PREPARE AND PROSPER
2610 University Ave W Ste 450, St Paul, MN 55114 www.prepareandprosper.org

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Organizations Filed Purposes: Prepare + Prosper (P+P) works with low- to moderate-income people to build financial well-being and advance economic justice through direct service, field-shaping, and systems change. The mission of P+P is:" P+P and its volunteers work with low-to moderate-income people to build financial well-being through free tax preparation and financial services, products, and coaching, and by changing systems to create economic opportunity."

Prepare + Prosper and its volunteers work with low to moderate-income people to build financial well-being through free tax preparation and financial services, products, and coaching, and by changing systems to create economic opportunity.

In a "typical" year, without the backdrop of a dangerous pandemic that upended how people live and work, P+P trains and leverages 550 volunteers to serve 12,500 customers with tax services (over 3,000 with financial services), returning around $25 million in tax refunds. In mid-March of 2020, the organization had to suspend its in-person services and redesign its model for programming and service delivery. P+P was able to quickly adapt its financial coaching program, Money Mentors, where coaches and participants started to meet by phone and eventually via virtual channels over Zoom. Redesigning P+P's tax and financial program was more complex, as the traditional approach entails large numbers of people gathered in smaller spaces all at one time. P+P pivoted to virtual and guided online tax preparation service options, using Zoom, and continued to provide services remotely for people who mailed in their tax documents. Moreover, the P+P team responded quickly to support people who needed to take action to access their Economic Impact Payments, which were provided through the Congressional CARES Act.COVID-19 is having particularly profound economic and health effects on people of color and those with low and volatile incomes. The need for P+P's services are great and growing, As the organization looks ahead, it is striving to strike a balance between safety and access, and consider myriad factors that influence planning and decisions - volunteer comfort and availability, community access channels with partner organizations, access to and comfort with safe and secure technology, overall safety protocols, and more.As P+P reflects on the last year, its reach has nonetheless been significant, and highlights include:Tax + Financial ServicesPrepare + Prosper (P+P) served nearly 8,200 people with high quality tax preparation services and returned nearly $17.6 million in tax refunds (this timeframe included services during the 2020 tax season as well as the summer and fall of 2019). During the 2020 tax season, 1,158 of the customers served also received financial services, and nearly 500 tax filers saved $711,750 of their tax refunds.P+P trained and supported 550 volunteers who gave more than 16,200 hours of their time in our tax, financial services, and coaching programs. The organization also helped 107 people apply for or renew their Individual Tax ID Numbers (ITINs), which allow people without Social Security Numbers to file tax returns.P+P's tax and financial services are available to low-and moderate-income tax filers living in the Twin Cities metro area with annual income of $35,000 or less, and families and self-employed tax filers with annual income of $55,000 or less. The average income of P+P's services, however, is approximately $17,000.

Financial Capability + LearningPrepare + Prosper runs two specialized programs designed to increase the financial health and well-being of individuals, families, and communities: Money Mentors financial coaching and the FAIR (Financial Access in Reach) initiative. Money Mentors, launched in 2014, is designed to support participants in reaching financial goals over a minimum of a six-month period. Participants work one-on-one with a trained volunteer financial coach, as well as a group of their peers, to set and work toward personalized financial goals. P+P's approach is based in behavioral science and community engagement. Money Mentors highlights over the year include:Worked with 188 people to help them meet financial goals. Over the last six-month period in 2019, participants decreased debt by an average of $2,854; increased their savings by an average of $1,489; and increased their credit scores by an average of 16. Participants overall reported feeling more financially confident.After P+P suspended in-person services, the program quickly adjusted to a virtual coaching model. Each month, participants meet virtually with their trained financial coach. Since May, participants have had the opportunity to meet with their peers online, while also gaining new skills and knowledge about financial topics such as understanding credit, budgeting, and more. An average of 20 participants met up each month through these peer sessions.FAIR is designed to reduce reliance on wealth-stripping financial products and services, and connect financially underserved consumers with financial products and coaching to support financial well-being. The products include checking, savings, and credit builder accounts, and are distributed through trusted community partners in order to reach people who have been shut or priced out of mainstream financial institutions. P+P partners with Sunrise Banks, which is the bank behind the products. FAIR highlights over the year include:Enrolled 227 people in 362 FAIR products - 159 checking, 132 savings, and 71 credit builder accounts. Trained and supported several other distribution partners, who offered FAIR products to their respective clients/customers; and designed new methods to support people in successfully using their FAIR accounts. Based on data collected through its evaluation efforts with the Future Services Institute, FAIR shows promise in reaching financially underserved people. For example: $20k is the median household income, and 60% report having variable income from month to month, 72% identify as people of color, 43% report having been turned down for a product or service due to credit in the past 12 months, and 70% report being previously "un-or under-banked," meaning they either didn't have a checking and/or savings account or if they have an account they still go outside of the bank/credit union for financial services such as money orders, check cashing, and/or payday loans.

P+P educates the public and policy makers about the importance of tax credits, free tax programs, financial inclusion, and related issues designed to support asset building, financial wellness, and consumer protection. Recent efforts included:Collaborated with national and local partners to increase funding for the Volunteer Income Tax Assistance (VITA) program and protect the program more fully by authorizing the program.Weighed in at the state level to address gaps for MN residents left behind by the Federal CARES Act, including adult dependents, new Americans, tipped workers, and others.Furthered our role as field leader around free tax preparation and financial wellness by speaking at events such as the Future Finance Forum, the Midwest Asset Building Conference, Prosperity Now, and several others. Additionally, served in leadership roles with the national Taxpayer Opportunity Network and cohorts on supporting tax-time savings and the financial coaching field.

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