Nonprofit · EIN 88-0984307
HIAS ECONOMIC ADVANCEMENT FUND INC
Tax-exempt · SILVER SPRING, MD 20910
Financials
| Year ended | Form | Revenue | Expenses | Net income | Total assets | Liabilities | Net assets |
|---|---|---|---|---|---|---|---|
| September 30, 2025 | 990 | $1,142,557 | $751,941 | $390,616 | $1,678,791 | $828,757 | $850,034 |
| September 30, 2024 | 990 | $593,976 | $649,865 | -$55,889 | $1,024,263 | $564,845 | $459,418 |
| September 30, 2023 | 990 | $703,628 | $188,321 | $515,307 | $598,517 | $83,210 | $515,307 |
Financial details: 990 for the year ended September 30, 2025
Revenue
- Contributions, gifts and grants
- $1,076,373
- of which government grants
- $397,373
- Program service revenue
- $66,007
- Investment income
- $177
- Other revenue
- $0
Expenses
- Grants and similar amounts paid
- $47,800
- Compensation of officers, directors and key employees
- $143,479
- Other salaries and wages
- $254,814
- Salaries, compensation and benefits (total)
- $472,330
- Professional fundraising fees
- $0
- Accounting fees
- $36,244
- Travel
- $18,140
- Program services (functional)
- $528,120
- Management and general (functional)
- $188,987
- Fundraising (functional)
- $34,834
Balance sheet and other
- Total assets, start of year
- $1,024,263
- Total assets, end of year
- $1,678,791
- Total liabilities, end of year
- $828,757
- Net assets, end of year
- $850,034
- Net assets without donor restrictions
- $497,113
- Net assets with donor restrictions
- $352,921
- Gross receipts
- $1,142,557
- Employees
- 6
- Volunteers
- 6
- Year formed
- 2022
- State of legal domicile
- MD
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 September 30, 2025, highest compensation first.
| Name | Title | Hours / week | Compensation | Other / benefits |
|---|---|---|---|---|
| PHILLIP BAILEY | EXECUTIVE DIRECTOR Officer | 35 | $109,585 | $41,087 |
| ALICIA WRENN | CHAIRPERSON (END 03/11/2025) Trustee or director, Officer | 4 | $0 | $0 |
| TAMRA THETFORD | CHAIRPERSON (FROM 03/11/2025) Trustee or director, Officer | 4 | $0 | $0 |
| GREG MIKULKA | TREASURER Trustee or director, Officer | 1 | $0 | $0 |
| TITI IKHILE | SECRETARY Trustee or director, Officer | 1 | $0 | $0 |
| AMANDA JOSEPH | DIRECTOR Trustee or director | 1 | $0 | $0 |
| BARBARA ECKBLAD | DIRECTOR, (FROM 02/13/2025) Trustee or director | 1 | $0 | $0 |
990 for the year ended September 30, 2024: 8 people
| Name | Title | Hours / week | Compensation | Other / benefits |
|---|---|---|---|---|
| PHILLIP BAILEY | DIRECTOR Officer | 35 | $96,256 | $31,952 |
| ALICIA WRENN | CHAIR Trustee or director, Officer | 4 | $0 | $0 |
| BILL ABRAMS | TREASURER, (UNTIL 6/9/2024) Trustee or director, Officer | 1 | $0 | $0 |
| ADINA ABRAMOWITZ | SECRETARY (UNTIL 12/14/2023) Trustee or director, Officer | 1 | $0 | $0 |
| TAMRA THETFORD | SECRETARY Trustee or director, Officer | 1 | $0 | $0 |
| GREG MIKULKA | DIRECTOR Trustee or director | 1 | $0 | $0 |
| TITI IKHILE | DIRECTOR Trustee or director | 1 | $0 | $0 |
| AMANDA JOSEPH | DIRECTOR (FROM 8/7/2024) Trustee or director | 1 | $0 | $0 |
990 for the year ended September 30, 2023: 7 people
| Name | Title | Hours / week | Compensation |
|---|---|---|---|
| ALICIA WRENN | CHAIR (BEG. 12/2022) Trustee or director, Officer | 4 | $0 |
| BILL ABRAMS | TREASURER (BEG. 12/2022) Trustee or director, Officer | 1 | $0 |
| ADINA ABRAMOWITZ | SECRETARY (BEG. 12/2022) Trustee or director, Officer | 1 | $0 |
| GREG MIKULKA | DIRECTOR (BEG. 2/23) Trustee or director | 1 | $0 |
| TITI IKHILE | DIRECTOR (BEG. 5/23) Trustee or director | 1 | $0 |
| TAMRA THETFORD | DIRECTOR (BEG. 5/23) Trustee or director | 1 | $0 |
| PHILLIP BAILEY | DIRECTOR Officer | 35 | $0 |
Address and contacts
- Address (IRS master file)
- 1300 SPRING ST STE 500, SILVER SPRING, MD 20910-3634
- Principal officer (990 for 2024)
- PHILLIP BAILEY, 1300 SPRING STREET 500, SILVER SPRING, MD 20910
- Signed the 990
- PHILLIP BAILEY, EXECUTIVE DIRECTOR
- Phone
- (301) 844-7300
- Website
- WWW.HIASEAF.ORG
- Return prepared by
- GELMAN ROSENBERG & FREEDMAN
Mission
"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.
Program accomplishments
- 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.Expenses $528,120 · grants $47,800 · revenue $66,007
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 September, so each return is due on the 15th day of the 5th month after that.
| Tax year | Year ended | Due | IRS public records |
|---|---|---|---|
| 2025 | September 30, 2026 | February 16, 2027 | Not due yet |
| 2024 | September 30, 2025 | February 17, 2026 | 990 on file |
| 2023 | September 30, 2024 | February 18, 2025 | 990 on file |
IRS record
- EIN
- 88-0984307
- Tax-exempt status
- 501(c)(3): Charitable, religious, educational or scientific organization
- Foundation status
- Publicly supported organization (170(b)(1)(A)(vi))
- Donations deductible (Pub 78)
- Public charity, 50% deduction limit
- Exempt since
- 2024
- Accounting year ends
- September
- Files
- Form 990 or 990-EZ
- Category (NTEE)
- Community improvement and capacity building (S31)
- Assets (IRS master file)
- $1,678,791
- Income (IRS master file)
- $1,142,557
Filing history
| Form | Year ended | Revenue | Expenses | Assets | Return |
|---|---|---|---|---|---|
| 990 | September 2025 | $1,142,557 | $751,941 | $1,678,791 | XML |
| 990 | September 2024 | $593,976 | $649,865 | $1,024,263 | XML |
| 990 | September 2023 | $703,628 | $188,321 | $598,517 | XML |
| 990-EZ | September 2022 | – | – | – | 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 88-0984307).
Questions about HIAS ECONOMIC ADVANCEMENT FUND INC
- What is the EIN of HIAS ECONOMIC ADVANCEMENT FUND INC?
- The employer identification number (EIN) of HIAS ECONOMIC ADVANCEMENT FUND INC is 88-0984307.
- Is HIAS ECONOMIC ADVANCEMENT FUND INC tax-exempt?
- Yes. The IRS lists it as tax-exempt under section 501(c)(3) since 2024.
- Are donations to HIAS ECONOMIC ADVANCEMENT FUND INC tax-deductible?
- Yes. It is listed in IRS Publication 78 (Public charity, 50% deduction limit).
- Which annual return does HIAS ECONOMIC ADVANCEMENT FUND INC 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 HIAS ECONOMIC ADVANCEMENT FUND INC due?
- The return for tax year 2025 (the year ending September 30, 2026) is due February 16, 2027. Form 8868 extends it by six months; the 990-N cannot be extended.
- When did HIAS ECONOMIC ADVANCEMENT FUND INC last file with the IRS?
- The latest return in the IRS public files is the 990 for the year ended September 2025.
- Who is the principal officer of HIAS ECONOMIC ADVANCEMENT FUND INC?
- The 990 for the year ended September 30, 2025 names PHILLIP BAILEY.
- Who are the officers and directors of HIAS ECONOMIC ADVANCEMENT FUND INC?
- The 990 for the year ended September 30, 2025 lists 7 people; 1 received compensation from the organization, the highest $109,585 (PHILLIP BAILEY, EXECUTIVE DIRECTOR).
- How much revenue does HIAS ECONOMIC ADVANCEMENT FUND INC have?
- On its 990 for the year ended September 30, 2025 it reported revenue of $1,142,557, expenses of $751,941 and total assets of $1,678,791 at year end.
Other nonprofits in SILVER SPRING
- STREET LAW INC EIN 52-2015256 · last filed 990 for 2025
- AFRITHRIVE INC EIN 84-2431077 · last filed 990 for 2024
- COMMUNITY HEALTH AND EMPOWERMENT THROUGH EDUCATION AND RESEARCH INC EIN 27-3662468 · last filed 990 for 2025
- IMADI INC EIN 87-3610406 · last filed 990 for 2025
- BUSINESS FOR A FAIR MINIMUM WAGE INC EIN 82-5423675 · last filed 990 for 2024
- BETA MU BOULE FOUNDATION EIN 85-0982795 · last filed 990-PF for 2024
- ETHIOPIAN COMMUNITY CENTER IN EIN 46-1874022 · last filed 990 for 2025
- KINGS & PRIESTS COMMUNITY DEVELOPMENT CORPORATION EIN 85-3936496 · last filed 990-EZ for 2025
All nonprofits in SILVER SPRING · Maryland · Community improvement and capacity building