Civic Intelligence

California Immigrant Policy Center

EIN 81-5304541 • 501(c)3 • Los Angeles, CA

Profile

The california immigrant policy center (cipc) was founded more than 25 years ago by a collaborative of organizations in response to the 1996 passage of harmful federal immigration and welfare laws. Now, cipc is a statewide organization that leads, develops, and advances pro-immigrant policies. It is powered by a staff of policy experts, advocates, and regional partners spanning southern and northern california, the central coast, and the central valley. Cipc's mission is to uphold the humanity of immigrant communities in california by transforming systems to achieve racial, social, and economic justice.

Refreshing map…

634 S Spring Street 600ALos Angeles, CA 90014

www.caimmigrant.org

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

36th percentile

0.08x

Higher debt load relative to assets than 36% of similar nonprofits.

501(c)3 • $10M-$25M nonprofits • Source year 2024

Liabilities / Revenue

30th percentile

0.10x

Higher debt load relative to revenue than 30% of similar nonprofits.

501(c)3 • $10M-$25M nonprofits • Source year 2024

Net Margin

88th percentile

48%

Higher net margin than 88% of similar nonprofits.

501(c)3 • $10M-$25M nonprofits • Source year 2024

Top Officer Pay

69th percentile

$231,666

Higher top officer pay than 69% of similar nonprofits.

Top officer pay equals 2.3% of source-year revenue.

501(c)3 • $10M-$25M nonprofits • Source year 2024

Asset Growth

84th percentile

25%

Faster asset growth than 84% of similar nonprofits.

501(c)3 • $10M-$25M nonprofits • Annualized from 2022 to 2024

Revenue Growth

86th percentile

45%

Faster revenue growth than 86% of similar nonprofits.

501(c)3 • $10M-$25M nonprofits • Annualized from 2022 to 2024

Assets

Up

$12,024,131

Up $4,344,824 (+57%) from 2022

Liabilities

Up

$970,590

Up $767,501 (+378%) from 2022

Net Assets

Up

$11,053,541

Up $3,577,323 (+48%) from 2022

Revenue

Up

$10,159,767

Up $5,355,412 (+111%) from 2022

Expenses

Up

$5,274,497

Up $1,478,444 (+39%) from 2022

Net Income

Up

$4,885,270

Up $3,876,968 (+385%) from 2022

Trend Graphs

Balance Sheet Trend

Grouped bars show assets, liabilities, and net assets across loaded filings.

$15M$10M$5.0M$0Assets 2018: $4,346,203Liabilities 2018: $232,413Net Assets 2018: $4,113,7902018Assets 2020: $4,985,209Liabilities 2020: $561,563Net Assets 2020: $4,423,6462020Assets 2021: $7,041,070Liabilities 2021: $573,154Net Assets 2021: $6,467,9162021Assets 2022: $7,679,307Liabilities 2022: $203,089Net Assets 2022: $7,476,2182022Assets 2024: $12,024,131Liabilities 2024: $970,590Net Assets 2024: $11,053,5412024

Highlighted filing

2024

Assets$12,024,131
Liabilities$970,590
Net Assets$11,053,541

Operations Trend

Revenue, expenses, and net income by year, with the latest filing highlighted.

$15M$10M$5.0M$0-$5.0MRevenue 2018: $6,428,775Expenses 2018: $2,314,985Net Income 2018: $4,113,7902018Revenue 2020: $3,387,210Expenses 2020: $3,665,904Net Income 2020: -$278,6942020Revenue 2021: $5,275,117Expenses 2021: $3,230,847Net Income 2021: $2,044,2702021Revenue 2022: $4,804,355Expenses 2022: $3,796,053Net Income 2022: $1,008,3022022Revenue 2024: $10,159,767Expenses 2024: $5,274,497Net Income 2024: $4,885,2702024

Highlighted filing

2024

Revenue$10,159,767
Expenses$5,274,497
Net Income$4,885,270

Filings

Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jan 1, 2024 to Dec 31, 2024
Signed
Nov 14, 2025
Return Version
2024v5.2
Gross Receipts
$10,159,767
Mission and Program Overview

Mission

Cipc promotes and protects safety, health and public benefits for immigrants. It is the premiere immigrant rights organization that effectively combines legislative and policy advocacy, strategic communications, organizing and capacity building to pursue its mission. It is powered by a staff of policy experts and advocates; a steering committee composed of 14 statewide organizations; 85 member organizations; and nine regional coalition partners spanning southern and northern california, the central coast and the central valley.

Cipc advocates for policies that uphold the humanity of immigrants and refugees.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$3,021,606$5,212,741▲ $2,191,135
Pledges and Grants Receivable$454,165$3,614,351▲ $3,160,186
Savings and Temporary Cash Investments$2,959,896$3,063,229▲ $103,333
Prepaid Expenses and Deferred Charges$34,381$35,581▲ $1,200
Total Assets$6,481,654$12,024,131▲ $5,542,477
Other Assets Total$11,606$98,229▲ $86,623
Liabilities
Deferred Revenue-$650,347-
Accounts Payable and Accrued Expenses$183,747$232,827▲ $49,080
Other Liabilities$0$87,416▲ $87,416
Total Liabilities$183,747$970,590▲ $786,843
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$5,960,217$10,426,041▲ $4,465,824
Net Assets With Donor Restrictions$337,690$627,500▲ $289,810
Total Net Assets Fund Balance$6,297,907$11,053,541▲ $4,755,634
Total Liabilities and Net Assets / Fund Balance$6,481,654$12,024,131▲ $5,542,477
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Masih FouladinejadExecutive DirectorFT$211,111$20,555$231,666
Apolonio MoralesDeputy Dir, Programs & CampaignsFT$142,138$29,387$171,525
Whelma Cabanawan Left in 2024Deputy Dir, Admin & FinanceFT$124,980$35,411$160,391
Sarah DarDir, Health and Public PolicyFT$111,577$11,120$122,697

Board Members and Trustees

Revenue and Support

Revenue Composition

Contributions and Grants
$10,037,923
Program Service Revenue
$0
Investment Income
$115,430
Other Revenue
$6,414
All Other Contributions
$10,037,923
Change in Net Assets
$4,885,270

Audited Revenue Reconciliation

Revenue per Audited Statements
$10,159,767
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$0
Total Revenue per Audited Statements
$10,159,767
Total Revenue per Form 990
$10,159,767
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$2,690,881
Grants and Similar Amounts Paid$1,549,184
Other Expenses$1,034,432
Total Fundraising Expense$363,066
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$1,496,250$240,681$253,723$1,990,654
Grants to Domestic Orgs$1,535,774--$1,535,774
Fees for Services Other$279,080$45,116$1,075$325,271
Other Employee Benefits$167,780$56,036$16,779$240,595
Current Officers, Directors, Trustees, and Key Employees$173,365$29,198$29,103$231,666
Conferences and Meetings$153,392$42,001$455$195,848
Occupancy$140,690$26,188$15,057$181,935
Payroll Taxes$127,015$20,512$21,147$168,674
Fees for Services Accounting$43,861$22,431$7,293$73,585
Pension Plan Contributions$43,304$7,290$8,698$59,292
Office Expenses$24,447$28,033$2,072$54,552
Travel$19,554$18,147$1,223$38,924
Information Technology$19,920$709$3,237$23,866
Insurance$14,851$2,577$2,458$19,886
Advertising$16,100--$16,100
Grants to Domestic Individuals$13,410--$13,410
Fees for Services Legal-$12,394-$12,394
Other Expenses$1,869$898$171$2,767
Total Functional Expenses$4,304,553$606,878$363,066$5,274,497

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$5,274,497
Total Expenses per Audited Statements$5,274,497
Total Expenses per Form 990$5,274,497
Expenses Not Reported on Financial Statements$0
Expenses Not Reported on Form 990$0
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Cair-la (council on American-islamic Relations)Anaheim, CA501(c)(3)Council of American-isamic Relations - Rep4all, Oneca, Ive and Scenario Planning.$88,392
Community Action Board of Santa Cruz Co IncWatsonville, CA501(c)(3)Rep4all/oneca and Scenario Planning Leadership$83,592
Carecen (central American Resource Center of California)Los Angeles, CA501(c)(3)Rep4all/one$81,960
Education and Leadership FoundationFresno, CA501(c)(3)Rep4all/oneca Advocacy and Scenario Planning Leadership.$81,960
San Bernardino Community Service Center IncSan Bernardino, CA501(c)(3)Rep4all/oneca and Scenario Planning Leadership.$81,960
Services Immigrant Rights & Education Network (siren)San Jose, CA501(c)(3)Rep4all/oneca Advocacy and Scenario Planning Leadership.$81,960
Maternal and Child Health AccessLos Angeles, CA501(c)(3)Health4all Outreach, Education, and Enrollment Assistance$29,000
Asian Resources IncSacramento, CA501(c)(3)Health4all Outreach, Education, and Enrollment Assistance$28,000
California Rural Legal Assistance FoundationSacramento, CA501(c)(3)Health4all Outreach, Education, and Enrollment Assistance$28,000
Central Valley Immigrant Integration CollaborativeFresno, CA501(c)(3)Health4all Outreach, Education, and Enrollment Assistance$28,000
Centro Binacional Para El Desarrollo OaxaquenoFresno, CA501(c)(3)Health4all Outreach, Education, and Enrollment Assistance$28,000
Clinica Mons Oscar a RomeroLos Angeles, CA501(c)(3)Health4all Outreach, Education, and Enrollment Assistance$28,000
Filipino Migrant CenterLong Beach, CA501(c)(3)Health4all Outreach, Education, and Enrollment Assistance$28,000
Inland Coalition for Immigrant JusticeSan Bernardino, CA501(c)(3)Health4all Outreach, Education, and Enrollment Assistance$28,000
Orale (organizing Rooted in Abolition Liberation & Empowerment)Los Angeles, CA501(c)(3)Health4all Outreach, Education, and Enrollment Assistance$28,000
Pilipino Workers Center of Southern CaliforniaLos Angeles, CA501(c)(3)Health4all Outreach, Education, and Enrollment Assistance$28,000
Survivors of Torture InternationalSan Diego, CA501(c)(3)Health4all Outreach, Education, and Enrollment Assistance$28,000
Todec Legal Center (perris)Perris, CA501(c)(3)Health4all Outreach, Education, and Enrollment Assistance$28,000
Alliance for African AssistanceSan Diego, CA501(c)(3)Health4all Outreach, Education, and Enrollment Assistance$22,000
Monument ImpactConcord, CA501(c)(3)Health4all Outreach, Education, and Enrollment Assistance$22,000
Richmond Community FoundationRichmond, CA501(c)(3)Health4all Outreach, Education, and Enrollment Assistance$22,000
South Asian NetworkArtesia, CA501(c)(3)Health4all Outreach, Education, and Enrollment Assistance$22,000
The Latina CenterRichmond, CA501(c)(3)Health4all Outreach, Education, and Enrollment Assistance$22,000
United Taxi Workers of San DiegoSan Diego, CA501(c)(3)Health4all Outreach, Education, and Enrollment Assistance$22,000
Village Community Resource CenterBrentwood, CA501(c)(3)Health4all Outreach, Education, and Enrollment Assistance$22,000
Burma Refugee Family NetworkSan Jose, CA501(c)(3)Health4all Outreach, Education, and Enrollment Assistance$20,000
Carpinteria Childrens ProjectCarpinteria, CA501(c)(3)Health4all Outreach, Education, and Enrollment Assistance$20,000
Central Valley Workers CenterParlier, CA501(c)(3)Health4all Outreach, Education, and Enrollment Assistance$20,000
Community Health Partnership IncSan Jose, CA501(c)(3)Health4all Outreach, Education, and Enrollment Assistance$20,000
East Bay Sanctuary CovenantBerkeley, CA501(c)(3)Health4all Outreach, Education, and Enrollment Assistance$20,000
El Sol Neighborhood Education CenterSan Bernardino, CA501(c)(3)Health4all Outreach, Education, and Enrollment Assistance$20,000
Garment Worker CenterLos Angeles, CA501(c)(3)Health4all Outreach, Education, and Enrollment Assistance$20,000
Inland Empire Immigrant Youth CollectiveRiverside, CA501(c)(3)Health4all Outreach, Education, and Enrollment Assistance$20,000
Jakara MovementFresno, CA501(c)(3)Health4all Outreach, Education, and Enrollment Assistance$20,000
Korean Resource CenterLos Angeles, CA501(c)(3)Health4all Outreach, Education, and Enrollment Assistance$20,000
La Familia Counseling Center IncSacramento, CA501(c)(3)Health4all Outreach, Education, and Enrollment Assistance$20,000
La Luz CenterSonoma, CA501(c)(3)Health4all Outreach, Education, and Enrollment Assistance$20,000
Pars Equality CenterSan Jose, CA501(c)(3)Health4all Outreach, Education, and Enrollment Assistance$20,000
SalvaPalmdale, CA501(c)(3)Health4all Outreach, Education, and Enrollment Assistance$20,000
Somali Bantu Association of AmericaSan Diego, CA501(c)(3)Health4all Outreach, Education, and Enrollment Assistance$20,000
The Cambodian FamilySanta Ana, CA501(c)(3)Health4all Outreach, Education, and Enrollment Assistance$20,000
The Fresno CenterFresno, CA501(c)(3)Health4all Outreach, Education, and Enrollment Assistance$20,000
United Women of East Africa Support TeamSan Diego, CA501(c)(3)Health4all Outreach, Education, and Enrollment Assistance$20,000
Upvalley Family Centers of Napa CountySt Helena, CA501(c)(3)Health4all Outreach, Education, and Enrollment Assistance$20,000
Vida Mobile ClinicGranada Hills, CA501(c)(3)Health4all Outreach, Education, and Enrollment Assistance$20,000
Vision Y CompromisoLos Angeles, CA501(c)(3)Health4all Outreach, Education, and Enrollment Assistance$20,000
Worksite Wellness LaLos Angeles, CA501(c)(3)Health4all Outreach, Education, and Enrollment Assistance$20,000
Americas Voice Education FundWashington, DC501(c)(3)Participation of Douglas Rivlin and Mario Carrillo in the Winning the Immigration Narrative Collective Working Group$18,000
United We Dream IncWashington, DC501(c)(3)Narrative Community of Practice$18,000
Nakasec (national Korean American Service & Education Consortium)Vienna, VA501(c)(3)Narrative Community of Practice$14,000
Equality Alliance of San Diego County (alliance San Diego)San Diego, CA501(c)(3)Narrative Community of Practice$12,000
South Asian NetworkArtesia, CA501(c)(3)Ive and Scenario Planning$12,000
Buen VecinoWestlake Village, CA501(c)(3)Ive and Scenario Planning Work$9,750
North Main Street FundSan Jose, CA501(c)(3)Narrative Community of Practice$8,000
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
Yes
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Right of Use Liability$87,416
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
Yes
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section A, Line 8B

This question is not applicable since the organization does not have a committee with the authority to act on behalf of the board.

Form 990, Part VI, Section B, Line 11B

The form 990 is reviewed internally prior to signing and filing.

Form 990, Part VI, Section B, Line 12C

The executive director, masih fouladinejad, meets with each board member individually on a yearly basis to discuss their continuing interest to serve on the board of directors for the organization. In this meeting he also solicits any information about a potential conflict of interest that may compromise the members ability to serve.

Form 990, Part VI, Section B, Line 15A

The board of directors gathers comparability data and conducts an annual performance review of the executive director, masih fouladinejad, to make any decisions about any salary increases for the year at that time, independently, without the participation of interested persons.

Form 990, Part VI, Section C, Line 19

The organization makes its governing documents, conflict of interest policy and financial statements available to the public upon request.

Filing and Contact Details

Filer

Filer Name
California Immigrant Policy Center
EIN
81-5304541
Phone
2132500880
Address
634 S SPRING STREET 600A, LOS ANGELES, CA 90014

Signing Officer

Name
Masih Fouladi
Title
Executive Director
Phone
2132500880
Signed
2025-11-14
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Masih Fouladi
Formed
2016
Legal Domicile
CA
Voting Board Members
11
Independent Board Members
11
Employees
27
Volunteers
14

Preparer

Firm
Green Hasson & Janks Llp
Address
700 S FLOWER STREET SUITE 3300, LOS ANGELES, CA 90017
Preparer
Lizbeth G Nevarez
Phone
3108731600
Supplemental Narrative

Additional Explanations

FORM 990, PART XII, LINE 2C:

No processes have changed from the prior year.

Financial Statement Notes

PART X, LINE 2:

Cipc recognizes the impact of tax positions in the financial statements if that position is more likely than not to be sustained on audit, based on the technical merits of the position. During the year ended december 31, 2024, cipc performed an evaluation of uncertain tax positions and did not note any matters that would require recognition in the financial statements or which might have an effect on its tax-exempt status.

Raw XML AppendixShowing 400 of 1,156 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990/ActivityOrMissionDesc0CIPC ADVOCATES FOR POLICIES THAT UPHOLD THE HUMANITY OF IMMIGRANTS AND REFUGEES.
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IRS990/Form990PartVIISectionAGrp/TitleTxt0DEPUTY DIR, ADMIN & FINANCE
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IRS990/Form990PartVIISectionAGrp/TitleTxt2EXECUTIVE DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt3DIR, HEALTH AND PUBLIC POLICY
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IRS990/MissionDesc0THE CALIFORNIA IMMIGRANT POLICY CENTER UPHOLDS THE HUMANITY OF IMMIGRANT COMMUNITIES IN CALIFORNIA BY TRANSFORMING SYSTEMS TO ACHIEVE RACIAL, SOCIAL, AND ECONOMIC JUSTICE.
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IRS990/ProgSrvcAccomActy2Grp/Desc0MOVEMENT BUILDING AND CIVIC ENGAGEMENT:THE CALIFORNIA IMMIGRANT POLICY CENTER (CIPC) ENGAGES IN MOVEMENT BUILDING, ORGANIZING, AND STRATEGIC MESSAGING AND NARRATIVE COMMUNICATIONS TO EMPOWER IMMIGRANT COMMUNITIES ACROSS CALIFORNIA. CIPC MOBILIZES COMMUNITIES BY TRAINING LEADERS AND ACTIVISTS TO ADVOCATE FOR THEIR RIGHTS AND ADDRESS ISSUES IMPACTING THEIR LIVES. CIPC FORMS COALITIONS WITH IMMIGRANT RIGHTS GROUPS, LABOR ORGANIZATIONS, AND COMMUNITY-BASED ENTITIES TO CREATE A UNIFIED FRONT ON CRITICAL ISSUES LIKE WORKERS' RIGHTS, HEALTH, AND IMMIGRANT INCLUSION. ADDITIONALLY, THE ORGANIZATION PRIORITIZES DEVELOPING LEADERSHIP SKILLS WITHIN IMMIGRANT COMMUNITIES THROUGH TRAINING IN ADVOCACY AND PUBLIC SPEAKING, FOSTERING A NEW GENERATION OF ADVOCATES. CIPC ORGANIZES EFFORTS TO ENGAGE LAWMAKERS BY PROVIDING IMMIGRANT COMMUNITY MEMBERS THE TRAINING TO SHARE THEIR STORIES AND ARTICULATE THE NEEDS OF IMMIGRANT COMMUNITIES. CIPC ALSO ADVANCES STRATEGIC MESSAGING, NARRATIVE, AND PUBLIC AWARENESS CAMPAIGNS TO HIGHLIGHT THE CONTRIBUTIONS OF IMMIGRANTS AND RAISE AWARENESS ABOUT THEIR CHALLENGES, AIMING TO SHIFT PUBLIC PERCEPTIONS. THROUGH TOWN HALLS AND FORUMS, CIPC CREATES SPACES FOR COMMUNITY VOICES TO BE HEARD AND COLLECTIVE STRATEGIES TO BE DEVELOPED. THROUGH THESE COMPREHENSIVE EFFORTS, CIPC AIMS UPHOLD THE HUMANITY OF IMMIGRANT COMMUNITIES IN CALIFORNIA BY TRANSFORMING SYSTEMS TO ACHIEVE RACIAL, SOCIAL, AND ECONOMIC JUSTICE.
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IRS990/ProgSrvcAccomActy3Grp/Desc0IMMIGRANT INCLUSION AND PROTECTION: PROGRAMMING TO AMPLIFY THE NEEDS OF IMMIGRANTS AT RISK AND PROVIDE EDUCATION AND OUTREACH TO ADDRESS THOSE ISSUES SYSTEMICALLY AS WELL AS OTHER PROGRAMMATIC INITIATIVES TO SUPPORT IMMIGRANT COMMUNITIES.
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IRS990/ProgSrvcAccomActyOtherGrp/Desc0THE CALIFORNIA IMMIGRANT POLICY CENTER (CIPC) SUPPORTS IMMIGRANT WORKERS IN CALIFORNIA THROUGH ADVOCACY, EDUCATION, COMMUNITY ENGAGEMENT, COLLABORATION, AND ECONOMIC EMPOWERMENT INITIATIVES.CIPC ADVOCATES FOR POLICIES THAT PROTECT IMMIGRANT WORKERS' RIGHTS, ADDRESSING ISSUES SUCH AS WAGE THEFT AND WORKPLACE DISCRIMINATION. THEY PROVIDE EDUCATIONAL RESOURCES TO INFORM WORKERS ABOUT THEIR RIGHTS UNDER LABOR LAWS, EMPOWERING THEM TO SEEK FAIR WAGES AND SAFE WORKING CONDITIONS.BY ENGAGING DIRECTLY WITH IMMIGRANT COMMUNITIES, CIPC GATHERS INSIGHTS INTO THEIR SPECIFIC WORKFORCE CHALLENGES, WHICH INFORMS TAILORED PROGRAMS AND ADVOCACY EFFORTS. THE ORGANIZATION COLLABORATES WITH LABOR UNIONS, WORKER CENTERS, AND COMMUNITY-BASED ORGANIZATIONS TO AMPLIFY IMMIGRANT WORKERS' VOICES AND ENHANCE SUPPORT NETWORKS.ADDITIONALLY, CIPC PROMOTES ECONOMIC EMPOWERMENT THROUGH ACCESS TO JOB TRAINING PROGRAMS AND RESOURCES THAT HELP IMMIGRANTS ADVANCE THEIR CAREERS. THEY ALSO CONDUCT RESEARCH TO IDENTIFY BARRIERS FACED BY IMMIGRANT WORKERS, USING DATA TO ADVOCATE FOR MORE INCLUSIVE LABOR POLICIES.THROUGH THESE COMPREHENSIVE EFFORTS, CIPC AIMS TO CREATE A MORE EQUITABLE LABOR ENVIRONMENT, ENSURING IMMIGRANT WORKERS HAVE THE PROTECTIONS AND OPPORTUNITIES NECESSARY FOR SUCCESS IN CALIFORNIA'S ECONOMY.
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