PLATINUM2024

Prosperity Now

aka CFED   |   Washington, DC   |  www.ProsperityNow.org

Mission

Prosperity Now (formerly CFED) believes that everyone deserves a chance to prosper. Since 1979, we have helped make it possible for millions of people, especially people of color and those of limited incomes, to achieve financial security, stability and, ultimately, prosperity. We offer a unique combination of scalable practical solutions, in-depth research and proven policy solutions, all aimed at building wealth for those who need it most. Our mission is to build an economy that is just, fair and free from structural racism, where every person, family and community has the power to build sustainable wealth and prosperity.

Ruling year info

1980

President

Gary L. Cunningham

Main address

1200 G Street NW Suite 400

Washington, DC 20005 USA

Show more contact info

Formerly known as

Corporation for Enterprise Development

EIN

52-1141804

NTEE code info

Economic Development (S30)

Consumer Protection and Safety (W90)

Research Institutes and/or Public Policy Analysis (P05)

IRS filing requirement

This organization is required to file an IRS Form 990 or 990-EZ.

Sign in or create an account to view Form(s) 990 for 2022, 2021 and 2020.
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Communication

Blog

Programs and results

What we aim to solve

SOURCE: Self-reported by organization

We are committed to addressing and dismantling racist systems and structures, that have negatively impacted millions, at the root. We know that historical contexts and present-day community needs are intertwined, and solutions must address them both. By driving economic opportunity for all and building equitable economic power, we can create impactful systemic change. By centering those who have been historically excluded, amplifying community-rooted solutions, and energizing them through research, advocacy, policy and narrative change, we can achieve racial equity and just outcomes for all.

Our programs

SOURCE: Self-reported by organization

What are the organization's current programs, how do they measure success, and who do the programs serve?

Affordable Homeownership

Homeownership has long been the primary way for families to build wealth in the United States. Owning an affordable home can offer working families stability, security and a legacy to pass on to the next generation. Eliminating racial disparities in homeownership is also one of the most powerful ways to narrow the racial wealth divide. However, limited access to affordable financial products, the legacy of discriminatory housing policy, the shortage of affordable starter homes and other barriers prevent too many Americans from seeing the benefits of their investment—or even starting on the path to homeownership.



At Prosperity Now, we believe that with the right tools and resources, more low- and moderate-income Americans and people of color can unlock the wealth-building benefits of homeownership. Through research, policy advocacy and the strength of our nationwide networks, our efforts support access to the financing, financial capability services and housing options that families need to successfully become homeowners.

Population(s) Served
Economically disadvantaged people

Research helps us identify opportunities to build prosperity. Our data and insights are designed to make the case for effective solutions.

The Prosperity Now Scorecard is a comprehensive resource for data on household financial health and policy recommendations to help put everyone in our country on a path to prosperity. In addition, Human insights research helps us understand the context in which people make decisions and take actions about their finances. At Prosperity Now, we use research methods such as interviews and surveys to connect with people in low- and moderate-income communities around the country, learn about their personal stories and raise up their voices on how products and services should be delivered to people like them. We offer these insights to practitioners and policymakers so that programs and policies seeking to improve financial well-being in low- and moderate-income communities align with the people they serve.

Population(s) Served
Economically disadvantaged people

Prosperity Now’s work on asset and wealth building for children began in 2003 with the Savings for Education, Entrepreneurship and Downpayment (SEED) Initiative—the first national pilot of Children’s Savings Account (CSA) programs. In the past few years, we have taken our experience working on CSAs and developing wealth-building policies and applied it to promoting and advancing Baby Bonds.

A national “Baby Bonds” program would provide every child with an account at birth, seeded with $1,000. Every year until children turn 18, the accounts would be supplemented further with annual deposits of up to $2,000, with the largest amount going to children from the lowest-income households. Baby Bonds can address the wealth gap by providing every child, starting at birth, with a significant nest egg for their future. And help to level the playing field for children of color by allowing them to begin their adult lives with the economic resources they need to build long-term economic security.

Population(s) Served
Children and youth

Prosperity Now is committed to continuing our support of and partnerships with our movement of committed advocates and practitioners seeking to create a clear path to financial stability, wealth and prosperity. The Prosperity Now Community brings together more than 24,000 practitioners, advocates and researchers across all 50 states and D.C. to create strong connections between those in our community and mobilize action to create lasting social change.

The Prosperity Now Community facilitates learning, creates connections and inspires action to create and improve programs and policies that foster opportunity, especially for those who have not had it before. Our unwavering commitment to creating prosperity includes efforts on a wide range of issues, such as consumer protections, equity in the tax code, increasing affordable housing and removing barriers to saving and building wealth.

Population(s) Served
Economically disadvantaged people

Prosperity Now is dedicated to advancing federal policy priorities that improve financial security for low- and moderate-income families and address racial wealth inequality. We do this by directly engaging and advising policymakers on new opportunities, supporting and promoting the policy priorities of our diverse advocacy partners, and creating accessible resources as guides for general audiences and media outlets. In this section, you will find helpful resources for advocates and policymakers alike to adopt policy solutions that could potentially put prosperity within reach for millions more low- and moderate-income families.

Population(s) Served
Economically disadvantaged people

Prosperity Now is dedicated to advancing state and local policy priorities that improve financial security for low- and moderate-income families and address racial wealth inequality. We do this by directly engaging and advising policymakers on new opportunities, supporting and promoting the policy priorities of our diverse advocacy partners, and creating accessible resources as guides for general audiences and media outlets. In this section, you will find helpful resources for advocates and state policymakers alike to adopt policy solutions that could potentially put prosperity within reach for millions more low- and moderate-income families.

Population(s) Served
Economically disadvantaged people

Income helps people get by; savings helps people get ahead. We’re working to ensure everyone can save and build wealth for a better future.Prosperity Now is analyzing the landscape of available savings products that help LMI families manage day-to-day savings needs, address needs in the short term and build wealth for the long term. This understanding will help us identify how to better design and bring savings products to families through various delivery channels.

Additionally, financial capability services are effective in building long-term financial security. However, creating standalone financial capability services can be cost-prohibitive. We see an opportunity to integrate these services into already-existing human service programs, such as community health centers, early childhood education and more. This integration strategy works because it allows service providers to meet clients where they are.

Population(s) Served
Economically disadvantaged people

Wealth is a building block for prosperity, but most households of color have lost more than half their wealth over the past 30 years. We’re working to make it right.

Through its Racial Wealth Divide Initiative, Prosperity Now leverages its connection to national organizations, state and local partners, and our core competencies–technical assistance, policy development and advocacy, and applied research–to address racial economic inequality. The project deploys three primary strategies in its work:

Strengthen all of Prosperity Now's programs’ ability to address racial wealth inequality and develop stronger analysis of asset poverty in communities of color.
Launch specific projects that highlight best practices in bridging racial wealth inequality working in collaboration with local and regional organizations.
Elevate Prosperity Now and its partners as influential voices that drive policy solutions to tackling racial economic inequality at the national, state and local levels.

Population(s) Served
Ethnic and racial groups

Financial security impacts all aspects of our lives—our education, our health, our ability to hold down a job, our ability to buy a home, and our ability to pass on a legacy for future generations.


For more than forty years, Prosperity Now has been in the business of opening the door to opportunity for those who would otherwise not be able to access it. And we couldn't do this without you.


We’re so grateful for the movement we’ve created together. Our impact is possible because of your unwavering support. Thank you for all you do, today and every day, to ensure everyone has a clear path to stability, wealth, and prosperity.

Population(s) Served
Economically disadvantaged people

Where we work

Our results

SOURCE: Self-reported by organization

How does this organization measure their results? It's a hard question but an important one.

Total number of organization members

This metric is no longer tracked.
Totals By Year
Related Program

Field Engagement

Type of Metric

Output - describing our activities and reach

Direction of Success

Increasing

Context Notes

The Prosperity Now Community brings together practitioners, advocates and partners to create innovative and scalable solutions.

Total dollar amount of grants awarded

This metric is no longer tracked.
Totals By Year
Related Program

General Support

Type of Metric

Input - describing resources we use

Direction of Success

Increasing

Context Notes

Figures are represented by millions (MM).

Number of conference attendees

This metric is no longer tracked.
Totals By Year
Related Program

Field Engagement

Type of Metric

Output - describing our activities and reach

Direction of Success

Increasing

Context Notes

Prosperity Now hosts annual and biennial, conferences to bring together professionals from leading nonprofits, foundations, financial institutions, corporations, academic institutions and government.

Number of conferences held

This metric is no longer tracked.
Totals By Year
Related Program

Field Engagement

Type of Metric

Output - describing our activities and reach

Direction of Success

Increasing

Context Notes

VITACon 2023 is a three-day event featuring multiple concurrent session blocks, networking time, and multiple celebrations of all things community tax preparation.

Number of audience members willing to take action on behalf of a specific issue

This metric is no longer tracked.
Totals By Year
Related Program

Federal Policy

Type of Metric

Output - describing our activities and reach

Direction of Success

Increasing

Goals & Strategy

SOURCE: Self-reported by organization

Learn about the organization's key goals, strategies, capabilities, and progress.

Charting impact

Four powerful questions that require reflection about what really matters - results.

Prosperity Now is a multi-faceted organization working at the local, state and federal levels to create economic opportunity that alleviates poverty.

We envision an opportunity economy, where we are all empowered to build more prosperous futures for our families, our communities and our country. Nearly 50 million of us are working hard every day to make ends meet. We're doing everything right to provide for our children. We pay our taxes. Many of us have college degrees. Many of us even hold two or three jobs. And yet we're not getting ahead. For us, the American Dream has indeed been deferred. More than half of us cannot get an affordable loan to advance our aspirations or cover an emergency. One in five pay more than we should for basic financial services. For nearly half of all households and nearly two-thirds of households of color, financial ruin is one crisis away.

This has to change.

Prosperity Now believes that we need an opportunity economy—one that allows all of us the chance to build a more prosperous future for our families, our community and our country. In an opportunity economy, the pathways to prosperity are paved. There are roadmaps to guide us through financial decisions. The on-ramps to the financial highway are open to everyone; we all have the opportunity to save for the future, buy a home, sustain a business and get a good education. We're on our way toward this vision.

To guide our course, measure our progress, remind us of our mission and align the thousands of partners whose combined work, innovation and collaboration will bring about the changes we wish to see in our nation. These are the audacious and critical outcomes we aim to achieve by 2025:

Millions of low-income and asset-poor U.S. families will gain access to their fair share of the half-trillion dollars spent through the federal tax code to encourage savings and investments.

Racial wealth inequality will increasingly be relegated to history.

Every child in the United States will have a seeded college savings account and will be connected to the financial mainstream.

One million more low- and moderate-income families will own homes that appreciate in value, building household wealth and strengthening communities.

One million more entrepreneurs will start businesses each year, contributing their dreams, skills and energy to the U.S. economy.

As a “think and do" tank, Prosperity Now has the right mix of research, programs and policy, and on-the-ground experience that can lead to real results for millions of people in the US. Our ability to recognize problems, collect and analyze data, mobilize networks of top professionals and provide policy recommendations in one place provides Prosperity Now a unique capability to ensure everyone in our country has a shot as gaining financial stability.

For more than forty years, Prosperity Now has envisioned an economy where everyone in our country has a shot at gaining financial stability, building wealth and achieving prosperity. We have succeeded in doing so by working with our national networks and partners. First, we advocate for policies to promote savings, protect consumers and put more money in their pockets through bold tax reform. Second, we ensure that millions of families gain financial training and access to the banking products they need to get on track and achieve their financial goals. Finally, we work to bridge the racial wealth divide to help address racial wealth inequality in a more comprehensive and targeted manner.

Financials

Prosperity Now
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Operations

The people, governance practices, and partners that make the organization tick.

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Connect with nonprofit leaders

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  • Analyze a variety of pre-calculated financial metrics
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  • Compare nonprofit financials to similar organizations

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lock

Connect with nonprofit leaders

Subscribe

Build relationships with key people who manage and lead nonprofit organizations with GuideStar Pro. Try a low commitment monthly plan today.

  • Analyze a variety of pre-calculated financial metrics
  • Access beautifully interactive analysis and comparison tools
  • Compare nonprofit financials to similar organizations

Want to see how you can enhance your nonprofit research and unlock more insights? Learn More about GuideStar Pro.

Prosperity Now

Board of directors
as of 02/05/2024
SOURCE: Self-reported by organization
Board chair

Courtney Hodapp

Victor Reinoso

Ron Grzywinski

Serra Falk Goldman

Robin McKinney

Bea Stotzer

Jada Grandy-Mock

Courtney Hodapp

Megan Selby

Annie Burns

Darlene Goins

john a. powell

Jackson Brossy

Garnesha Ezediaro

Horacio Mendez

Board leadership practices

SOURCE: Self-reported by organization

GuideStar worked with BoardSource, the national leader in nonprofit board leadership and governance, to create this section.

  • Board orientation and education
    Does the board conduct a formal orientation for new board members and require all board members to sign a written agreement regarding their roles, responsibilities, and expectations? Yes
  • CEO oversight
    Has the board conducted a formal, written assessment of the chief executive within the past year ? Yes

Organizational demographics

SOURCE: Self-reported; last updated 2/5/2024

Who works and leads organizations that serve our diverse communities? Candid partnered with CHANGE Philanthropy on this demographic section.

Leadership

The organization's leader identifies as:

Race & ethnicity
Black/African American
Gender identity
Male

Race & ethnicity

Gender identity

Transgender Identity

Sexual orientation

No data

Disability

No data

Equity strategies

Last updated: 06/08/2023

GuideStar partnered with Equity in the Center - an organization that works to shift mindsets, practices, and systems to increase racial equity - to create this section. Learn more

Data
  • We review compensation data across the organization (and by staff levels) to identify disparities by race.
  • We ask team members to identify racial disparities in their programs and / or portfolios.
  • We analyze disaggregated data and root causes of race disparities that impact the organization's programs, portfolios, and the populations served.
  • We disaggregate data to adjust programming goals to keep pace with changing needs of the communities we support.
  • We employ non-traditional ways of gathering feedback on programs and trainings, which may include interviews, roundtables, and external reviews with/by community stakeholders.
  • We disaggregate data by demographics, including race, in every policy and program measured.
  • We have long-term strategic plans and measurable goals for creating a culture such that one’s race identity has no influence on how they fare within the organization.
Policies and processes
  • We use a vetting process to identify vendors and partners that share our commitment to race equity.
  • We have a promotion process that anticipates and mitigates implicit and explicit biases about people of color serving in leadership positions.
  • We seek individuals from various race backgrounds for board and executive director/CEO positions within our organization.
  • We have community representation at the board level, either on the board itself or through a community advisory board.
  • We help senior leadership understand how to be inclusive leaders with learning approaches that emphasize reflection, iteration, and adaptability.
  • We measure and then disaggregate job satisfaction and retention data by race, function, level, and/or team.
  • We engage everyone, from the board to staff levels of the organization, in race equity work and ensure that individuals understand their roles in creating culture such that one’s race identity has no influence on how they fare within the organization.