ECONOMIC DEVELOPMENT CORPORATION OF LOS ANGELES COUNTY Charity Report

Public IRS 990 nonprofit record

ECONOMIC DEVELOPMENT CORPORATION OF LOS ANGELES COUNTY

EIN 95-3643339 · Small Business Development (S43)

What they do

THE FUNCTION of THE CORPORATION SHALL BE to EASE THE BURDENS of GOVERNMENT BY ASSISTING, IMPLEMENTING, SUPPORTING AND/OR CONTRIBUTING to THE SUPPORT of PROGRAMS, PROJECTS and ACTIVITIES of A PUBLIC NATURE. WHICH ARE DIRECTED TOWARD IMPROVING ECONOMIC CONDITIONS THROUGHOUT LOS ANGELES COUNTY, and EDUCATING THE PUBLIC THROUGH ECONOMIC RESEARCH, ANALYSIS and OTHERWISE. BY SERVING AS A VEHICLE to FACILITATE COOPERATION BETWEEN THE PUBLIC and PRIVATE SECTOR. THE CORPORATION WILL COALESCE LOCAL, STATE and FEDERAL RESOURCES to INCREASE PRIVATE INVESTMENT, PARTICULARY IN THE ECONOMICALLY DISTRESSED AREAS of SAID COUNTY. THROUGH THE COLLABORATION WITH COMMUNITY, GOVERNMENT, BUSINESS, LABOR and EDUCATION PARTNERS to INFORM and ADVANCE OUR DATA - DRIVEN and EVIDENCE-BASED APPROACH, WE ENDEAVOR to ACHIEVE A REIMAGINED REGIONAL ECONOMY - GROWING, EQUITABLE, SUSTAINABLE, and RESILIENT- THAT PROVIDES HEALTHY and HIGH STANDARD of LIVING for ALL.

Before you give

Should I give to this charity?

Easy charity check

Look at where the money went

Of every $100 spent, about $88.80 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 leaders100 people are listed in the latest report.

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

Money made simple

96.74%of revenue went to mission work88.8% of expenses · Program services

6.26%of revenue went to fundraising5.7% of expenses

$108.92spent for every $100 of revenueSpending was higher than revenue this year.

5.92%of revenue went to management and office costs5.4% of expenses

$3.53in assets for every $1 spent this yearSome assets cannot be spent right away.

50.7%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.

Worth asking: Expenses exceeded revenue by $818,411 this year. Ask whether that was planned or caused by a one-time event.

Pay context: The highest compensation shown in this filing is $426,154 for STEPHEN CHEUNG (PRESIDENT AND 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$9,176,161

Mission workProgram services$8,877,24296.74% of revenue88.8% of expenses

ManagementOffice and general costs$543,1985.92% of revenue5.4% of expenses

FundraisingAsking for donations$574,1326.26% of revenue5.7% of expenses

Total expenses$9,994,572108.92% of revenue

Expenses were greater than revenue, so the colored ring fills the available $100 and the total above 100% is shown below.

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: 88.8% mission · 5.4% management · 5.7% fundraisingTotal expenses: 108.92% of revenue

2023Expense mix: 87.5% mission · 7.4% management · 5.0% fundraisingTotal expenses: 94.35% of revenue

2022Expense mix: 84.6% mission · 9.3% management · 6.1% fundraisingTotal expenses: 135.02% of revenue

2021Expense mix: 83.9% mission · 11.0% management · 5.1% fundraisingTotal expenses: 96.94% of revenue

2020Expense mix: 84.4% mission · 12.8% management · 2.8% fundraisingTotal expenses: 83.04% of revenue

2019Expense mix: 82.9% mission · 13.8% management · 3.3% fundraisingTotal expenses: 101.27% of revenue

2018Expense mix: 86.5% mission · 9.0% management · 4.5% fundraisingTotal expenses: 107.79% of revenue

2017Expense mix: 85.8% mission · 10.1% management · 4.1% fundraisingTotal expenses: 111.54% of revenue

Money in and money out

Revenue$9,176,161

Expenses$9,994,572

Annual shortfall $818,411 Expenses were higher than revenue 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)$8,877,242 · 88.8% of expenses

Management and office costs$543,198 · 5.4% of expenses

Fundraising$574,132 · 5.7% of expenses

See all reported dollar amounts

Revenue$9,176,161

Expenses$9,994,572

Assets$35,302,763

Income$15,532,717

Contributions$4,652,467

Mission work (program services)$8,877,242

Fundraising$574,132

Grants given$530,000

Average grant$176,667

Management and general$543,198

Executive compensation (total)$1,909,935

Stocks and bonds$20,291,390

Accounting fees$72,999

Investing fees$148,721

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

STEPHEN CHEUNGPRESIDENT AND CEO · 40 hrs/week $426,154Base $401,374 · Other $24,780

KENDAL R TURNEREXECUTIVE VICE PRES./CFO · 40 hrs/week $277,888Base $256,969 · Other $20,919

JERMAINE HAMPTONVP WORKFORCE DEVT & SPECIAL PROJECTS · 50 hrs/week $221,852Base $211,685 · Other $10,167

ALISON CLARKVP BUS. ASSISTANCE & INTL TRADE · 30 hrs/week $188,703Base $182,812 · Other $5,891

SHANNON SEDGWICKSR. DIR. FOR INSTITUTE OF APPLIED ECONOMICS · 50 hrs/week $184,324Base $173,281 · Other $11,043

WILLIAM POWLESSR. DIR. INTERNATIONAL TRADE $156,572Base $149,284 · Other $7,288

SONIA ESTRADASR. DIR. ACCOUNTING & ADMINISTRATION · 40 hrs/week $151,939Base $138,422 · Other $13,517

LINDEN JOHNSONSR. DIR. BUS. ASSIST. PROGRAM · 40 hrs/week $150,852Base $144,177 · Other $6,675

CHARLES JOHNSONDIR. INDUSTRY CLUSTER DEVELOPMENT · 40 hrs/week $147,574Base $138,544 · Other $9,030

BARBARA LEVINSR. DIR. OF STRATEGIC PARTNERSHIP · 40 hrs/week $142,805Base $132,810 · Other $9,995

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 (100)

STEPHEN CHEUNGPRESIDENT AND CEO

KENDAL R TURNEREXECUTIVE VICE PRES./CFO

JERMAINE HAMPTONVP WORKFORCE DEVT & SPECIAL PROJECTS

ALISON CLARKVP BUS. ASSISTANCE & INTL TRADE

SHANNON SEDGWICKSR. DIR. FOR INSTITUTE OF APPLIED ECONOMICS

WILLIAM POWLESSR. DIR. INTERNATIONAL TRADE

SONIA ESTRADASR. DIR. ACCOUNTING & ADMINISTRATION

LINDEN JOHNSONSR. DIR. BUS. ASSIST. PROGRAM

CHARLES JOHNSONDIR. INDUSTRY CLUSTER DEVELOPMENT

BARBARA LEVINSR. DIR. OF STRATEGIC PARTNERSHIP

ADAM BURKEDIRECTOR

ADAM LANEDIRECTOR

ANDY PEREZDIRECTOR

ANGELA YIM-SULLIVANDIRECTOR

ARTHUR BILGERDIRECTOR

BARBARA JONESDIRECTOR

BILL DACUNTODIRECTOR

BRANDY HANDIRECTOR

BRENNON CRISTDIRECTOR

BRETT HOWROYDDIRECTOR

BRYAN LEROYDIRECTOR

BRYAN SARKOSASDIRECTOR

BRYAN SCHWEICKERTDIRECTOR

CARISSA SMITHDIRECTOR

CATHERINE REHEIS-BOYDDIRECTOR UNTIL 06/2026

CONRADO AYALADIRECTOR

DANIEL LEDGERDIRECTOR

DANIEL TIMMONSDIRECTOR

DAVID ABELDIRECTOR

DAVID FLEMINGDIRECTOR

DAVID FOLEYDIRECTOR

DAVID HILLDIRECTOR

DAVID HILLSDIRECTOR

DAVID TUCKERDIRECTOR

DEB VRANADIRECTOR

DENNIS HUANGDIRECTOR

DIANA BOYADJIANDIRECTOR

DR KEITH CURRYDIRECTOR

DR NARINEH MAKIJIANDIRECTOR

DR NOEL HACEGABADIRECTOR

DR PETER SLAVINDIRECTOR

EFFIE TURNBULL SANDERSDIRECTOR

EFRAIN ESCOBEDOCO-CHAIR

ELLIE CASSONDIRECTOR UNTIL 06/2025

ERIC BULLARDDIRECTOR

ERIC ROWENDIRECTOR

ERIKA BECKDIRECTOR

FESIA DAVENPORTDIRECTOR

FRANCES TEVESDIRECTOR

GENE BLOCKDIRECTOR

GENE HALEDIRECTOR

GERARD OROZCODIRECTOR

GOETZ WOLFFDIRECTOR

GREG SKALASKIDIRECTOR

HALE BEHZADIDIRECTOR

HANS GETTYDIRECTOR

JACQUES NACKDIRECTOR

JAMES LIMBAUGHDIRECTOR

JANE CONOLEYDIRECTOR

JANE NAVARRIADIRECTOR

JARED YOSHIKIDIRECTOR

JAYME S WILSONDIRECTOR

JEFF WILSONDIRECTOR

JEFFREY R JENNISONDIRECTOR

JENNIFER POULAKIDASDIRECTOR

JESSICA GODINEZDIRECTOR

JILL KURTHDIRECTOR

JODIE LESHDIRECTOR

JOHN ACKERMANDIRECTOR

JOHN LOFTUSDIRECTOR

JOSE GARDEADIRECTOR

JOSE GOMEZDIRECTOR

JOSEPH VILLELADIRECTOR UNTIL 06/2025

KAREN SESSIONSDIRECTOR UNTIL 07/2025

KASH HUSSAINDIRECTOR

KATHLEEN RAWSONDIRECTOR

KELLIE TODD GRIFFINDIRECTOR

KELLY LOBIANCODIRECTOR

KYLE BROWNDIRECTOR

LAURIE SEWELLCO-CHAIR

LES MCCABEDIRECTOR

LILIT ZIBARIDIRECTOR

LILLY ROCHADIRECTOR

MARK PESTRELLADIRECTOR

MARK SOGOMIANDIRECTOR

MAURA OCONNORDIRECTOR

MINAL MONDKARDIRECTOR

MONICA BANKENDIRECTOR

PATRICK MCCLENAHANDIRECTOR

PRAFUL KULKARNIDIRECTOR

RON FRIERSONCHAIRPERSON

ROSE NORDBROCKDIRECTOR UNTIL 05/2025

SANTIAGO MUNOZDIRECTOR

SARAH HARRISDIRECTOR

SCHENAE ROURKDIRECTOR

SPENCER SMITHDIRECTOR UNTIL 12/2024

STEVE HENNESSEYDIRECTOR

STEVEN NISSENDIRECTOR

THOMAS PARHAMDIRECTOR

THOMAS WINGARDDIRECTOR

About this charity

Recognized since: January 1982
Location: 633 W 5TH ST STE 3300, LOS ANGELES, CA 90071-3755
County: Los Angeles
In care of: KENDAL TURNER
Primary officer: KENDAL TURNER, CHIEF FINANCIAL OFFICER

How to reach them

WebsiteVisit the charity’s website Emailcovid19response@laedc.org Phone(213) 236-4826

Filing and classification

Latest tax year: 2024
Tax period began: July 1, 2024
Return type: 990
Tax preparer: VASQUEZ COMPANY LLP
NTEE classification: Small Business Development (S43)
IRS tax category: Small Business Development
Grant-giving organization: Yes