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Nonprofiteer
← GENESIS LA ECONOMIC GROWTH CORPORATION

Form 990 for tax year 2022

Filed by GENESIS LA ECONOMIC GROWTH CORPORATION.

Totals

Total revenue
$29,890,047
Total expenses
$18,976,298
Contributions and grants received
$24,237,093
Grants paid
$12,560,841
Program service revenue
$2,834,208
Investment income
$2,818,746
Other revenue
$0
Total assets, end of year
$107,833,235
Total liabilities, end of year
$42,337,391
Net assets or fund balances, end of year
$65,495,844
Program services expenses (Part IX)
$18,607,517
Management and general expenses
$324,254
Fundraising expenses
$44,527
Program service expenses (Part III)
$18,607,517

Program services were 98.1% 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)

    $5,870,000

  • 1f · All other contributions, gifts and grants

    $18,367,093

  • 2a · Program service revenue: MANAGEMENT FEE INCOME

    total $901,746 · related or exempt $901,746

  • 2b · Program service revenue: SUBALLOCATION FEE INCOME

    total $821,181 · related or exempt $821,181

  • 2c · Program service revenue: EXIT FEE

    total $544,455 · related or exempt $544,455

  • 2d · Program service revenue: LOAN FEE INCOME

    total $297,154 · related or exempt $297,154

  • 2e · Program service revenue: ADMIN SERVICES INCOME

    total $215,076 · related or exempt $215,076

  • 2f · All other program service revenue

    total $54,596 · related or exempt $54,596

  • 3 · Investment income

    total $2,818,746 · related or exempt $17,029 · excluded $2,801,717

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $12,560,116 · program services $12,560,116

  • 2 · Grants to domestic individuals

    total $725 · program services $725

  • 6 · Compensation of disqualified persons

    total $1,835,326 · program services $1,736,178 · management and general $90,308 · fundraising $8,840

  • 9 · Other employee benefits

    total $257,723 · program services $243,800 · management and general $12,681 · fundraising $1,242

  • 11b · Fees: legal

    total $16,973 · program services $15,221 · management and general $1,175 · fundraising $577

  • 11c · Fees: accounting

    total $217,083 · program services $194,671 · management and general $15,023 · fundraising $7,389

  • 11g · Fees: other

    total $118,329 · program services $106,113 · management and general $8,188 · fundraising $4,028

  • 13 · Office expenses

    total $20,944 · program services $15,039 · management and general $4,254 · fundraising $1,651

  • 16 · Occupancy

    total $196,296 · program services $138,155 · management and general $58,141

  • 17 · Travel

    total $20,248 · program services $14,540 · management and general $4,113 · fundraising $1,595

  • 20 · Interest

    total $732,227 · program services $732,227

  • 22 · Depreciation, depletion and amortization

    total $14,229 · program services $14,229

  • 23 · Insurance

    total $165,315 · program services $86,135 · management and general $74,060 · fundraising $5,120

  • 24a · Other expenses: PROVISION FOR LOAN LOSS

    total $2,609,050 · program services $2,609,050

  • 24b · Other expenses: GENERAL & ADMIN

    total $157,221 · program services $112,897 · management and general $31,933 · fundraising $12,391

  • 24c · Other expenses: TAXES & LICENSES

    total $54,351 · program services $28,319 · management and general $24,349 · fundraising $1,683

  • 24d · Other expenses: CONTRIBUTIONS

    total $142 · program services $102 · management and general $29 · fundraising $11

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $29,984,798 · end of year $34,160,129

  • 2 · Savings and temporary cash investments

    beginning of year $4,538,022 · end of year $7,691,499

  • 3 · Pledges and grants receivable

    end of year $2,387,712

  • 4 · Accounts receivable

    beginning of year $1,852,044 · end of year $521,311

  • 7 · Other notes and loans receivable

    beginning of year $44,055,614 · end of year $57,539,186

  • 9 · Prepaid expenses and deferred charges

    beginning of year $96,437 · end of year $87,362

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

    $145,929

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

    $102,962

  • 10c · Land, buildings and equipment, net

    beginning of year $51,015 · end of year $42,967

  • 13 · Investments: program-related

    beginning of year $3,495,687 · end of year $5,403,069

  • 17 · Accounts payable and accrued expenses

    beginning of year $456,569 · end of year $979,519

  • 19 · Deferred revenue

    beginning of year $750,000 · end of year $2,700,000

  • 24 · Unsecured notes and loans payable

    beginning of year $27,616,409 · end of year $38,657,872

  • 27 · Net assets without donor restrictions

    beginning of year $54,610,310 · end of year $57,185,764

  • 28 · Net assets with donor restrictions

    beginning of year $640,329 · end of year $8,310,080

Mission and programs · 2022

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 $18,607,517 · Grants $12,560,841 · Revenue $2,851,237

As filed on the 2022 return.

Listed in Part VII

  • Lee Kanon Alpert

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1.4 + 0.6 related

  • Cindy Miscikowski

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1.4 + 0.6 related

  • Robert Oehler

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1.4 + 0.6 related

  • Richard Maire

    DIRECTOR-CHAIRMAN

    Total calculated
    $0
    Hours/week
    1.4 + 0.6 related

  • Dutch C Ross III

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1.4 + 0.6 related

  • Pattie Ehsaei

    DIRECTOR-SEC

    Total calculated
    $0
    Hours/week
    1.4 + 0.6 related

  • Marcia Choo

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1.4 + 0.6 related

  • Paul Chen

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1.4 + 0.6 related

  • Stephen Rolfe

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1.4 + 0.6 related

  • Thomas J Desimone

    PRESIDENT

    Total calculated
    $616,618
    From this org
    $478,666
    From related orgs
    $137,952
    Other
    $0
    Hours/week
    28.9 + 11.1 related

    Schedule J breakdown matched by us

    Base
    $261,308 + $75,310 related
    Bonus
    $217,358 + $62,642 related
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $478,666 + $137,952 related

  • Jessica Waybright

    LEGAL COUNSEL

    Total calculated
    $198,500
    From this org
    $154,091
    From related orgs
    $44,409
    Other
    $0
    Hours/week
    28.9 + 11.1 related

    Schedule J breakdown matched by us

    Base
    $111,396 + $32,104 related
    Bonus
    $42,695 + $12,305 related
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $154,091 + $44,409 related

  • Jemelle Dicioco

    TREASURER, DIRECTOR OF LENDING

    Total calculated
    $163,500
    From this org
    $126,921
    From related orgs
    $36,579
    Other
    $0
    Hours/week
    28.9 + 11.1 related

    Schedule J breakdown matched by us

    Base
    $84,226 + $24,274 related
    Bonus
    $42,695 + $12,305 related
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $126,921 + $36,579 related

  • Pavlin Buchukov

    SENIOR LOAN OFFICER

    Total calculated
    $146,750
    From this org
    $113,919
    From related orgs
    $32,831
    Other
    $0
    Hours/week
    28.9 + 11.1 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 $2,485,219 · share of assets $8,001,796 · 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 $1,735 · share of assets $1 · controlled entity

    Directly controlled by GENESIS LA ECONOMIC GROWTH CORPORATION

Provenance

Return type
form_990
Tax year
2022
Filed
14 August 2023
IRS schema version
2022v5.0
Source object
202322269349301487

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