Born out of the Prosperity Denver ballot initiative that passed in November 2018, Prosperity Denver Fund is a nonprofit that manages a public fund used for partially reimbursing eligible Denver-serving nonprofits for expanding Denver students’ access to post-secondary education. Here are a few things to know about this unique private-public partnership:
1) We Administer Funds Raised From a Small Sales Tax
Prosperity Denver Fund is funded by an eleven-year City sales tax of 0.08%. The collection of these voter-authorized public funds began January 2019 and sunsets in 2030, where it may be reauthorized by Denver voters.
2) We Do Not Directly Fund Students
Prosperity Denver Fund partially reimburses eligible nonprofits up to 75% for post-secondary education scholarships and academic support services offered to qualifying Denver students. These nonprofits, known as Supported Organizations, then use the funds to increase their impact and work with more students. To learn more about Supported Organizations, visit www.ProsperityDenverFund.org/supported-organizations.
3) We Only Reimburse Denver-serving Nonprofits
While they are not required to be based in Denver, all Supported Organizations must have 501(c)(3) status, with at least a three-year history in Denver, and serve Denver students who: are no older than age 30; have graduated from a Denver high school or have lived in Denver for 6 months; have a high school diploma or GED; attend a public or not for profit in-state, accredited college, university, community college or technical school; and, demonstrate Satisfactory Academic Progress (SAP) as determined by their post-secondary institution.
4) We Reimburse Supported Organizations Twice Per Year
Prosperity Denver Fund accepts reimbursement requests from Supported Organizations for qualifying reimbursements, such as scholarships and certain academic support services, twice per year to account for the previous academic year. We do this to help our Supported Organizations provide even more support to Denver students and, ultimately, our economy.
5) Nonprofits Can Apply at Any Time
While reimbursements are only made twice per year, we encourage all Denver-serving nonprofits to apply to become a Supported Organization. We have strict criteria for all new and existing Supported Organizations, so be sure to visit our website to determine your nonprofit’s eligibility.
To learn more about the Fund, visit our website, sign up for email updates, or follow us on Twitter, Facebook, Instagram, and LinkedIn.
