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Nonprofiteer
← GENESIS LA ECONOMIC GROWTH CORPORATION

Form 990 for tax year 2023

Filed by GENESIS LA ECONOMIC GROWTH CORPORATION.

Totals

Total revenue
$12,696,966
Total expenses
$5,688,271
Contributions and grants received
$5,216,682
Grants paid
$1,265,067
Program service revenue
$2,233,308
Investment income
$5,246,976
Other revenue
$0
Total assets, end of year
$121,034,291
Total liabilities, end of year
$49,783,498
Net assets or fund balances, end of year
$71,250,793
Program services expenses (Part IX)
$5,356,431
Management and general expenses
$294,596
Fundraising expenses
$37,244
Program service expenses (Part III)
$5,356,431

Program services were 94.2% 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)

    $4,771,398

  • 1f · All other contributions, gifts and grants

    $445,284

  • 2a · Program service revenue: MANAGEMENT FEE INCOME

    total $870,146 · related or exempt $870,146

  • 2b · Program service revenue: EXIT FEE

    total $454,546 · related or exempt $454,546

  • 2c · Program service revenue: SUBALLOCATION FEE INCOME

    total $449,550 · related or exempt $449,550

  • 2d · Program service revenue: ADMIN SERVICES INCOME

    total $198,350 · related or exempt $198,350

  • 2e · Program service revenue: LOAN FEE INCOME

    total $157,460 · related or exempt $157,460

  • 2f · All other program service revenue

    total $103,256 · related or exempt $103,256

  • 3 · Investment income

    total $5,246,976 · related or exempt $835 · excluded $5,246,141

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $1,265,067 · program services $1,265,067

  • 7 · Other salaries and wages

    total $2,134,717 · program services $1,998,578 · management and general $119,429 · fundraising $16,710

  • 9 · Other employee benefits

    total $313,332 · program services $293,350 · management and general $17,530 · fundraising $2,452

  • 11b · Fees: legal

    total $48,185 · program services $38,336 · management and general $9,420 · fundraising $429

  • 11c · Fees: accounting

    total $253,816 · program services $201,934 · management and general $49,619 · fundraising $2,263

  • 11g · Fees: other

    total $106,497 · program services $84,729 · management and general $20,819 · fundraising $949

  • 13 · Office expenses

    total $11,185 · program services $9,255 · management and general $1,740 · fundraising $190

  • 16 · Occupancy

    total $176,315 · program services $144,839 · management and general $31,476

  • 17 · Travel

    total $32,537 · program services $26,921 · management and general $5,061 · fundraising $555

  • 20 · Interest

    total $943,368 · program services $943,368

  • 22 · Depreciation, depletion and amortization

    total $15,297 · program services $15,297

  • 23 · Insurance

    total $169,297 · program services $149,181 · management and general $11,903 · fundraising $8,213

  • 24a · Other expenses: GENERAL & ADMIN

    total $150,213 · program services $124,287 · management and general $23,365 · fundraising $2,561

  • 24b · Other expenses: TAXES & LICENSES

    total $60,227 · program services $53,071 · management and general $4,234 · fundraising $2,922

  • 24c · Other expenses: PROVISION FOR LOAN LOSS

    total $5,748 · program services $5,748

  • 24d · Other expenses: CONTRIBUTIONS

    total $2,470 · program services $2,470

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $34,160,129 · end of year $7,344,514

  • 2 · Savings and temporary cash investments

    beginning of year $7,691,499 · end of year $46,311,297

  • 3 · Pledges and grants receivable

    beginning of year $2,387,712 · end of year $825,384

  • 4 · Accounts receivable

    beginning of year $521,311 · end of year $871,009

  • 7 · Other notes and loans receivable

    beginning of year $57,539,186 · end of year $62,807,092

  • 9 · Prepaid expenses and deferred charges

    beginning of year $87,362 · end of year $98,582

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

    $239,658

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

    $112,509

  • 10c · Land, buildings and equipment, net

    beginning of year $42,967 · end of year $127,149

  • 13 · Investments: program-related

    beginning of year $5,403,069 · end of year $2,649,264

  • 17 · Accounts payable and accrued expenses

    beginning of year $979,519 · end of year $2,367,990

  • 19 · Deferred revenue

    beginning of year $2,700,000 · end of year $2,700,000

  • 24 · Unsecured notes and loans payable

    beginning of year $38,657,872 · end of year $44,715,508

  • 27 · Net assets without donor restrictions

    beginning of year $57,185,764 · end of year $58,733,185

  • 28 · Net assets with donor restrictions

    beginning of year $8,310,080 · end of year $12,517,608

Mission and programs · 2023

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 $5,356,431 · Grants $1,265,067 · Revenue $12,696,966

As filed on the 2023 return.

Listed in Part VII

  • Lee Kanon Alpert

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1.6 + 0.4 related

  • Cindy Miscikowski

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1.6 + 0.4 related

  • Robert Oehler

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1.6 + 0.4 related

  • Richard Maire

    DIRECTOR-CHAIRMAN

    Total calculated
    $0
    Hours/week
    1.6 + 0.4 related

  • Dutch C Ross III

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1.6 + 0.4 related

  • Pattie Ehsaei

    DIRECTOR-SECRETARY

    Total calculated
    $0
    Hours/week
    1.6 + 0.4 related

  • Marcia Choo

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1.6 + 0.4 related

  • Paul Chen

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1.6 + 0.4 related

  • Stephen Rolfe

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1.6 + 0.4 related

  • Thomas J Desimone

    PRESIDENT/CEO

    Total calculated
    $638,860
    From this org
    $533,158
    From related orgs
    $105,702
    Other
    $0
    Hours/week
    32.3 + 7.7 related

    Schedule J breakdown matched by us

    Base
    $299,485 + $59,375 related
    Bonus
    $233,673 + $46,327 related
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $533,158 + $105,702 related

  • Jessica Waybright

    LEGAL COUNSEL

    Total calculated
    $226,428
    From this org
    $188,965
    From related orgs
    $37,463
    Other
    $0
    Hours/week
    32.3 + 7.7 related

    Schedule J breakdown matched by us

    Base
    $138,892 + $27,536 related
    Bonus
    $50,073 + $9,927 related
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $188,965 + $37,463 related

  • Jemelle Dicioco

    TREASURER, DIRECTOR OF FINANCE

    Total calculated
    $179,200
    From this org
    $149,551
    From related orgs
    $29,649
    Other
    $0
    Hours/week
    32.3 + 7.7 related

    Schedule J breakdown matched by us

    Base
    $99,478 + $19,722 related
    Bonus
    $50,073 + $9,927 related
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $149,551 + $29,649 related

  • Pavlin Buchukov

    DIRECTOR OF LENDING

    Total calculated
    $186,923
    From this org
    $155,995
    From related orgs
    $30,928
    Other
    $0
    Hours/week
    32.3 + 7.7 related

    Schedule J breakdown matched by us

    Base
    $118,441 + $23,482 related
    Bonus
    $37,554 + $7,446 related
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $155,995 + $30,928 related

  • Anthony Santana

    SENIOR LOAN OFFICER

    Total calculated
    $120,900
    From this org
    $100,897
    From related orgs
    $20,003
    Other
    $0
    Hours/week
    32.3 + 7.7 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.

  • RETHINK HOUSING LLC

    REAL ESTATE DEVELOPMENT FOR AFFORDABLE HOUSING · CA

    Directly controlled by GENESIS LA ECONOMIC GROWTH CORPORATION

  • AFFORDABLE HOUSING INITIATIVE LLC

    LOAN FUND · CA · income $879,652 · assets $18,991,434

    Directly controlled by GENESIS LA ECONOMIC GROWTH CORPORATION

  • AHI-CHINATOWN LLC

    LOAN FUND · CA · income $1,619 · assets $1,229,885

    Directly controlled by GENESIS LA ECONOMIC GROWTH CORPORATION

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 $1,978,045 · share of assets $4,815,920 · 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 $1,641 · share of assets $14,150 · controlled entity

    Directly controlled by GENESIS LA ECONOMIC GROWTH CORPORATION

Provenance

Return type
form_990
Tax year
2023
Filed
12 August 2024
IRS schema version
2023v5.1
Source object
202442259349300044

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