The publication is reproduced in full below:
CELEBRATING THE 50TH ANNIVERSARY OF PREPARE + PROSPER
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HON. BETTY MCCOLLUM
of minnesota
in the house of representatives
Tuesday, December 14, 2021
Ms. McCOLLUM. Madam Speaker, I rise today in recognition of the staff and volunteers of Prepare + Prosper as they celebrate their 50th year of service to Minnesota taxpayers. Prepare + Prosper is a nonprofit organization working to build financial health and expand access to quality tax and financial services for low- and moderate-income individuals and families. Through their efforts they have helped countless Minnesotans navigate the tax system, and in 2019 alone, they helped over 12,000 taxpayers file returns free of charge.
Prepare + Prosper was founded in 1971 by a small group of economic justice-oriented accountants who began to provide free accounting services to small business owners. Soon after, they also started to provide free individual tax preparation for low- to moderate-income taxpayers. Over the years they have grown into an organization with just over 20 year-round staff members and more than 600 volunteers, and have expanded the reach of their free tax filing services and broadened their offerings to include financial coaching and access to financial products.
Two of their current program offerings are Money Mentors and Financial Access in Reach (FAIR) Financial Solution. Money Mentors provides one-on-one mentoring with a financial coach and a network of peers to help participants create a plan for their financial future and ultimately reach their financial goals. Prepare + Prosper partnered with Sunrise Banks to reimagine banking with their FAIR Financial Solution program. This initiative gives low-income families access to checking and savings accounts as well as a small-loan program at low cost, while also providing an alternative to check-cashing operators and payday lenders.
In the Twin Cities, more than 194,000 households are excluded from the financial mainstream according to the FDIC, meaning that they may have unpredictable income, lack of access to checking and savings accounts or to affordable credit or loans. On top of this, many households experienced financial stress brought on by the COVID-19 pandemic or needed help to navigate the system and receive their Economic Impact Payments or Child Tax Credits.
The staff and volunteers at Prepare + Prosper are an extremely valuable asset to the community as they help Minnesotans overcome these barriers that still exist when seeking greater economic opportunity. And as part of their effort to bridge these gaps, Prepare + Prosper engages in advocacy work to advance policies and practices that will directly benefit people with low- to moderate-incomes when it comes to tax credits, consumer protection and asset-building. They also partner with other community organizations to spread the word about their services and to reach those who may be eligible for benefits like the Child Tax Credit which helps lift families out of poverty.
Prepare + Prosper is led today by Executive Director Suyapa Miranda who joined the organization in the spring of 2021 and will lead them into the next 50 years of service with a focus on closing the economic wealth gap in Minnesota by concentrating on developing and implementing programs that serve communities most impacted by systemic economic injustice.
Madam Speaker, please join me in recognizing Prepare + Prosper as they celebrate 50 years of upholding their mission of building financial well-being through offering free tax preparation and financial services, and by changing systems to create economic opportunity for all.
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SOURCE: Congressional Record Vol. 167, No. 215
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