Genesis La Economic Growth Corporation
- Assets
- $121.0m
- Revenue
- $12.7m
- Investments
- $0.0
- Employees
- 14
- Location
- Los Angeles, CA
- Founding
- 09/1999
- Data as of
- 12/2023
- 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 12/2023, Genesis LA Economic Growth Corporation employed 14 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 12/2023, Genesis LA Economic Growth Corporation generated $12.7m in total revenue. This organization has experienced exceptional growth, as over the past 9 years, it has increased revenue by an average of 14.4% each year . All expenses for the organization totaled $5.7m during the year ending 12/2023. While expenses have increased by 20.5% per year over the past 9 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 34 individual grants totaling $14,892,658. 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
2023
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 IMPLEMENTING, 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 |
|---|---|---|---|
Lee Kanon Alpert Director | Trustee | 1.6 | $0 |
Cindy Miscikowski Director | Trustee | 1.6 | $0 |
Robert Oehler Director | OfficerTrustee | 1.6 | $0 |
Richard Maire Director-Chairman | OfficerTrustee | 1.6 | $0 |
Dutch C Ross III Director | Trustee | 1.6 | $0 |
Pattie Ehsaei Director-Secretary | OfficerTrustee | 1.6 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $4,771,398 |
| All other contributions, gifts, grants, and similar amounts not included above | $445,284 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $5,216,682 |
| Total Program Service Revenue | $2,233,308 |
| Investment income | $5,246,976 |
| 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 | $12,696,966 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $1,265,067 |
| 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 | $0 |
| Other salaries and wages | $2,134,717 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $313,332 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $48,185 |
| Fees for services: Accounting | $253,816 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $106,497 |
| Advertising and promotion | $0 |
| Office expenses | $11,185 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $176,315 |
| Travel | $32,537 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $943,368 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $15,297 |
| Insurance | $169,297 |
| All other expenses | $0 |
| Total functional expenses | $5,688,271 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $7,344,514 |
| Savings and temporary cash investments | $46,311,297 |
| Pledges and grants receivable | $825,384 |
| Accounts receivable, net | $871,009 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $62,807,092 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $98,582 |
| Net Land, buildings, and equipment | $127,149 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $2,649,264 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $121,034,291 |
| Accounts payable and accrued expenses | $2,367,990 |
| Grants payable | $0 |
| Deferred revenue | $2,700,000 |
| 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 | $44,715,508 |
| Other liabilities | $0 |
| Total liabilities | $49,783,498 |
| Net assets without donor restrictions | $58,733,185 |
| Net assets with donor restrictions | $12,517,608 |
| 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 | $121,034,291 |
Grants Awarded
Over the last fiscal year, Genesis La Economic Growth Corporation has awarded $1,261,551 in support to 10 organizations.
| Grant Recipient | Amount |
|---|---|
COALITION FOR RESPONSIBLE COMMUNITY DEV PURPOSE: SMALL BUSINESS GRANT | $294,148 |
COMMUNITY COALITION PURPOSE: SMALL BUSINESS GRANT | $424,361 |
COMMUNITY PARTNERS PURPOSE: SMALL BUSINESS GRANT | $42,000 |
FRAZIER CAPITAL VALUATION PURPOSE: GRANT FUNDS USED FOR REIMBURSEMENT | $6,600 |
DEMAR MATTHEWSOFFTOP DESIGN LLC PURPOSE: SMALL BUSINESS GRANT | $65,000 |
LITTLE TOKYO SERVICE CENTER PURPOSE: SMALL BUSINESS GRANT | $85,000 |