Economic Justice Fund
- Assets
- $737.6k
- Revenue
- $528.2k
- Investments
- $0.0
- Employees
- 1
- Location
- Sacramento, CA
- Founding
- 01/2018
- Data as of
- 12/2023
- EIN
- 82-3512608
Organization Overview
Economic Justice Fund is located in Sacramento, CA. The organization was established in 2018. According to its NTEE Classification (W60) the organization is classified as: Financial Institutions, under the broad grouping of Public & Societal Benefit and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Economic Justice 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 12/2023, Economic Justice Fund generated $528.2k in total revenue. This organization has experienced exceptional growth, as over the past 5 years, it has increased revenue by an average of 14.0% each year . All expenses for the organization totaled $180.0k during the year ending 12/2023. While expenses have increased by 6.1% per year over the past 5 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 PROVIDE FAIR AND AFFORDABLE FINANCING AND FINANCIAL DEVELOPMENT SERVICES FOR THE ECONOMIC EMPOWERMENT OF UNDERREPRESENTED, LOW-INCOME BORROWERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THROUGH INNOVATIVE FINANCIAL PRODUCTS, CHARACTER-BASED LENDING, AND A DEEP COMMITMENT TO ITS MISSION, EJF ORIGINATED 36 LOANS IN 2023, OF WHICH 95% WENT DIRECTLY TO LOW-INCOME BORROWERS. IN 2023, EJF ALSO ACHIEVED A MILESTONE OF SURPASSING 100 LOANS DISBURSED SINCE ITS FIRST FULL YEAR OF LENDING BEGAN IN 2021. IN 2023, EJF'S THREE MAIN LENDING INITIATIVES AND PROGRAMS LISTED BELOW RESULTED IN HIGH-IMPACT LOANS THAT ENABLE BORROWERS WHO DO NOT HAVE ACCESS TO AFFORDABLE FINANCING TO PAY AN EMERGENCY EXPENSE, PAY OFF A PREDATORY LOAN, BEGIN ENTREPRENEURSHIP, AND BUILD THEIR CREDIT SCORES. EQUITABLE OPPORTUNITY LOAN - PROVIDES A SAFE AND AFFORDABLE ALTERNATIVE TO PAYDAY AND PREDATORY SMALL-DOLLAR LOANS. THE EQUITABLE OPPORTUNITY LOAN OFFERS ACCESS TO FINANCING FOR LOW-INCOME BORROWERS WHO URGENTLY NEED LOANS BUT CANNOT ACCESS FINANCING FROM TRADITIONAL LENDERS. CREDIT-BUILDING INITIATIVE - EMPOWERS BORROWERS TO ESTABLISH A POSITIVE CREDIT HISTORY AS EJF REPORTS BORROWER LOAN DATA TO EXPERIAN, TRANSUNION, AND EQUIFAX. THE CREDIT-BUILDING INITIATIVE OFFERS FAIR AND AFFORDABLE LOANS WITH NO MINIMUM CREDIT SCORE REQUIREMENT. LIFELINE PANDEMIC RECOVERY INITIATIVE - PROVIDES LOANS TO LOW-INCOME BORROWERS STRUGGLING TO RECOVER FROM THE ECONOMIC CONSEQUENCES OF THE COVID-19 PANDEMIC AND THE LACK OF ACCESS TO FAIR AND AFFORDABLE FINANCING. LIFELINE LOANS EMPOWER INDIVIDUALS AND ENTREPRENEURS TO ESCAPE PREDATORY OR HIGH-INTEREST-RATE LOANS AND RECOVER FINANCIALLY FROM THE LASTING ECONOMIC IMPACTS CAUSED BY THE PANDEMIC.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Scott Berman President (thru 9/2023); CEO | OfficerTrustee | 10 | $23,895 |
Donna Gambrell Vice President (thru 08/23); Director | OfficerTrustee | 1 | $0 |
Ruth Jaure Treasurer (thru 9/2023); President | OfficerTrustee | 1 | $0 |
Jeff Berg Secretary (thru 3/2023) | OfficerTrustee | 1 | $0 |
Abigail Suarez Director | Trustee | 1 | $0 |
Olivia Rebanal Secretary | OfficerTrustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $500,000 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $500,000 |
| Total Program Service Revenue | $28,166 |
| Investment income | $0 |
| 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 | $528,166 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $27,255 |
| Compensation of current officers, directors, key employees. | $3,360 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $2,073 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $2,460 |
| Fees for services: Accounting | $19,017 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $11,252 |
| Advertising and promotion | $12,415 |
| Office expenses | $6,929 |
| Information technology | $19,570 |
| Royalties | $0 |
| Occupancy | $12,225 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $6,232 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $8,018 |
| All other expenses | $0 |
| Total functional expenses | $179,973 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $73,475 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $355,000 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $285,273 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $23,825 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $737,573 |
| Accounts payable and accrued expenses | $8,994 |
| 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 | $243,714 |
| Other liabilities | $0 |
| Total liabilities | $252,708 |
| Net assets without donor restrictions | $87,111 |
| Net assets with donor restrictions | $397,754 |
| 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 | $737,573 |