Soros Economic Development Fund
- Assets
- $171.3m
- Revenue
- -$4.6m
- Investments
- $0.0
- Employees
- 0
- Location
- New York, NY
- Founding
- 11/1994
- Data as of
- 12/2022
- EIN
- 13-3965896
Organization Overview
Soros Economic Development Fund is located in New York, NY. The organization was established in 1994. According to its NTEE Classification (T23) the organization is classified as: Private Operating Foundations, under the broad grouping of Philanthropy, Voluntarism & Grantmaking Foundations and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Soros Economic Development Fund is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 12/2022, Soros Economic Development Fund generated -$4.6m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 4 years, the organization has seen revenues fall by an average of (28.9%) each year. All expenses for the organization totaled $15.2m during the year ending 12/2022. As we would expect to see with falling revenues, expenses have declined by (34.9%) per year over the past 4 years. You can explore the organizations financials more deeply in the financial statements section below.
Since 2020, Soros Economic Development Fund has awarded 17 individual grants totaling $3,708,504. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Sean Hinton CEO (resigned On 5/31/2022) | 40 | $0 | |
Catherine Cax Director Of Investment | 40 | $0 | |
James Beaver Treasurer | 40 | $0 | |
Maija Arbolino Director | 1 | $0 | |
Gregory Taylor Director (resigned On 5/31/2022) | 1 | $0 | |
Leonard Benardo Director | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Aspen East Llc | 12/30/22 | $204,710 |
Kpmg Llp | 12/30/22 | $127,555 |
Altvia Solutions Llc | 12/30/22 | $115,200 |
Wallbrook Advisory Limited | 12/30/22 | $108,250 |
Michel Mores | 12/30/22 | $97,651 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $0 |
| Interest on Savings | $0 |
| Dividends & Interest | $0 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | -$2,835,268 |
| Capital Gain Net Income | $0 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | -$1,778,923 |
| Total Revenue | -$4,614,191 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $0 |
| Other employee salaries and wages | $0 |
| Pension plans, employee benefits | $0 |
| Interest | $0 |
| Taxes | $43,502 |
| Depreciation | $0 |
| Occupancy | $0 |
| Travel, conferences, and meetings | $0 |
| Printing and publications | $0 |
| Other expenses | $11,979,374 |
| Total operating and administrative expenses | $12,907,204 |
| Contributions, gifts, grants paid | $2,280,000 |
| Total expenses and disbursements | $15,187,204 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,084,801 |
| Savings and temporary cash investments | $0 |
| Net Accounts receivable | $677,325 |
| Net Pledges Receivable | $0 |
| Grants receivable | $52,136,184 |
| Receivables from Officers, Directors, or Controlling Persons | $0 |
| Net other notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $149,214 |
| Net Investments - land, buildings, equipment | $0 |
| Investments—mortgage loans | $0 |
| Investments—other | $0 |
| Net Land, buildings, and equipment | $0 |
| Other assets | $116,288,033 |
| Total assets | $171,335,557 |
| Accounts payable and accrued expenses | $234,504 |
| Grants payable | $716,310 |
| Deferred revenue | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Mortgages and other notes payable | $0 |
| Other liabilities | $380,737 |
| Total liabilities | $1,331,551 |
Grants Awarded
Over the last fiscal year, Soros Economic Development Fund has awarded $1,625,000 in support to 5 organizations.
| Grant Recipient | Amount |
|---|---|
HALA SYSTEMS INC PURPOSE: TO DEFEND HUMAN RIGHTS AND PROVIDE RELIEF FOR THE DISTRESSED | $500,000 |
GLOBAL ACCESS HEALTH PURPOSE: TO PROVIDE RELIEF TO THE POOR AND DISTRESSED BY IMPROVING AFFORDABLE AND EQUITABLE ACCESS TO QUALITY DIAGNOSTICS IN LOWER AND MIDDLE INCOME COUNTRIES ("LMICS"), AND FILLING DIAGNOSTIC GAPS FOR EMERGING THREATS, INCLUDING PANDEMIC PREPAREDNESS AND GLOBAL HEALTH SECURITY IN LMICS | $400,000 |
ASWEGROW LIMITED PURPOSE: TO PROVIDE FUNDING FOR THE PROFESSIONAL DEVELOPMENT OF DISADVANTAGED TEACHERS BY CREATING A REVENUE GENERATING LEARNING PLATFORM THAT WILL PROVIDE A BLUEPRINT ON EFFECTIVE BLENDED EDUCATION AT SCHOOL LEVEL, AND IMPROVE THE EFFECTIVENESS OF THE GRANTEES AIM TO ALLEVIATE POVERTY FOR DISADVANTAGED POPULATIONS IN THE LONG RUN | $55,000 |
LIKER LAND INC PURPOSE: TO SUPPORT THE DEVELOPMENT OF THE INFRASTRUCTURE FOR A MORE ROBUST ECOSYSTEM FOR INDEPENDENT MEDIA | $250,000 |
MEDIA DEVELOPMENT INVESTMENT FUND PURPOSE: TO SUPPORT INDEPENDENT MEDIA COMPANIES THAT PROVIDE TIMELY, ACCURATE, AND RELEVANT NEWS, INFORMATION AND DEBATE THAT PEOPLE NEED TO BUILD MORE OPEN, EQUITABLE AND FREE THRIVING SOCIETIES | $420,000 |