Prosperity Works

Powering Opportunity

aka Prosperity Works   |   Albuquerque, NM   |  www.prosperityworks.net

Mission

Prosperity Works builds the capacity of individuals and organizations, and advocates for policies that generate economic prosperity for all New Mexicans. We work to equip limited-income New Mexico households with social and financial assets to catalyze sustainable, equitable solutions for building strong, thriving communities. We envision a New Mexico where every person has access to the opportunities, knowledge, and relationships they need to achieve economic prosperity. Our intergenerational work is guided by our core values, each of which is cast through an intersectional lens that centers racial equity: community-centric solutions building, intentional capacity building, and authentic partnership development.

Ruling year info

2000

President and CEO

Arellana Cordero

Main address

909 Copper Ave NW

Albuquerque, NM 87102 USA

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Formerly known as

Community Action New Mexico

EIN

85-0466059

NTEE code info

Community Improvement, Capacity Building N.E.C. (S99)

Alliance/Advocacy Organizations (S01)

Management & Technical Assistance (S02)

IRS filing requirement

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

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Communication

Blog

Programs and results

What we aim to solve

SOURCE: Self-reported by organization

Prosperity Works started because we recognized that navigating life without assets is challenging and unpredictable--and exacerbated by systemic racial inequities. Assets like a home, business, or degree can help stabilize families, enhance household health, increase agency, and strengthen communities. Prosperity for all New Mexicans cannot flourish without changing systems, attitudes, and behaviors. We believe that direct, high-impact investments in hardworking, committed individuals and families are the best investment you can make. We believe in the power of investing in people; delivering assets through equity-centered education; catalyzing innovative, sustainable solutions for households' future needs; shaping household health and wellbeing holistically; and effecting systems-level change.

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?

Individual Development Accounts (IDAs)

IDAs are matched savings accounts for individuals interested in saving for a change-making asset—like a home or business. We created our IDA initiative to help empower hardworking families through financial capability training to save, invest, and accumulate assets—to enhance their household’s long-term socioeconomic health and wellbeing.

​As part of our IDA initiative, ​IDA holders are required to complete a financial education program offered through our network of local, community-embedded nonprofit organizations, which are part of the New Mexico Assets Consortium.

Assets like a home, degree, or small business can promote long-term financial solvency and bridge generations.

Population(s) Served
Ethnic and racial groups
Economically disadvantaged people

Prosperity Works recognized the extent to which high-interest predatory lenders undermined individual borrowers’ long-term financial health, eroded community economic development initiatives, and advocated against legislation to protect consumers. Through our fair lending partnerships, like with TrueConnect, employees in New Mexico have an equitable lending alternative to predatory storefront lenders.

We work to socialize a “new social contract” between employees and employers—one predicated upon employees’ quality of life. Part of this new “contract” is working with employers to provide employees with low-interest lending options. In times of economic uncertainty and short-term resource gaps, households often turn to high-interest lending options; these exploitative, predatory schemes disproportionately impact Black, Indigenous, and People of Color households. We are committed to working together with public and private partners to develop and scale equitable lending options for New Mexico households statewide.

Population(s) Served
Economically disadvantaged people
Ethnic and racial groups

Prosperity Kids CSAs are matched education savings accounts for limited-income households. Each CSA is opened with a $100 deposit and is matched 1:1—up to $200 per year until a child graduates high school. Parents also complete 10 weeks of financial capability and parent-child development education—including how to start a supplementary emergency savings fund to further stabilize the household.

Evidence shows that success later in life often is predicated upon a financially informed and solvent foundation seeded with a modicum of savings during childhood.

Children who are enrolled in and leverage their CSAs are:
>Four-to-six times more likely to attend college or some form of postsecondary education;
>Three-and-a-half times more likely to earn a college degree;
>50 percent less likely to experience depression;
>Primed for heightened socio-emotional development relative to their peers by preschool; and
>More likely to shape, along with their family, a success-oriented, “college-going identity” frame—through which they envision their future aspirations, and work to bring them to fruition.

Population(s) Served
Economically disadvantaged people

Where we work

Awards

Best Place to Work 2012

Albuquerque's Business First

Our Sustainable Development Goals

SOURCE: Self-reported by organization

Learn more about Sustainable Development Goals.

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 Works equips limited-income (LI) New Mexico households with social and financial assets to catalyze sustainable solutions for building strong, thriving communities.

We operationalize this mission by leveraging our initiative-shaped Financial Opportunity & Inclusion Continuum (FOIC) to build LI households’ socioeconomic assets longitudinally: from birth, with Child Savings Accounts (CSAs), to adulthood, with Individual Development Accounts (IDAs); and at mid- to late-life asset-building milestones, with Fair Lending Options and through proactive financial capability coaching and training..

Crafted through an intersectional lens that centers racial equity, our FOIC is: access- and action-oriented; focused on sustainable, holistic praxis that foments intergenerational socioeconomic health and wellbeing; and tailored and disseminated to LI households through our network of community-embedded partners.

Through our work, we endeavor to achieve these ongoing, community-centric goals:

Goal 1: Integrating asset-building strategies with local businesses, including CSAs, IDAs, and Fair Lending Options for employees;

Goal 2: Expanding Prosperity Kids (CSA) accounts/offerings to LI households with children--especially those in rural parts of the state;

Goal 3: Expanding IDAs to rural communities statewide; and

Goal 4: Developing a Financial Capability Coaching Module (FCCM) for partner organizations--to complement our current FOIC initiative suite.

Our FOIC-focused work is framed by a dual-pronged antipoverty tack, which includes "out of poverty" and "ending poverty" strategies.

>Out of poverty strategies leverage our FOIC to connect individuals and families with change-making assets--such as CSAs, IDAs, and financial capability training.

>Ending poverty strategies involve proactive policy advocacy--to dismantle racist policy and processes that limit the asset-building capacity of BIPOC communities, and to collaboratively shape an "opportunity economy" predicated upon equitable policy and access to assets.

Our dual-pronged tack helps ensure intergenerational assets are secured, protected, and leveraged sustainably--to maintain household members' health, and to support their long-term goals. We work through this strategic tack to achieve our ongoing, community-centric goals (above).

From our inception, Prosperity Works has led the way in shaping a social justice space framed by community relationships and predicated upon effecting sustainable, systems-level socioeconomic change--specifically in partnership with Black, Indigenous, and People of Color (BIPOC) changemakers.

We have worked proactively to identify trusted community partners with whom we can collaborate, and through whom we can disseminate our asset-building resources to LI households. Establishing such an integral network, especially in rural areas, required us to clear hurdles creatively (such as basic access and language) to provide place-based, asset-building resources.

Accomplishments per strategic goal (outlined above) are detailed below:

Prosperity Kids CSAs. When possible, we work to dovetail home visiting initiatives with our Prosperity Kids (PK) strategies—so as to lay a strong financial foundation for infants and their families and centering their experience in the process. While the power of home visiting initiatives in improving the health and wellbeing of children and their families is well established, those same programs face challenges—not only in recruiting families prior to a child’s birth, but also in retaining them in the program for the optimal three-year period. To address this issue, our design incentivizes early enrollment and retention with initial deposits for the children, and an Emergency Savings Account (ESA) for the parents; incentive deposits are added to both accounts each quarter of participation. From 2019-2020, we expanded our PK programs across Bernalillo County and well into northern New Mexico, including: enhancing the work with home visiting programs in Rio Arriba County; initiating a PK program with the Head Start program in Abiquiu; and coordinating PK offerings in Gallup, Las Vegas, and Farmington.

IDAs. Our IDA work as deployed thru the rural delivery system that we developed, the New Mexico Assets Consortium, has been a story of expansion, contraction, and modification to address funding changes. As a poverty-reduction tool, our IDA program has allowed several thousand New Mexicans to acquire life-changing assets, including: a home (629 families); a business (729 individuals, which collectively created 1,200 new jobs); and a college education (810 degrees, with a resultant aggregate annual income increase of approximately $6.5M).

Fair Lending Options. For LI individuals, or those without a developed credit history, the savings offered by employer-based lending models like the TrueConnect loan program can mean the difference between financial security and financial ruin. From 2017-2020, we were able to enroll 21 employers in the TrueConnect loan program—including multiple counties (e.g. Taos, Bernalillo, and Doña Ana), major cities (e.g. Santa Fe, Albuquerque, and Las Cruces), Santa Fe Public Schools, Northern New Mexico College and Central New Mexico Community College, Comcast, and Youth Development, Inc. (YDI). Families have saved hundreds of thousands of dollars by avoiding predatory lenders, and increased their credit scores and financial capability. Employers have benefitted from increased employee productivity and satisfaction, and from decreased separations and lenders’ wage garnishments. Moreover, the savings through TrueConnect over this three-year period approximate $8M, with a default rate of less than 2%. When individuals are able to have access to an equitable lending source like TrueConnect, and are not reliant on predatory lenders, the socioeconomic advantages ripple through their respective communities—enhancing household and community health.

Financials

Prosperity Works
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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
  • Access beautifully interactive analysis and comparison tools
  • Compare nonprofit financials to similar organizations

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Prosperity Works

Board of directors
as of 12/23/2020
SOURCE: Self-reported by organization
Board chair

Susan Morrison

Ona Porter

Prosperity Works

Susan Morrison

Q Financial Planning

Amber Carrillo

Tribal Communities Leader and Advocate

Nancy Lopez

University of New Mexico

Daya Khalsa

Business Consultant

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
  • Ethics and transparency
    Have the board and senior staff reviewed the conflict-of-interest policy and completed and signed disclosure statements in the past year? Yes
  • Board composition
    Does the board ensure an inclusive board member recruitment process that results in diversity of thought and leadership? Yes
  • Board performance
    Has the board conducted a formal, written self-assessment of its performance within the past three years? Not applicable

Organizational demographics

SOURCE: Self-reported; last updated 12/23/2020

Who works and leads organizations that serve our diverse communities? GuideStar partnered on this section with CHANGE Philanthropy and Equity in the Center.

Leadership

The organization's leader identifies as:

Race & ethnicity
Hispanic/Latino/Latina/Latinx
Gender identity
Female, Not transgender (cisgender)
Sexual orientation
Heterosexual or Straight
Disability status
Person without a disability

Race & ethnicity

Gender identity

 

Sexual orientation

Disability

No data

Equity strategies

Last updated: 12/23/2020

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 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 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 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.