Nonprofit · EIN 51-0609572
THE LOS ANGELES DEVELOPMENT FUND
Tax-exempt · LOS ANGELES, CA 90017
Financials
| Year ended | Form | Revenue | Expenses | Net income | Total assets | Liabilities | Net assets |
|---|---|---|---|---|---|---|---|
| December 31, 2024 | 990 | $2,013,562 | $936,126 | $1,077,436 | $7,807,802 | $504,259 | $7,303,543 |
| December 31, 2023 | 990 | $1,722,450 | $855,391 | $867,059 | $6,685,265 | $455,513 | $6,229,752 |
Financial details: 990 for the year ended December 31, 2024
Revenue
- Contributions, gifts and grants
- $0
- Program service revenue
- $1,964,097
- Investment income
- $49,465
- Other revenue
- $0
Expenses
- Grants and similar amounts paid
- $0
- Compensation of officers, directors and key employees
- $555,483
- Salaries, compensation and benefits (total)
- $596,377
- Professional fundraising fees
- $0
- Legal fees
- $5,280
- Accounting fees
- $119,580
- Program services (functional)
- $911,620
- Management and general (functional)
- $24,506
Balance sheet and other
- Total assets, start of year
- $6,685,265
- Total assets, end of year
- $7,807,802
- Total liabilities, end of year
- $504,259
- Net assets, end of year
- $7,303,543
- Land, buildings and equipment
- $1,240
- Net assets without donor restrictions
- $7,303,543
- Gross receipts
- $2,013,562
- Employees
- 3
- Volunteers
- 0
- Year formed
- 2006
- State of legal domicile
- CA
From the e-filed returns the IRS publishes as XML (latest three processing years; amended returns replace the original). PDF copies at the IRS.
Officers, directors and key employees
As listed on the 990 for the year ended December 31, 2024, highest compensation first.
| Name | Title | Hours / week | Compensation | Other / benefits |
|---|---|---|---|---|
| SANDRA RAHIMI | SECRETARY/MANAGER Officer | 40 | $246,709 | $30,621 |
| CHRISTOPHER CHOREBANIAN | ASSOCIATE Highest-paid employee | 40 | $138,000 | $12,246 |
| JIAQI WU | ASSOCIATE Highest-paid employee | 40 | $118,000 | $9,907 |
| CAROLYN HULL | PRESIDENT/GOVERNING BOARD Trustee or director, Officer | 1 | $0 | $0 |
| ANN SEWILL | GOVERNING BOARD - TRUSTEE Trustee or director | 0.5 | $0 | $0 |
| KAREN KALFAYAN | GOVERNING BOARD - TRUSTEE Trustee or director | 0.5 | $0 | $0 |
| MOCTESUMA ESPARZA | GOVERNING BOARD - TRUSTEE Trustee or director | 0.5 | $0 | $0 |
| YOLANDA CHAVEZ | GOVERNING BOARD - TRUSTEE Trustee or director | 0.5 | $0 | $0 |
| TRICIA KEANE | GOVERNING BOARD - TRUSTEE Trustee or director | 0.5 | $0 | $0 |
| BRIAN ALBERT | ADVISORY BOARD - TRUSTEE Trustee or director | 0.5 | $0 | $0 |
| MIGUEL LUNA | ADVISORY BOARD - TRUSTEE Trustee or director | 0.5 | $0 | $0 |
| NANCY VOLPERT | ADVISORY BOARD - TRUSTEE Trustee or director | 0.5 | $0 | $0 |
| RUDY ESPINOZA | ADVISORY BOARD - TRUSTEE Trustee or director | 0.5 | $0 | $0 |
| TUNUA THRASH-NTUK | ADVISORY BOARD - TRUSTEE Trustee or director | 0.5 | $0 | $0 |
| LIBBY WILLIAMS | ADVISORY BOARD - TRUSTEE Trustee or director | 0.5 | $0 | $0 |
1 more people on this return
| Name | Title | Hours / week | Compensation |
|---|---|---|---|
| PATRICIA HUBER | CHIEF FINANCIAL OFFICER Officer | 1 | $0 |
990 for the year ended December 31, 2023: 15 people
| Name | Title | Hours / week | Compensation | Other / benefits |
|---|---|---|---|---|
| SANDRA RAHIMI | SECRETARY/MANAGER Officer | 40 | $229,709 | $26,622 |
| JIAQI WU | ASSOCIATE Highest-paid employee | 40 | $116,931 | $5,202 |
| CAROLYN HULL | PRESIDENT/GOVERNING BOARD Trustee or director, Officer | 1 | $0 | $0 |
| ANN SEWILL | GOVERNING BOARD - TRUSTEE Trustee or director | 0.5 | $0 | $0 |
| KAREN KALFAYAN | GOVERNING BOARD - TRUSTEE Trustee or director | 0.5 | $0 | $0 |
| MOCTESUMA ESPARZA | GOVERNING BOARD - TRUSTEE Trustee or director | 0.5 | $0 | $0 |
| YOLANDA CHAVEZ | GOVERNING BOARD - TRUSTEE Trustee or director | 0.5 | $0 | $0 |
| LIBBY WILLIAMS | ADVISORY BOARD - TRUSTEE Trustee or director | 0.5 | $0 | $0 |
| BRIAN ALBERT | ADVISORY BOARD - TRUSTEE Trustee or director | 0.5 | $0 | $0 |
| MARK WILSON | ADVISORY BOARD - TRUSTEE Trustee or director | 0.5 | $0 | $0 |
| MIGUEL LUNA | ADVISORY BOARD - TRUSTEE Trustee or director | 0.5 | $0 | $0 |
| NANCY VOLPERT | ADVISORY BOARD - TRUSTEE Trustee or director | 0.5 | $0 | $0 |
| RUDY ESPINOZA | ADVISORY BOARD - TRUSTEE Trustee or director | 0.5 | $0 | $0 |
| TUNUA THRASH-NTUK | ADVISORY BOARD - TRUSTEE Trustee or director | 0.5 | $0 | $0 |
| PATRICIA HUBER | CHIEF FINANCIAL OFFICER Officer | 1 | $0 | $0 |
Address and contacts
- Address (IRS master file)
- 1200 W 7TH ST, LOS ANGELES, CA 90017-2349
- In care of
- % SANDRA RAHIMI
- Principal officer (990 for 2024)
- FREDERICK JACKSON, 444 SOUTH FLOWER STREET 14TH FLOOR, LOS ANGELES, CA 90071
- Signed the 990
- SANDRA RAHIMI, SECRETARY
- Phone
- (213) 973-2403
- Website
- WWW.LADFNEWMARKETS.ORG
- Return prepared by
- NOVOGRADAC & COMPANY LLP
California records
California keeps its own records of charities and corporations. Search them by EIN 51-0609572 or by the name THE LOS ANGELES DEVELOPMENT FUND.
- Attorney General, Registry of Charities and Fundraisers
- Registration status and filed reports (CT-TR-1, RRF-1)
- Secretary of State, bizfile Online
- Corporation status, entity number, agent for service
- Franchise Tax Board
- Entity status letter (state tax exemption, good standing)
Mission
SEE SCHEDULE O
Program accomplishments
- LOS ANGELES DEVELOPMENT FUND'S SPECIFIC PURPOSE IS TO ASSIST IN CARRYING OUT THE ECONOMIC DEVELOPMENT PROGRAM AND OBJECTIVES OF THE CITY OF LOS ANGELES. IT PROMOTES THE DEVELOPMENT, ESTABLISHMENT, OR EXPANSION OF INDUSTRIES AND COMMERCE IN LOW-INCOME AREAS BY GENERATING PRIVATE INVESTMENT CAPITAL THROUGH THE NEW MARKETS TAX CREDIT PROGRAM. AS OF 12/31/2024, THE ORGANIZATION HAS RECEIVED FIVE ALLOCATIONS OF NEW MARKETS TAX CREDITS IN THE TOTAL AMOUNT OF $360 MILLION FROM THE COMMUNITY DEVELOPMENT FINANCIAL INSTITUTIONS FUND, A DIVISION OF THE UNITED STATES DEPARTMENT OF TREASURY. AS OF 12/31/2024, THE ORGANIZATION HAS FUNDED 31 PROJECTS UTILIZING $325 MILLION OF ITS NEW MARKETS TAX CREDIT ALLOCATION.Expenses $911,620 · revenue $1,964,097
What it must file and when
IRS records say it files Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N. Its accounting year ends in December, so each return is due on the 15th day of the 5th month after that.
| Tax year | Year ended | Due | IRS public records |
|---|---|---|---|
| 2025 | December 31, 2025 | May 15, 2026 | Not on file |
| 2024 | December 31, 2024 | May 15, 2025 | 990 on file |
| 2023 | December 31, 2023 | May 15, 2024 | 990 on file |
IRS record
- EIN
- 51-0609572
- Tax-exempt status
- 501(c)(3): Charitable, religious, educational or scientific organization
- Foundation status
- Supporting organization (509(a)(3))
- Donations deductible (Pub 78)
- Supporting organization of unknown type
- Exempt since
- 2008
- Accounting year ends
- December
- Files
- Form 990 or 990-EZ
- Category (NTEE)
- Community improvement and capacity building (S30)
- Assets (IRS master file)
- $7,807,802
- Income (IRS master file)
- $2,013,562
Filing history
| Form | Year ended | Revenue | Expenses | Assets | Return |
|---|---|---|---|---|---|
| 990 | December 2024 | $2,013,562 | $936,126 | $7,807,802 | IRS |
| 990 | December 2023 | $1,722,450 | $855,391 | $6,685,265 | XML |
| 990 | December 2022 | $1,538,531 | $670,049 | $5,755,682 | IRS |
| 990 | December 2021 | – | – | – | IRS |
| 990 | December 2020 | – | – | – | IRS |
| 990 | December 2018 | – | – | – | IRS |
| 990 | December 2017 | – | – | – | IRS |
990-N: the IRS bulk file holds only the latest e-Postcard per organization; earlier years come from archived copies of that file since 2020 and can have gaps (the IRS e-Postcard search lists every one). 990, 990-EZ, 990-PF, 990-T: every e-filed return in the IRS e-file index since 2019; XML for the latest three processing years, amounts from the IRS Statistics of Income extracts before that. PDF copies and determination letters at the IRS (search EIN 51-0609572).
Questions about THE LOS ANGELES DEVELOPMENT FUND
- What is the EIN of THE LOS ANGELES DEVELOPMENT FUND?
- The employer identification number (EIN) of THE LOS ANGELES DEVELOPMENT FUND is 51-0609572.
- Is THE LOS ANGELES DEVELOPMENT FUND tax-exempt?
- Yes. The IRS lists it as tax-exempt under section 501(c)(3) since 2008.
- Are donations to THE LOS ANGELES DEVELOPMENT FUND tax-deductible?
- Yes. It is listed in IRS Publication 78 (Supporting organization of unknown type).
- Which annual return does THE LOS ANGELES DEVELOPMENT FUND file?
- Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N.
- When is the next return of THE LOS ANGELES DEVELOPMENT FUND due?
- The return for tax year 2025 (the year ending December 31, 2025) is due May 15, 2026. Form 8868 extends it by six months; the 990-N cannot be extended.
- When did THE LOS ANGELES DEVELOPMENT FUND last file with the IRS?
- The latest return in the IRS public files is the 990 for the year ended December 2024.
- Who is the principal officer of THE LOS ANGELES DEVELOPMENT FUND?
- The 990 for the year ended December 31, 2024 names FREDERICK JACKSON.
- Who are the officers and directors of THE LOS ANGELES DEVELOPMENT FUND?
- The 990 for the year ended December 31, 2024 lists 16 people; 3 received compensation from the organization, the highest $246,709 (SANDRA RAHIMI, SECRETARY/MANAGER).
- How much revenue does THE LOS ANGELES DEVELOPMENT FUND have?
- On its 990 for the year ended December 31, 2024 it reported revenue of $2,013,562, expenses of $936,126 and total assets of $7,807,802 at year end.
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