Ircs Center For Economic Opportunity Inc
- Assets
- $18.3m
- Revenue
- $6.0m
- Investments
- $0.0
- Employees
- 8
- Location
- San Diego, CA
- Founding
- 08/2014
- Data as of
- 09/2023
- 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 09/2023, Ircs Center For Economic Opportunity Inc employed 8 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 09/2023, Ircs Center For Economic Opportunity Inc generated $6.0m in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 38.4% each year . All expenses for the organization totaled $1.4m during the year ending 09/2023. While expenses have increased by 36.1% per year over the past 8 years. They've been increasing with an increasing level of total revenue. 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
TO HELP CREATE A MORE FAIR FINANCIAL SYSTEM THROUGH WHICH PEOPLE REALIZE THEIR POTENTIAL AND COMMUNITIES PROSPER.
Describe the Organization's Program Activity:
Part 3 - Line 4a
CEO SEEKS TO RESPONSIBLY DEPLOY CAPITAL TO UNDERSERVED, CREDIT-THIN REFUGEE AND IMMIGRANT COMMUNITIES THROUGH TRUSTED COMMUNITY PARTNERS THAT ALSO OFFER CREDIT EDUCATION AND RELATED ASSET-BUILDING SERVICES. IN FISCAL YEAR 2023, CEO REALIZED SIGNIFICANT GROWTH IN EVERY FACET OF OUR OPERATION - INCLUDING ACROSS ALL PRODUCTS AND LINES OF BUSINESS. THE ORGANIZATION CLOSED OVER 2,200 LOANS TOTALING MORE THAN $10 MILLION FINANCED ALMOST EXLUCISVELY TO LOW-INCOME INDIVIDUALS RFERRED TO US THROUGH OUR NETWORK OF PARTNERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Hans Van DE Weerd President | OfficerTrustee | 0.5 | $0 |
Ellen Beattie Treasurer | OfficerTrustee | 0.5 | $0 |
Sean Carpenter Chairman | OfficerTrustee | 0.5 | $6,406 |
Michael Aikens Secretary | OfficerTrustee | 0.5 | $0 |
Radha Rajkotia Director, Thru Oct. 2022 | Trustee | 0.5 | $0 |
Sutanto Widjaja Director | Trustee | 0.5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $435,237 |
| Government grants | $107,863 |
| All other contributions, gifts, grants, and similar amounts not included above | $4,429,977 |
| Noncash contributions included in lines 1a–1f | $20,237 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $4,973,077 |
| Total Program Service Revenue | $818,017 |
| Investment income | $36,978 |
| 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 | $6,039,414 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $1,950 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $283,683 |
| Compensation of current officers, directors, key employees. | $36,926 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $330,909 |
| Pension plan accruals and contributions | $50,669 |
| Other employee benefits | $129,947 |
| Payroll taxes | $215,373 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $21,084 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $25,509 |
| Advertising and promotion | $0 |
| Office expenses | $44,489 |
| Information technology | $149,233 |
| Royalties | $0 |
| Occupancy | $546 |
| Travel | $15,717 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $62,957 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $10,658 |
| All other expenses | $0 |
| Total functional expenses | $1,353,615 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,870,507 |
| Savings and temporary cash investments | $892,682 |
| Pledges and grants receivable | $298,336 |
| Accounts receivable, net | $19,075 |
| 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 | $14,184,631 |
| Intangible assets | $0 |
| Other assets | $30,000 |
| Total assets | $18,295,231 |
| Accounts payable and accrued expenses | $330,419 |
| 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 | $5,386,111 |
| Other liabilities | $0 |
| Total liabilities | $5,716,530 |
| Net assets without donor restrictions | $3,510,866 |
| Net assets with donor restrictions | $9,067,835 |
| 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 | $18,295,231 |
Grants Awarded
Over the last fiscal year, Ircs Center For Economic Opportunity Inc has awarded $429,000 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
INTERNATIONAL RESCUE COMMITTEE - NEW YORK PURPOSE: TO SUPPORT IRC IN NEW YORK'S ECONOMIC EMPOWERMENT PRGRAMS TO PROVIDE FINANCIAL EDUCATION AND WORKFORCE SERVICES TO COMMUNITIES THROUGHOUT NEW YORK | $405,000 |
FINEQUITY INC PURPOSE: TO SUPPORT FINEQUITY'S EFFORTS TO PROVIDE CLIENT SUPPORT ON COLLARABORATIVE PROJECT | $24,000 |