Prepare + Prosper offers financial services
In September, R.E.A.C.H. TC sat down with representatives from Prepare + Prosper to forge a new partnership and amplify their work in economic justice.
Prepare + Prosper (P + P), a non-profit founded in 1971, stands at the ready to proffer services aimed at building financial well-being/capability to the community. They provide financial services to those who meet certain (individual or household) income guidelines. P + P maintains a strong advocacy lens, working to advance policies and practices that positively impact people with low- to moderate-incomes in the areas of tax credits, asset-building, and financial inclusion.
In speaking with Engagement Manager, David Langley and Assistant Director of Communications and Engagement Alex Boutrous, I learned more about the values that fuel their work and the organization as a whole. David and Alex see the work of P + P as economic justice. By identifying injustice in financial systems, new forms can be created wherein people have more agency and community power. Getting the word out about Prepare + Prosper’s community tools supports prosperity in the present towards liberation in the future. P + P seeks to serve the financially marginalized - a community that has seen a major interruption in access to resources during and since the uprisings in the Twin Cities last year. There is a huge disparity in the percentage of households excluded from the financial mainstream. According to P + P’s website, “This amounts to more than 194,432 households in the Twin Cities and when you break it down by race, the disparities are stark—1 in 7 white households compared to 1 in 2 black and Latino households (according to the FDIC).”
P + P works in three primary areas. They are:
Free tax preparation for state returns, government returns, and property taxes, as well tax support for the self-employed
Coaching and mentoring through Money Mentors and,
FAIR banking for customers who have been shut out of traditional banking services and the financial mainstream.
“We want people to be able to access the financial mainstream so they can access products, accounting without high fees, and build wealth and capacity,” states David. Financial instability can lead to a feeling of hopelessness that, left unaddressed, breeds other emotional and mental health obstacles. They have recently increased the income limit for eligibility so that more people can take advantage of their programs.
Underlying the concrete ways that P + P works in the world, is its role as a thought leader in the areas of taxes and finance. P + P partner, and purveyor of the FAIR program, Sunrise Bank, is part of the national conversation around the concept of building a product that will help people amass credit, access checking and save money. High levels of mistrust have led to reliance upon money orders and check cashing services that charge fees and diminish a sense of integrity. With the FAIR program, guidance can come from the program vs from a bank. For those who’ve been preyed upon by financial institutions, building trust is critical. There is always more demand than capacity, but the FAIR program can be a model for building equity and financial autonomy.
Critical to its success as a non-profit and motivated by a sincere desire to skill share, the volunteer pool at P + P undergoes rigorous training. Tax preparation assistants need not be CPA’s, but they are certified by the IRS and undergo a minimum of 20 hours of training. As a group, the team is generous and dedicated. Roles ranging from greeters in September through December to financial advocates and coaches. Volunteers run the gamut with retirees, young professionals seeking to give back and long-time residents, and those new to Minnesota. Tax preparation volunteers currently include Spanish and English speakers.
For more information on how to volunteer, eligibility and services, visit their website Prepare + Prosper
Submitted by Christina Beck, Communications & Development Coordinator PPNA