Prosperity Works
Prosperity Works is a 501(c)(3) nonprofit organization based in Albuquerque, New Mexico.
Mission[edit]
According to the organization's website, the mission of Prosperity Works is "to advocate across public and private sectors to change attitudes, behaviors and policies that reinforce systemic poverty." Suggesting that research shows that financial assets serve to stabilize families, increase agency, and strengthen communities, the organization utilizes a process called asset-building which connects New Mexicans to savings opportunities, knowledge of financial literacy, and access to business relationships..[1]
History[edit]
Prosperity Works was founded in 2002 by its CEO, Ona Porter.
Key Initiatives: IDAs, CSAs, ESAs[edit]
Some core initiatives of Prosperity Works include the creation of IDAs (Individual Development Accounts)[2], CSAs (Childhood Savings Accounts), and ESAs (Emergency Savings Accounts).
The IDAs are matched savings accounts which can be used for a first time home purchase, to capitalize a small business, or for higher education.[3]
Prosperity Kids[edit]
Prosperity Works administers the Prosperity Kids program. The intent of the program is to combine matched Child Savings Accounts with personal, social and financial support for the entire family.
In a segment on KNME-TV's local television show New Mexico in Focus in October 2015, the CEO of Prosperity Works discussed the advantages of childhood savings accounts, pointing to research from Dr. William Elliott III, founder of the Center for Assets, Education and Inclusion (AEI) at The University of Kansas, which suggested that children who have savings accounts designated for secondary education are "4 times more likely to attend college and 3 and a half times more likely to complete some sort of secondary education."[4][5]
In September 2017, New Mexico State Auditor Tim_Keller_(politician) and Prosperity Works created a group to develop policy suggestions and legislative proposals about child savings accounts, with Keller saying: “Child savings accounts are proven to help kids make the leap to a college education and living wage jobs."[6]
Fight against Predatory Lending[edit]
One of Prosperity Works' stated missions included a fight against predatory "payday" lending, which prior to 2018, had no interest cap to the borrower. In February 2016, Prosperity Works' CEO Ona Porter suggested that unregulated predatory lending was "a huge economic drain" on the New Mexico state economy with "at least 80 percent of the fees and interest associated with those short-term loans leaving our state," resulting in "about $180 million annual" loss to the state altogether.[7]
The interest cap legislation, HB 347, was passed in the 2017 New Mexico legislative session and was generally met with approval by consumer advocacy groups, who said the proposed regulations from the New Mexico Financial Institutions Division (FID) provides new disclosures of loan provisions by lending businesses.[8] In May 2018, the New Mexico Center on Law and Poverty urged the Financial Institutions Division to act on the passage of HB 347 by closing loopholes in loan renewal regulations and introducing measures to ensure storefront lenders have more transparent business operations.[9]
Funding[edit]
Funding for Prosperity Works is provided by a variety of sources including grants from a number of charitable foundations such as the W. K. Kellogg Foundation[10], the McCune Charitable Foundation[11], Albuquerque Community Foundation[12], individual donors, and from support programs such as the Donate-a-Dime program with La Montanita Co-op Food Market[13] and the My Change Roundup program.[14]
References[edit]
- ↑ "Prosperity Works website". Prosperity Works. 2018-09-12. Retrieved 2018-09-12.
- ↑ "JourneySantaFe: Ona Porter, Director of Prosperity Works, On New Mexico, The Family State". Green Fire Times. 2016-03-09. Retrieved 2016-09-16.
- ↑ "Conversations with Great Minds - Prosperity Works for Financial Equity". Conversations with Great Minds. 2018-09-09. Retrieved 2018-09-16.
- ↑ "New Mexico PBS: New Mexico in Focus Episode 915 Prosperity Works". New Mexico in Focus. 2016-03-09. Retrieved 2016-09-16.
- ↑ "Small Dollar Childrens Savings Accounts and College Outcomes" (PDF). Center for Social Development. 2013-02-11. Retrieved 2013-02-12.
- ↑ "Auditor Keller And Prosperity Works Launch Working Group On Child Savings Accounts". Los Alamos Daily Post. 2017-09-01. Retrieved 2017-09-01.
- ↑ "Why one local exec says capping lending interest rates is important for business". Albuquerque Business First. 2018-09-16. Retrieved 2018-09-16.
- ↑ "New Mexico proposes new rules to rein in predatory lending". Santa Fe New Mexican. 2018-09-12. Retrieved 2018-09-12.
- ↑ "State must fix loopholes in regulations to protect New Mexicans from predatory loans". KRWG Public Media. 2018-09-12. Retrieved 2018-09-12.
- ↑ "Prosperity Works wins Kellogg grant". Albuquerque Journal. 2018-09-16. Retrieved 2018-09-16.
- ↑ "2018 Grantees". McCune Charitable Foundation. 2018-09-16. Retrieved 2018-09-16.
- ↑ "2017 Competitive Grant Program Recipients". Albuquerque Community Foundation. 2018-09-16. Retrieved 2018-09-16.
- ↑ "Donate-a-Dime: Prosperity Works". La Montanita Coop. 2018-09-16. Retrieved 2018-09-16.
- ↑ "My Change: Prosperity Works". My Change. 2018-09-16. Retrieved 2018-09-16.
External links[edit]
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