Civic Intelligence

Prosperus Detroit Micro Lending

990 • Fiscal year 2021 • EIN 46-2997666

Jan 01, 2021 to Dec 31, 2021 • Filed on Nov 01, 2022

684 W Baltimore St 101Detroit, MI 48202

(313) 586-0655

Siviq Scores

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

Liabilities / Assets

40th percentile

0.03x

Higher debt load relative to assets than 40% of similar nonprofits.

2021 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2021

Liabilities / Revenue

36th percentile

0.03x

Higher debt load relative to revenue than 36% of similar nonprofits.

2021 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2021

Net Margin

43rd percentile

8.6%

Higher net margin than 43% of similar nonprofits.

2021 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2021

Top Officer Pay

86th percentile

$156,783

Higher top officer pay than 86% of similar nonprofits.

Top officer pay equals 7.8% of source-year revenue.

2021 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2021

Asset Growth

48th percentile

8.5%

Faster asset growth than 48% of similar nonprofits.

2021 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2020 to 2021

Revenue Growth

74th percentile

46%

Faster revenue growth than 74% of similar nonprofits.

2021 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2020 to 2021

Assets

Up

$2,318,083

Up $181,493 (+8.5%) from 2020

Net Assets

Up

$2,249,946

Up $174,176 (+8.4%) from 2020

Liabilities

Up

$68,137

Up $7,317 (+12%) from 2020

Revenue

Up

$2,015,373

Up $632,044 (+46%) from 2020

Expenses

Up

$1,841,196

Up $1,414,780 (+332%) from 2020

Net Income

Down

$174,177

Down $782,736 (-82%) from 2020

Historical Trend

Balance Sheet Trend

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

2021

Assets$2,318,083
Liabilities$68,137
Net Assets$2,249,946

Operations Trend

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

2021

Revenue$2,015,373
Expenses$1,841,196
Net Income$174,177
Jump To
Filing Snapshot
Filing Period
Jan 1, 2021 to Dec 31, 2021
Signed
Nov 1, 2022
Return Version
2021v4.2
Gross Receipts
$2,015,373
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 advances economic equity in under-resourced communities by supporting entrepreneurs with opportunities and capital needed to build businesses, generational wealth, and vibrant neighborhoods.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$817,501$1,353,120▲ $535,619
Other Notes and Loans Receivable, Net$950,541$949,227▼ $1,314
Pledges and Grants Receivable$362,848--
Accounts Receivable$2,833$10,214▲ $7,381
Prepaid Expenses and Deferred Charges$2,867$5,522▲ $2,655
Total Assets$2,136,590$2,318,083▲ $181,493
Liabilities
Accounts Payable and Accrued Expenses$60,820$68,137▲ $7,317
Total Liabilities$60,820$68,137▲ $7,317
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$1,212,895$1,284,763▲ $71,868
Net Assets With Donor Restrictions$862,875$965,183▲ $102,308
Total Net Assets Fund Balance$2,075,770$2,249,946▲ $174,176
Total Liabilities and Net Assets / Fund Balance$2,136,590$2,318,083▲ $181,493
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Chanell R ContrerasExecutive DirectorFT$137,749$19,034$156,783

Board Members and Trustees

Revenue and Support

Revenue Composition

Contributions and Grants
$1,923,887
Program Service Revenue
$91,486
Investment Income
$0
Other Revenue
$0
All Other Contributions
$1,923,887
Change in Net Assets
$174,177

Audited Revenue Reconciliation

Revenue per Audited Statements
$2,015,373
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$0
Total Revenue per Audited Statements
$2,015,373
Total Revenue per Form 990
$2,015,373
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$895,237
Salaries, Compensation, and Employee Benefits$609,136
Other Expenses$336,823
Total Fundraising Expense$32,786
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Orgs$895,237--$895,237
Other Salaries and Wages$346,038$9,626$2,808$358,472
Current Officers, Directors, Trustees, and Key Employees$106,691$26,275$26,275$159,241
Fees for Services Other$57,845$35,493-$93,338
Information Technology$56,232$3,803-$60,035
Fees for Services Accounting$30,000$19,650-$49,650
Payroll Taxes$37,726$2,809$2,224$42,759
Other Employee Benefits$38,979$1,084$316$40,379
Advertising$29,130$1,777-$30,907
Occupancy$18,618$1,386$1,098$21,102
Office Expenses$6,101$11,594-$17,695
Other Expenses$8,836$6,044-$14,880
Pension Plan Contributions$7,998$222$65$8,285
Insurance-$2,867-$2,867
Fees for Services Legal-$1,283-$1,283
Total Functional Expenses$1,639,431$168,979$32,786$1,841,196

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$1,841,196
Total Expenses per Audited Statements$1,841,196
Total Expenses per Form 990$1,841,196
Expenses Not Reported on Financial Statements$0
Expenses Not Reported on Form 990$0
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Mike's Fresh Market IncDetroit, MI-Operating Grant$50,000
Above & Beyond Learning Childcare Center IncDetroit, MI-Operating Grant$25,000
Anne Llewellyn LLCBay City, MI-Operating Grant$25,000
Art In MotionDetroit, MI-Operating Grant$25,000
Baker's Keyboard LoungeDetroit, MI-Operating Grant$25,000
Demitart Detroit LLCDetroit, MI-Operating Grant$25,000
Detroit Vegan SoulDetroit, MI-Operating Grant$25,000
Eatetica Unisex LatinaDetroit, MI-Operating Grant$25,000
Ivy KitchenDetroit, MI-Operating Grant$25,000
Juicing With Jai LLCDetroit, MI-Operating Grant$25,000
LeeAnne Luxury Bridal BoutiqueKentwood, MI-Operating Grant$25,000
Lotus Essences LLCDetroit, MI-Operating Grant$25,000
Mangonadas Del Barrio LLCDetroit, MI-Operating Grant$25,000
Metro Detroit Barbar CollegeDetroit, MI-Operating Grant$25,000
Renneth A Johnson Johnson and CoDetroit, MI-Operating Grant$25,000
Riverfront Building SupplyDetroit, MI-Operating Grant$25,000
SPA A Peel StudioDetroit, MI-Operating Grant$25,000
Signe LLCDetroit, MI-Operating Grant$25,000
Source Bookellers LLCDetroit, MI-Operating Grant$25,000
Supino PizzeriaDetroit, MI-Operating Grant$25,000
The Kitchen by Cooking with QueDetroit, MI-Operating Grant$25,000
The Shop ScreenprintingDetroit, MI-Operating Grant$25,000
The Theater Group II IncDetroit, MI-Operating Grant$25,000
Triangle Hardware IncDetroit, MI-Operating Grant$25,000
Finding Our RootsDetroit, MI-Operating Grant$10,000
Abrazeltons Floral LLCDetroit, MI-Operating Grant$7,500
NW Goldberg CareDetroit, MI-Operating Grant$7,500
White Construction Co IncDetroit, MI-Operating Grant$7,500
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
Audit committee
Yes
Backup withholding compliance
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

The Controller and Executive Director review and approve the 990. Then the 990 is emailed to all Board members for their review 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 its 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
3135860655
Address
684 W Baltimore St 101, Detroit, MI 48202

Signing Officer

Name
Chanell Scott Contreras
Title
Executive Director
Phone
3135860655
Signed
2022-11-01
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Chanell Scott Contreras
Formed
2013
Legal Domicile
Mi
Voting Board Members
8
Independent Board Members
8
Employees
9
Volunteers
8

Preparer

Firm
Desmond & Ahern Ltd
Address
10827 S WESTERN AVENUE, CHICAGO, IL 60643-3206
Preparer
Jason L Gierhahn
Phone
7737794720
Supplemental Narrative

Additional Explanations

Form 990, Part XII, line 2C:

The process has not changed from the prior year.

Financial Statement Notes

Part X, Line 2:

FIN 48 Note from Audited Financial Statements ProsperUS Detroit Micro-Lending has been granted tax-exempt status under Section 501(c)(3) of the Internal Revenue Code and qualifies for the charitable contribution deduction. The Organization has been classified as an organization that is not a private foundation. The tax-exempt purpose of the Organization and the nature in which it operates is described in Note 1. The Organization continues to operate in compliance with its tax-exempt purpose. The Organization's annual information and income tax returns filed with the federal and state governments are generally subject to examination by the Internal Revenue Service for three years after filing.

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IRS990/PayrollTaxesGrp/FundraisingAmt02224
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IRS990/PrincipalOfficerNm0Chanell Scott Contreras
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IRS990/ReconcilationRevenueExpnssAmt0174177
IRS990/RegularMonitoringEnfrcInd01
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IRS990/ReportOtherLiabilitiesInd00
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IRS990ScheduleA/SubstantialContributorsAmtGrp/TotalAmt0713922
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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0FIN 48 Note from Audited Financial Statements ProsperUS Detroit Micro-Lending has been granted tax-exempt status under Section 501(c)(3) of the Internal Revenue Code and qualifies for the charitable contribution deduction. The Organization has been classified as an organization that is not a private foundation. The tax-exempt purpose of the Organization and the nature in which it operates is described in Note 1. The Organization continues to operate in compliance with its tax-exempt purpose. The Organization's annual information and income tax returns filed with the federal and state governments are generally subject to examination by the Internal Revenue Service for three years after filing.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0Part X, Line 2:
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IRS990ScheduleI/RecipientTable/PurposeOfGrantTxt0Operating Grant
IRS990ScheduleI/RecipientTable/PurposeOfGrantTxt1Operating Grant
IRS990ScheduleI/RecipientTable/PurposeOfGrantTxt2Operating Grant
IRS990ScheduleI/RecipientTable/PurposeOfGrantTxt3Operating Grant
IRS990ScheduleI/RecipientTable/PurposeOfGrantTxt4Operating Grant

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