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Prosper Foundation

Tax-deductible

Birmingham, AL501(c)(3)Human Services EIN 87-1572206Revenue $4.3M in FY2024

On file with the IRSprosperbham.com1721 3rd Ave N Ste 202, 35203-2082 · Birmingham, ALTax-exempt since Oct 2024Publicly supported charity — 170(b)(1)(A)(vi)

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Prosper is a coalition of community, civic, and business leaders committed to creating a growing economy in birmingham and jefferson county. Prosper's roles are to convene community partners, align systems, raise and invest funding, and evaluate.

501(c)(3) charity; gifts are tax-deductible.
90¢ of each $1 spent went to programs.
Run by 44 volunteers and 6 employees.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX · People: Part I, lines 5–6

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FY2024 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
501(c)(3)
not on the IRS revocation list
Looks good: listed by the IRS and not on the revocation list.
IRS BMF · Auto-Revocation List
Tax-deductible gifts
Yes
Donations are tax-deductible
Looks good: the IRS lists gifts to it as deductible.
IRS Pub. 78 · IRS BMF
Latest return
FY2024
latest Form 990
Looks good: the latest return is for FY2024, 2 tax years back; within 2 tax years.
IRS e-file · Filing history
Spent on programs
90%
of spending
Looks good: 90% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Pay to officers and key staff
$241K
to officers and key staff · 5% of spending
Top officer’s pay higher than 95% of similar orgs
Looks good: pay to officers and key staff is 5% of spending; 15% or less.
Pt VII · Sec A
Cash reserves
12 mo
of spending, in cash
Looks good: 11.7 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
3
named funders · $131K
Looks good: 3 funders name it on their filings; 3 or more.
Funders’ Sch. I, 990-PF
Liabilities
$163K
3% of total assets
Looks good: liabilities are 3% of assets; 50% or less.
Pt X · Ln 26
Independent board members
25
of 25 voting members
Looks good: 25 of 25 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$4.3M
Spent
$5.0M
To programs
90%
Net assets
$5.8M

From the FY2024 Form 990 · see the original

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Is it real?

Yes. Exemption reinstated (2024-05-15). Per the IRS revocation list. Latest filing on record: FY2024. IRS ruling in Oct 2024.

IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Where the money goes

90 cents of each dollar spent went to programs.

Program services 90% · $4.5M Management & general 5% · $266K Fundraising 4% · $219K

Form 990 Part IX, line 25, columns B–D. Every line is in By the numbers.

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Who runs it and what they're paid

26 people listed on the 990; $241K paid to officers and key staff.

Part VII, Section A · reportable compensation
Jw Carpenter
President
$240,600Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
Tim Vines
Member
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A

Jw Carpenter’s $241K as President is at the 95th percentile of top reported officer pay among 3869 $1–10M human services nonprofits. Peer set: organizations in the same NTEE major field of work and revenue-size band, compared on each org’s own highest-paid officer/key-employee, from Form 990 Part VII / 990-PF Part VIII. Descriptive placement, not a verdict on whether the pay is appropriate.

See Prosper Foundation executive salaries →

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Questions the 990 asks

The form asks each of these directly. These are the filed answers.

  • Family or business ties among officersPt VI · Ln 2No
  • Top official's pay set by an independent reviewPt VI · Ln 15aYes

Programs and updates

Builds a growing economy by uniting leaders and investing in the community.

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Provided by the organization

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3 programs · $2.8M · in their own filed words · FY2024
01

Health tech accelerator connects cutting-edge, health technology startups to the coaching, capital, and connections they need to build and grow their businesses. The program aims to make birmingham the center of health technology solutions through investments in entrepreneurship, talent, and community engagements.

$1.2Mprogram expense
02

Small business acceleration is an effort to properly identify the best ways to support small businesses in birmingham and provide support for various stages of business growth.

$995Kprogram expense
03

The catalyze challenge is an effort to create educational experiences that bridge the gap between learning and work through corporate and community partnerships.

$628Kprogram expense

Funders

Who pays for it.

From grant filings on record. Receipts are incomplete: individual donors are never listed.

Grants

Schedule I · received and paid
Grants received · FY2024
The Community Foundation of GreaterFY2024$58K
The Brookings InstitutionFY2024$43K
Emergency Assistance Foundation INCFY2024$30K
Total grants receivedfrom 3 funders$131K
See all 3 funders →
Grants paid · 5 grants · $616K · 2024–2024
United Ability INCAL · FY2024$183,633
Stream Innovations INCAL · FY2024$175,000
Oak Tree MinistriesAL · FY2024$100,000
Spring Valley School FoundationAL · FY2024$82,500
Mechanical Craft Training InstituteAL · FY2024$75,000

By the numbers

The FY2024 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$4.3M
Ln 12
Gifts and grantsLn 1h$4.2M
Investment incomeLn 3$141K
Other incomeLn 4–11$904
Money outPt IX
$5.0M
Ln 25
Programscol B$4.5M
Managementcol C$266K
Fundraisingcol D$219K
Owns and owesPt X
$5.8M
net assets · Ln 32
Cash and savingsLn 1–2$4.9M
Total assetsLn 16$6.0M
LiabilitiesLn 26$163K
PeoplePt VI, VII
26
listed · VII A
PaidVII A1
Voting boardVI 1a25
IndependentVI 1b25
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$4.2M
Government grantsLn 1e$1.1M
Investment incomeLn 3$141K
Other incomeLn 4–11$904
Total revenueLn 12$4.3M
Assets in detailPt X, end of year
CashLn 1$4.9M
Cash and savings togetherLn 1–2$4.9M
Other assetsLn 15$157K
Total assetsLn 16$6.0M
LiabilitiesLn 26$163K
Net assetsLn 32$5.8M
OperationsPt I, VI
EmployeesI 56
VolunteersI 644
Fiscal year endsHeaderDecember
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13Yes
Records policyVI 14Yes
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY24End FY24
Cash and savingsLn 1–2$3.9M$4.9M
Total assetsLn 16$6.1M$6.0M
LiabilitiesLn 26$150K$163K
Net assetsLn 32$5.9M$5.8M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic organizationsLn 1$616K$616K
Pay of current officers, directors and key staffLn 5$260K$156K$26K$78K
Other salaries and wagesLn 7$377K$226K$38K$113K
Pension plan contributionsLn 8$13K$8K$1K$4K
Other employee benefitsLn 9$36K$21K$4K$11K
Payroll taxesLn 10$43K$26K$4K$13K
Legal feesLn 11b$119K$95K$24K
Accounting feesLn 11c$16K$16K
Other fees for servicesLn 11g$123K$56K$68K
Advertising and promotionLn 12$7K$6K$1K
Information technologyLn 14$5K$4K$952
OccupancyLn 16$87K$69K$17K
TravelLn 17$112K$90K$22K
Conferences, conventions and meetingsLn 19$86K$69K$17K
InsuranceLn 23$5K$5K
Other expenses (24a–d)Ln 24$3.0M$3.0M$4K
All other expensesLn 24e$69K$52K$17K
Total functional expensesLn 25$5.0M$4.5M$266K$219K

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest Viewing $4.3M$5.0M−$649K$5.8M 990 PDF

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Schedules filed Part IV

III · Programs R · Related orgs G · Fundraising L · Interested persons I · Grants A · Public support J · Pay O · Explanations
See the full FY2024 990 (6 parts)
Part I · Summary $4,346,522 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $5,443,098$4,204,293
I-9 Program service revenuePrior year $0$0
I-10 Investment incomePrior year $68,861$141,325
I-11 Other revenuePrior year $1,079$904
I-12 Total revenuePrior year $5,513,038$4,346,522
I-13 Grants and similar amounts paidPrior year $0$616,133
I-14 Benefits paid to membersPrior year $0$0
I-15 Salaries and benefitsPrior year $597,431$728,737
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $3,418,749$3,651,058
I-18 Total expensesPrior year $4,016,180$4,995,928
I-19 Revenue less expensesPrior year $1,496,858−$649,406
Part VI · Governance 25 of 25 board members independent, no flags
VI-1a Voting members of the governing body25
VI-1b Independent voting members25
VI-2 Family or business relationship among officers or directorsNo
VI-12a Written conflict of interest policyYes
VI-13 Written whistleblower policyYes
VI-14 Document retention and destruction policyYes
VI-15a Process for setting top official's payYes
Part VIII · Statement of revenue $4,346,522 across 6 lines filed
VIII-1e Government grants$1,114,025
VIII-1f All other contributions, gifts and grants$3,090,268
VIII-1h Total contributions, gifts and grants$4,204,293
VIII-3 Investment incomeExcluded from tax $141,325$141,325
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Related to mission $904$904
VIII-12 Total revenueRelated to mission $904 · Unrelated business $0 · Excluded from tax $141,325$4,346,522
Part IX · Statement of functional expenses $4,995,928 across 17 lines filed
IX-1 Grants to domestic organizationsPrograms $616,133$616,133
IX-5 Pay of current officers, directors and key staffPrograms $155,735 · Management $25,957 · Fundraising $77,867$259,559
IX-7 Other salaries and wagesPrograms $226,352 · Management $37,725 · Fundraising $113,176$377,253
IX-8 Pension plan contributionsPrograms $7,808 · Management $1,301 · Fundraising $3,904$13,013
IX-9 Other employee benefitsPrograms $21,415 · Management $3,569 · Fundraising $10,708$35,692
IX-10 Payroll taxesPrograms $25,932 · Management $4,322 · Fundraising $12,966$43,220
IX-11b Legal feesPrograms $94,924 · Management $23,731$118,655
IX-11c Accounting feesManagement $16,398$16,398
IX-11g Other fees for servicesPrograms $55,561 · Management $67,817$123,378
IX-12 Advertising and promotionPrograms $5,727 · Management $1,432$7,159
IX-14 Information technologyPrograms $3,808 · Management $952$4,760
IX-16 OccupancyPrograms $69,470 · Management $17,367$86,837
IX-17 TravelPrograms $89,861 · Management $22,465$112,326
IX-19 Conferences, conventions and meetingsPrograms $68,731 · Management $17,183$85,914
IX-23 InsuranceManagement $5,099$5,099
IX-24 Other expenses (24a–d)Programs $3,017,285 · Management $4,415$3,021,700
IX-24e All other expensesPrograms $52,245 · Management $16,587$68,832
IX-25 Total functional expensesPrograms $4,510,987 · Management $266,320 · Fundraising $218,621$4,995,928
Part X · Balance sheet $6,002,289 assets, 11 lines filed
X-1 Cash, non-interest-bearingStart of year $3,889,832$4,891,833
X-3 Pledges and grants receivableStart of year $1,538,965$953,643
X-15 Other assetsStart of year $143,381$156,813
X-16 Total assetsStart of year $6,072,178$6,002,289
X-17 Accounts payable and accrued expensesStart of year $4,200$3,951
X-25 Other liabilitiesStart of year $145,523$158,622
X-26 Total liabilitiesStart of year $149,723$162,573
X-27 Net assets without donor restrictionsStart of year $459,059$1,477,611
X-28 Net assets with donor restrictionsStart of year $5,463,396$4,362,105
X-32 Total net assets or fund balancesStart of year $5,922,455$5,839,716
X-33 Total liabilities and net assetsStart of year $6,072,178$6,002,289
Part XI · Reconciliation of net assets $5,839,716 net assets at year end
XI-1 Total revenue$4,346,522
XI-2 Total expenses$4,995,928
XI-3 Revenue less expenses−$649,406
XI-4 Net assets at start of year$5,922,455
XI-8 Prior period adjustments$566,667
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$5,839,716

Form 990 e-file (XML) FY2024 from the IRS · Classification, formation year and address from the IRS Business Master File

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