Form 990 for tax year 2023

Totals

Total revenue

$2,006,950

Total expenses

$2,983,297

Contributions and grants received

$1,975,960

Grants paid

$0

Program service revenue

$0

Investment income

$58,060

Other revenue

-$27,070

Total assets, end of year

$1,996,108

Total liabilities, end of year

$447,405

Net assets or fund balances, end of year

$1,548,703

Program services expenses (Part IX)

$2,298,361

Management and general expenses

$519,032

Fundraising expenses

$165,904

Program service expenses (Part III)

$2,298,361

Program services were 77.0% 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.

Mission and programs · 2023

• 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. In 2014, P+P launched two major initiatives, Money Mentors and Financial Access in Reach (FAIR), to support greater financial wellbeing. 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 offered in-person tax clinic services 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. As one of the only organizations in the area offering free ITINs (Individual Tax Identification Number) and bilingual staff and volunteers, P+P continued to support immigrants navigate the US tax system. In 2024, the DIY program added a pilot program specifically for Latino community members. P+P also partnered 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 offered its volunteer training modules and manuals, and technical assistance. Additionally, the self-employment tax program, led by seasoned tax preparers, supported sole proprietors in meeting their individual tax obligations throughout the year. 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 credit and refunds they have earned, without having to travel to a tax clinic site. P+P staff and volunteers assisted over 10,441 customers with high quality tax preparation services during the 2024 season, filing 24,434 federal and state returns, and bringing more than $22.5 million in tax refunds back to members of the community. P+P recruited and trained over 300 volunteers to deliver in-person, free tax preparation services with more than 50% returning from the previous year. More than 25% 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 Certified Acceptance Agents helped 91 people apply for or renew their ITINs at no cost. ITINs allow people without Social Security Numbers to file tax returns.Money Mentors financial coaching program welcomed 18 new coaches, for a current total of 43. In FY24, 121 participants worked with their coaches toward individually identified financial goals. P+P enrolled 113 individuals in FAIR products, distributed through our network of 28 partners; and beginning in April 2024, we have conducted one-on-one meetings with each distribution partner to ensure the relationship remains beneficial and operates smoothly for customers as well as partners.

  Expenses $1,495,483

• Financial Capability + Learning:Prepare + Prosper runs two major initiatives - Money Mentors and Financial Access in Reach (FAIR) - to support greater financial wellbeing. 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 financial underserved households and is designed to be scaled nationally through a community-based distribution model.

  Expenses $646,326

• Withheld by Nonprofiteer: this text may name a private individual.

  Expenses $156,552

As filed on the 2023 return. The filer continues this part on Schedule O, which is not shown here. A text marked withheld matched a screen for wording that may name a private individual, such as an honorific or "in memory of". Most of what it withholds names no one; it is withheld so that what does is never shown.

Listed in Part VII

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.

Grants on this return

No itemized grants to organizations on this return.

Provenance

Return type

form_990

Tax year

2023

Filed

12 November 2024

IRS schema version

2023v5.1

Source object

202413189349308171

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