · fundraising $264
-
9 · Other employee benefits
total $99,030 · program services $83,817 · management and general $9,593 · fundraising $5,620
-
10 · Payroll taxes
total $84,562 · program services $71,572 · management and general $8,191 · fundraising $4,799
-
11g · Fees: other
total $222,190 · program services $70,080 · management and general $152,110
-
12 · Advertising and promotion
total $165,206 · program services $143,956 · management and general $21,250
-
13 · Office expenses
total $8,381 · management and general $8,381
-
14 · Information technology
total $60,571 · program services $46,556 · management and general $14,015
-
16 · Occupancy
total $29,086 · program services $24,617 · management and general $2,818 · fundraising $1,651
-
17 · Travel
total $34,240 · program services $5,261 · management and general $28,979
-
20 · Interest
total $1,610 · management and general $1,610
-
22 · Depreciation, depletion and amortization
total $613 · management and general $613
-
23 · Insurance
total $15,698 · management and general $15,698
-
24a · Other expenses: Technical assistance
total $229,291 · program services $227,136 · management and general $2,155
-
24b · Other expenses: Provision for loan loss
total $71,202 · management and general $71,202
-
24c · Other expenses: Membership dues
total $44,337 · program services $33,270 · management and general $11,067
-
24d · Other expenses: Supplies
total $23,641 · management and general $23,641
-
24e · All other expenses
total $3,283 · management and general $3,283
Balance sheet
Part X, book values.
-
1 · Cash, non-interest-bearing
beginning of year $2,370,816 · end of year $2,398,274
-
4 · Accounts receivable
beginning of year $25,875 · end of year $792
-
7 · Other notes and loans receivable
beginning of year $1,185,699 · end of year $1,736,242
-
9 · Prepaid expenses and deferred charges
beginning of year $9,136 · end of year $5,253
-
10a · Land, buildings and equipment: cost or other basis
$5,149
-
10b · Land, buildings and equipment: accumulated depreciation
$613
-
10c · Land, buildings and equipment, net
beginning of year $0 · end of year $4,536
-
15 · Other assets
beginning of year $16,579 · end of year $70,287
-
17 · Accounts payable and accrued expenses
beginning of year $66,456 · end of year $120,384
-
19 · Deferred revenue
end of year $725,729
-
23 · Secured mortgages and notes payable
end of year $250,000
-
25 · Other liabilities
beginning of year $0 · end of year $25,704
-
27 · Net assets without donor restrictions
beginning of year $1,757,795 · end of year $2,149,960
-
28 · Net assets with donor restrictions
beginning of year $1,783,854 · end of year $943,607
Mission and programs · 2023
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 2023, ProsperUs deployed over $1,200,000 in microloansTraining & Technical Assistance: In 2023, 144 entrepreneurs participated in our business development training classes, 105 participated in personal financial coaching and education initiatives, and 141 business service projects were facilitated.
Expenses $1,700,741 · Grants $99,560 · Revenue $118,829
As filed on the 2023 return.
Listed in Part VII
-
Steve Kosuda
Chairman
- Total calculated
- $0
- Hours/week
- 1
-
Chanell R Contreras
Executive Director/Director
- Total calculated
- $148,894
- From this org
- $131,101
- From related orgs
- $0
- Other
- $17,793
- Hours/week
- 40
-
Hector Hernandez
Director
- Total calculated
- $0
- Hours/week
- 1
-
Steve Tobocman
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
-
Veronika Scott
Director
- Total calculated
- $0
- Hours/week
- 1
-
Matthew Bihun
Manager
- Total calculated
- $121,854
- From this org
- $111,360
- From related orgs
- $0
- Other
- $10,494
- Hours/week
- 40
-
Joanna Dueweke-Perez
Manager
- Total calculated
- $128,109
- From this org
- $112,600
- From related orgs
- $0
- Other
- $15,509
- Hours/week
- 40
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.
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
-
Operating Grant
-
Inkster Public Library dba Leanna Hicks Public Library
$20,000
Operating Grant
-
Spectacle Society LLC
$10,000
Operating Grant
-
The Great Divine Center
$10,000
Operating Grant
-
Auto Rejuvenators LLC
$7,500
Operating Grant
-
Deeply Rooted Enterprises LLC
$7,500
Operating Grant
-
Lloyd Hogan
$7,500
Operating Grant
Provenance
- Return type
- form_990
- Tax year
- 2023
- Filed
- 31 October 2024
- IRS schema version
- 2023v5.1
- Source object
- 202423059349300147
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