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← NEW ECONOMICS FOR WOMEN

Form 990 for tax year 2022

Filed by NEW ECONOMICS FOR WOMEN.

Totals

Total revenue
$10,445,467
Total expenses
$12,424,086
Contributions and grants received
$9,253,748
Grants paid
$833,179
Program service revenue
$1,082,669
Investment income
$102,372
Other revenue
$6,678
Total assets, end of year
$58,697,263
Total liabilities, end of year
$44,594,679
Net assets or fund balances, end of year
$14,102,584
Program services expenses (Part IX)
$9,956,636
Management and general expenses
$2,325,866
Fundraising expenses
$141,584
Program service expenses (Part III)
$9,956,636

Program services were 80.1% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 1e · Government grants (contributions)

    $6,101,371

  • 1f · All other contributions, gifts and grants

    $3,152,377

  • 2a · Program service revenue: Rental Income

    total $688,763 · related or exempt $688,763

  • 2b · Program service revenue: Amortization of loan services pro

    total $330,000 · related or exempt $330,000

  • 2c · Program service revenue: Mgmt. & Training fees

    total $49,906 · related or exempt $49,906

  • 2d · Program service revenue: Parking Income

    total $14,000 · related or exempt $14,000

  • 3 · Investment income

    total $102,372 · excluded $102,372

  • 11a · Other revenue: Other income

    total $6,678 · excluded $6,678

  • 11e · Other revenue, total

    $6,678

Functional expenses

Part IX, the statement of functional expenses.

  • 2 · Grants to domestic individuals

    total $833,179 · program services $833,179

  • 5 · Compensation of officers, directors and key employees

    total $133,107 · management and general $133,107

  • 7 · Other salaries and wages

    total $5,077,683 · program services $4,916,315 · management and general $100,359 · fundraising $61,009

  • 8 · Pension plan contributions

    total $14,590 · program services $14,102 · fundraising $488

  • 9 · Other employee benefits

    total $530,906 · program services $524,242 · management and general $121 · fundraising $6,543

  • 10 · Payroll taxes

    total $337,531 · program services $322,404 · management and general $10,917 · fundraising $4,210

  • 11b · Fees: legal

    total $49,860 · program services $6,600 · management and general $43,260

  • 11c · Fees: accounting

    total $52,200 · program services $10,000 · management and general $42,200

  • 11e · Fees: professional fundraising services

    total $6,000 · fundraising $6,000

  • 11g · Fees: other

    total $1,805,770 · program services $1,118,218 · management and general $628,626 · fundraising $58,926

  • 12 · Advertising and promotion

    total $75,129 · program services $54,824 · management and general $20,305

  • 13 · Office expenses

    total $648,981 · program services $541,987 · management and general $105,955 · fundraising $1,039

  • 14 · Information technology

    total $208,940 · program services $175,467 · management and general $31,109 · fundraising $2,364

  • 16 · Occupancy

    total $438,922 · program services $397,339 · management and general $41,583

  • 17 · Travel

    total $68,557 · program services $57,397 · management and general $11,160

  • 19 · Conferences, conventions and meetings

    total $138,414 · program services $81,701 · management and general $56,713

  • 20 · Interest

    total $484,012 · management and general $484,012

  • 22 · Depreciation, depletion and amortization

    total $343,249 · management and general $343,249

  • 23 · Insurance

    total $153,303 · program services $150,855 · management and general $1,443 · fundraising $1,005

  • 24a · Other expenses: Maintenance

    total $323,231 · program services $268,783 · management and general $54,448

  • 24b · Other expenses: Neigh. Stabil. Program

    total $268,900 · program services $268,900

  • 24c · Other expenses: Loan close out

    total $104,543 · management and general $104,543

  • 24d · Other expenses: Fees

    total $91,782 · program services $33,063 · management and general $58,719

  • 24e · All other expenses

    total $235,297 · program services $181,260 · management and general $54,037

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $3,826,751 · end of year $3,263,478

  • 2 · Savings and temporary cash investments

    beginning of year $18,842 · end of year $18,842

  • 3 · Pledges and grants receivable

    beginning of year $1,849,194 · end of year $975,628

  • 4 · Accounts receivable

    beginning of year $1,719,705 · end of year $2,129,041

  • 7 · Other notes and loans receivable

    beginning of year $15,729,097 · end of year $15,688,416

  • 9 · Prepaid expenses and deferred charges

    beginning of year $42,533 · end of year $93,506

  • 10a · Land, buildings and equipment: cost or other basis

    $19,518,062

  • 10b · Land, buildings and equipment: accumulated depreciation

    $4,603,084

  • 10c · Land, buildings and equipment, net

    beginning of year $9,569,097 · end of year $14,914,978

  • 12 · Investments: other securities

    beginning of year $7,127,136 · end of year $8,225,322

  • 15 · Other assets

    beginning of year $9,003,134 · end of year $13,388,052

  • 17 · Accounts payable and accrued expenses

    beginning of year $987,763 · end of year $1,070,276

  • 23 · Secured mortgages and notes payable

    beginning of year $14,669,680 · end of year $22,408,925

  • 24 · Unsecured notes and loans payable

    beginning of year $8,501,121 · end of year $8,448,216

  • 25 · Other liabilities

    beginning of year $9,691,952 · end of year $12,667,262

  • 27 · Net assets without donor restrictions

    beginning of year $9,734,807 · end of year $11,554,819

  • 28 · Net assets with donor restrictions

    beginning of year $5,300,166 · end of year $2,547,765

Mission and programs · 2022

Mission

A world where generations of women and their families thrive.

Activities or mission (Part I)

To empower generations of under-resourced women and their families to thrive.

  • FamilySource Centers: Through NEW's two FamilySource Centers (FSCs), NEW empowers thousands of adults, youth, and children to provide access to resources to stabilize and economically empower families, and assist in their development of pathways toward economic prosperity. In partnership with the City of Los Angeles, NEW acts as the lead agency for FSCs located in the Canoga Park and Van Nuys communities of Los Angeles. At each site, NEW's partnerships with other community-based to provide low-income families with high quality services, workshops and events to enable increases to family income, housing stability, and economic mobility. Families enrolled in the FSCs can access a holistic spectrum of anti-poverty services including case management, employment services, legal services, free tax preparation, financial literacy classes, financial coaches, technology workshops and computer labs, youth leadership and college/career readiness activities, and many more. NEW's focus on behavioral economics helps to provide inroads for low-income families to achieve true upward economic mobility and sustained success over time.

    Expenses $2,718,695 · Grants $266,313 · Revenue $49,906

  • Women's Business Center: NEW's SBA Women's Business Center (WBC) Program helps aspiring entrepreneurs receive the motivational support, education and practical tools they need to transform their personal passion into a thriving small business. These small business upstarts work to provide economic mobility accelerators to each owner, while spurring job growth and economic stability for the employees and areas served by these powerful small businesses. WBC is part of a thriving interconnected ecosystem of services designed to spar economic mobility in families. WBC has provided thousands of participants with high quality resources for business development, both in person and virtually, with an emphasis on Spanish and Armenian language resources, due to the needs of the local community in the Canoga Park area of Los Angeles. Educational workshops led by industry professionals are offered to participants, addressing topics from finance to social media marketing to emotional resilience, and specific programs have been developed to address fashion and restaurant industries. Fast-paced innovation and strategic use of technology has become a hallmark of the WBC Program, and its marketing to women and BIPOC entrepreneurs, and responsiveness to all client needs for curriculum and event development, has made this one of NEW's most powerful tools for the economic mobility of its clients.

    Expenses $1,281,288 · Grants $6,006

  • Learning Centers: NEW's Learning Centers empower students and their families to build a foundation for academic success by elevating their aspirations and equipping them with the knowledge they need to confidently succeed as students of the world. With over 220 students enrolled in the Pico-Union and Canoga Park areas of Los Angeles, NEW provides year-round personalized homework support, a rotating selection of enrichment courses, summer and winter day camps, holiday events, community clean-ups, and a broad array of specialty programs made possible through partnerships with various other organizations dedicated to academic success. Our staff empowers students to embrace their curiosity and love of learning, and gives parents the resources to actively and confidently support their children's educational goals.

    Expenses $1,321,186 · Grants $450 · Revenue $1,032,763

  • Real Estate Development: NEW's Real Estate Development Department performs both new construction, acquisition and rehabilitation of real estate to support NEW's creation of affordable housing, economic development spaces and to enable NEW's staff locations throughout the region. NEW's Real Estate Development Team also performs asset management functions to support NEW's operation of its portfolio of affordable housing and economic development sites, including interactions with Property Management affiliates and 3rd party companies. NEW has been actively involved in predevelopment work to support several affordable housing projects in the development pipeline, including new construction affordable housing projects Ruth Teague Apartments and Marcella Garden Apartments in South Los Angeles, and Parque Vista Apartments in Glassell Park, Los Angeles.On June 15th, 2022, New Economics for Women (NEW) signed a Microgrant Servicing Agreement with New Community Investments, LLC (NCI) wherein NEW will invest $2,000,000 of its C-GEM Program Allocation into NCI as its wholly owned lending entity and designated microgrant servicer. NCI will then create and administer a qualifying grant program to service at least 150 entrepreneurs over a two and one-half (2 1/2) year period living and operating in Los Angeles County. The $2 million grant program will be earmarked for C-GEM Program participants who meet the C-GEM Program requirements for microenterprise grantmaking. In addition to the $2 million investment under the Agreement, NEW will pay NCI a $250,000 total fee to perform all grant qualifications, applications, review, disbursement and tracking of qualified NEW C-GEM Program Participants over the next 30 months of the C-GEM Program operation.

    Expenses $4,635,467 · Grants $560,410

As filed on the 2022 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Beatrice Olvera Stotzer

    President

    Total calculated
    $149,796
    From this org
    $0
    From related orgs
    $149,796
    Other
    $0
    Hours/week
    10 + 40 related

  • Andrew Cheng

    Vice President

    Total calculated
    $0
    Hours/week
    2

  • Belinda Barragan

    Secretary

    Total calculated
    $0
    Hours/week
    2

  • Miguel Escobar

    Treasurer

    Total calculated
    $0
    Hours/week
    2

  • Stacy Brenner

    Board Member

    Total calculated
    $0
    Hours/week
    2

  • Maria L Garcia

    Board Member

    Total calculated
    $0
    Hours/week
    2

  • Joan Kradin

    Board Member

    Total calculated
    $0
    Hours/week
    2

  • Brianna J Mircheff

    Board Member (end 2/23)

    Total calculated
    $0
    Hours/week
    2

  • Nilda Ruiz

    Board Member

    Total calculated
    $0
    Hours/week
    2

  • Welton Smith

    Board Member

    Total calculated
    $0
    Hours/week
    2

  • Magdalena Cervantes

    Executive Director

    Total calculated
    $129,597
    From this org
    $111,490
    From related orgs
    $0
    Other
    $18,107
    Hours/week
    40

  • Leticia Andueza

    Associate Executive Director

    Total calculated
    $111,100
    From this org
    $110,000
    From related orgs
    $0
    Other
    $1,100
    Hours/week
    40

  • Alicia Matricardi

    Director of Real Estate

    Total calculated
    $116,240
    From this org
    $106,709
    From related orgs
    $0
    Other
    $9,531
    Hours/week
    40

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those.

Grants on this return

No itemized grants to organizations on this return.

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

  • SOCOS Maintenance and Janitorial Services

    Provide maintenance services for NEW affordable housing · CA · income $0 · assets -$136,097

    Directly controlled by New Economics for Women

  • MCB LLC

    Holding company for NSP2 Real Properties · CA · income $0 · assets -$12,601

    Directly controlled by New Economics for Women

  • LCB Enterprises LLC

    Single purpose entity, holding company for real estate development · CA · income $496,430 · assets $1,167,035

    Directly controlled by New Economics for Women

  • Aguas Claras LLC

    Single purpose entity, holding company for real estate development · CA · income $0 · assets $2,607

    Directly controlled by New Economics for Women

  • NEW Community Investments LLC

    Make investments that lead to economic mobility and alleviate poverty · CA · income $582,467 · assets $1,179,360

    Directly controlled by New Economics for Women

  • Yolanda Property LLC

    Real estate commercial renting · CA · income $244,643 · assets $142,936

    Directly controlled by New Economics for Women

  • 27th and San Pedro LLC

    Real estate holding company · CA · income $14,250 · assets $187,961

    Directly controlled by New Economics for Women

Related partnerships

Part III: related organizations taxable as a partnership, with the filer's share.

  • New Capital LLC

    Related · Property management for low-income housing · CA · 97.5% owned · share of income $2,404,634 · share of assets $1,899,400 · general or managing partner

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

  • Bendecidos San Fernando LLC

    S · Single purpose entity, holding company for Real Estate Development · CA · 75% owned · share of assets $27,939

    Directly controlled by New Economics for Women

Provenance

Return type
form_990
Tax year
2022
Filed
18 December 2024
IRS schema version
2022v5.0
Source object
202433539349301508

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