2026-05-26T15:06:54-05:00 2025-09-30 521392008 GELMAN ROSENBERG & FREEDMAN 4550 MONTGOMERY AVE SUITE 800N BETHESDA MD 208142930 990 2024-10-01 880984307 HIAS ECONOMIC ADVANCEMENT FUND INC HIAS 3018447300 1300 SPRING STREET 500 SILVER SPRING MD 20910 PHILLIP BAILEY EXECUTIVE DIRECTOR 3018447300 2026-05-26 1 1 RICHARD J LOCASTRO CPA P00288314 3019519090 2024 2025-03-06 01:10:19Z PHILLIP BAILEY 1300 SPRING STREET 500 SILVER SPRING MD 20910 1142557 0 X WWW.HIASEAF.ORG X 2022 MD SEE PART III, LINE 1. 5 5 6 6 0 0 526061 1076373 67892 66007 23 177 0 0 593976 1142557 18000 47800 0 0 424134 472330 0 0 34834 207731 231811 649865 751941 -55889 390616 1024263 1678791 564845 828757 459418 850034 X "HIAS ECONOMIC ADVANCEMENT FUND, INC. IS AN UNCONSOLIDATED SUBSIDIARY OF HIAS, INC. 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 FINANCIAL WELL-BEING. 0 0 528120 47800 66007 EAF ASSISTED 205 ENTREPRENEURS AND DISBURSED 36 MICROENTERPRISE LOANS IN 2025, COMPLEMENTED BY TECHNICAL ASSISTANCE DELIVERED THROUGH PARTNERSHIPS WITH COMMUNITY ORGANIZATIONS. THROUGH THESE PARTNERSHIPS, BORROWERS RECEIVE BUSINESS COUNSELING, FINANCIAL AND CREDIT EDUCATION, AND ACCESS TO CAPITAL THROUGH EAF. LOAN PRODUCTS ARE DESIGNED FOR LOW-INCOME INDIVIDUALS, INCLUDING REFUGEES AND IMMIGRANTS, WITH LITTLE OR NO CREDIT HISTORY, WHO ARE UNABLE TO ACCESS MAINSTREAM FINANCIAL INSTITUTIONS. IN 2024, EAF SERVED ENTREPRENEURS IN 18 CITIES ACROSS FIVE STATES, WITH LOANS AVERAGING $10,852. SURVEY ANALYSIS SHOWS STRONG OUTCOMES: 86% OF BUSINESSES REMAIN ACTIVE SINCE RECEIVING A LOAN, BORROWER HOUSEHOLDS REPORT INCOME GAINS OF MORE THAN $1,000 PER MONTH, AND 99% WOULD RECOMMEND EAF TO OTHERS. 528120 1 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 11 0 1 6 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 CHAIRPERSON (END 03/11/2025) 4.00 X X 0 0 0 TAMRA THETFORD CHAIRPERSON (FROM 03/11/2025) 4.00 X X 0 0 0 GREG MIKULKA TREASURER 1.00 X X 0 0 0 TITI IKHILE SECRETARY 1.00 X X 0 0 0 AMANDA JOSEPH DIRECTOR 1.00 X 0 0 0 BARBARA ECKBLAD DIRECTOR, (FROM 02/13/2025) 1.00 X 0 0 0 PHILLIP BAILEY EXECUTIVE DIRECTOR 35.00 X 109585 0 41087 109585 0 41087 1 0 1 0 0 397373 679000 1076373 LOAN RECEIVABLE INTERE 900099 64248 64248 FEES 900099 1759 1759 66007 177 177 1142557 66007 0 177 X 47800 47800 143479 120522 22957 254814 115754 123982 15078 15969 7543 7525 901 33170 9543 20817 2810 24898 14099 9754 1045 36244 31941 4303 92490 81793 10697 5169 5030 139 29333 29333 18140 18140 18088 18088 5750 5750 CREDIT LOSS 11376 11376 CLIENT SUPPORT COSTS 8500 8500 SUBSCRIPTIONS AND DUES 3813 3813 MISCELLANEOUS 2908 2908 751941 528120 188987 34834 191920 816731 89920 742423 857165 4895 1024263 1678791 35414 27890 390000 761612 139431 39255 564845 828757 X 459418 497113 0 352921 459418 850034 1024263 1678791 390616 0 X 0 1 X 1 0 X 688180 526061 1076373 2290614 688180 526061 1076373 2290614 536552 1754062 23 177 200 2290814 149347 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 DUE TO HIAS, INC 39255 39255 1142557 0 1142557 0 1142557 751941 0 751941 0 751941 0 0 0 0 0 0 0 0 0 PHILLIP BAILEY EXECUTIVE DIRECTOR 109585 0 0 0 0 0 6830 0 34257 0 150672 0 0 0 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 2025. FORM 990, PART VI, SECTION C, LINE 19 THESE ARE AVAILABLE UPON REQUEST. FORM 990, PART IX, LINE 11G OTHER PROFESSIONAL FEES: PROGRAM SERVICE EXPENSES 79,399. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 10,697. TOTAL EXPENSES 90,096. TRANSLATION SERVICES: PROGRAM SERVICE EXPENSES 2,394. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 2,394.