Impact and Programs
Accomplishments
Key highlights from the last year include:
Served 12,100 customers with high quality, free tax preparation and financial services and returning nearly $23.3 million in refunds.
Supported 1,300 of its customers in saving $1.9 million of their refunds.
Preparing diligently and urgently to effectively implement and educate customers and volunteers around the new Federal tax laws.
Trained and leveraged the expertise of 669 volunteers who spoke 39 languages and gave 26,762 hours of their time.Enrolled 148 participants in Money Mentors, a volunteer-based financial coaching program, using behaviorally-based and research-backed coaching techniques combined with technological interventions to help participants decrease debt, increase confidence, savings and credit scores. (Forty-four of the 148 people participated in two consecutive six-month sessions.)
Worked with coalition partners to advocate for an expansion to the MN Working Family Credit and protection of the MN Renter’s Credit in deliberations around changes to the state tax law.
Further advanced P+P’s commitment to diversity, equity, and inclusion (DEI) by creating a new value statement, embedding DEI into volunteer training; working with consultants to train and support staff in recognizing bias; and developing long-range plans to bolster its capabilities to carry out this work, internally and externally.
P+P’s new DEI value statement: We recognize the historical and current impact of racism on economic inequities. We are committed to addressing systemic racism and supporting customers in building their financial wellbeing.
Collaborated with a cross-section of 478 organizations and companies to distribute materials, and reached 5,380 people through events to promote and increase awareness and uptake of the Earned Income Tax Credit and free tax assistance, as a part of P+P’s Claim it! campaign.
Designed and rolled out a new website (www.prepareandprosper.org) that is mobile-friendly, streamlined, and user-centric.
Built out a new and comprehensive partnership agreement with Sunrise Banks to advance the FAIR initiative, and launched its pilot to enroll 100 people in financial products – checking, savings, and credit building, – to inform changes to support expansion. Also developed the FAIR website: https://fairfinancial.org.
Expanded its role as convener and leader in fostering financial well-being. For example, P+P hosted the first-ever national “VITAcon,” a gathering of 80 people from across the country to share resources and insights around running free tax prep sites. Collaborated with the Federal Reserve Bank of Minneapolis, as well as the Minnesota Chamber of Commerce and Greater Twin Cities United Way, to co-host an event for employers to learn about partnerships, programs, and best practices to improve employee financial well-being. Presented with Aspen Institute and others on a Federal Reserve Bank of St. Louis Connecting Communities® webinar: “Advancing Financial Inclusion: Innovative Financial Products and Services for Low-Income Households.”
Current Goals
FY19 Strategic Goals
Goal 1: Build the financial well-being of low- and moderate-income people by expanding access to high quality services and products and helping taxpayers navigate the tax system.
Strategies:
Strengthen customers’ understanding of their tax returns and how tax law changes affect their lives, while increasing access to savings opportunities and other financial services at tax time.
Strengthen and standardize the Money Mentors program utilizing evidence-based financial coaching practices to facilitate change in people’s financial lives.
Get the FAIR Financial Solution into the hands of thousands of financially underserved consumers by embedding it into all P+P services and supporting partners to do the same.
Build new and deeper partnerships to better reach, serve, learn from, and collaborate with diverse communities.
Goal 2: Improve the financial well-being of low- and moderate-income households by advocating for better systems, policies, and practices.
Strategies:
Generate and share innovative thinking and leadership at the local, state, and national levels.
Increase public funding and strengthen policies to support the financial well-being of low- and moderate-income people and reduce the racial wealth gap.
Work toward a long-term shift in the financial ecosystem by reaching consumers who are financially underserved with innovative products and coaching, and through a trusted distribution network, to build financial success.
Increase our stakeholder power base for organizing and change-making.
Goal 3: Break down barriers to financial well-being and opportunity by expanding our capabilities to advance equity, diversity, inclusion, and reduce the impact of structural racism.
Strategies:
Assess policies, practices, and communications to determine where there are gaps or barriers for underserved communities and to build an effective, inclusive, and equitable culture and organization.
Expand and deepen partnerships and engage new stakeholders from communities of color to carry out our work effectively.
Bolster our ability to effectively recruit and retain diverse volunteers, staff, and Board members in all positions of the organization to reflect our diverse communities.
Provide pathways to leadership opportunities for participant stakeholders to elevate voices of underserved communities.
Goal 4: Enhance the organizational resources and tools needed to sustain growth and position the organization for long-term impact.
Strategies:
Align technology systems to support organizational growth and implement data security protocols to reduce organizational risk and protect the integrity of data.
Invest in volunteers, staff, and Board members to promote development, well-being, and retention.
Sustain diversified funding sources and attract new revenue by formalizing the individual donor program, utilizing data to inform strategy, and pursuing institutional and individual prospects.
Strengthen the organization’s brand identity and outreach to generate greater awareness and relatability, and equip stakeholders with the tools to express a consistent voice and compelling story.
Community or Constituency Served
P+P’s programs are available to individuals living in the Twin Cities metro area with annual income of $35,000 or less, and families and self-employed taxpayers with annual income of $55,000 or less. The average annual income for P+P’s customers is $19,296.
In 2018 so far, 4% of P+P customers self-identified as African; 29% as African-American; 2% as American Indian; 5% as Asian or Pacific Islander; 40% as Caucasian or non-Hispanic White; 11% as Latino or Hispanic; and 7% as Multi-Racial or Other. Approximately 60% of customers fall between the ages 23 and 54, 8% of customers are younger than 23, and 32% are over 55 years old. Approximately 59% of P+P customers self-identify as female, 39% as male, and 1% as transgender (with 1% declining to report their gender). Finally, 37% of customers’ households include a person with a disability, 15% of customers report that they speak a primary language other than English at home, and 3% are veterans.
Geographic Area Served
P+P's primary service footprint is the Twin Cities metro area.
