As a donor over many years, I always felt great about giving to Prosperity Works because I'd heard all the success stories of New Mexicans moving from poverty to prosperity, sometimes in short amounts of time. I knew that my money went far because it was automatically at least doubled by other funds PW had raised. Prosperity Works, with valued community partners, helps people build assets through Individual Development Accounts: 4 to 1 matched savings accounts to buy a house, go to college, start or grow a business and now, also, through Child Savings Accounts, 1:1 matched savings over 11 years that not helps kids to go to college but from a young age to invest in themselves, set new goals and intentions for their lives. Now as a new employee, coming from the for-profit, corporate world, I am excited to make not only my money, but my time count. I am glad to learn of and to support Prosperity Works' efforts to end poverty at a policy level as well, for example, to cap the interest rates of payday loan type companies that viciously prey on the most vulnerable New Mexicans with 200-2000% annual interest rates.
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- EIN 85-0466059
- info@prosperityworks.net
- (505) 217-2747
- 909 Copper Ave NW Albuquerque NM 87102 USA
- www.prosperityworks.net
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- ProsperityWork
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Nonprofit Overview
Causes: Community Improvement & Capacity Building
Mission: It is our mission to build the capacity of organizations and advocate for policies that support economic prosperity for all New Mexicans. The work of the organization is: To create and deliver a change model that leads New Mexicans to become empowered; To lead other organizations to become change masters; To lead policy makers to commit to creating pathways and taking action that enhance the public's empowerment. Through this work, we implement a vision that every New Mexican has the opportunity, knowledge, and relationships to achieve economic security.
Results: In counties throughout New Mexico, Prosperity Works and its partners use Individual Development Accounts (IDA's) to build strong communities. As few as 1,491 families turning their savings into their dreams builds the New Mexico economy. Results as of September 30, 2016 include: 319 Families in safe and secure housing, 660 new/expanded businesses, 512 New Mexicans earning a college degree. In 3 low income zip codes in Albuquerque, Prosperity Works and its partners use Prosperity Kids (tm) (CSA's) to build strong families. 524 CSA's have been opened.
Target demographics: Low-to-middle income families
Direct beneficiaries per year: Our CSA's have over 500 enrolled. Our IDA's have helped over500 college students, over 315 home buyers, over 660 small business, 19 Agencies
Geographic areas served: New Mexico
Programs: These high-impact strategies: Lifespan of Incentive-based Savings Products Birth Children Savings Accounts (CSA's) Youth Savings Individual Development Accounts (IDA's) Retirement Credit as an Asset Financial Capability & Coaching Consumer Advocacy – addressing the high cost of being poor Partnering with Financial Institutions to create affordable, available, & accessible financial products Prosperity Works partners with organizations across the state so that every New Mexican has the opportunity, knowledge and relationships to achieve economic prosperity.