The Prosperity Foundation Inc

Nonprofit profile at a glance

EIN
474364468
IRS 990 coverage
2016–2024
Forms available
Form 990 2024, Form 990-N 2015
Location
New Haven, CT, USA
Phone
2039091315
Rating
84
Verdict
STRONG
Rating confidence
Moderate
Sector
Human Service Organizations

Official website

Reported finances

Revenue
$2,714,369
Expenses
$3,163,028
Assets
$2,211,727
Liabilities
$23,612

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

Leadership & pay

6 people listed

Executive titles in this filing

  • HOWARD HILL (CHAIR/PRESIDENT)
  • LARRY CONAWAY (VICE PRESIDENT)
  • ORSELLA HUGHES (EXECUTIVE DIRECTOR)

Highest reported compensation

  • ORSELLA HUGHES (EXECUTIVE DIRECTOR): $95,204 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

Cultivate and grow black communities in Connecticut through capacity-building solutions. Our mission is to create a brighter future for all community members and work toward a more equitable society for everyone.

What it reported doing in 2024

In 2024, we provided resources, training, and support to community leaders, businesses, and organizations committed to making a positive impact. Through these efforts, we instill pride and resilience within these communities while promoting economic growth and social progress.

Operating model

Revenue model
Grant-funded. 95% of the money available for current operations came from government grants.
Distribution model
Grant intermediary. The nonprofit sent 75% of its reported program spending out as grants.

The verdict

STRONG - A large share of available resources goes toward mission work and the filed numbers largely add up. Some filing-based governance responses are negative or unanswered and expenses are high relative to revenue.

Rating breakdown

  • Financial Efficiency: 87
  • Transparency & Controls: 87
  • Accountability: 84
  • Sustainability: 30
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 100%; rating input score 100
  • Program expense ratio: 93.7%; rating input score 94
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 92.3%; rating input score 92; 10th percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: 89.7%; rating input score 90; 26th percentile among comparable filings
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
  • Governance controls: 5 of 8 controls in place; rating input score 62
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Fail
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: -16.5%; rating input score 8; 8th percentile among comparable filings
  • Total-asset coverage ratio: 0.7; rating input score 26; 26th percentile among comparable filings
  • Liabilities to assets ratio: 0.01; rating input score 85; 85th percentile among comparable filings
  • Officer compensation ratio: 3%; rating input score 69; 69th percentile among comparable filings

Growth

  • Program expense growth: 42.3% per year; rating input score 100; 96th percentile among comparable filings
  • Revenue growth: 35.4% per year; rating input score 100; 96th percentile among comparable filings
  • Asset growth: 35.6% per year; rating input score 100; 95th percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 93.7% of spending went to programs
  • Governance: 5 of 5 board members independent · 5 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $3M in reported program spending
  • Leadership: top reported pay $95K · 6 people listed
  • Highest-paid contractors: 1 contractor listed · $374K reported
  • Consistency: 21 of 22 current checks pass · 1 finding to review
  • Schedules: 5 filed schedules · includes major donors and grants
  • Filing history: 8 filing years from 2016 to 2024
  • Contacts: How to reach this organization
  • Money network: 55 filed money-flow records
  • Related organizations: 54 filed related-organization links
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • Review — Accountability: Governance controls: 2 of 7 not reported.
  • High — Sustainability: Operating margin scored 8/100.
  • High — Sustainability: Total-asset coverage ratio scored 26/100.
  • Review — Transparency & Controls: Domestic grant itemization did not reconcile in the filed values.