2025-06-20T10:43:02-05:00 2024-09-30 521392008 GELMAN ROSENBERG & FREEDMAN 4550 MONTGOMERY AVE SUITE 800N BETHESDA MD 208142930 990 2023-10-01 880984307 HIAS ECONOMIC ADVANCEMENT FUND INC HIAS 3018447300 1300 SPRING STREET 500 SILVER SPRING MD 20910 PHILLIP BAILEY EXECUTIVE DIRECTOR 3018447300 2025-06-20 1 0 ELIZABETH W HELLER P00397829 3019519090 2023 2025-03-06 01:10:19Z PHILLIP BAILEY 1300 SPRING STREET 500 SILVER SPRING MD 20910 593976 0 X WWW.HIASEAF.ORG X 2022 MD SEE PART III, LINE 1. 5 5 5 7 0 0 688180 526061 15448 67892 0 23 0 0 703628 593976 0 18000 0 0 65156 424134 0 0 22338 123165 207731 188321 649865 515307 -55889 598517 1024263 83210 564845 515307 459418 EAF MEETS THE FINANCIAL NEEDS OF LOW-INCOME INDIVIDUALS, INCLUDING REFUGEES, THEIR FAMILIES AND THEIR COMMUNITIES BY PROVIDING ACCESS TO FINANCIAL PRODUCTS AND SERVICES THAT PROMOTE ECONOMIC OPPORTUNITY AND WELL-BEING. EAF IS AN UNCONSOLIDATED SUBSIDIARY OF HIAS. 0 0 539281 18000 67892 EAF ASSISTED 192 ENTREPRENEURS AND DISBURSED 56 MICROENTERPRISE LOANS IN 2024, COMPLEMENTED BY TECHNICAL ASSISTANCE. THESE LOAN PRODUCTS WERE MADE AVAILABLE TO LOW-INCOME INDIVIDUALS, INCLUDING REFUGEES AND IMMIGRANTS, THROUGH PARTNERSHIPS WITH COMMUNITY-BASED ORGANIZATIONS. THESE LOCAL ORGANIZATIONS HELP INDIVIDUALS INTEGRATE INTO THEIR COMMUNITIES AND PROVIDE BUSINESS COUNSELING, FINANCIAL AND CREDIT EDUCATION AND ASSISTANCE ACCESSING CAPITAL THROUGH EAF TO LAUNCH OR GROW THEIR BUSINESSES. EAF'S LOAN PRODUCTS ARE SPECIFICALLY DESIGNED FOR INDIVIDUALS WITH LITTLE OR NO CREDIT HISTORY, THOSE UNABLE TO ACCESS CREDIT FROM MAINSTREAM FINANCIAL INSTITUTIONS OR THOSE WHOSE RELIGIOUS BELIEFS PRECLUDE PAYING INTEREST. IN 2024, EAF SUPPORTED ENTREPRENEURS IN 14 CITIES AND 8 STATES WITH LOANS AVERAGING $10,173. 539281 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 0 0 0 0 0 0 0 0 0 1 3 0 1 5 1 0 0 0 0 0 0 0 0 0 0 0 0 X 5 5 0 0 0 0 1 1 1 1 1 0 0 1 1 1 1 1 1 1 1 0 X PHILLIP BAILEY 3018447300 1300 SPRING STREET 500 SILVER SPRING MD 20910 ALICIA WRENN CHAIR 4.00 X X 0 0 0 BILL ABRAMS TREASURER, (UNTIL 6/9/2024) 1.00 X X 0 0 0 ADINA ABRAMOWITZ SECRETARY (UNTIL 12/14/2023) 1.00 X X 0 0 0 TAMRA THETFORD SECRETARY 1.00 X X 0 0 0 GREG MIKULKA DIRECTOR 1.00 X 0 0 0 TITI IKHILE DIRECTOR 1.00 X 0 0 0 AMANDA JOSEPH DIRECTOR (FROM 8/7/2024) 1.00 X 0 0 0 PHILLIP BAILEY DIRECTOR 35.00 X 96256 0 31952 96256 0 31952 0 0 0 0 0 310141 215920 526061 LOAN RECEIVABLE INTERE 900099 48648 48648 CONTRACTS 900099 18000 18000 FEES 900099 1244 1244 67892 23 23 593976 67892 0 23 X 18000 18000 134069 112618 21451 222748 174151 48597 12906 10115 2791 34599 26614 7985 19812 15852 3960 24180 18768 5412 78733 61807 16926 3312 3312 11821 11821 4397 4397 4875 4875 LOAN LOSS ALLOWANCE 75108 75108 SUBSCRIPTIONS AND DUES 3462 3462 MISCELLANEOUS 1722 1722 CLIENT SUPPORT COSTS 121 121 649865 539281 88246 22338 150013 191920 89920 448504 742423 598517 1024263 35414 390000 83210 139431 83210 564845 X 500069 459418 15238 0 515307 459418 598517 1024263 -55889 0 X 0 1 X 1 0 X 688180 526061 1214241 688180 526061 1214241 1214241 23 23 1214264 83340 X SCHEDULE A SUPPLEMENTAL INFORMATION: PART VI THE 2021 COLUMN REPRESENTS THE SHORT INITIAL TAX YEAR FROM MARCH 3, 2022 TO SEPTEMBER 30, 2022. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 PROGRAM LOANS RECEIVABLE 742423 C 742423 REFUNDABLE ADVANCES 2373 DUE TO HIAS, INC 137058 139431 593976 0 593976 0 593976 649865 0 649865 0 649865 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 BOARD FOR THEIR REVIEW PRIOR TO FILING WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C EAF MONITORS AND COMPLIES WITH ITS CONFLICT OF INTEREST POLICY BY ASKING EACH BOARD MEMBER AND EMPLOYEE TO COMPLETE AN ANNUAL CONFLICT OF INTEREST DISCLOSURE STATEMENT, CONFIRMING THEIR ACKNOWLEDGEMENT OF HAVING A COPY OF THE POLICY AND DISCLOSING ANY POSSIBLE CONFLICTS THAT WOULD IMPACT DECISIONS THEY MIGHT MAKE OR INFLUENCE ON BEHALF OF EAF. THE BOARD CHAIR AND THE EXECUTIVE DIRECTOR MONITOR THESE DISCLOSURES AND PROVIDE OPPORTUNITY AT REGULAR BOARD MEETINGS FOR DISCUSSION OF ANY POTENTIAL CONFLICTS. FORM 990, PART VI, SECTION B, LINE 15 COMPENSATION IS SET AND APPROVED BY THE EAF BOARD AND IN CONSULTATION 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 SEPTEMBER OF 2024. FORM 990, PART VI, SECTION C, LINE 19 THESE ARE AVAILABLE UPON REQUEST. FORM 990, PART IX, LINE 11G RECRUITMENT: PROGRAM SERVICE EXPENSES 34,946. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 10,077. TOTAL EXPENSES 45,023. OTHER PROFESSIONAL FEES: PROGRAM SERVICE EXPENSES 23,751. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 6,849. TOTAL EXPENSES 30,600. TRANSLATION SERVICES: PROGRAM SERVICE EXPENSES 3,110. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 3,110.