Prosperity Now

Prosperity Now is a national United States nonprofit organization formerly known as the Corporation for Enterprise Development, or CFED. Based in Washington, D.C., with additional offices in San Francisco and Durham, North Carolina, it works to improve the ability of low- and moderate-income households to build, preserve, and use assets. Its work combines community practice, research, public-policy advocacy, and collaboration with private-sector and nonprofit partners. The organization was founded in 1979 by Bob Friedman. Its early work centered on economic development, microenterprise, entrepreneurship, employment, and policies intended to make it easier for small businesses and low-income entrepreneurs to start or expand. Over time, CFED broadened its focus from enterprise development to asset building: helping households accumulate savings, obtain secure housing, pursue education, prepare for retirement, and build businesses or other appreciating assets. CFED became particularly associated with Individual Development Accounts, or IDAs. These matched savings accounts are designed to help low-income participants save toward goals such as homeownership, post-secondary education, or business creation and expansion. In 1997, the organization launched the American Dream Demonstration, an early large-scale test of IDAs as a tool for economic and social development. The demonstration helped build evidence and public awareness around matched savings and contributed to broader federal support for IDA programs, including the Assets for Independence Act. Research and measurement have been central to the organization’s identity. In 1988, CFED introduced the Development Report Card for the States, which compared the economic conditions and business environments of all 50 states using multiple indicators. After the report card was retired in 2007, it was replaced by the Assets & Opportunity Scorecard. The Scorecard assessed state performance and policy environments across areas including financial assets and income, businesses and jobs, housing and homeownership, health care, and education. Prosperity Now also supports networks and convenings for practitioners, advocates, policymakers, and other organizations working on asset-based strategies. Its Assets & Opportunity Network functions as both a learning community and an advocacy network, while the Assets Learning Conference brings together leaders in the field to exchange research, implementation experience, and policy ideas. The organization has advocated for measures including expanded retirement savings incentives, children’s savings accounts, broader access to IDAs, and reforms affecting manufactured housing. The organization’s present-day identity reflects a transition from the CFED name to Prosperity Now. Its central positioning remains that economic opportunity should be expanded through a combination of household asset building, effective community programs, evidence-based research, and policy change. Rather than operating primarily as a consumer financial brand, it functions as a nonprofit field-builder, policy advocate, research publisher, and partner to local and state organizations in the United States.

The organization now known as Prosperity Now was established in 1979 by Bob Friedman as the Corporation for Enterprise Development, commonly abbreviated CFED. Its original mission emphasized economic development and microenterprise. In that period, the organization focused on reducing unemployment and expanding opportunity by promoting policies that could help entrepreneurs establish or grow small businesses. In 1988, CFED created the Development Report Card for the States. The publication compared the economies and business climates of all 50 states through a broad set of indicators. It became a widely used comparative resource for policymakers, businesses, and economic-development professionals. The report card was discontinued in 2007 and succeeded by the Assets & Opportunity Scorecard, which placed greater emphasis on household financial security and the policies that influence residents’ ability to build and retain assets. A major turning point came through the organization’s work on Individual Development Accounts. IDAs are matched savings accounts intended to help low-income households save for defined asset-building goals, including purchasing a home, paying for post-secondary education, or starting or expanding a small business. CFED was an early and prominent advocate for the model and helped develop evidence around its practical use. In 1997, it launched the American Dream Demonstration, described as the first large-scale test of IDAs as a social and economic development intervention. The demonstration strengthened the organization’s role as a specialist in asset-building policy and contributed to momentum for federal support. Congress subsequently enacted the Assets for Independence Act, which provided $125 million over five years for IDA-related activity. The federal AFI program was administered by the Office of Community Services within the U.S. Department of Health and Human Services’ Administration for Children and Families. CFED continued to be recognized for expertise in IDAs and related asset-building programs and policies. The organization’s policy agenda expanded beyond matched savings. It supported efforts to broaden the Saver’s Credit, a retirement-savings incentive for working households, and helped establish the Saver’s Credit Alliance, bringing together corporate, nonprofit, and national organizations. It also advocated for the Savings for Working Families Act, which was intended to make IDAs available to as many as 2.7 million low-income Americans. Other areas of policy interest included Children’s Savings Accounts, which encourage long-term saving and educational planning, and manufactured-housing reform. Research, convening, and field coordination became complementary parts of the organization’s operating model. The Assets & Opportunity Scorecard evaluated all states and the District of Columbia using outcome and policy measures in financial assets and income, businesses and jobs, housing and homeownership, health care, and education. The Assets & Opportunity Network connected advocates, practitioners, policymakers, and other organizations involved in asset-building work. Its Assets Learning Conference served as a recurring venue for sharing research, program experience, and policy strategies. The organization later adopted the Prosperity Now name. The rebranding reflected a broader mission centered on helping low-income families and communities achieve prosperity, while retaining the organization’s longstanding emphasis on assets, financial security, community-based practice, and policy change. Prosperity Now operates nationally in the United States from Washington, D.C., with satellite offices in San Francisco and Durham. Its work combines published research, demonstration projects with local partners, technical and field support, and advocacy at local, state, and national levels.

• 2010

  Saver's Credit advocacy gained federal attention

  [1]Prosperity Nowen.wikipedia.org

  The organization’s advocacy for expanding the Saver’s Credit coincided with the Obama administration’s announcement of a proposed expansion in its 2011 budget agenda.

• 2007

  Development Report Card retired

  [1]Prosperity Nowen.wikipedia.org

  The Development Report Card for the States was retired and replaced by the Assets & Opportunity Scorecard.

• 1997

  American Dream Demonstration launched

  [1]Prosperity Nowen.wikipedia.org

  CFED began a large-scale demonstration testing Individual Development Accounts as an asset-building and economic-development tool.

• 1988

  Development Report Card for the States launched

  [1]Prosperity Nowen.wikipedia.org

  CFED introduced a comparative assessment of the economies and business climates of all 50 states using multiple indicators.

• 1979

  Organization founded

  [1]Prosperity Nowen.wikipedia.org

  Bob Friedman founded the Corporation for Enterprise Development, initially focusing on economic development, microenterprise, entrepreneurship, and employment-related opportunity.

• Organization rebranded as Prosperity Now

  [1]Prosperity Nowen.wikipedia.org

  The Corporation for Enterprise Development adopted the Prosperity Now name as its public identity.

A national nonprofit field-builder that combines research, community practice, and policy advocacy to help low-income families and communities build assets and achieve greater economic security.

• Research and measurement · 2007

  Assets & Opportunity Scorecard

  A state-by-state research and benchmarking resource assessing financial security and the ability of residents to build and protect assets. It covers the 50 states and the District of Columbia and organizes outcome and policy indicators into financial assets and income, businesses and jobs, housing and homeownership, health care, and education.

• Professional network

  Assets & Opportunity Network

  A national network connecting advocates, practitioners, policymakers, and allied organizations working on asset-building strategies. It serves as a learning community and an advocacy platform, supporting coalition-building, service delivery, policy engagement, and broader adoption of asset-based approaches.

• Conference and convening

  Assets Learning Conference

  A recurring conference that brings together leaders and practitioners in the asset-building field. The event is designed for exchanging research, implementation experience, and policy ideas related to financial security and economic opportunity.

• Demonstration project · 1997

  American Dream Demonstration

  A large-scale demonstration launched to test Individual Development Accounts. The project examined whether matched savings could help low-income participants accumulate assets for homeownership, education, or business purposes and helped establish evidence for the IDA model.

• Research publication · 1988

  Development Report Card for the States

  A comparative report that rated the economic conditions and business environments of all 50 states using a broad group of indicators. It was used by policymakers and businesses before being retired and replaced by the Assets & Opportunity Scorecard.

• Saver's Credit Alliance

  United States

  CFED launched a coalition involving corporate, nonprofit, and national organizations to advocate expansion of the Saver’s Credit and improve retirement-savings opportunities for low- and moderate-income working households.

  Outcome. The advocacy effort helped keep Saver’s Credit expansion in the national policy debate; the referenced material does not establish a final legislative outcome.

  Source
• Savings for Working Families Act advocacy

  United States

  The organization supported legislation intended to make Individual Development Accounts more broadly available to low-income Americans.

  Outcome. The available material describes the proposal and its intended reach but does not document enactment or a final result.

  Source
• Children's Savings Accounts advocacy

  United States

  Prosperity Now and its predecessor supported Children’s Savings Accounts as a way to promote long-term planning, family wealth building, financial literacy, and educational opportunity.

  Source
• Manufactured Housing Reform advocacy

  United States

  The organization included reform of manufactured housing among its policy and economic-security interests.

  Source

• 2007

  Replaced the Development Report Card with the Assets & Opportunity ScorecardOther

  Background

  The Development Report Card for the States had provided comparative information on state economies and business climates since 1988.

  Action taken

  CFED retired the report card and introduced the Assets & Opportunity Scorecard, broadening measurement toward household financial security and asset-building conditions.

  Aftermath

  The Scorecard became a central research and policy resource covering state outcomes and policy environments across several economic-security domains.

  Source

• Broadened focus from enterprise development to asset buildingStrategy

  Background

  The organization began with economic development and microenterprise work and increasingly concentrated on helping low-income households build and retain assets.

  Action taken

  It expanded research, demonstrations, networks, and policy advocacy around matched savings, financial security, housing, education, retirement, and entrepreneurship.

  Aftermath

  This evolution established CFED as a recognized specialist in Individual Development Accounts and broader asset-building policy.

  Source

• Adopted the Prosperity Now nameStrategy

  Background

  The Corporation for Enterprise Development had developed from an enterprise-development organization into a broader national nonprofit focused on household assets and economic opportunity.

  Action taken

  The organization adopted Prosperity Now as its public-facing name while continuing its work in research, community practice, and policy advocacy.

  Aftermath

  The new identity emphasized broad-based prosperity rather than only enterprise development.

  Source

• 2010

  President Obama included Saver's Credit expansion in a proposed policy agenda[1]Prosperity Nowen.wikipedia.org

  Regulation · Other

  On January 28, 2010, President Barack Obama announced plans to include an expansion of the Saver's Credit in his 2011 budget and broader middle-class working-family agenda. CFED was among the organizations advocating for the measure.

• Prosperity Now was formerly known as the Corporation for Enterprise Development[1]Prosperity Nowen.wikipedia.org

  Other

  The organization is identified under the Prosperity Now name after operating for many years as CFED, an abbreviation of the Corporation for Enterprise Development.

1. 1Prosperity Nowen.wikipedia.org