ECONOMIC RESOURCES CORPORATION Charity Report

Public IRS 990 nonprofit record

ECONOMIC RESOURCES CORPORATION

EIN 95-2546360 · Philanthropy, Voluntarism & Grantmaking Foundations N.E.C. (T99)

What they do

to PROMOTE ECONOMIC GROWTH and INCREASED JOB OPPORTUNITY IN UNDER-SERVED COMMUNITIES BY SUPPORTING BUSINESS DEVELOPMENT, INVESTING IN COMMERCIAL and INDUSTRIAL REAL ESTATE and PROVIDING EMPLOYMENT OPPORTUNITIES.

Before you give

Should I give to this charity?

Easy charity check

Look at where the money went

Of every $100 spent, about $82.60 was reported for mission work. Use the spending picture below and ask what results that work produced.

Plain answer: A tax form cannot prove that a charity is doing good. It can show how the charity says it spent its money—and point out questions you should ask.

Basic facts we verified

IRS warning checkNo IRS revocation warning appears in this data.

Money report from 2024The charity has a recent tax report to read.

They explain their jobThe charity tells us what it is trying to do.

They name their leaders12 people are listed in the latest report.

You can reach themThey list contact information, so you can ask questions.

Money made simple

33.40%of revenue went to mission work82.6% of expenses · Program services

$40.42spent for every $100 of revenueRevenue covered expenses this year.

7.02%of revenue went to management and office costs17.4% of expenses

$10.75in assets for every $1 spent this yearSome assets cannot be spent right away.

23.8%of its money came from giftsOther money may come from services or investments.

Ask these three easy questions

Who did you help? Ask for a recent story or report that shows real results.
What will my money do? Ask exactly what your gift will pay for.
Is this really the charity? Give only through its official website or confirmed phone number.

Pay context: The highest compensation shown in this filing is $417,212 for SAMUEL HUGHES (PRESIDENT/CEO). Compare pay with organizations of similar size and complexity.

Bottom line: Do not decide from a name, mission statement, or tax status alone. Look at where the money went, then ask what changed, who was helped, and what your gift will do. YouCanGiveBack does not endorse or grade organizations.

Money

Financial picture

Tax year 2024

A plain-language look at the latest Form 990 figures available. These numbers help you ask better questions; they do not, by themselves, rate whether a charity is good or bad.

$100revenue

How each $100 of revenue was used

The large number compares each expense with revenue. The smaller number shows its share of total expenses.

Total reported revenue$7,498,996

Mission workProgram services$2,504,69033.40% of revenue82.6% of expenses

ManagementOffice and general costs$526,4057.02% of revenue17.4% of expenses

FundraisingAsking for donations0.00% of revenue0.0% of expenses

Revenue left after expensesReported annual surplus$4,467,90159.58% of revenueShown in gray on the chart

Total expenses$3,031,09540.42% of revenue

Gray means reported revenue left after expenses for this filing year. It does not necessarily mean cash sitting in a bank account.

Has the pattern changed?

Colored bars = expense mix: how each year’s expenses were divided. Total expenses vs. revenue shows whether the charity spent less or more than it received. The current filing is first.

YearExpense mixDetails

2024CurrentExpense mix: 82.6% mission · 17.4% management · 0.0% fundraisingTotal expenses: 40.42% of revenue

2023Expense mix: 82.8% mission · 17.2% management · 0.0% fundraisingTotal expenses: 49.64% of revenue

2022Expense mix: 83.1% mission · 16.9% management · 0.0% fundraisingTotal expenses: 59.66% of revenue

2021Expense mix: 80.2% mission · 19.8% management · 0.0% fundraisingTotal expenses: 31.69% of revenue

2020Expense mix: 79.1% mission · 20.9% management · 0.0% fundraisingTotal expenses: 58.49% of revenue

2019Expense mix: 79.4% mission · 20.6% management · 0.0% fundraisingTotal expenses: 62.12% of revenue

2018Expense mix: 79.6% mission · 20.4% management · 0.0% fundraisingTotal expenses: 67.29% of revenue

2017Expense mix: 60.7% mission · 39.3% management · 0.0% fundraisingTotal expenses: 64.05% of revenue

Money in and money out

Revenue$7,498,996

Expenses$3,031,095

Annual surplus $4,467,901 Revenue was higher than expenses for this filing year.

Reported spending amounts

Mission work means the Form 990 category called program services. These are reported accounting categories—not an independent measurement of results.

Mission work (program services)$2,504,690 · 82.6% of expenses

Management and office costs$526,405 · 17.4% of expenses

See all reported dollar amounts

Revenue$7,498,996

Expenses$3,031,095

Assets$32,578,274

Income$15,155,420

Contributions$1,788,415

Mission work (program services)$2,504,690

Grants given$10,000

Average grant$10,000

Management and general$526,405

Executive compensation (total)$748,908

Stocks and bonds$7,658,949

Accounting fees$44,424

People

Leadership and board

Tax year 2024

Names, titles, time, and compensation below are reported by the organization on its Form 990.

People reported as paid

Person and titleCompensation

SAMUEL HUGHESPRESIDENT/CEO · 38 hrs/week $417,212Base $384,963 · Other $32,249

NANCY H IKEGAMIVP OF FINANCE · 38 hrs/week $196,289Base $177,682 · Other $18,607

ALBERT CARROLINVESTMENT MANAGER · 38 hrs/week $191,903Base $173,296 · Other $18,607

Compensation alone does not tell whether pay is reasonable. Consider the charity’s size, work, location, and results.

See everyone listed on the board or leadership roster (12)

SAMUEL HUGHESPRESIDENT/CEO

NANCY H IKEGAMIVP OF FINANCE

ALBERT CARROLINVESTMENT MANAGER

ANDREA COHEN JACKSONDIRECTOR

CAREY JENKINSDIRECTOR

CHARLES MCLURKINDIRECTOR

CHRISTINE VILLEGASDIRECTOR

HOONIE KANGDIRECTOR

JIDE ALADEDIRECTOR

MICHAEL NAGINDIRECTOR

TORI FISKDIRECTOR

TRACEY MITCHEL-LAIDIRECTOR

About this charity

Recognized since: January 1969
Location: 2600 INDUSTRY WAY, LYNWOOD, CA 90262
County: Los Angeles
In care of: SAMUEL HUGHES
Primary officer: SAMUEL HUGHES, PRESIDENT & CEO

How to reach them

WebsiteVisit the charity’s website Emailinfo@economicresources.org Phone(310) 537-4610

Filing and classification

Latest tax year: 2024
Tax period began: July 1, 2024
Return type: 990
Tax preparer: WINDES INC
NTEE classification: Philanthropy, Voluntarism & Grantmaking Foundations N.E.C. (T99)
IRS tax category: Philanthropy, Voluntarism & Grantmaking Foundations N.E.C.
Grant-giving organization: Yes