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From the President & CEO
Dear Friends,
It’s hard to believe that 2020 is nearly over. It was certainly a year none of us expected and a year whose effects will linger well into 2021. Both personally and professionally, each of us has had to adjust and sacrifice to the new reality.
However, as I reflect on the year, I am filled with a steadfast determination to fight for economic justice in this country. I also feel a profound sense of gratitude to all who join me in this work. I am so proud to lead Prosperity Now, and proud to work arm in arm with you.
Despite the myriad challenges, our field accomplished incredible things this year. Your strength and tenacity made a real difference in the lives of low- and-moderate income communities, and I hope you take the upcoming holiday break to rest, rejuvenate and ready yourself to tackle everything 2021 has to offer. As families around the country face evictions and historic rates of unemployment, we hold out hope that in the last few days of the year pressing Congress and the President will provide the support our communities need in the height of the COVID-19 pandemic.
We have a long road to recovery ahead, but I’m confident that together, we will create a “new normal”—one where everyone can fully participate in our systems and structures, where households can build sustainable wealth through generations and communities can prosper without exception. Here at Prosperity Now, we have a plan and are ready for the challenges and opportunities ahead. And so I end this year looking toward 2021...
With hope and gratitude,
Gary L. Cunningham
President & CEO
A Year in Review
The Prosperity Now team worked tirelessly this year to inform our partners, engage with the field, share learnings and best practices, and advocate for low- and moderate-income households of color in the country. Below are some of our favorite blogs, reports, highlights, and accomplishments that are top of mind as we continue to build momentum for our movement in 2021.
Blog Posts
- Racial Wealth Divide: Poverty to Prosperity Continuum, January 2020
- Capitalism for an Inclusive Economy, February 2020
- Why We Should Consider Housing a Crucial Part of Healthcare, April 2020
- America’s Policing Abuses Are the Fruit of Centuries of Poverty and Plunder, June 2020
- COVID-19 Unmasks Inequality in Healthcare, Economics and Criminal Justice Among Youths, June 2020
- Operationalizing Racial Economy and Wealth Equity Through Programs, Policy and Advocacy, July 2020
- Inequality and Diversity, Not Universal Success, Marks the Economic Reality of the Asian American Community, November 2020
Resources
- Prosperity Now Scorecard, January 2020
- Communicating on Race and Racial Economic Equity, February 2020
- Exploring the Experiences of Leaders of Color in Philanthropy, March 2020
- The Unequal Impact of the COVID-19 Crisis on Households’ Financial Stability, April 2020
- Addressing Debt in Black Communities, June 2020
- How Are the Most Vulnerable Households Navigating the Financial Impact of COVID-19?, August 2020
- What Types of Economic Policies Do Americans Support to Help Close the Racial Wealth Gap?, September 2020
- Racial and Ethnic Inequity in SBA Lending Patterns, 2010-2020, December 2020
Advocacy
- Prosperity Now policy advocates took nearly 3 times as many actions compared to 2019
- Together we contacted 50% more legislators than we did in 2019
- We increased membership in our four advocacy campaigns by 39% (Thank you!)
- We celebrated our top advocate: Rachel Hall from CASA of Oregon
Highlights from the Media
- Yahoo Finance Video: Homeownership across the country: There are new racial wealth gap numbers, and they're not pretty, February 20, 2020
- Wall Street Journal LTE: Be Fair to African-American Small Business, April 20, 2020
- Star Tribune Op-ed: I've battled the MPD all my life and one day we will prevail The city must enact real change, June 5, 2020
- MarketWatch: 3 ways the tax code ‘amplifies’ the racial wealth gap Many black taxpayers aren’t in a financial position to access the tax code’s ‘special aspects’, June 19, 2020
- The Washington Post: Minneapolis had progressive policies, but its economy still left black families behind Structural racism persisted despite all the ‘good intentions,’ community advocates say, June 30, 2020
- MarketWatch: The July 15 tax deadline is almost here — here’s one good reason NOT to worry, July 14, 2020
- Houston Chronicle and Midland Reporter Telegraph: Tomlinson: Ending racism would add trillions to US economy, October 19, 2020
- NPR: How A Minneapolis Clinic Is Narrowing Racial Gaps In Health, November 11, 2020
- CNBC: For families of color, the pandemic brings an outsized financial hit, November 18, 2020
- The Washington Post: In Biden’s Delaware hometown, economic pain enters new phase as pandemic rages on, December 16, 2020
Spotlight
Meeting the Tax Needs of Vulnerable Populations During an Economic Crisis through Virtual Service Delivery
As the year comes to a close, one bright spot in Prosperity Now’s portfolio has been our work with the Taxpayer Opportunity Network on pivoting tax-time service delivery and creating virtual service delivery at a time when it is needed most. COVID-19 has eviscerated the health and financial stability of millions of Americans, making it harder to recover from its impacts. As a result, too many are struggling to meet their family’s’ basic needs. They’re having a tough time paying bills while trying not to rely on debt to weather this crisis. In early 2020, foreseeing that the pandemic was about to strike the most vulnerable families and communities harshly, Prosperity Now, with several funders and national partners, formed a a transformational alliance to deliver a vital lifeline to rapidly disburse $800,000 in grants to 63 VITA organizations situated in underserved communities, ensuring that VITA sites could upgrade their infrastructure and capacity to serve clients virtually or in a safe but accessible manner. Read More
Resources from Across the Community
Virtual VITA Toolkit | Prosperity Now
This toolkit will help VITA and other service providers in offering virtual tax and other services.
Set Up to Fail: Fines, Fees & Financial Insecurity| Asset Funders Network
This Asset Funders Network brief takes a look at the additional debt incurred by Americans, especially Black, Indigenous and people of color, amid the pandemic and shares promising practices cities and states are using to mitigate the effects.
The Prosperity Now Advocacy Toolkit | Prosperity Now
Seasoned and new advocates alike can utilize this advocacy toolkit to build their advocacy capacity and gear up for local, state, and federal legislative sessions.
New Data on Hardship Underscore Continued Need for Substantial COVID Relief | Center on Budget and Policy Priorities (CBPP)
CBPP calls on policymakers to act quickly in order provide additional relief to those experiencing ongoing economic hardship because of COVID-19.
Stemming Evictions and Creating Future Housing Stability | Prosperity Now
This brief examines policies that can support the economic well-being of vulnerable renters now and over the long-term.
The State of Financial Security 2020: A Framework for Recovery and Resilience | The Aspen Institute
Aspen Institute’s Financial Security Program shares the challenges faced by American households they have tracked over the past five years and their financial security framework for moving forward.
What We’re Reading
- It’s time for a new approach to racial equity, McKinsey & Co., December 2020
- Children’s Savings Account Programs Can Help Families Build Savings and Envision College, Government Accountability Office, December 2020
Mark Your Calendar
Building Housing Security During COVID-19 and Beyond | The Aspen Institute | January 12, 2021
Measuring Financial Resilience | Asset Funders Network | January 13, 2021
Prosperity Indiana 2021 Summit |January 13-14, 2021
