Prospects Opportunity and Enrichment Inc

Analysis

Prospects Opportunity and Enrichment Inc is a registered charity in United States, based in Ridgefield, CT. It received its IRS tax-exemption ruling in May 2013, 13 years ago. Its declared purposes cover human services, which this site groups under poverty relief. The IRS classifies it as a publicly supported organisation (gross receipts test) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending December 2023, Prospects Opportunity and Enrichment Inc reported income of $4.7m and spending of $5.9m, spending 124% of what it took in. Across the 5 years on record, from December 2019 to December 2023, income fell from $8.9m to $4.7m (-47%), an average of -15% a year. The sharpest change came in the year to December 2020, when income dropped by 77%. Over the whole period it spent 105% of the income it received.

Among 62,758 United States charities whose main cause is poverty relief and that reported income, Prospects Opportunity and Enrichment Inc sits at the 90th percentile: it is larger than about 90% of them. Against every charity in United States with reported income it ranks in the 92nd percentile, and in the 90th percentile within CT. Charities of a similar size with the same main cause include Carc-Advocates for Citizens with Disabilities Inc ($4.7m), Grace House Ministries Incorporated ($4.7m) and Billings Family YMCA Inc ($4.7m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 48% and program service revenue 32% of the total. Compensation of current officers, directors and key employees was $337k (5.8% of expenses). Other salaries and wages came to $3.2m. At year end it held assets of $6.8m against liabilities of $502k, net assets of $6.3m. It reported 136 employees.

Data notes from the register: Spending has exceeded income in each of the last three reported years, so the charity has been drawing on reserves or other funds.