Genesis La Economic Growth Corporation
- Assets
- $84.1m
- Revenue
- $20.2m
- Investments
- $0.0
- Employees
- 10
- Location
- Los Angeles, CA
- Founding
- 09/1999
- Data as of
- 12/2021
- EIN
- 95-4712513
Organization Overview
Genesis La Economic Growth Corporation is located in Los Angeles, CA. The organization was established in 1999. 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. As of 12/2021, Genesis LA Economic Growth Corporation employed 10 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Genesis LA Economic Growth 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 12/2021, Genesis LA Economic Growth Corporation generated $20.2m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 27.1% each year . All expenses for the organization totaled $4.0m during the year ending 12/2021. While expenses have increased by 21.0% per year over the past 7 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.
Since 2019, Genesis LA Economic Growth Corporation has awarded 14 individual grants totaling $1,117,991. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
PROVIDE LOANS, INVESTMENTS AND TECHNICAL ASSISTANCE TO PROJECTS SERVING LOW INCOME COMMUNITIES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE ORGANIZATION ASSISTED IN COMBATING COMMUNITY DETERIORATION BY IMPLMENTING, SUPPORTING OR CONTRIBUTING TO THE SUPPORT OF PROGRAMS, PROJECTS AND ACTIVITIES OF PUBLIC NATURE DESIGNED TO STIMULATE, FOSTER, COORDINATE, PLAN, IMPROVE AND ENCOURAGE ECONOMIC DEVELOPMENT THEREBY AMELIORATING CONDITIONS OF POVERTY, DEPENDENCY, CHRONIC UNEMPLOYMENT AND UNDER-EMPLOYMENT, RISING COMMUNITY TENSIONS, AND SOCIAL AND ECONOMIC DISPARITY IN AREAS OF POVERTY AND AREAS IMPACTED BY NATURAL AND UNNATURAL DISASTERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Thomas J Desimone President | Officer | 25.4 | $399,259 |
Jessica Waybright Legal Counsel | 25.4 | $125,330 | |
Jemelle Dicioco Controller | 25.4 | $112,470 | |
Pavlin Buchukov Senior Loan Officer | 25.4 | $91,106 | |
Richard Maire Director-Chairman | OfficerTrustee | 1.3 | $0 |
Robert Oehler Director-Treasurer | OfficerTrustee | 1.3 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $4,226,265 |
| All other contributions, gifts, grants, and similar amounts not included above | $12,109,513 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $16,335,778 |
| Total Program Service Revenue | $1,585,930 |
| Investment income | $2,302,788 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $24,100 |
| 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 | $20,248,596 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $332,491 |
| Grants and other assistance to domestic individuals. | $301,406 |
| 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 | $1,655,085 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $215,495 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $375 |
| Fees for services: Accounting | $185,604 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $120,623 |
| Advertising and promotion | $0 |
| Office expenses | $2,983 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $159,388 |
| Travel | $181 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $609,332 |
| Payments to affiliates | $122,949 |
| Depreciation, depletion, and amortization | $8,547 |
| Insurance | $148,007 |
| All other expenses | $0 |
| Total functional expenses | $4,032,710 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $29,984,798 |
| Savings and temporary cash investments | $4,538,022 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,852,044 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $44,055,614 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $96,437 |
| Net Land, buildings, and equipment | $51,015 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $3,495,687 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $84,073,617 |
| Accounts payable and accrued expenses | $456,569 |
| Grants payable | $0 |
| Deferred revenue | $750,000 |
| 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 | $27,616,409 |
| Other liabilities | $0 |
| Total liabilities | $28,822,978 |
| Net assets without donor restrictions | $55,250,639 |
| 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 | $84,073,617 |
Grants Awarded
Over the last fiscal year, Genesis La Economic Growth Corporation has awarded $272,991 in support to 8 organizations.
| Grant Recipient | Amount |
|---|---|
COMMUNITY OWNED REAL ESTATE LLC PURPOSE: SMALL BUSINESS GRANTS | $68,344 |
Los Angeles, CA PURPOSE: PANDEMIC RELIEF | $63,750 |
Los Angeles, CA PURPOSE: PANDEMIC RELIEF | $55,250 |
Los Angeles, CA PURPOSE: PROJECT COSTS | $50,397 |
Los Angeles, CA PURPOSE: SMALL BUSINESS GRANTS | $10,000 |
SOUTH LA COMMUNITY MOSAIC LLC PURPOSE: SMALL BUSINESS GRANTS | $10,000 |
Grants Recieved
Over the last fiscal year, we have identified 7 grants that Genesis La Economic Growth Corporation has recieved totaling $2,375,000.
| Awarding Organization | Amount |
|---|---|
Jp Morgan Chase Foundation New York, NY PURPOSE: IN SUPPORT OF NEIGHBORHOOD REVITALIZATION | $450,000 |
Silicon Valley Community Foundation Mountain View, CA PURPOSE: Community Development | $400,000 |
Conrad N Hilton Foundation Westlake Village, CA PURPOSE: TO PROVIDE GRANT FUNDING FOR RISK CAPITAL AND SUPPORT FOR CAPACITY BUILDING FOR DEVELOPMENT AND FINANCING OF PERMANENT SUPPORTIVE HOUSING. | $375,000 |
The California Endowment Los Angeles, CA PURPOSE: CALCORE - BUILDING CAPACITY FOR COMMUNITY HEALTH AND OWNERSHIP: TO EXPAND ORGANIZATIONAL CAPACITY OF BLACK, INDIGENOUS AND PEOPLE OF COLOR-LED COMMUNITY DEVELOPMENT CORPORATIONS AND COMMUNITY LAND TRUSTS IN CALIFORNIA WORKING TO IMPROVE THE HEALTH, WEALTH AND POWER OF BLACK, INDIGENOUS AND PEOPLE OF COLOR FAMILIES AND COMMUNITIES. | $300,000 |
The California Endowment Los Angeles, CA PURPOSE: CALCORE - BUILDING CAPACITY FOR COMMUNITY HEALTH AND OWNERSHIP: TO EXPAND ORGANIZATIONAL CAPACITY OF BLACK, INDIGENOUS AND PEOPLE OF COLOR-LED COMMUNITY DEVELOPMENT CORPORATIONS AND COMMUNITY LAND TRUSTS IN CALIFORNIA WORKING TO IMPROVE THE HEALTH, WEALTH AND POWER OF BLACK, INDIGENOUS AND PEOPLE OF COLOR FAMILIES AND COMMUNITIES. | $300,000 |
The California Endowment Los Angeles, CA PURPOSE: CALCORE - BUILDING CAPACITY FOR COMMUNITY HEALTH AND OWNERSHIP: TO EXPAND ORGANIZATIONAL CAPACITY OF BLACK, INDIGENOUS AND PEOPLE OF COLOR-LED COMMUNITY DEVELOPMENT CORPORATIONS AND COMMUNITY LAND TRUSTS IN CALIFORNIA WORKING TO IMPROVE THE HEALTH, WEALTH AND POWER OF BLACK, INDIGENOUS AND PEOPLE OF COLOR FAMILIES AND COMMUNITIES. | $300,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Civic San Diego San Diego, CA | $12,596,747 | $8,835,597 |
Csac Finance Corporation Sacramento, CA | $22,360,310 | $12,934,423 |
Ampac Tri-State Cdc Inc Ontario, CA | $22,461,621 | $9,676,882 |
Local First Arizona Foundation Phoenix, AZ | $3,232,104 | $5,988,087 |
Inclusive Action For The City Los Angeles, CA | $6,839,271 | $6,785,637 |
Genesis La Economic Growth Corporation Los Angeles, CA | $84,073,617 | $20,248,596 |
Business Development Finance Corporation Tucson, AZ | $22,193,625 | $4,107,444 |
Economic Development Collaborative Ventura County Camarillo, CA | $6,956,185 | $3,790,106 |
Accessity San Diego, CA | $20,855,169 | $4,197,275 |
Polk Community Development Corporation Dallas, OR | $22,075,845 | $5,307,917 |
Sustainable Economic Enterprises Of Los Angeles Los Angeles, CA | $2,131,089 | $4,310,365 |
Historic Core Business Improvement District Property Owners Assoc Inc Los Angeles, CA | $576,634 | $2,619,214 |