Economic Resources Corporation
- Assets
- $22.0m
- Revenue
- $7.6m
- Investments
- $0.0
- Employees
- 7
- Location
- Lynwood, CA
- Founding
- 07/1969
- Data as of
- 06/2022
- EIN
- 95-2546360
Organization Overview
Economic Resources Corporation is located in Lynwood, CA. The organization was established in 1969. According to its NTEE Classification (T99) the organization is classified as: Philanthropy, Voluntarism & Grantmaking Foundations N.E.C., under the broad grouping of Philanthropy, Voluntarism & Grantmaking Foundations and related organizations. As of 06/2022, Economic Resources Corporation employed 7 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Economic Resources Corporation 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 06/2022, Economic Resources Corporation generated $7.6m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 14.1% each year . All expenses for the organization totaled $2.4m during the year ending 06/2022. 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
SCHEDULE O
Describe the Organization's Program Activity:
Part 3 - Line 4a
SEE SCHEDULE O
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Samuel Hughes President/ceo | OfficerTrustee | 38 | $306,410 |
Sierra Smith Director | Trustee | 1 | $0 |
Andrea Cohen-Jackson Director | Trustee | 1 | $0 |
Jide Alade Director | Trustee | 1 | $0 |
Jeffrey Tamkin Director | Trustee | 1 | $0 |
Kyle Davis Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $3,350,567 |
| All other contributions, gifts, grants, and similar amounts not included above | $65,000 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $3,415,567 |
| Total Program Service Revenue | $4,168,667 |
| Investment income | $60,349 |
| 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 | $7,644,583 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $770,317 |
| Other salaries and wages | $128,780 |
| Pension plan accruals and contributions | $102,152 |
| Other employee benefits | $8,981 |
| Payroll taxes | $50,451 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $26,736 |
| Fees for services: Accounting | $39,897 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $142,661 |
| Advertising and promotion | $0 |
| Office expenses | $72,754 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $767 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $7,497 |
| Interest | $19,256 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $371,594 |
| Insurance | $82,087 |
| All other expenses | $0 |
| Total functional expenses | $2,422,504 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $427,287 |
| Savings and temporary cash investments | $10,633,079 |
| Pledges and grants receivable | $881,345 |
| Accounts receivable, net | $5,371 |
| 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 | $470,911 |
| Net Land, buildings, and equipment | $7,206,641 |
| Investments—publicly traded securities | $1,708,742 |
| Investments—other securities | $0 |
| Investments—program-related | $678,117 |
| Intangible assets | $28,773 |
| Other assets | $0 |
| Total assets | $22,040,266 |
| Accounts payable and accrued expenses | $681,999 |
| 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 | $23,842 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $595,016 |
| Total liabilities | $1,300,857 |
| Net assets without donor restrictions | $20,739,409 |
| Net assets with donor restrictions | $0 |
| 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 | $22,040,266 |