Genesis LA Economic Growth Corporation

Analysis

Genesis LA Economic Growth Corporation is a registered charity in United States, based in Los Angeles, CA. It received its IRS tax-exemption ruling in September 1999, 27 years ago. Its declared purposes cover community improvement and capacity building, which this site groups under community and economic development. The IRS classifies it as a publicly supported organisation (donations from the general public) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending December 2023, Genesis LA Economic Growth Corporation reported income of $12.7m and spending of $5.7m, leaving 55% of income unspent that year. Across the 5 years on record, from December 2019 to December 2023, income grew from $6.4m to $12.7m (+98%), an average of +19% a year. The sharpest change came in the year to December 2020, when income rose by 89%. Over the whole period it spent 43% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Genesis LA Economic Growth Corporation sits at the 97th percentile: it is larger than about 97% of them. Against every charity in United States with reported income it ranks in the 96th percentile, and in the 96th percentile within CA. Charities of a similar size with the same main cause include Opportunity Development Centers Inc ($12.7m), Tehama County Opportunity Center Inc ($12.7m) and Momentum Work Inc ($12.7m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 41% and program service revenue 18% of the total. Other salaries and wages came to $2.1m. At year end it held assets of $121.0m against liabilities of $49.8m, net assets of $71.3m. It reported 14 employees.