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← GENESIS LA ECONOMIC GROWTH CORPORATION

Form 990 for tax year 2025

Filed by GENESIS LA ECONOMIC GROWTH CORPORATION.

Totals

Total revenue
$18,549,186
Total expenses
$7,325,672
Contributions and grants received
$7,045,354
Grants paid
$1,412,380
Program service revenue
$3,846,068
Investment income
$7,657,764
Other revenue
$0
Total assets, end of year
$161,104,961
Total liabilities, end of year
$68,970,424
Net assets or fund balances, end of year
$92,134,537
Program services expenses (Part IX)
$6,827,096
Management and general expenses
$310,877
Fundraising expenses
$187,699
Program service expenses (Part III)
$6,827,096

Program services were 93.2% 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)

    $1,427,612

  • 1f · All other contributions, gifts and grants

    $5,617,742

  • 2a · Program service revenue: SUBALLOCATION FEE INCOME

    total $1,396,602 · related or exempt $1,396,602

  • 2b · Program service revenue: MANAGEMENT FEE INCOME

    total $1,215,901 · related or exempt $1,215,901

  • 2c · Program service revenue: EXIT FEE

    total $499,500 · related or exempt $499,500

  • 2d · Program service revenue: LOAN FEE INCOME

    total $298,080 · related or exempt $298,080

  • 2e · Program service revenue: ADMIN SERVICES INCOME

    total $267,876 · related or exempt $267,876

  • 2f · All other program service revenue

    total $168,109 · related or exempt $168,109

  • 3 · Investment income

    total $7,657,764 · excluded $7,657,764

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $1,412,380 · program services $1,412,380

  • 7 · Other salaries and wages

    total $2,805,407 · program services $2,561,334 · management and general $81,854 · fundraising $162,219

  • 9 · Other employee benefits

    total $433,170 · program services $395,484 · management and general $12,639 · fundraising $25,047

  • 11b · Fees: legal

    total $54,271 · program services $54,169 · management and general $97 · fundraising $5

  • 11c · Fees: accounting

    total $238,874 · program services $238,424 · management and general $425 · fundraising $25

  • 11g · Fees: other

    total $197,458 · program services $197,086 · management and general $352 · fundraising $20

  • 13 · Office expenses

    total $4,443 · program services $3,259 · management and general $1,182 · fundraising $2

  • 16 · Occupancy

    total $283,249 · program services $256,542 · management and general $26,492 · fundraising $215

  • 17 · Travel

    total $22,833 · program services $16,751 · management and general $6,073 · fundraising $9

  • 20 · Interest

    total $1,267,419 · program services $1,267,419

  • 22 · Depreciation, depletion and amortization

    total $46,167 · program services $46,167

  • 23 · Insurance

    total $169,898 · program services $95,803 · management and general $74,061 · fundraising $34

  • 24a · Other expenses: GENERAL & ADMIN

    total $261,867 · program services $192,111 · management and general $69,651 · fundraising $105

  • 24b · Other expenses: TAXES & LICENSES

    total $87,290 · program services $49,221 · management and general $38,051 · fundraising $18

  • 24c · Other expenses: CONTRIBUTIONS

    total $40,946 · program services $40,946

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $18,387,721 · end of year $19,431,222

  • 2 · Savings and temporary cash investments

    beginning of year $49,297,588 · end of year $37,555,094

  • 4 · Accounts receivable

    beginning of year $1,035,826 · end of year $2,364,305

  • 7 · Other notes and loans receivable

    beginning of year $77,411,595 · end of year $100,457,387

  • 9 · Prepaid expenses and deferred charges

    beginning of year $101,853 · end of year $106,620

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

    $381,137

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

    $134,301

  • 10c · Land, buildings and equipment, net

    beginning of year $239,456 · end of year $246,836

  • 12 · Investments: other securities

    beginning of year $1,170,981 · end of year $943,497

  • 17 · Accounts payable and accrued expenses

    beginning of year $2,959,969 · end of year $2,235,238

  • 19 · Deferred revenue

    beginning of year $2,700,000 · end of year $6,565,572

  • 24 · Unsecured notes and loans payable

    beginning of year $52,553,534 · end of year $60,169,614

  • 27 · Net assets without donor restrictions

    beginning of year $76,687,100 · end of year $85,578,166

  • 28 · Net assets with donor restrictions

    beginning of year $12,744,417 · end of year $6,556,371

Mission and programs · 2025

Mission

THE PRIMARY PURPOSE OF THE ORGANIZATION SHALL BE TO COMBAT COMMUNITY DETERIORATION BY ASSISTING, IMPLMENTING, SUPPORTING OR CONTRIBUTING TO THE SUPPORT OF PROGRAMS, PROJECTS AND ACTIVITIES OF PUBLIC NATURE DESIGNED TO STIMULATE ECONOMIC DEVELOPMENT.

Activities or mission (Part I)

PROVIDE LOANS, INVESTMENTS AND TECHNICAL ASSISTANCE TO PROJECTS SERVING LOW INCOME COMMUNITIES.

  • THE ORGANIZATION ASSISTED IN COMBATING COMMUNITY DETERIORATION BY IMPLEMENTING, SUPPORTING OR CONTRIBUTING TO THE SUPPORT OF PROGRAMS, PROJECTS AND ACTIVITIES OF PUBLIC NATURE DESIGNED TO STIMULATE, FOSTER, COORDINATE, PLAN, IMPROVE AND ENCOURAGE ECONOMIC DEVELOPMENT THEREBY AMELIORATING CONDITIONS OF POVERTY, DEPENDENCY, CHRONIC UNEMPLOYMENT AND UNDER-EMPLOYMENT, RISING COMMUNITY TENSIONS, AND SOCIAL AND ECONOMIC DISPARITY IN AREAS OF POVERTY AND AREAS IMPACTED BY NATURAL AND UNNATURAL DISASTERS.

    Expenses $6,827,096 · Grants $1,412,380 · Revenue $3,846,068

As filed on the 2025 return.

Listed in Part VII

  • Lee Kanon Alpert

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1.7 + 0.3 related

  • Cindy Miscikowski

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1.7 + 0.3 related

  • Richard Maire

    DIRECTOR-CHAIRMAN

    Total calculated
    $0
    Hours/week
    1.7 + 0.3 related

  • Dutch C Ross III

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1.7 + 0.3 related

  • Pattie Ehsaei

    DIRECTOR-SECRETARY

    Total calculated
    $0
    Hours/week
    1.7 + 0.3 related

  • Marcia Choo

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1.7 + 0.3 related

  • Paul Chen

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1.7 + 0.3 related

  • Stephen Rolfe

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1.7 + 0.3 related

  • Lara Regus

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1.7 + 0.3 related

  • Robert Oehler

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1.7 + 0.3 related

  • Thomas J Desimone

    PRESIDENT/CEO

    Total calculated
    $729,202
    From this org
    $624,062
    From related orgs
    $105,140
    Other
    $0
    Hours/week
    33.7 + 6.3 related

    Schedule J breakdown matched by us

    Base
    $345,066 + $58,136 related
    Bonus
    $278,996 + $47,004 related
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $624,062 + $105,140 related

  • Jemelle Dicioco

    TREASURER, DIRECTOR OF FIN

    Total calculated
    $237,335
    From this org
    $203,114
    From related orgs
    $34,221
    Other
    $0
    Hours/week
    33.7 + 6.3 related

    Schedule J breakdown matched by us

    Base
    $145,347 + $24,488 related
    Bonus
    $57,767 + $9,733 related
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $203,114 + $34,221 related

  • Jessica Waybright

    LEGAL COUNSEL

    Total calculated
    $277,368
    From this org
    $237,375
    From related orgs
    $39,993
    Other
    $0
    Hours/week
    33.7 + 6.3 related

    Schedule J breakdown matched by us

    Base
    $183,887 + $30,981 related
    Bonus
    $53,488 + $9,012 related
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $237,375 + $39,993 related

  • Pavlin Buchukov

    DIRECTOR OF LENDING

    Total calculated
    $191,830
    From this org
    $164,171
    From related orgs
    $27,659
    Other
    $0
    Hours/week
    33.7 + 6.3 related

    Schedule J breakdown matched by us

    Base
    $164,171 + $27,659 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $164,171 + $27,659 related

  • Anthony Santana

    DIRECTOR OF LENDING

    Total calculated
    $158,852
    From this org
    $135,948
    From related orgs
    $22,904
    Other
    $0
    Hours/week
    33.7 + 6.3 related

    Schedule J breakdown matched by us

    Base
    $110,273 + $18,579 related
    Bonus
    $25,675 + $4,325 related
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $135,948 + $22,904 related

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. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

  • 3 · Independent compensation consultant
  • 3 · Written employment contract
  • 3 · Approval by the board or compensation committee

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

The filer's explanations (Part III)

PART I, LINE 3
THE ORGANIZATION UTILIZED THE REBUTTABLE PRESUMPTION PROCEDURES DESCRIBED IN REG. SEC. 53.4958-6.

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

The 10 largest by cash amount. The API serves every itemized grant.

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.

Related partnerships

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

  • GENESIS LA CDE LLC

    RELATED · NEW MARKETS TAX CREDIT · CA · 99.9% owned · share of income $3,417,315 · share of assets $5,257,252 · general or managing partner

    Directly controlled by GENESIS LA ECONOMIC GROWTH CORPORATION

Related corporations and trusts

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

  • NHGLA LLC

    C · INVESTING · CA · 100% owned · share of income $2,006 · share of assets $17,877 · controlled entity

    Directly controlled by GENESIS LA ECONOMIC GROWTH CORPORATION

Provenance

Return type
form_990
Tax year
2025
Filed
31 July 2026
IRS schema version
2025v4.2
Source object
202612129349300826

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