2024-05-14T17:46:02-05:00 2023-06-30 953001179 WINDES INC PO BOX 87 LONG BEACH CA 90801 990 2022-07-01 952546360 ECONOMIC RESOURCES CORPORATION ECON 3105374610 2600 INDUSTRY WAY LYNWOOD CA 90262 SAMUEL HUGHES PRESIDENT & CEO 3105374610 2024-05-13 1 SAMUEL HUGHES 999009999 1 DONITA JOSEPH P00286656 5624351191 2024-05-13 0 AAL1 IAL1 2022 2023-04-26 12:10:37Z SAMUEL HUGHES 2600 INDUSTRY WAY LYNWOOD CA 90262 4994968 0 X WWW.ECONOMICRESOURCES.ORG X 1968 CA SEE SCHEDULE OTO 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. 10 9 8 10 0 0 3415567 41977 4168667 4258242 60349 247519 0 3975 7644583 4551713 0 0 0 0 1060681 1155802 0 0 0 1361823 1559870 2422504 2715672 5222079 1836041 22040266 24184491 1300857 1405129 20739409 22779362 X 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. 0 0 2256985 4262217 SEE SCHEDULE OERC HAS DEDICATED ITSELF TO PROVIDING LOCAL SMALL BUSINESSES WITH PROFESSIONAL TECHNICAL ASSISTANCE IN ORDER TO ENHANCE OPPORTUNITIES FOR GROWTH AND SUCCESS. ERC WORKS TO ACCOMPLISH THIS GOAL BY HELPING SMALL COMPANIES, MANY OF THEM TENANTS IN THE COMPLEX, IMPROVE THEIR OPERATIONS EITHER DIRECTLY OR THROUGH REFERRALS IN THE AREAS OF BUSINESS STRATEGY, FINANCIAL MANAGEMENT AND OPERATIONAL MANAGEMENT. IN ADDITION TO ASSISTING TENANTS OF THE COMPLEX, AS WELL AS OTHERS, ERC HELPS COMMUNITIES DEVISE STRATEGIES TO REMOVE BLIGHT, INCREASE JOB OPPORTUNITIES AND IMPROVE THE LOCAL INFRASTRUCTURE. ERC DOES THIS BY WORKING WITH COMMUNITY GROUPS AND CONCERNED INDIVIDUALS TO HELP THEM BUILD CAPACITY TO POSITIVELY AFFECT THEIR LOCAL NEIGHBORHOODS AND IMPROVE THE QUALITY OF LIFE, WITH A FOCUS ON ECONOMIC OPPORTUNITY. ERC ALSO WORKS WITH LOCAL MUNICIPALITIES AND NON-PROFITS TO ASSIST THEM IN CARRYING OUT THEIR INDIVIDUAL ECONOMIC DEVELOPMENT INITIATIVES. ERC ASSISTS THESE EFFORTS THROUGH PLANNING STUDIES, FOCUS GROUPS, LAND USE STUDIES AND CONSULTING. IN ORDER TO MAKE LASTING CHANGE TO DISTRESSED COMMUNITIES, AS WELL AS THE AREA SURROUNDING THE COMPLEX, THE ECONOMY MUST BE STRENGTHENED. TO DO THIS, ERC IS ACTIVELY INVOLVED IN THE RECRUITMENT AND RETENTION OF BUSINESSES TO UNDERSERVED COMMUNITIES BY INITIATIVES IN REAL ESTATE DEVELOPMENT, ASSISTING IN THE IDENTIFICATION AND RETROFITTING OF FACILITIES FOR NEW AND GROWING COMPANIES AND INTRODUCING LOCAL EMPLOYERS TO THE ECONOMIC INCENTIVE PROGRAMS THAT ARE AVAILABLE TO THEM. 2256985 1 1 0 0 0 0 0 0 0 0 1 0 0 0 1 1 0 1 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 0 0 0 1 41 0 1 8 1 0 0 0 0 0 0 0 0 0 0 0 0 X 10 9 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 CA X NANCY IKEGAMI 3105374610 2600 INDUSTRY WAY LYNWOOD CA 90262 SAMUEL HUGHES PRESIDENT/CEO 38.00 X X 247195 0 31633 CHARLES MCLURKIN DIRECTOR 1.00 X 0 0 0 ANDREA COHEN-JACKSON DIRECTOR 1.00 X 0 0 0 JIDE ALADE DIRECTOR 1.00 X 0 0 0 JEFFREY TAMKIN DIRECTOR (THRU 10/2022) 1.00 X 0 0 0 KYLE DAVIS DIRECTOR 1.00 X 0 0 0 NEVILLE L RHONE JR DIRECTOR (THRU 10/2022) 1.00 X 0 0 0 MICHAEL NAGIN DIRECTOR 1.00 X 0 0 0 TRACEY MITCHEL-LAI DIRECTOR 1.00 X 0 0 0 HOONIE KANG DIRECTOR 1.00 X 0 0 0 TORI FISK DIRECTOR 1.00 X 0 0 0 CHRISTINA VILLEGAS DIRECTOR 1.00 X 0 0 0 NANCY H IKEGAMI VP OF FINANCE 38.00 X 184574 0 18285 ALBERT CARROL INVESTMENT MANAGER 38.00 X 187358 0 11627 619127 0 61545 3 0 1 0 GLOBAL NETWORK SECURITY INC 5042 WILSHIRE BLVD LOS ANGELES CA 90035 SECURITY SERVICES 146268 UNITED PAVING COMPANY 1880 N DELILAH STREET CORONA CA 92879 CONSTRUCTION 122340 2 36977 5000 41977 BUSINESS PARK LEASE 531120 4241779 4241779 ERC BUS PARK ADMIN 531120 16463 16463 4258242 230774 230774 460000 443255 16745 16745 16745 LOCAL INITIATIVE SUPPO 900099 3975 3975 3975 4551713 4262217 0 247519 558934 419201 139733 433767 325325 108442 5668 4251 1417 98372 73779 24593 59061 44296 14765 22372 12775 9597 37934 37934 50918 15581 35337 58045 21777 36268 798972 798972 4562 3421 1141 373712 373712 81354 76196 5158 REPAIRS AND MAINTENANCE 48374 48374 OTHER NONOPERATING EXPE 44302 44302 GIFTS 39325 39325 2715672 2256985 458687 0 427287 228223 10633079 5469919 881345 0 5371 23581 470911 208344 18672688 8367598 7206641 10305090 1708742 7448689 678117 442184 28773 28773 0 29688 22040266 24184491 681999 444127 23842 0 595016 961002 1300857 1405129 X 20739409 22779362 20739409 22779362 22040266 24184491 X 1836041 57356 146556 X 0 1 X 1 0 X 24559 89630 200877 3415567 41977 3772610 24559 89630 200877 3415567 41977 3772610 3772610 91593 416224 81768 60349 230774 880708 7294 14836 285559 144146 3975 455810 5109128 19160681 0.73840 X 0.96920 0.03080 SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: LENDISTRY - 2020 AMOUNT: $ 270,000. 2021 AMOUNT: $ 135,000. LISC - 2021 AMOUNT: $ 2,325. 2022 AMOUNT: $ 3,975. OTHER INCOME - 2018 AMOUNT: $ 7,294. 2019 AMOUNT: $ 8,480. 2020 AMOUNT: $ 6,661. INTEREST INCOME - RLF - 2019 AMOUNT: $ 6,356. 2020 AMOUNT: $ 8,898. 2021 AMOUNT: $ 6,821. PART II, LINES 1 & 10: PRIOR YEAR ADJUSTMENTS: THE ORGANIZATION HAS RESTATED PRIOR YEAR REVENUES TO REPORT CONTRIBUTIONS AND OTHER INCOME PREVIOUSLY INCLUDED IN RECEIPTS FROM EXEMPT-PURPOSE ACTIVITIES. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 4057499 4057499 14350879 8243792 6107087 242496 112535 129961 21814 11271 10543 10305090 ADVANCE RENTS AND DEPOSITS 665691 DEFERRED COMPENSATION 295311 961002 X PART X, LINE 2: THE ORGANIZATION IS EXEMPT FROM FEDERAL AND STATE INCOME TAXES UNDER THE INTERNAL REVENUE CODE SECTION 501 (C)(3) AND SECTION 23701 (D) OF THE CALIFORNIA REVENUE AND TAXATION CODE. INCOME TAXES ON LIMITED LIABILITY COMPANY (LLC) INCOME ARE LEVIED ON THE MEMBERS IN THEIR INDIVIDUAL CAPACITY. ACCORDINGLY, ALL PROFITS AND LOSSES OF THE SUBSIDIARY LLCS ARE RECOGNIZED BY THE MEMBER ON ITS RESPECTIVE TAX RETURN. THE PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS IN ACCORDANCE WITH U.S. GAAP REQUIRES THE ORGANIZATION TO REPORT INFORMATION REGARDING ITS EXPOSURE TO VARIOUS TAX POSITIONS TAKEN BY THE ORGANIZATION. THE ORGANIZATION HAS DETERMINED WHETHER ANY TAX POSITIONS HAVE MET THE RECOGNITION THRESHOLD AND HAS MEASURED THE ORGANIZATION'S EXPOSURE TO THOSE TAX POSITIONS. MANAGEMENT BELIEVES THAT THE ORGANIZATION HAS ADEQUATELY ADDRESSED ALL RELEVANT TAX POSITIONS AND THAT THERE ARE NO UNRECORDED TAX LIABILITIES. THE INTERNAL REVENUE SERVICE HAS DETERMINED AND STATED IN A DETERMINATION LETTER THAT SPECIFIC SUBSIDIARIES OF THE ORGANIZATION ARE EXEMPT FROM INCOME TAX UNDER SECTION 501 (C)(3) OF THE INTERNAL REVENUE CODE. MANAGEMENT DOES NOT BELIEVE THAT ANY OF THE SUBSIDIARIES OPERATIONS SUBJECTS THE ORGANIZATION TO UNRELATED BUSINESS INCOME TAX. FEDERAL AND STATE TAX AUTHORITIES GENERALLY HAVE THE RIGHT TO EXAMINE AND AUDIT THE PREVIOUS THREE TO FOUR OF TAX RETURNS FILED, RESPECTIVELY. ANY INTEREST OR PENALTIES ASSESSED TO THE ORGANIZATION ARE RECORDED IN OPERATING EXPENSES. NO INTEREST OR PENALTIES FROM FEDERAL OR STATE TAX AUTHORITIES WERE RECORDED IN THE ACCOMPANYING CONSOLIDATED FINANCIAL STATEMENTS. X 0 1 0 0 0 1 1 0 0 SAMUEL HUGHES PRESIDENT/CEO 247195 0 0 0 0 0 10006 0 21627 0 278828 0 0 0 NANCY H IKEGAMI VP OF FINANCE 161399 0 23175 0 0 0 6658 0 11627 0 202859 0 0 0 ALBERT CARROL INVESTMENT MANAGER 164183 0 23175 0 0 0 0 0 11627 0 198985 0 0 0 PART I, LINE 6 BONUSES ARE BASED ON VARIOUS PERFORMANCE FACTORS: BUSINESS PLAN/MISSION OBJECTIVES, RETENTION, OCCUPANCY AND OPERATING INCOME COMPARED TO BUDGET. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 IS REVIEWED BY THE OFFICERS AND VP OF FINANCE PRIOR TO BEING FILED. FORM 990, PART VI, SECTION B, LINE 12C POLICY IS PROVIDED TO EACH BOARD OF DIRECTORS AFTER A NEW DIRECTOR IS APPOINTED AND IS REQUESTED THAT HE OR SHE REPORT ANY REAL OR POTENTIAL CONFLICTS OF INTEREST TO THE CORPORATION'S LEGAL COUNSEL. THE POLICY IS REVIEWED ANNUALLY BY THE BOARD OF DIRECTORS. FORM 990, PART VI, SECTION B, LINE 15 COMPENSATION OF THE PRESIDENT IS REVIEWED AND APPROVED BY THE BOARD OF DIRECTORS. THE PRESIDENT REVIEWS THE SALARIES OF THE OTHER KEY EMPLOYEES. FORM 990, PART VI, SECTION C, LINE 19 ALL GOVERNING DOCUMENTS, THE CORPORATION'S CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS ARE AVAILABLE TO THE PUBLIC UPON REQUEST AT THE CORPORATION'S PLACE OF BUSINESS. FORM 990, PART XI, LINE 9: DISTRIBUTION FROM SUBSIDIARY 355,000. 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