Ircs Center For Economic Opportunity Inc
- Assets
- $7.1m
- Revenue
- $2.8m
- Investments
- $0.0
- Employees
- 5
- Location
- San Diego, CA
- Founding
- 08/2014
- Data as of
- 09/2021
- EIN
- 45-3686069
Organization Overview
Ircs Center For Economic Opportunity Inc is located in San Diego, CA. The organization was established in 2014. According to its NTEE Classification (P84) the organization is classified as: Ethnic & Immigrant Centers, under the broad grouping of Human Services and related organizations. As of 09/2021, Ircs Center For Economic Opportunity Inc employed 5 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Ircs Center For Economic Opportunity Inc 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 09/2021, Ircs Center For Economic Opportunity Inc generated $2.8m in total revenue. This organization has experienced exceptional growth, as over the past 6 years, it has increased revenue by an average of 35.4% each year . All expenses for the organization totaled $1.2m during the year ending 09/2021. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE SMALL BUSINESS LOANS AND MICROFINANCING TO VICTIMS OF OPPRESSION AND PERSECUTION WITHOUT REGARD TO THE RACE, NATIONALITY OR RELIGION OF THE BENEFICIARIES; TO RECEIVE, MANAGE, SELL, EXCHANGE, INVEST AND REINVEST THE FUNDS TRANSFERRED TO THE CORPORATION, AND TO APPLY THE INCOME AND PRINCIPAL TO THE ESTABLISHMENT AND SUPPORT OF CHARITABLE AND EDUCATIONAL ACTIVITIES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
IN FISCAL YEAR 2021, IRC'S CENTER FOR ECONOMIC OPPORTUNITY (CEO) CONTINUED TO BUILD ITS CAPACITY TO SERVE AS A CENTRALIZED LENDING PLATFORM ACCESSIBLE BY COMMUNITY-BASED ORGANIZATIONS THAT WISH TO OFFER SMALL-DOLLAR LOAN PRODUCTS TO SUPPORT THE ECONOMIC ADVANCEMENT OF THEIR CLIENTS. CEO'S PORTFOLIO CONSISTS OF CREDIT-BUILDING, AUTO, EDUCATION, IMMIGRATION, PERSONAL AND MICROENTERPRISE LOANS. EACH LOAN PRODUCT IS NESTED WITHIN BROADER FINANCIAL CAPABILITIES PROGRAMS OPERATED BY OUR PARTNERS. THE ORGANIZATION IS A SUBSIDIARY OF THE INTERNATIONAL RESCUE COMMITTEE (IRC) AND PARTNERS WITH IRC'S NETWORK OF OFFICES ACROSS THE U.S. THAT SERVE DIVERSE REFUGEE AND IMMIGRANT COMMUNITIES. CEO HAS ALSO PARTNERED WITH SEVERAL NON-AFFILIATED ORGANIZATIONS TO EXTEND OUR MODEL TO NEW POPULATIONS AND COMMUNITIES. BY THE END OF FY2021, CEO WAS LIVE IN A TOTAL OF 26 LOCATIONS IN 14 STATES. DURING THE COURSE OF THE YEAR, CEO DEPLOYED 952 LOANS TOTALING OVER $1.8M IN DIRECT FINANCING TO BORROWERS THAT ARRIVED TO THE U.S. FROM 44 DIFFERENT COUNTRIES. 59% OF BORROWERS HAD NO OR BAD CREDIT SCORE AND WERE PART OF HOUSEHOLDS THAT EARNED AN AVERAGE OF $27K PER YEAR. 94.5% OF THE $1.8M FINANCED WENT TO LOW-INCOME HOUSEHOLDS. IN FY2022, CEO PLANS TO CONTINUE TO SCALE NATIONALLY THROUGH PARTNERSHIP, UPGRADE AND ENHANCE ITS LENDING PLATFORM, AND CONTINUE TO GROW ITS CAPACITY TO OFFER AGENCIES AND THEIR CONSTITUENTS A SAFE, AFFORDABLE ALTERNATIVE TO HIGH-COST PREDATORY PAYDAY AND SUBPRIME AUTO LENDERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Kasra Movahedi Executive Director | Officer | 37.5 | $113,399 |
Mary Grace Ner Deputy Dir., Finance & Admin. | Officer | 37.5 | $61,000 |
Radha Rajkotia Secretary | OfficerTrustee | 0.5 | $0 |
Sean Carpenter Chairman | OfficerTrustee | 0.5 | $0 |
Hans Van DE Weerd President | OfficerTrustee | 0.5 | $0 |
Ellen Beattie Treasurer | OfficerTrustee | 0.5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $1,305,361 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,127,294 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $2,432,655 |
| Total Program Service Revenue | $304,992 |
| Investment income | $169 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $2,766,527 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $121,000 |
| Grants and other assistance to domestic individuals. | $134,745 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $244,812 |
| Compensation of current officers, directors, key employees. | $17,599 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $108,517 |
| Pension plan accruals and contributions | $21,360 |
| Other employee benefits | $53,563 |
| Payroll taxes | $118,178 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $1,250 |
| Fees for services: Accounting | $5,966 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $60,184 |
| Advertising and promotion | $0 |
| Office expenses | $15,835 |
| Information technology | $61,450 |
| Royalties | $0 |
| Occupancy | $20,066 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $11,815 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $7,248 |
| All other expenses | $0 |
| Total functional expenses | $1,223,774 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $3,649,228 |
| Savings and temporary cash investments | $857,428 |
| Pledges and grants receivable | $135,000 |
| Accounts receivable, net | $22,785 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $2,404,870 |
| Intangible assets | $0 |
| Other assets | $30,000 |
| Total assets | $7,099,311 |
| Accounts payable and accrued expenses | $448,280 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $1,821,667 |
| Other liabilities | $0 |
| Total liabilities | $2,269,947 |
| Net assets without donor restrictions | $1,319,651 |
| Net assets with donor restrictions | $3,509,713 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $7,099,311 |
Grants Awarded
Over the last fiscal year, Ircs Center For Economic Opportunity Inc has awarded $121,000 in support to 3 organizations.
| Grant Recipient | Amount |
|---|---|
New York, NY PURPOSE: TO SUPPORT IRC IN NEW YORK'S ECONOMIC EMPOWERMENT PRGRAMS TO PROVIDE FINANCIAL EDUCATION AND WORKFORCE SERVICES TO COMMUNITIES THROUGHOUT NEW YORK | $55,000 |
New York, NY PURPOSE: TO SUPPORT IRC IN ATLANTA'S ECONOMIC EMPOWERMENT PRGRAMS WHICH PROVIDE FINANCIAL EDUCATION AND WORKFORCE SERVICES TO COMMUNITIES THROUGHOUT ATLANTA | $45,000 |
New York, NY PURPOSE: TO SUPPORT IRC IN SAN DIEGO'S ECONOMIC EMPOWERMENT PRGRAMS WHICH PROVIDE FINANCIAL COACHING AND WORKFORCE SERVICES TO LOW-INCOME HOUSEHOLDS IN SAN DIEGO | $21,000 |
Grants Recieved
Over the last fiscal year, we have identified 3 grants that Ircs Center For Economic Opportunity Inc has recieved totaling $100,101.
| Awarding Organization | Amount |
|---|---|
Financial Health Network Inc Chicago, IL PURPOSE: PROMOTING FINANCIAL HEALTH BY CONNECTING RETURNING CITIZENS WITH TOOLS AND RESOURCES TO BUILD RESILIENCE AND THRIVE | $50,000 |
Western Union Foundation Inc Denver, CO PURPOSE: WORKFORCE/EDUCATION | $50,000 |
Amazonsmile Foundation Seattle, WA PURPOSE: GENERAL SUPPORT | $101 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Latino Network Portland, OR | $14,141,237 | $24,219,823 |
International Institute Of Los Angeles Los Angeles, CA | $9,181,850 | $14,413,283 |
United American Indian Involvement Los Angeles, CA | $19,669,304 | $14,688,054 |
Koreatown Youth And Community Center Inc Los Angeles, CA | $5,959,356 | $13,191,369 |
The Fresno Center Fresno, CA | $5,685,334 | $12,082,399 |
Latino Center For Prevention & Action In Health & Welfare Santa Ana, CA | $6,603,881 | $11,325,815 |
Alu Like Inc Honolulu, HI | $2,290,492 | $9,028,851 |
Sacramento Chinese Community Service Center Inc Sacramento, CA | $4,354,396 | $9,145,000 |
Central American Resource Center - Carecen - Of California Los Angeles, CA | $10,035,647 | $7,843,220 |
Central American Resource Center Carecen Of Northern California San Francisco, CA | $2,586,265 | $9,324,571 |
Alianza Nacional De Campesinas Inc Oxnard, CA | $1,552,318 | $8,642,187 |
The Seventh Generation Fund For Indigenous Peoples Inc Arcata, CA | $11,269,311 | $11,321,749 |