2024-11-13T14:25:52-06:00 2024-06-30 411397419 Abdo LLP 5201 Eden Ave Ste 250 Edina MN 55436 990 2023-07-01 237131829 Prepare and Prosper PREP 6512622155 2610 University Ave W 450 St Paul MN 55114 Suyapa Miranda Executive Director 6512622155 2024-11-12 1 1 Steven D Anseth CPA P00552219 9528359090 2024-11-01 2023 2024-10-15 13:58:12Z Suyapa Miranda 2610 University Ave W 450 St Paul MN 55114 2034020 0 X www.prepareandprosper.org X 1971 MN P+P does free taxes, free financial coaching, and helps people obtain banking access. 12 12 55 362 0 0 2558381 1975960 14257 0 16430 58060 -17051 -27070 2572017 2006950 0 0 0 0 1744923 1857350 0 0 165904 727539 1125947 2472462 2983297 99555 -976347 3147378 1996108 632342 447405 2515036 1548703 X Prepare + Prosper and its volunteers work with low- to moderate-income people to build financial well-being through free tax preparation and financial services, products, and coaching, and by changing systems to create economic opportunity. 0 0 1495483 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. 646326 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. 156552 P+P has worked to leverage the expertise of its staff, amplify the voices of people directly affected, and build cross sector partnerships and networks to inform policy and systems change and build a more equitable, inclusive financial future. Recent efforts include strengthening public policy related to tax credits, asset building, and consumer protection. In 2024, P+P created a Systems Change department with the intention of positioning the families we serve as the key stakeholders within the systems and policies that affect them. The department focuses on bringing forth the voices and lived experiences of the many and varied communities to guild our work and inform our change-making agenda. Systems change work includes advocacy, community engagement, network- and capacity-building activities, ensuring we are not only providing the services to those who need them, but also work to improve the systems and policies that shape our financial realities. Over the past few years, these efforts have included:- Monitored and participated in tax reform deliberations to ensure protection and possible expansion of the tax credits, with a focus on the Earned Income Tax Credit (EITC) and Child Tax Credit (CTC), resulting in expanded taxpayer assistance and outreach funding in 2024. - P+P also works to shift policy through "proof of concept." For example, through the FAIR initiative, P+P has set out to change the overall financial products marketplace by demonstrating that affordable banking products designed to help people build and protect their wealth can be a sustainable (and profitable) business practice for financial institutions.Key Systems Change Partnerships:- Minnesota Asset Building Coalition: Alejandro Valenzuela, Jr. sat on the advisory board of this statewide coalition of 140 nonprofits creating asset-building opportunities and reducing systemic barriers to economic mobility by engaging direct service providers and their clients in effective advocacy. - P+P works with OFE's CollegeBound initiative and co-sponsored Money Action Day, a family friendly event promoting community financial health. P+P co-facilitated the City Of Saint Paul Financial Health Action Planning group with the Office. Suyapa Miranda sits on the Financial Empowerment Community Council, which advises the Office.- Liberation in a Generation: Co-founder, Jeremie Greer is Chair of P+P's Board of Directors and consults on programming and initiatives.- P+P Systems Change Director, Dr. Alvin Akibar, is involved in a number of working groups including: Coalition for Free and Fair Filing; Affordable Auto Insurance Steering Committee; Advance Child Tax Credit Periodic Payment Workgroup; Justice for All Coalition; Access to Tax Justice Workgroup. 2298361 1 1 0 0 0 0 0 0 0 1 1 0 0 1 1 0 1 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 17 0 1 55 1 0 0 0 0 0 0 0 0 0 0 0 0 X 12 12 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 MN X X The Organization 6512622155 2610 University Ave W 450 St Paul MN 55114 Jeremie Greer Chair 5.00 X X 0 0 0 Kara McGuire Vice Chair 3.00 X X 0 0 0 Matt Lorenz Treasurer 3.00 X X 0 0 0 Neera Chatterjee Secretary 1.00 X X 0 0 0 Ronda Chakolis Director 1.00 X 0 0 0 Emma Molls Director 1.00 X 0 0 0 Jerry Morris Director 1.00 X 0 0 0 Andrew Morem Director 1.00 X 0 0 0 Desmond Nation Director 1.00 X 0 0 0 Mark Nolen Director 1.00 X 0 0 0 Marsha Pitts-Phillips Director 1.00 X 0 0 0 Elizabeth White Director 1.00 X 0 0 0 Suyapa Miranda Executive Director 40.00 X 140878 0 2390 140878 0 2390 1 0 0 0 Brillect 3600 American Blvd W Suite 225 Bloomington MN 55431 Accounting July-November 2023, HR July-M 241927 1 7515 687763 1280682 1975960 58060 58060 0 7515 27070 -27070 -27070 2006950 0 0 30990 X 146138 123969 11281 10888 1482810 1290777 78669 113364 28917 28917 80312 80312 119173 75176 36921 7076 192655 105620 84677 2358 325312 266860 46821 11631 95842 94937 204 701 72181 65411 5202 1568 6388 5647 304 437 221369 119641 97109 4619 25307 21586 3345 376 8849 8849 17214 885 16162 167 Repairs and maintence 84038 73981 4308 5749 Dues and subscriptions 35483 26542 8353 588 Small equipment 28493 24586 3907 Professional developmen 10625 2743 1500 6382 2191 2191 2983297 2298361 519032 165904 15438 90698 1933905 332693 408000 977789 23740 26953 77778 49634 36993 28144 236087 256973 493215 282858 3147378 1996108 141294 168489 491048 278916 632342 447405 X 1752942 703198 762094 845505 2515036 1548703 3147378 1996108 -976347 10364 -350 0 X X 0 1 X 1 0 X 2321837 2497300 2164766 2350406 1975960 11310269 2321837 2497300 2164766 2350406 1975960 11310269 1634357 9675912 10009 7095 5469 16430 58060 97063 4139 1000 5139 11412471 24972 0.84780 0.82710 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 236087 21237 -350 256973 212240 4343 19854 -350 236087 236232 5000 -28642 -350 212240 184688 5300 46619 -375 236232 156071 30610 -1643 350 184688 0.38910 0.61090 0 0 41667 32696 8971 36111 16938 19173 28144 Rental Deposit 7555 Right-of-Use Asset - operating 275303 282858 Lease liability - operating 278916 278916 2016964 10364 10364 2006600 350 350 2006950 2983297 0 2983297 0 2983297 Part V, Line 4: Endowment fund income may be used for operating or program expenses of Prepare and Prosper. Party + Prosper Event 7515 7515 22338 1103 250 3379 7515 7515 22338 1103 250 3379 27070 -27070 Form 990, Part VI, Section B, line 11b The finance committee selected by the Board of Directors and chaired by a certified public accountant, reviewed the Form 990. The Form 990 was presented to the Board of Directors for approval prior to filing with the IRS. Form 990, Part VI, Section B, line 12c Board members are required to sign a conflict of interest disclosure statement annually. The board will not enter into any contract or transaction where a conflict of interest may exist unless all of the following three conditions are met 1) the interest in conflict is disclosed to the Board of Directors at the time the contract or transaction is considered 2) a quorum (not counting the interested director) is present at the meeting where the contract or transaction is considered 3) a majority of directors (not counting the interested director) approves, authorizes or ratifies the action. Form 990, Part VI, Section B, line 15 Compensation for the Executive Director is determined by the Board of Directors after each annual performance review. The Executive Director's review is based on (1) accomplishments to date; (2) operations of the organization as executed within the boundaries of prudence & ethics established in board policies on executive limitations; & (3) evaluation of the professional relationship between the Executive Director, the board, & staff. The board's executive committee is responsible for collecting & evaluating information based on the three areas listed above. The performance review is conducted with the board of directors. Comparability salary & benefits is assessed through the Minnesota Council of Nonprofits salary survey and examination of current advertised positions in the field. Form 990, Part VI, Section C, line 19 Governing documents, policies, & financial statements are made available for public inspection by request through the organization. The Form 990 can be viewed on Guidestar.com. Form 990, Part IX, line 11g Contract Services/Professional: Program service expenses 266,860. Management and general expenses 46,821. Fundraising expenses 11,631. Total expenses 325,312. Form 990, Part XII, Line 2c: This process has not changed from the prior year.