2024-05-31T12:00:36-05:00 2023-09-30 521392008 GELMAN ROSENBERG & FREEDMAN 4550 MONTGOMERY AVE SUITE 800N BETHESDA MD 208142930 990 2022-10-01 880984307 HIAS ECONOMIC ADVANCEMENT FUND INC HIAS 3018447300 1300 SPRING STREET 500 SILVER SPRING MD 20910 PHILLIP BAILEY DIRECTOR 3018447300 2024-05-31 1 PHILLIP BAILEY 999009999 0 RICHARD J LOCASTRO CPA P00288314 3019519090 0 AAL1 IAL1 2022 2023-04-26 12:10:37Z PHILLIP BAILEY 1300 SPRING STREET 500 SILVER SPRING MD 20910 703628 0 X WWW.HIASEAF.ORG X 2022 MD SEE PART III, LINE 1. 6 6 0 6 0 0 0 688180 0 15448 0 0 0 0 0 703628 0 0 0 0 0 65156 0 0 0 0 123165 0 188321 0 515307 0 598517 0 83210 0 515307 X HIAS ECONOMIC ADVANCEMENT FUND, INC. IS AN UNCONSOLIDATED, NON-CONTROLLED SUBSIDIARY OF HIAS, INC. EAF MEETS THE NEEDS OF LOW-INCOME FORCIBLY DISPLACED INDIVIDUALS, INCLUDING REFUGEES, THEIR FAMILIES, AND THEIR COMMUNITIES BY PROVIDING (CONTINUED ON SCHEDULE O) ACCESS TO FINANCIAL PRODUCTS AND SERVICES THAT PROMOTE ECONOMIC OPPORTUNITY AND FINANCIAL WELL-BEING. 1 0 173880 15448 EAF PROVIDES MICROENTERPRISE LOANS AND TECHNICAL ASSISTANCE TO REFUGEES; THESE LOAN PRODUCTS ARE DESIGNED FOR ENTREPRENEURS WHO ARE JUST STARTING OUT IN BUSINESS OR FOR THOSE WITH ESTABLISHED BUSINESSES THAT ARE LOOKING TO STABILIZE OPERATIONS AND EXPAND. TO DO THIS EFFICIENTLY, EAF WORKS ALONGSIDE HIAS RESETTLEMENT PARTNERS THAT HAVE A LOCAL PRESENCE TO HELP REFUGEES RESETTLE AND INTEGRATE INTO THEIR NEW COMMUNITIES. EAF PARTNERS PROVIDE REFUGEES WITH BUSINESS TECHNICAL ASSISTANCE, FINANCIAL AND CREDIT EDUCATION AND ASSISTANCE ACCESSING CAPITAL THROUGH EAF TO LAUNCH OR GROW THEIR BUSINESSES. THESE LOANS ARE TAILORED TO REFUGEE ENTREPRENEURS WHO ARE LOW-INCOME, HAVE LITTLE OR NO CREDIT HISTORY, ARE UNABLE TO ACCESS CREDIT FROM MAINSTREAM FINANCIAL INSTITUTIONS, OR ARE PRECLUDED FROM PAYING (CONTINUED ON SCHEDULE O) INTEREST BECAUSE OF RELIGIOUS BELIEFS. EAF CURRENTLY SUPPORTS REFUGEE ENTREPRENEURS IN 14 CITIES IN THE EASTERN U.S. WITH LOANS AVERAGING $11,000. THESE ENTREPRENEURS ARE SUPPORTED BY THEIR LOCAL PARTNER OFFICE THROUGHOUT THEIR EXPERIENCE WITH EAF WITH ON-SITE AND REMOTE ASSISTANCE TO PROVIDE THE GREATEST LIKELIHOOD OF SUCCESS IN THEIR BUSINESSES. 173880 1 1 0 0 0 0 0 0 0 0 0 0 1 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 X 6 6 0 0 0 0 1 1 1 1 1 0 0 1 1 1 1 1 1 1 1 0 X X PHILLIP BAILEY 3018447300 1300 SPRING STREET 500 SILVER SPRING MD 20910 X ALICIA WRENN CHAIR (BEG. 12/2022) 4.00 X X 0 0 0 BILL ABRAMS TREASURER (BEG. 12/2022) 1.00 X X 0 0 0 ADINA ABRAMOWITZ SECRETARY (BEG. 12/2022) 1.00 X X 0 0 0 GREG MIKULKA DIRECTOR (BEG. 2/23) 1.00 X 0 0 0 TITI IKHILE DIRECTOR (BEG. 5/23) 1.00 X 0 0 0 TAMRA THETFORD DIRECTOR (BEG. 5/23) 1.00 X 0 0 0 PHILLIP BAILEY DIRECTOR 35.00 X 0 0 0 0 0 0 0 0 0 0 0 125000 563180 688180 LOAN RECEIVABLE INTERE 900099 15448 15448 15448 703628 15448 0 0 X 23029 19234 3795 31079 25958 5121 338 282 56 9344 7804 1540 1366 1141 225 180 180 57091 56691 400 912 822 90 34967 34967 3362 3362 LOAN LOSS ALLOWANCE 23439 23439 STAFF DEVELOPMENT 1993 1993 SUBSCRIPTIONS AND DUES 1221 1221 188321 173880 14441 0 150013 448504 0 598517 0 83210 0 83210 X 500069 15238 0 515307 0 598517 515307 0 X 1 X 0 1 0 X 688180 688180 688180 688180 688180 688180 15448 X SCHEDULE A SUPPLEMENTAL INFORMATION: PART VI THE ORGANIZATION HAD A SHORT YEAR FROM FEBRUARY TO SEPTEMBER 2023. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 PROGRAM LOANS RECEIVABLE 448504 C 448504 REFUNDABLE ADVANCES 67514 DUES TO HIAS, INC 15696 83210 703628 0 703628 0 703628 188321 0 188321 0 188321 X LOANS RECEIVABLE 1 214467 0 0 0 PART I, COLUMN (B): THE AMOUNT IN COLUMN B IS THE NUMBER OF CONTRIBUTIONS. FORM 990, PART III, LINE 2 THIS IS THE FIRST YEAR WHERE THE CORPORATION WAS ACTIVE, SEE PROGRAM 4A DESCRIPTION. FORM 990, PART VI, SECTION A, LINE 6 HIAS, INC IS THE SOLE MEMBER. THE BYLAWS SPECIFY THE RIGHTS OF THE SOLE MEMBER, AND ALSO STATE THAT AT ALL TIMES THERE SHALL BE ONE MORE NON-HIAS DIRECTOR THAN THE NUMBER OF HIAS APPOINTED DIRECTORS. FORM 990, PART VI, SECTION A, LINE 7A THE CHAIR AND TREASURER OF THE EAF BOARD ARE APPOINTED BY THE MEMBER. FORM 990, PART VI, SECTION A, LINE 7B ALL DECISIONS OF THE EAF BOARD ARE TO BE DETERMINED BY MAJORITY OF THE ENTIRE EAF BOARD, EXCEPT FOR THE FOLLOWING ACTIONS, WHICH WILL REQUIRE A TWO-THIRDS VOTE OF THE ENTIRE EAF BOARD WITH THE APPROVAL OF THE MEMBER: (I) ANY AMENDMENTS TO THE CHARTER OR BY-LAWS, AND (II) A CHANGE TO THE FUNDAMENTAL STRUCTURE OF THE ORGANIZATION. FORM 990, PART VI, SECTION B, LINE 11B THE ACCOUNTING FIRM THAT CONDUCTS THE AUDIT PREPARES THE FORM 990 AND PROVIDES A DRAFT FOR REVIEW BY MANAGEMENT. SUBSEQUENT TO THAT, THE COMPLETE 990 IS PRESENTED TO THE FULL BOARFD FOR THEIR APPROVAL PRIOR TO FILING WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C IN CONNECTION WITH ANY ACTUAL OR POSSIBLE CONFLICT OF INTEREST, AN INTERESTED PERSON MUST DISCLOSE THE EXISTENCE OF THE FINANCIAL INTEREST AND BE GIVEN THE OPPORTUNITY TO DISCLOSE ALL MATERIAL FACTS TO THE DIRECTORS AND MEMBERS OF COMMITTEES WITH GOVERNING BOARD DELEGATED POWERS CONSIDERING THE PROPOSED TRANSACTION OR ARRANGEMENT. AFTER DISCLOSURE OF THE FINANCIAL INTEREST AND ALL MATERIAL FACTS, AND AFTER ANY DISCUSSION WITH THE INTERESTED PERSON, HE OR SHE SHALL LEAVE THE GOVERNING BOARD OR COMMITTEE MEETING WHILE THE DETERMINATION OF A CONFLICT OF INTEREST IS DISCUSSED AND VOTED UPON. THE REMAINING BOARD OR COMMITTEE MEMBERS SHALL DECIDE IF A CONFLICT OF INTEREST EXISTS. AN INTERESTED PERSON MAY MAKE A PRESENTATION AT THE GOVERNING BOARD OR COMMITTEE MEETING, BUT AFTER THE PRESENTATION, HE OR SHE SHALL LEAVE THE MEETING DURING THE DISCUSSION OF, AND THE VOTE ON, THE TRANSACTION OR ARRANGEMENT INVOLVING THE POSSIBLE CONFLICT OF INTEREST. THE CHAIRPERSON OF THE GOVERNING BOARD OR COMMITTEE SHALL, IF APPROPRIATE, APPOINT A DISINTERESTED PERSON OR COMMITTEE TO INVESTIGATE ALTERNATIVES TO THE PROPOSED TRANSACTION OR ARRANGEMENT. AFTER EXERCISING DUE DILIGENCE, THE GOVERNING BOARD OR COMMITTEE SHALL DETERMINE WHETHER THE CORPORATION CAN OBTAIN WITH REASONABLE EFFORTS A MORE ADVANTAGEOUS TRANSACTION OR ARRANGEMENT FROM A PERSON OR ENTITY THAT WOULD NOT GIVE RISE TO A CONFLICT OF INTEREST. IF A MORE ADVANTAGEOUS TRANSACTION OR ARRANGEMENT IS NOT REASONABLY POSSIBLE UNDER CIRCUMSTANCES NOT PRODUCING A CONFLICT OF INTEREST, THE GOVERNING BOARD OR COMMITTEE SHALL DETERMINE BY A MAJORITY VOTE OF THE DISINTERESTED DIRECTORS WHETHER THE TRANSACTION OR ARRANGEMENT IS IN THE CORPORATION'S BEST INTEREST, FOR ITS OWN BENEFIT, AND WHETHER IT IS FAIR AND REASONABLE. IN CONFORMITY WITH THE ABOVE DETERMINATION IT SHALL MAKE ITS DECISION AS TO WHETHER TO ENTER INTO THE TRANSACTION OR ARRANGEMENT. IF THE GOVERNING BOARD OR COMMITTEE HAS REASONABLE CAUSE TO BELIEVE A MEMBER HAS FAILED TO DISCLOSE ACTUAL OR POSSIBLE CONFLICTS OF INTEREST, IT SHALL INFORM THE MEMBER OF THE BASIS FOR SUCH BELIEF AND AFFORD THE MEMBER AN OPPORTUNITY TO EXPLAIN THE ALLEGED FAILURE TO DISCLOSE. IF, AFTER HEARING THE MEMBER'S RESPONSE AND AFTER MAKING FURTHER INVESTIGATION AS WARRANTED BY THE CIRCUMSTANCES, THE GOVERNING BOARD OR COMMITTEE DETERMINES THE MEMBER HAS FAILED TO DISCLOSE AN ACTUAL OR POSSIBLE CONFLICT OF INTEREST, IT SHALL TAKE APPROPRIATE DISCIPLINARY AND CORRECTIVE ACTION. FORM 990, PART VI, SECTION B, LINE 15 COMPENSATION IS SET AND APPROVED BY THE EAF BOARD CHAIR AND IN CONSULATION WITH HIAS, INC. (AN AFFILIATED ENTITY OF HIAS ECONOMIC ADVANCEMENT FUND, INC.) HUMAN RESOURCES AND ALIGNED WITH THE SALARY BAND/GRADE OF THE DIRECTOR ROLE AT HIAS, INC. HIAS, INC. COMPENSATION GRADES/BANDS ARE DETERMINED THROUGH INPUT FROM A THIRD PARTY VENDOR/COMPENSATION CONSULTANT WHO CONDUCTS SURVEYS/BENCHMARKS. THE MOST RECENT REVIEW FOR THE DIRECTOR TOOK PLACE IN AUGUST OF 2022. FORM 990, PART VI, SECTION C, LINE 19 THESE ARE AVAILABLE UPON REQUEST. FORM 990, PART IX, LINE 11G REGISTRATION FEES: PROGRAM SERVICE EXPENSES 0. MANAGEMENT AND GENERAL EXPENSES 400. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 400. TRANSLATION SERVICES: PROGRAM SERVICE EXPENSES 115. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 115. OTHER PROFESSIONAL FEES: PROGRAM SERVICE EXPENSES 56,576. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 56,576.