Hias Economic Advancement Fund Inc
- Assets
- $598.5k
- Revenue
- $703.6k
- Investments
- $0.0
- Employees
- 0
- Location
- Silver Spring, MD
- Founding
- Data as of
- 09/2023
- EIN
- 88-0984307
Organization Overview
Hias Economic Advancement Fund Inc is located in Silver Spring, MD. According to its NTEE Classification (S31) the organization is classified as: Urban & Community Economic Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Hias Economic Advancement Fund Inc is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
Form
990EZ
Mission & Program ActivityExcerpts From the 990EZ Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
SEE PART III, LINE 1.
Describe the Organization's Program Activity:
Part 3
INACTIVE DURING THE CURRENT YEAR
EAF PROVIDES MICROENTERPRISE LOANS AND TECHNICAL ASSISTANCE TO REFUGEES; THESE LOAN PRODUCTS ARE DESIGNED FOR ENTREPRENEURS WHO ARE JUST STARTING OUT IN BUSINESS OR FOR THOSE WITH ESTABLISHED BUSINESSES THAT ARE LOOKING TO STABILIZE OPERATIONS AND EXPAND. TO DO THIS EFFICIENTLY, EAF WORKS ALONGSIDE HIAS RESETTLEMENT PARTNERS THAT HAVE A LOCAL PRESENCE TO HELP REFUGEES RESETTLE AND INTEGRATE INTO THEIR NEW COMMUNITIES. EAF PARTNERS PROVIDE REFUGEES WITH BUSINESS TECHNICAL ASSISTANCE, FINANCIAL AND CREDIT EDUCATION AND ASSISTANCE ACCESSING CAPITAL THROUGH EAF TO LAUNCH OR GROW THEIR BUSINESSES. THESE LOANS ARE TAILORED TO REFUGEE ENTREPRENEURS WHO ARE LOW-INCOME, HAVE LITTLE OR NO CREDIT HISTORY, ARE UNABLE TO ACCESS CREDIT FROM MAINSTREAM FINANCIAL INSTITUTIONS, OR ARE PRECLUDED FROM PAYING (CONTINUED ON SCHEDULE O) INTEREST BECAUSE OF RELIGIOUS BELIEFS. EAF CURRENTLY SUPPORTS REFUGEE ENTREPRENEURS IN 14 CITIES IN THE EASTERN U.S. WITH LOANS AVERAGING $11,000. THESE ENTREPRENEURS ARE SUPPORTED BY THEIR LOCAL PARTNER OFFICE THROUGHOUT THEIR EXPERIENCE WITH EAF WITH ON-SITE AND REMOTE ASSISTANCE TO PROVIDE THE GREATEST LIKELIHOOD OF SUCCESS IN THEIR BUSINESSES.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Alicia Wrenn Chair | 1 | $0 | |
William Abrams Treasurer | 1 | $0 | |
Adina Ambramowitz Secretary | 1 | $0 | |
Greg Mikulka Director | 1 | $0 | |
Tamara Thetford Director | 1 | $0 | |
Titi Ikhile Director | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $125,000 |
| All other contributions, gifts, grants, and similar amounts not included above | $563,180 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $688,180 |
| Total Program Service Revenue | $15,448 |
| 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 | $703,628 |
| 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. | $23,029 |
| Compensation of current officers, directors, key employees. | $3,795 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $31,079 |
| Pension plan accruals and contributions | $338 |
| Other employee benefits | $9,344 |
| Payroll taxes | $1,366 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $180 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $57,091 |
| Advertising and promotion | $0 |
| Office expenses | $912 |
| Information technology | $34,967 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $3,362 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $188,321 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $150,013 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| 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 | $448,504 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $598,517 |
| Accounts payable and accrued expenses | $0 |
| 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 | $0 |
| Other liabilities | $83,210 |
| Total liabilities | $83,210 |
| Net assets without donor restrictions | $500,069 |
| Net assets with donor restrictions | $15,238 |
| 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 | $598,517 |