Friends of Prospect Lake is a 501(c)3 not-for-profit organization and is supported by membership dues, contributions, and a variety of fundraising activities. Additionally, each year the citizens of Egremont vote at their Town Meeting to grant a sum of money to the Friends of Prospect Lake in support of their work at the lake.  The Town of Egremont has been an important supporter of the work to keep Prospect Lake a viable and valuable community resource.