Economic Development Corporation

Los Angeles, CA · Founded 1981

Easing government burdens through economic development assistance

Primary audience
Business community
Work area
Education
Topic
Education access
Contact
Stephen Cheung
Website Contact

About Organization

Based in Los Angeles, CA, the Economic Development Corporation assists and implements programs that ease the burdens of government while promoting economic development, job creation, and business growth throughout the region. The corporation generates $9.0 million in annual revenue while providing technical assistance, financing programs, and strategic initiatives that support businesses and strengthen communities.

What They Focus On

Academic Excellence

Delivering high-quality educational programs to develop knowledge and skills.

Student Success

Supporting learners through comprehensive services and individualized assistance.

Innovation

Advancing educational methods through research and technology integration.

Financial Information

Form 990 data showing organizational financial health and growth.

Revenue (2023)

$9.0M

-3.6% vs 2021

Expenses (2023)

$8.5M

-6.2% vs 2021

Assets (2023)

$34.4M

+16.7% vs 2021

Employees (2023)

35

+0% vs 2021

Year Revenue Expenses Assets Employees
2023 $9,039,405 $8,528,500 $34,353,930 35
2021 $9,374,870 $9,087,793 $29,436,314 35
2020 $9,257,630 $7,687,969 $33,754,787 0
2019 $7,272,420 $7,364,800 $26,830,244 0
2018 $7,363,304 $7,936,555 $26,714,670 0

Source: IRS Form 990 filings. All figures in USD.

How They Work

Learn more
  • 01

    Assess Needs

    Identify educational gaps through community consultation and data analysis.

  • 02

    Design Programs

    Develop evidence-based curricula tailored to participant needs and learning goals.

  • 03

    Implement Services

    Deliver educational programs with qualified instructors and support resources.

  • 04

    Measure Impact

    Evaluate outcomes and program effectiveness to inform continuous improvement.

Programs and Initiatives

Services and programs offered by Economic Development Corporation

General Charitable Use

Grant-funded initiative supporting organizational mission and community needs.

General Support

Grant-funded initiative supporting organizational mission and community needs.

For Grant Recipient's Exempt Purposes

Grant-funded initiative supporting organizational mission and community needs.

Team & Leadership

Meet the people behind Economic Development Corporation.

Jermaine Hampton

Jermaine Hampton

Workforce Development and Special Projects
Full-time
Compensation: $167,125
Shannon Sedgwick

Shannon Sedgwick

Institute for Applied Economics
Full-time
Compensation: $174,382
SC

Stephen Cheung

President And CEO
Full-time
Compensation: $395,000
KR

Kendal R Turner

Executive Vice Pres./CFO
Full-time
Compensation: $264,710
MK

Melissa Khamvongsa

Vice President Strategic Relations
Full-time
Compensation: $227,791
BL

Barbara Levine

Director Of Business Assistance Program
Full-time
Compensation: $153,079
SE

Sonia Estrada

Senior Director Accounting & Administration
Full-time
Compensation: $138,258
RD

Rick Davila

Director Of It And Facilities
Full-time
Compensation: $132,675
AS

Alejandra Santamaria

Director (Until 2023)
1 hrs/week
AS

Andy Steinhauser

Director (Until 2023)
1 hrs/week
DL

Devorah Lieberman

Director (Until 2023)
1 hrs/week
ER

Eric Rowen

Director (Until 2023)
1 hrs/week
JA

Jeff Assaf

Director (Until 2023)
1 hrs/week
LC

Lewis C Horne

Director (Until 2023)
1 hrs/week
LO

Linda Oubre

Director (Until 2023)
1 hrs/week
LI

Luci Ibarra

Director (Until 2023)
1 hrs/week
SS

Shannon Sullivan

Director (Until 2023)
1 hrs/week
LH

Larry Holt

VP Business Assistance And International Trade
Full-time
Compensation: $137,687
JA

Justin Adams

Senior Economist
Full-time
Compensation: $137,353

Milestones

1981

Organization Founded

1981

Economic Development Corporation was established to address community needs and advance its mission.

1989

Leadership Development

1989

Strengthened governance with expanded board and executive team.

2023

Community Impact

2023

Demonstrated effectiveness through measurable program outcomes.

Associated People

Board members, advisors, and key contributors

Board of Directors

MC
Mr. Chris Amble Market Executive Wells Fargo

Mr. Connor Bates Worldwide President, Medication Management Solutions BD

MJ
Mr. Jason Anderson President & CEO Cleantech San Diego

Ms. Rachel Bereza President & CEO San Diego Workforce Partnership

RA
Rear Admiral Rich Jarrett Mr. John Pope Executive Director NAVWAR

Commander Navy Region Southwest                              

AC
Aaron Cohen Director 1.00 hrs/week
AB
Adam Burke Director 1.00 hrs/week
AH
Amos Himmelstein Director 1.00 hrs/week
AY
Angela Yim-Sullivan Director 1.00 hrs/week
AB
Arthur Bilger Director 1.00 hrs/week
BJ
Barbara Jones Director 1.00 hrs/week
BD
Bill Dacunto Director 1.00 hrs/week
BC
Brennon Crist Director 1.00 hrs/week
BH
Brett Howroyd Director 1.00 hrs/week
BL
Bryan Leroy Director 1.00 hrs/week
BS
Bryan Sastokas Director 1.00 hrs/week
BS
Bryan Schweickert Director 1.00 hrs/week
CS
Carissa Smith Director 1.00 hrs/week
CR
Catherine Reheis-Boyd Director 1.00 hrs/week
CC
Cynthia Coulter Director 1.00 hrs/week
DL
Daniel Ledger Director 1.00 hrs/week
DT
Daniel Timmons Director 1.00 hrs/week
DA
David Abel Director 1.00 hrs/week
DF
David Fleming Director 1.00 hrs/week
DF
David Foley Director 1.00 hrs/week
DH
David Hill Director 1.00 hrs/week
DT
David Tucker Director 1.00 hrs/week
DB
Diana Boyadjian Director 1.00 hrs/week
DN
Dr Noel Hacegaba Director 1.00 hrs/week
ET
Effie Turnbull Sanders Director 1.00 hrs/week
EE
Efrain Escobedo Director 1.00 hrs/week
EC
Ellie Casson Director 1.00 hrs/week
EB
Eric Bullard Director 1.00 hrs/week
EB
Erika Beck Director 1.00 hrs/week
FD
Fesia Davenport Director 1.00 hrs/week
FT
Frances Teves Director 1.00 hrs/week
GB
Gene Block Director 1.00 hrs/week
GH
Gene Hale Director 1.00 hrs/week
GS
Gene Seroka Director 1.00 hrs/week
GO
Gerard Orozco Director 1.00 hrs/week
GW
Goetz Wolff Director 1.00 hrs/week
HB
Hale Behzadi Director 1.00 hrs/week
HE
Harry Elam Director 1.00 hrs/week
JC
Jane Conoley Director 1.00 hrs/week
JB
Jarret Barrios Director 1.00 hrs/week
JS
Jayme S Wilson Director 1.00 hrs/week
JW
Jeff Wilson Director 1.00 hrs/week
JR
Jeffrey R Jennison Director 1.00 hrs/week
JC
Jim Coronado Director 1.00 hrs/week
JL
Jodie Lesh Director 1.00 hrs/week
JA
John Ackerman Director 1.00 hrs/week
JL
John Loftus Director 1.00 hrs/week
JG
Jose Gomez Director 1.00 hrs/week
JV
Joseph Villela Director 1.00 hrs/week
JS
Juan Salazar Director 1.00 hrs/week
JE
Justin Erbacci Director 1.00 hrs/week
JT
Justin Thompson Director 1.00 hrs/week
KS
Karen Sessions Director 1.00 hrs/week
KR
Kathleen Rawson Director 1.00 hrs/week
KL
Kelly Lobianco Director 1.00 hrs/week
LS
Laurie Sewell Director 1.00 hrs/week
LM
Les McCabe Director 1.00 hrs/week
LZ
Lilit Zibari Director 1.00 hrs/week
LR
Lilly Rocha Director 1.00 hrs/week
MC
Maria Camacho Director 1.00 hrs/week
MG
Maria Garcia Director 1.00 hrs/week
MH
Mariana Holliday Director 1.00 hrs/week
MP
Mark Pestrella Director 1.00 hrs/week
MS
Mark Sogomian Director 1.00 hrs/week
MO
Maura O'Connor Director 1.00 hrs/week
MW
Michael Weintraub Director 1.00 hrs/week
MM
Minal Mondkar Director 1.00 hrs/week
MB
Monica Banken Director 1.00 hrs/week
NM
Narineh Makijian Director 1.00 hrs/week
NL
Nataline Lomedico Director 1.00 hrs/week
PM
Patrick McClenahan Director 1.00 hrs/week
PC
Porsha Cropper Director 1.00 hrs/week
PK
Praful Kulkarni Director 1.00 hrs/week
RF
Ron Frierson Director 1.00 hrs/week
RN
Rose Nordbrock Director 1.00 hrs/week
SM
Santiago Munoz Director 1.00 hrs/week
SR
Schenae Rourk Director 1.00 hrs/week
SS
Spencer Smith Director 1.00 hrs/week
SN
Steven Nissen Director 1.00 hrs/week
SO
Steven Olson Director 1.00 hrs/week
TM
Thomas M Priselac Director 1.00 hrs/week
TP
Thomas Parham Director 1.00 hrs/week
TW
Thomas Wingard Director 1.00 hrs/week
TA
Timothy Anderson Director 1.00 hrs/week
TV
Tom Vandiver Director 1.00 hrs/week
TK
Travis Kiyota Director 1.00 hrs/week
WD
Winston Damarillo Director 1.00 hrs/week
YE
Yvette Estrada Director 1.00 hrs/week
ZS
Zack Sokoloff Director 1.00 hrs/week
ZA
Zanku Amernian Director 1.00 hrs/week
MT
Mr. Tom Seidler Chair EVP, Community & International Impact San Diego Padres

Information compiled from IRS Form 990 and organizational materials.

Executive Compensation

Top compensated officers & key employees from IRS Form 990

Total Reported (2023)

$2.2M

Highest Paid

$435K

Stephen Cheung

Compensated Officers

10

Name Title Base Other Total Hrs/Wk
Stephen Cheung President And CEO $395,000 $40,192 $435,192 40
Kendal R Turner Executive Vice PRES./CFO $264,710 $34,167 $298,877 40
Melissa Khamvongsa Vice President Strategic Relations $227,791 $36,982 $264,773 40
Shannon Sedgwick DIR. Institute Of Applied Economics $174,382 $21,595 $195,977 40
Jermaine Hampton Vice President Workforce Development & Special PR $167,125 $25,695 $192,820 40
Barbara Levine Director Of Business Assistance Program $153,079 $21,476 $174,555 40
Sonia Estrada Senior Director Accounting & Administration $138,258 $19,278 $157,536 40
Justin Adams Senior Economist $137,353 $17,621 $154,974 40
Larry Holt VP Business Assistance And International Trade $137,687 $6,200 $143,887 40
Rick Davila Director Of IT And Facilities $132,675 $4,658 $137,333 40

Source: IRS Form 990 filings. Compensation includes base and other reported compensation.

Partners & Funders

Grant funding relationships from IRS Form 990 filings

$42K Grants Received
3 Organizations

Top Funders

3 total
FI
Fidelity Investments Charitable Gift Fund
$20K
AO
American Online Giving Foundation Inc.
$15K
NC
National Charitable Endowment Inc.
$7K
Fidelity Investments Charitable Gift Fund American Online Giving Foundation Inc. National Charitable Endowment Inc.
Fidelity Investments Charitable Gift Fund American Online Giving Foundation Inc. National Charitable Endowment Inc.

Source: IRS Form 990 Schedule I filings. Amounts may span multiple tax years.

Contact

Get in touch with Economic Development Corporation

Phone

(213) 236-4826 (213) 622-4300

Social

Visit Website
633 W 5th Street 3300 Los Angeles, CA 90071