Civic Intelligence

Prosperus Detroit Micro Lending

990 • Fiscal year 2019 • EIN 46-2997666

Jan 01, 2019 to Dec 31, 2019 • Filed on Nov 12, 2020

Organization ProfileWWW.SWSOL.ORG
5716 Michigan Avenue No 3000Detroit, MI 48210

(313) 481-3100

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

17th percentile

0.00x

Higher debt load relative to assets than 17% of similar nonprofits.

2019 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2019

Liabilities / Revenue

30th percentile

0.02x

Higher debt load relative to revenue than 30% of similar nonprofits.

2019 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2019

Net Margin

96th percentile

72%

Higher net margin than 96% of similar nonprofits.

2019 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2019

Top Officer Pay

94th percentile

$288,480

Higher top officer pay than 94% of similar nonprofits.

Top officer pay equals 948.1% of source-year revenue.

2019 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2019

Asset Growth

68th percentile

11%

Faster asset growth than 68% of similar nonprofits.

2019 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2018 to 2019

Revenue Growth

91st percentile

75%

Faster revenue growth than 91% of similar nonprofits.

2019 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2018 to 2019

Balance Sheet
Liabilities / Assets17th percentile

Assets

Up

$1,119,597

Up $108,616 (+11%) from 2018

Net Assets

Up

$1,118,857

Up $118,076 (+12%) from 2018

Liabilities

Down

$740

Down $9,460 (-93%) from 2018

Revenue And Expenses
Liabilities / Revenue30th percentileNet Margin96th percentile

Revenue

Up

$30,428

Up $13,056 (+75%) from 2018

Expenses

Up

$8,406

Up $8,129 (+2935%) from 2018

Net Income

Up

$22,022

Up $4,927 (+29%) from 2018

Historical Trend

Balance Sheet Trend

Asset Growth68th percentile

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

$6.0M$4.0M$2.0M$0Assets 2014: $296,538Liabilities 2014: $02014Assets 2015: $305,546Liabilities 2015: $3,1252015Assets 2016: $524,127Liabilities 2016: $0Net Assets 2016: $524,1272016Assets 2017: $580,686Liabilities 2017: $47,000Net Assets 2017: $533,6862017Assets 2018: $1,010,981Liabilities 2018: $10,200Net Assets 2018: $1,000,7812018Assets 2019: $1,119,597Liabilities 2019: $740Net Assets 2019: $1,118,8572019Assets 2020: $2,136,590Liabilities 2020: $60,820Net Assets 2020: $2,075,7702020Assets 2021: $2,318,083Liabilities 2021: $68,137Net Assets 2021: $2,249,9462021Assets 2022: $3,608,105Liabilities 2022: $66,456Net Assets 2022: $3,541,6492022Assets 2023: $4,215,384Liabilities 2023: $1,121,817Net Assets 2023: $3,093,5672023Assets 2024: $4,555,184Liabilities 2024: $472,591Net Assets 2024: $4,082,5932024

Highlighted filing

2019

Assets$1,119,597
Liabilities$740
Net Assets$1,118,857
Open 2019 Filing

Operations Trend

Revenue Growth91st percentile

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

$6.0M$4.0M$2.0M$0-$2.0MRevenue 2014: $3,938Expenses 2014: $2,400Net Income 2014: $1,5382014Revenue 2015: $6,048Expenses 2015: $165Net Income 2015: $5,8832015Revenue 2016: $12,878Expenses 2016: $0Net Income 2016: $12,8782016Revenue 2017: $13,663Expenses 2017: $0Net Income 2017: $13,6632017Revenue 2018: $17,372Expenses 2018: $277Net Income 2018: $17,0952018Revenue 2019: $30,428Expenses 2019: $8,406Net Income 2019: $22,0222019Revenue 2020: $1,383,329Expenses 2020: $426,416Net Income 2020: $956,9132020Revenue 2021: $2,015,373Expenses 2021: $1,841,196Net Income 2021: $174,1772021Revenue 2022: $3,302,099Expenses 2022: $2,010,396Net Income 2022: $1,291,7032022Revenue 2023: $1,801,771Expenses 2023: $2,249,853Net Income 2023: -$448,0822023Revenue 2024: $4,163,863Expenses 2024: $3,174,837Net Income 2024: $989,0262024

Highlighted filing

2019

Revenue$30,428
Expenses$8,406
Net Income$22,022
Open 2019 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2019 to Dec 31, 2019
Signed
Nov 12, 2020
Return Version
2019v5.1
Gross Receipts
$30,428
Mission and Program Overview

Mission

To empower emerging entrepreneurs and underserved small businesses with the services, opportunities, and capital needed to grow businesses, build wealth and transform low-income neighborhoods.

Prosperus detroit micro-lending was formed to carry out the micro lending function of the prosperus detroit program of southwest economic solutions. The program assists minority entrepreneurs with training and education in starting a small business.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments Program Related$617,423$747,919▲ $130,496
Cash and Non-Interest-Bearing Accounts$393,558$371,678▼ $21,880
Total Assets$1,010,981$1,119,597▲ $108,616
Liabilities
Accounts Payable and Accrued Expenses$10,200$740▼ $9,460
Total Liabilities$10,200$740▼ $9,460
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$1,000,781$1,118,857▲ $118,076
Total Net Assets Fund Balance$1,000,781$1,118,857▲ $118,076
Total Liabilities and Net Assets / Fund Balance$1,010,981$1,119,597▲ $108,616

Asset Categories

AssetBook ValueDepreciationBasis
Investment Program Related Org$747,919--
Compensation and Service Providers
Top Officer Pay94th percentile

Board Members and Trustees

NameTitle
Steve KosudaChairperson
Joseph TassePresident
John SchoenigerDirector
Rich HawkinsDirector
Steve TobocmanDirector
Hector HernandezSecretary
Michelle ShermanTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$30,350
Investment Income
$78
Other Revenue
$0
Change in Net Assets
$22,022
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$8,406
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Expenses$621--$621
Total Functional Expenses$8,406$0$0$8,406
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Business relationship with 35% controlled entity
No
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
No
Other officer compensation reviewed
No
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 A, Line 8B

“The organization does not have any sub-committee that has the authority to act on behalf of the governing body.”

Form 990, Part VI, Section B, Line 11B

“A copy of the form 990 is emailed for review by each board member, requesting they email any questions prior to filing.”

Form 990, Part VI, Section B, Line 12C

“A director shall disclose to the board of directors any potential or existing conflict of interest consistent with the conflict policy. At or prior to a meeting of board of directors, such director shall disclose to the board of directors any potential or existing conflict of interest relating to any matter included on the agenda of that meeting or brought to the attention of the board of directors at that meeting.”

Form 990, Part VI, Section C, Line 19

“The organization makes it governing documents, conflict of interest policy and financial statements available to the public upon request.”

Filing and Contact Details

Filer

Filer Name
Prosperus Detroit Micro-lending
EIN
46-2997666
Phone
3134813100
Address
5716 MICHIGAN AVENUE NO 3000, DETROIT, MI 48210

Signing Officer

Name
Michelle R Sherman
Title
Chief Operating Officer
Phone
3134813100
Signed
2020-11-12
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Michelle Sherman
Formed
2013
Legal Domicile
Mi
Voting Board Members
7
Independent Board Members
4
Employees
0
Volunteers
4

Preparer

Firm
Baker Tilly US Llp
Address
777 E WISCONSIN AVENUE 32ND FLOOR, MILWAUKEE, WI 53202
Preparer
Troy Marine CPA
Phone
4147775500
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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm1MICHELLE SHERMAN
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm2HECTOR HERNANDEZ
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt0PRESIDENT
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt1TREASURER
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt2SECRETARY
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IRS990ScheduleJ/SeverancePaymentInd00
IRS990ScheduleJ/SupplementalInformationDetail/ExplanationTxt0THE PRESIDENT/CEO IS COMPENSATED BY A RELATED ORGANIZATION, SOUTHWEST SOLUTIONS, INC. (SWS). SWS USES THE FOLLOWING METHODS FOR ESTABLISHING COMPENSATION: -INDEPENDENT COMPENSATION CONSULTANT -FORM 990 OF OTHER ORGANIZATIONS -APPROVAL BY THE BOARD OR COMPENSATION COMMITTEE
IRS990ScheduleJ/SupplementalInformationDetail/FormAndLineReferenceDesc0PART I, LINE 3
IRS990ScheduleJ/SupplementalNonqualRtrPlanInd00
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THE ORGANIZATION DOES NOT HAVE ANY SUB-COMMITTEE THAT HAS THE AUTHORITY TO ACT ON BEHALF OF THE GOVERNING BODY.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1A COPY OF THE FORM 990 IS EMAILED FOR REVIEW BY EACH BOARD MEMBER, REQUESTING THEY EMAIL ANY QUESTIONS PRIOR TO FILING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2A DIRECTOR SHALL DISCLOSE TO THE BOARD OF DIRECTORS ANY POTENTIAL OR EXISTING CONFLICT OF INTEREST CONSISTENT WITH THE CONFLICT POLICY. AT OR PRIOR TO A MEETING OF BOARD OF DIRECTORS, SUCH DIRECTOR SHALL DISCLOSE TO THE BOARD OF DIRECTORS ANY POTENTIAL OR EXISTING CONFLICT OF INTEREST RELATING TO ANY MATTER INCLUDED ON THE AGENDA OF THAT MEETING OR BROUGHT TO THE ATTENTION OF THE BOARD OF DIRECTORS AT THAT MEETING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3THE ORGANIZATION MAKES IT GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PART VI, SECTION A, LINE 8B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PART VI, SECTION B, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PART VI, SECTION B, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PART VI, SECTION C, LINE 19
IRS990ScheduleR/AssetExchangeInd00
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IRS990ScheduleR/AssetSaleToOtherOrgInd00
IRS990ScheduleR/DivRelatedOrganizationInd00
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IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/LegalDomicileStateCd9MI
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/LegalDomicileStateCd10MI
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/LegalDomicileStateCd11MI
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/LegalDomicileStateCd12MI

Document Assets

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Filings

Displayed year

2019 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$1,119,597
Liabilities
$740
Net assets
$1,118,857
Revenue
$30,428
Expenses
$8,406
Net income
$22,022
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$4.56$0.47$4.08$4.16$3.17$0.99
2023Detailed filing. Detailed filing data is available for this year.$4.22$1.12$3.09$1.80$2.25$0.45
2022Detailed filing. Detailed filing data is available for this year.$3.61$0.07$3.54$3.30$2.01$1.29
2021Detailed filing. Detailed filing data is available for this year.$2.32$0.07$2.25$2.02$1.84$0.17
2020Detailed filing. Detailed filing data is available for this year.$2.14$0.06$2.08$1.38$0.43$0.96
2019Detailed filing. Detailed filing data is available for this year.$1.12$0.00$1.12$0.03$0.01$0.02
2018Summary only. Only limited summary data is available for this year.$1.01$0.01$1.00$0.02$0.00$0.02
2017Summary only. Only limited summary data is available for this year.$0.58$0.05$0.53$0.01$0.00$0.01
2016Summary only. Only limited summary data is available for this year.$0.52$0.00$0.52$0.01$0.00$0.01
2015Summary only. Only limited summary data is available for this year.$0.31$0.00$0.01$0.00$0.01
2014Summary only. Only limited summary data is available for this year.$0.30$0.00$0.00$0.00$0.00