Overview
What is Genesis La Economic Growth Corporation?
Genesis LA Economic Growth Corporation is a nonprofit organization based in Los Angeles, California, located at 801 South Grand Avenue 775. Their primary mission is to combat community deterioration and ameliorate conditions of poverty, dependency, chronic unemployment, under-employment, rising community tensions, and social and economic disparity. They achieve this by providing loans, investments, and technical assistance to projects serving low-income communities, with a goal to stimulate economic development. The organization, with a team of 13 employees, supports and contributes to programs, projects, and activities of public nature designed to improve conditions and encourage growth in areas impacted by natural and unnatural disasters.
Official website here: www.genesisla.org
What are the reviews and ratings of this charity?
Charity Navigator Rating: 96% (Four-Star out of Four Stars)
Genesis La Economic Growth Corporation has received a commendable Four-Star rating from Charity Navigator, reflecting a high degree of accountability and financial health. The organization boasts an impressive 96% in Accountability & Finance and a 94% in Culture & Community, indicating strong governance and effective community engagement. Their board is entirely independent, showcasing transparency and integrity in leadership.
The organization excels in various financial metrics, with a program expense ratio of 96.60% and a remarkable fundraising efficiency ratio of $0.002. Additionally, they demonstrate a solid working capital ratio of 7.59 years, indicating long-term financial sustainability. Feedback mechanisms are well-established, with perfect scores in constituent feedback collection and usage, ensuring that community voices are heard and considered in decision-making processes.
However, while their equity strategies score is strong at 91 out of 100, there is some room for improvement in the areas of equity data and policies, scoring 5 out of 7. This suggests that while the organization is effectively addressing equity strategies, there may be aspects needing further development to enhance inclusivity and representation. Overall, Genesis La Economic Growth Corporation is a well-managed nonprofit with a solid commitment to both financial prudence and community engagement.
This AI summary has been generated from information found on Charity Navigator.
Is Genesis La Economic Growth Corporation legitimate?
Genesis La Economic Growth Corporation is a legitimate nonprofit organization registered as a 501(c)(3) entity. Genesis La Economic Growth Corporation submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $0
Professional Fundraising Fees: $0
Other Salaries and Wages: $0
For more financial information, click here
Official website here: www.genesisla.org
What is the mission statement of Genesis La Economic Growth Corporation?
Genesis La Economic Growth Corporation focuses on providing financial assistance and technical support to initiatives that aim to stimulate economic development in low-income communities. Their primary objective is to combat community deterioration by implementing, contributing to, or supporting public programs and projects. These efforts are designed to foster and coordinate economic development, which in turn helps to alleviate poverty, reduce dependency, and address issues of chronic unemployment and underemployment. The organization's activities aim to ameliorate community tensions and social and economic disparities, particularly in areas affected by natural or man-made disasters.
Official website here: www.genesisla.org
Who is the CEO of Genesis La Economic Growth Corporation?
Tom De Simone is the Director of Genesis La Economic Growth Corporation.
Official website here: www.genesisla.org
What is the revenue of Genesis La Economic Growth Corporation?
Genesis La Economic Growth Corporation's revenue in 2022 was $29,890,047.
Official website here: www.genesisla.org
Who are the executives of Genesis La Economic Growth Corporation and what are their salaries?
There are 13 employees at Genesis La Economic Growth Corporation.
Here are 13 key members and their salaries:
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- Compensation: $478,666
- Related: $137,952
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- Compensation: $154,091
- Related: $44,409
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- Compensation: $126,921
- Related: $36,579
- Other: $0
- Compensation: $113,919
- Related: $32,831
- Other: $0
Official website here: www.genesisla.org
Where can I find the form 990 for Genesis La Economic Growth Corporation?
Genesis La Economic Growth Corporation's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.genesisla.org
Learn more at the official website: www.genesisla.org
Mission Statement of Genesis La Economic Growth Corporation
Genesis La Economic Growth Corporation, a notable organization, strives to combat community deterioration by providing loans, investments, and technical assistance to projects serving low-income communities. With a primary purpose to stimulate economic development, the organization implements, supports, or contributes to the support of public programs, projects, and activities designed to foster and coordinate economic growth. By ameliorating conditions of poverty, dependency, chronic unemployment and under-employment, rising community tensions, and social and economic disparity in impoverished areas and those impacted by natural and unnatural disasters, Genesis La Economic Growth Corporation plays a crucial role in improving community conditions. Through their efforts, they aim to encourage thriving economies and alleviate the challenges faced by disadvantaged communities.
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Impact
October, 2024
Genesis LA Economic Growth Corporation plays a pivotal role in fostering economic development in low-income communities, particularly in Los Angeles. By providing loans, investments, and technical assistance, the organization actively combats community deterioration and contributes to the revitalization of economically distressed areas.
Through its efforts, Genesis LA addresses critical issues such as poverty, chronic unemployment, and social disparity. The organization implements and supports various programs and projects aimed at stimulating economic development, which in turn improves the quality of life for residents in affected communities. By enhancing access to financial resources and technical support, Genesis LA empowers local entrepreneurs and businesses, helping to create jobs and build a more resilient economic landscape.
Moreover, the organization's commitment to community improvement helps to alleviate rising tensions and build stronger social networks within these neighborhoods. Overall, Genesis LA’s impact is profound, as it not only fosters local economic growth but also promotes social equity and resilience in the face of challenges.
This information is meant to be a general summary of Genesis La Economic Growth Corporation. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2022.
- Investment Income: $2,818,746
- Program Service Revenue: $2,834,208
- Gross Receipts: $29,890,047
Assets and Liabilities:
- Total Assets: $107,833,235
- Total Liabilities: $42,337,391
- Net Assets: $65,495,844
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
MANAGEMENT FEE INCOME
Revenue
$901,746
SUBALLOCATION FEE INCOME
Revenue
$821,181
EXIT FEE
Revenue
$544,455
LOAN FEE INCOME
Revenue
$297,154
ADMIN SERVICES INCOME
Revenue
$215,076
Organization Details
Founding Year
1998
Phone
(213) 533-8900Principal Officer
Tom De Simone
Main Address
801 SOUTH GRAND AVENUE 775, LOS ANGELES, CA, 90017
Website
www.genesisla.orgNTEE Category
Code: S31 - Community improvement
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