Civic Intelligence

Prepare and Prosper

990 • Fiscal year 2016 • EIN 23-7131829

Jul 01, 2015 to Jun 30, 2016 • Filed on Oct 27, 2016

Organization ProfileWWW.prepareandprosper.ORG
2610 University Ave W 450St Paul, MN 55114

(651) 287-0187

Siviq Scores

Scores are not available for this record yet.

Balance Sheet

Assets

Up

$1,584,452

Up $653,882 (+70%) from 2015

Net Assets

Up

$1,430,183

Up $615,005 (+75%) from 2015

Liabilities

Up

$154,269

Up $38,877 (+34%) from 2015

Revenue And Expenses

Revenue

Up

$2,342,332

Up $593,920 (+34%) from 2015

Expenses

Up

$1,713,959

Up $219,852 (+15%) from 2015

Net Income

Up

$628,373

Up $374,068 (+147%) from 2015

Historical Trend

Balance Sheet Trend

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$4.0M$3.0M$2.0M$1.0M$0Assets 2011: $619,237Liabilities 2011: $69,725Net Assets 2011: $549,5122011Assets 2012: $552,513Liabilities 2012: $93,619Net Assets 2012: $458,8942012Assets 2013: $671,057Liabilities 2013: $91,912Net Assets 2013: $579,1452013Assets 2015: $930,570Liabilities 2015: $115,392Net Assets 2015: $815,1782015Assets 2016: $1,584,452Liabilities 2016: $154,269Net Assets 2016: $1,430,1832016Assets 2017: $1,524,222Liabilities 2017: $104,331Net Assets 2017: $1,419,8912017Assets 2018: $1,710,439Liabilities 2018: $67,373Net Assets 2018: $1,643,0662018Assets 2019: $1,703,249Liabilities 2019: $72,648Net Assets 2019: $1,630,6012019Assets 2020: $2,435,005Liabilities 2020: $271,475Net Assets 2020: $2,163,5302020Assets 2021: $2,795,257Liabilities 2021: $324,201Net Assets 2021: $2,471,0562021Assets 2022: $2,509,288Liabilities 2022: $108,091Net Assets 2022: $2,401,1972022Assets 2023: $3,147,378Liabilities 2023: $632,342Net Assets 2023: $2,515,0362023Assets 2024: $1,996,108Liabilities 2024: $447,405Net Assets 2024: $1,548,7032024Assets 2025: $1,478,737Liabilities 2025: $564,797Net Assets 2025: $913,9402025

Highlighted filing

2016

Assets$1,584,452
Liabilities$154,269
Net Assets$1,430,183
Open 2016 Filing

Operations Trend

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$4.0M$2.0M$0-$2.0MExpenses 2011: $1,032,1162011Expenses 2012: $1,082,4192012Expenses 2013: $1,290,9002013Revenue 2015: $1,748,412Expenses 2015: $1,494,107Net Income 2015: $254,3052015Revenue 2016: $2,342,332Expenses 2016: $1,713,959Net Income 2016: $628,3732016Revenue 2017: $1,877,255Expenses 2017: $1,898,719Net Income 2017: -$21,4642017Revenue 2018: $2,190,112Expenses 2018: $1,971,242Net Income 2018: $218,8702018Revenue 2019: $2,086,114Expenses 2019: $2,095,497Net Income 2019: -$9,3832019Revenue 2020: $2,338,121Expenses 2020: $1,798,363Net Income 2020: $539,7582020Revenue 2021: $2,505,131Expenses 2021: $2,242,173Net Income 2021: $262,9582021Revenue 2022: $2,156,071Expenses 2022: $2,195,120Net Income 2022: -$39,0492022Revenue 2023: $2,572,017Expenses 2023: $2,472,462Net Income 2023: $99,5552023Revenue 2024: $2,006,950Expenses 2024: $2,983,297Net Income 2024: -$976,3472024Revenue 2025: $2,777,225Expenses 2025: $3,407,399Net Income 2025: -$630,1742025

Highlighted filing

2016

Revenue$2,342,332
Expenses$1,713,959
Net Income$628,373
Open 2016 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2015 to Jun 30, 2016
Signed
Oct 27, 2016
Return Version
2015v2.1
Gross Receipts
$2,461,453
Mission and Program Overview

Mission

Prepare and prosper is dedicated to providing high quality tax preparation and related financial services to individuals and families of limited means by leveraging volunteer resources and advising and assisting others to provide similar services in their communities.

Balance Sheet Detail
LineBeginningEndChange
Assets
Savings and Temporary Cash Investments$445,408$904,219▲ $458,811
Pledges and Grants Receivable$305,390$460,000▲ $154,610
Investments in Publicly Traded Securities$111,461$105,528▼ $5,933
Land, Buildings, and Equipment, Net$54,420$70,592▲ $16,172
Accounts Receivable$6,336$36,500▲ $30,164
Prepaid Expenses and Deferred Charges-$58-
Total Assets$930,570$1,584,452▲ $653,882
Other Assets Total$7,555$7,555→ $0
Liabilities
Accounts Payable and Accrued Expenses$115,392$154,269▲ $38,877
Total Liabilities$115,392$154,269▲ $38,877
Net Assets / Fund Balance
Temporarily Rstr Net Assets$410,390$893,161▲ $482,771
Unrestricted Net Assets$292,297$429,868▲ $137,571
Permanently Rstr Net Assets$112,491$107,154▼ $5,337
Total Net Assets Fund Balance$815,178$1,430,183▲ $615,005
Total Liabilities and Net Assets / Fund Balance$930,570$1,584,452▲ $653,882

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$39,399$72,283$111,682
Leasehold Improvements$31,193$10,474$41,667

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2015$111,962$350▼ $4,053-$107,154
2014$107,469$200▲ $5,419-$111,962
2013$90,997$1,000▲ $16,339-$107,469
2012$78,147$225▲ $13,158-$90,997
2011$81,324$100▼ $2,785-$78,147
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Tracy FischmanExecutive DirectorFT$101,464$2,828$104,292

Board Members and Trustees

NameTitle
Jane EastwoodChair
Gordon GoodwinVice Chair
Bill RakerDirector
Dale JohnsonDirector
David WieseDirector
Greg PeskyDirector
Jessica McdonaldDirector
Kirsten AndersonDirector
Leo GabrielDirector
Patty BongaartsDirector
Teshite WakoDirector
Carole SpecktorSecretary
Jodie ScottTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$2,308,922
Program Service Revenue
$17,500
Investment Income
$9,373
Other Revenue
$6,537
All Other Contributions
$1,730,690
Change in Net Assets
$628,373

Noncash Contribution Practices

Property subject to holding requirements
No
Reviewed unusual noncash gifts
No
Third parties used for noncash contributions
No

Noncash Contributions

Contribution TypeContribution CountReported AmountValuation Method
Other Non Cash Contri Table46$23,066Fair Market Value (FMV)
Other Non Cash Contri Table14$4,438-
Total Noncash Contributions60$27,504-

Audited Revenue Reconciliation

Revenue per Audited Statements
$2,341,200
Revenue Not Reported on Financial Statements
$1,133
Revenue Not Reported on Form 990
$35,410
Total Revenue per Audited Statements
$2,376,610
Total Revenue per Form 990
$2,342,333
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$1,214,959
Other Expenses$499,000
Total Fundraising Expense$151,754
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$858,023$4,747$94,729$957,499
Office Expenses$146,711$23,786$11,429$181,926
Occupancy$129,014$6,316$8,422$143,752
Current Officers, Directors, Trustees, and Key Employees$45,894$42,359$18,619$106,872
Payroll Taxes$75,652$3,541$8,720$87,913
Other Employee Benefits$58,233$1,106$3,336$62,675
Fees for Services Other$32,698$18,308$2,783$53,789
Fees for Services Accounting-$18,988-$18,988
Depreciation Depletion$16,499$273$977$17,749
Conferences and Meetings$5,062$1,421$780$7,263
Travel$4,813--$4,813
Other Expenses$149$2,773$14$2,936
Insurance-$1,521-$1,521
Advertising$947--$947
Total Functional Expenses$1,435,210$126,995$151,754$1,713,959

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$1,761,605
Expenses per Audited Statements$1,713,960
Total Expenses per Form 990$1,713,960
Expenses Not Reported on Form 990$47,645
Expenses Not Reported on Financial Statements$0
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Gross Income$17,007
Fundraising Direct Expenses$10,938
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Tee off for Taxes$39,247$17,007$2,165$14,842
Total Events$39,247$17,007$10,938$6,069
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
Yes
Subject to proxy tax
No
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
Yes
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section B, line 11

“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, interviews with similar nonprofits & 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.”

Filing and Contact Details

Filer

Filer Name
Prepare and Prosper
EIN
23-7131829
Phone
6512870187
Address
2610 University Ave W 450, St Paul, MN 55114

Signing Officer

Name
Tracy Fischman
Title
Executive Director
Phone
6512870187
Signed
2016-10-27
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Tracy Fischman
Formed
1971
Legal Domicile
Mn
Voting Board Members
13
Independent Board Members
13
Employees
79
Volunteers
626

Preparer

Firm
Abdo Eick & Meyers LLP
Address
5201 Eden Ave Ste 250, Edina, MN 55436
Preparer
John N Abdo CPA
Phone
9528359090
Supplemental Narrative

Additional Explanations

Form 990, Part XII, Line 2C

“The Organization's Finance Committee is responsible for the oversight of the audit of its financial statements and selection of the independent accountant. This process has not changed from the prior year.”

Financial Statement Notes

Part V, Line 4:

“Endowment fund income may be used for the operating or program expenses of prepare and prosper.”

Part X, Line 2:

“The organization has evaluated for uncertain tax positions. Management has expressed that there are no uncertain tax positions as of june 30, 2016. The organization's tax returns are subject to possible examination by the taxing authorities. For federal tax purposes the tax returns essentially remain open for possible examination for a period of three years after the date on which those returns are filed.”

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IRS990/Desc0Tax Preparation ServicesPrepare + Prosper (P+P) strives to emulate its vision where all people have access to the resources and services they need to be financially stable. By leveraging the power of more than 550 highly trained volunteers, P+P served more than 13,200 people in the Twin Cities in 2016, and returned $26 million in tax refunds. P+P's programs and services are available to low- and moderate-income taxpayers living in the Twin Cities metro area with annual income of $30,000 or less, and families and self-employed taxpayers with annual income of $55,000 or less. Nearly 60% of customers live below 100% of the poverty level; the average annual income for P+P's customers is approximately $16,000.P+P also runs a special tax program for nearly 900 self-employed taxpayers, as well as a remote tax program that serves over 1,200 people designed for people with disabilities and/or are home-bound.New in 2016, P+P held a taxathon early in the tax season when a large number of people seek services. This 24-hour, two-day effort helped to serve more taxpayers, and was a unique way to spread the word about free tax assistance, tax credits, and Prepare + Prosper.
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IRS990/MissionDesc0Prepare and Prosper is dedicated to providing high quality tax preparation and related financial services to individuals and families of limited means by leveraging volunteer resources and advising and assisting others to provide similar services in their communities.
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IRS990/OtherExpensesGrp/Desc0PROFESSIONAL DEVELOPMEN
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IRS990/ProgSrvcAccomActy2Grp/Desc0Financial capability servicesP+P maximizes the tax-time money moment by offering financial services and products that help households increase the financial impact of their tax refunds and build brighter financial futures. In 2016, P+P prioritized the promotion of savings, and helped more than 1,200 people save over $1.9 million of their refunds. This included, for the first time, the opening of 105 newly offered US Department of Treasury retirement accounts (called myRA). In 2014, P+P piloted its new financial coaching program, Money Mentors, Today, P+P offers this more intensive, volunteer-based support to nearly 200 people each year to help them reach their financial goals.
IRS990/ProgSrvcAccomActy2Grp/ExpenseAmt0304296
IRS990/ProgSrvcAccomActy3Grp/Desc0Education and awarenessP+P educates the public and policy makers about the importance of tax credits, free tax programs, and other issues designed to facilitate wealth-building and to protect consumers. The organization manages the Claim it! campaign, which is supported by the Greater Twin Cities United Way and is designed to increase awareness about the Earned Income Tax Credit (EITC). In 2016, P+P worked with 315 nonprofit, government, and educational organizations to promote the EITC, distribute materials, and present at forums and outreach events; and through the campaign, P+P collected 74 stories from taxpayers and volunteers, showcasing the importance and impact of the EITC. Minnesota out-performs the nation in the average yearly increase of taxpayers claiming the EITC; the Claim it! campaign has contributed to that increase.In 2016, P+P also engaged in awareness and advocacy efforts to strengthen policy to protect and expand refundable tax credits and support asset building efforts. Specifically, P+P worked with coalition partners to expand the MN Working Family Credit and to pass the Tax Time Savings bill. Both bills made it into the final tax bill that passed out of the legislature, but that bill was not signed into law.
IRS990/ProgSrvcAccomActy3Grp/ExpenseAmt0100792
IRS990/ProgSrvcAccomActyOtherGrp/Desc0Training and education servicesP+P provides in-depth training and technical assistance to other organizations across Minnesota to build their capacity to run successful free tax programs. P+P assists anywhere from 12 to 18 organizations to provide free tax assistance to taxpayers across the state.
IRS990/ProgSrvcAccomActyOtherGrp/Desc1FAIRFinally, P+P leads a systems-changing initiative called FAIR, Financial Access in Reach. FAIR is designed to 1) help financially underserved households who are, nationally and annually, stripped of $138 billion through their use of the alternative financial marketplace (e.g. check cashers, payday lenders); and 2) transform underserved households' financial lives by providing unique access points to a new suite of financial products that incorporate transaction, savings, and credit building. FAIR will employ a distribution network of trusted nonprofits, public sector systems, and employers to meet consumers where they are. FAIR is guided by a multi-sector leadership team in the Twin Cities. FAIR will be launched and the products available to consumers by 2017, with a small pre-pilot to demonstrate product viability in late 2016.
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IRS990ScheduleC/RalliesDemonstrationsInd00
IRS990ScheduleC/SupplementalInformationDetail/ExplanationTxt0Prepare + Prosper staff members participated in efforts to pass two bills. The first was the "Tax Time Savings" bill. This bill would have increased funding for free tax programs and created a new pot of funding for integrating financial capability services into free tax programs. The second bill would have increased funding for the Minnesota Working Family Credit. Prepare + Prosper staff met with several legislators to support these bills, testified before several committees, worked with one volunteer and two customers to provide testimonies, and contacted members of the legislature urging them to support both bills. Prepare + Prosper also urged many volunteers and customers to contact their legislators. Both bills were included in the final tax bill that passed out of the legislature, but Governor Dayton did not sign the bill due to some errors in the bill. We will continue to support these efforts in 2017.
IRS990ScheduleC/SupplementalInformationDetail/FormAndLineReferenceDesc0Part II-B, Line 1:
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Document Assets

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Filings

Displayed year

2016 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$1,584,452
Liabilities
$154,269
Net assets
$1,430,183
Revenue
$2,342,332
Expenses
$1,713,959
Net income
$628,373
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.48$0.56$0.91$2.78$3.41$0.63
2024Detailed filing. Detailed filing data is available for this year.$2.00$0.45$1.55$2.01$2.98$0.98
2023Detailed filing. Detailed filing data is available for this year.$3.15$0.63$2.52$2.57$2.47$0.10
2022Detailed filing. Detailed filing data is available for this year.$2.51$0.11$2.40$2.16$2.20$0.04
2021Detailed filing. Detailed filing data is available for this year.$2.80$0.32$2.47$2.51$2.24$0.26
2020Detailed filing. Detailed filing data is available for this year.$2.44$0.27$2.16$2.34$1.80$0.54
2019Detailed filing. Detailed filing data is available for this year.$1.70$0.07$1.63$2.09$2.10$0.01
2018Detailed filing. Detailed filing data is available for this year.$1.71$0.07$1.64$2.19$1.97$0.22
2017Detailed filing. Detailed filing data is available for this year.$1.52$0.10$1.42$1.88$1.90$0.02
2016Detailed filing. Detailed filing data is available for this year.$1.58$0.15$1.43$2.34$1.71$0.63
2015Detailed filing. Detailed filing data is available for this year.$0.93$0.12$0.82$1.75$1.49$0.25
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.67$0.09$0.58$1.29
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.55$0.09$0.46$1.08
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.62$0.07$0.55$1.03