Prepare + Prosper
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Mission Statement
Prepare + Prosper (P+P) is community-based nonprofit organization that provides free tax and financial services to low- and moderate-income taxpayers. By providing these services to families, individuals, and sole-proprietors every year, P+P helps to facilitate economic security. Many of the people we serve receive tax refunds that help them meet basic needs, build credit, and begin to save for the future. P+P was built on the idea that those who can afford it least should not have to pay to access refunds or tax credits they have earned. Formed by a group of accounting professionals, P+P has grown into a complex and robust organization, sought nationally for its expertise in tax preparation and asset building for low-income families.
About This Cause
Tax credits offer essential financial assistance to millions of this country’s working poor. According to the Brookings Institution, the Earned Income Tax Credit (EITC) is the nation’s largest and most effective anti-poverty tool lifting an average of 6.1 million Americans out of poverty each year. In Minnesota, the EITC returned more than $672 million to more than 337,000 working taxpayers in 2011. Minnesota also offers substantial tax credits that supplement federal credits. Given that combined federal and state refunds can significantly boost a family’s income, sometimes by 40%, the need for our services has increased dramatically over the years. However, the unmet need for free tax and financial services across the state is significant. EITC-eligible populations have been targeted by some businesses that exploit these substantial refund opportunities by charging high fees and interest for tax preparation and financial products that promise quicker refunds. Families are spending a portion of their tax refund just to access it. Many families we serve are asset-poor, meaning they lack enough savings to cover basic expenses for three months in the event of an emergency or disruption in income. According to a recent study by CFED, the overall asset-poverty rate for Minnesota is nearly 20%. For many, tax time is the one time of year when they receive a large sum of disposable income, making savings a reality. We address this “money moment” of tax time by working with our customers to connect them to financial services that facilitate financial stability and assetbuilding.