Prosperus Detroit Micro Lending

Analysis

Prosperus Detroit Micro Lending is a registered charity in United States, based in Detroit, MI. It received its IRS tax-exemption ruling in June 2020, 6 years ago. Its declared purposes cover community improvement and capacity building, which this site groups under community and economic development. 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, Prosperus Detroit Micro Lending reported income of $1.8m and spending of $2.2m, spending 125% of what it took in. Across the 6 years on record, from December 2018 to December 2023, income grew from $17k to $1.8m (+10272%), an average of +153% a year. The sharpest change came in the year to December 2020, when income rose by 4446%. Over the whole period it spent 76% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Prosperus Detroit Micro Lending sits at the 84th percentile: it is larger than about 84% of them. Against every charity in United States with reported income it ranks in the 85th percentile, and in the 85th percentile within MI. Charities of a similar size with the same main cause include Community Connections Real Estate Foundation ($1.8m), Womens Opportunities Resource Center ($1.8m) and Lynchburg Sheltered Industries Inc ($1.8m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 93% and program service revenue 6.6% of the total. Compensation of current officers, directors and key employees was $149k (6.6% of expenses). Other salaries and wages came to $904k. At year end it held assets of $4.2m against liabilities of $1.1m, net assets of $3.1m. It reported 20 employees.