Economic Resources Corporation
- Assets
- $20.0m
- Revenue
- $4.4m
- Investments
- $0.0
- Employees
- 9
- Location
- Lynwood, CA
- Founding
- 07/1969
- Data as of
- 06/2021
- 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 06/2021, Economic Resources Corporation employed 9 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 06/2021, Economic Resources Corporation generated $4.4m in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 6.4% each year. All expenses for the organization totaled $2.6m during the year ending 06/2021. While expenses have increased by 0.0% per year over the past 6 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
2021
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 |
|---|---|---|---|
Dutch C Ross III President/ceo | 38 | $342,139 | |
Samuel Hughes President/ceo | OfficerTrustee | 38 | $215,233 |
Nancy H Ikegami Controller | Officer | 38 | $175,773 |
Albert Carrol Investment Manager | 38 | $175,726 | |
Sierra Smith Director | Trustee | 1 | $0 |
Neville L Rhone Jr Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| 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 | $0 |
| Total Program Service Revenue | $4,326,048 |
| Investment income | $81,768 |
| 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 | $4,407,816 |
| 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. | $803,548 |
| Compensation of current officers, directors, key employees. | $200,887 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $113,431 |
| Pension plan accruals and contributions | $70,414 |
| Other employee benefits | $12,285 |
| Payroll taxes | $58,928 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $25,062 |
| Fees for services: Accounting | $29,908 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $282,664 |
| Advertising and promotion | $0 |
| Office expenses | $52,877 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $594 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $970 |
| Interest | $7,326 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $356,883 |
| Insurance | $83,371 |
| All other expenses | $0 |
| Total functional expenses | $2,577,943 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $224,624 |
| Savings and temporary cash investments | $9,776,424 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $107,077 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $292,251 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $185,903 |
| Net Land, buildings, and equipment | $7,065,625 |
| Investments—publicly traded securities | $1,603,830 |
| Investments—other securities | $0 |
| Investments—program-related | $697,646 |
| Intangible assets | $28,773 |
| Other assets | $0 |
| Total assets | $19,982,153 |
| Accounts payable and accrued expenses | $424,711 |
| 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 | $78,718 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $3,020,070 |
| Total liabilities | $3,523,499 |
| Net assets without donor restrictions | $16,458,654 |
| 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 | $19,982,153 |
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