Asian Festival Corporation
- Assets
- $898.9k
- Revenue
- $186.8k
- Investments
- $0.0
- Employees
- 0
- Location
- Columbus, OH
- Founding
- 10/2004
- Data as of
- 12/2021
- EIN
- 01-0813672
Organization Overview
Asian Festival Corporation is located in Columbus, OH. The organization was established in 2004. According to its NTEE Classification (N52) the organization is classified as: Fairs, under the broad grouping of Recreation & Sports and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Asian Festival Corporation is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 12/2021, Asian Festival Corporation generated $186.8k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (7.2%) each year. All expenses for the organization totaled $76.6k during the year ending 12/2021. As we would expect to see with falling revenues, expenses have declined by (16.7%) per year over the past 7 years. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
ASIAN FESTIVAL PROMOTES THE IMPORTANTS OF CULTURAL DIVERSITY IN BUILDING A VIBRANT,PROSPEROUS AND HEALTHY COMMUNITY. OUR STATEMENT OF VALUES: SHOW CASING OUR CULTURAL HERITAGE ADVOCATING THE IMPORTANCE OF LIFELONG LEARNING AND EDUCATION. SERVING WITH INTEGRITY
Describe the Organization's Program Activity:
Part 3 - Line 4a
WITH THE WORLDWIDE LOCKDOWN FROM COVID 19 THE 2021 ASIAN FESTIVAL WAS PRESENTED VIRTUALLY. AND SHOWN LOCALLY ON A TV NEWS PROGRAM. THESE VIDEOS REPRESENTED A VARIETY OF ASIAN AMERICAN AND PACIFIC ISLANDER COMMUNITY CULTURE INCLUDING GENERAL PERFORMANCE, COOKING DEMOS, FOOD REVIEW AND HEALTH PRESENTATION.
WE CONTINUE TO FOCUS ON HELPING THE ASIAN AMERICAN AND PACIFIC ISLANDER COMMUNITY WITH PROVIDING THE FOLLOWING: COVID RELATED MATERIALS, MASKS , GLOVES, WIPES AND SANITIZERS. COOKING AND DELIVERING MEALS TO ELDERLY IN THE FILIPINO CHINESE AND VIETNAMESE COMMUNITIES. SUPPORTING STUDENT ORGANIZATIONS IN THE PAKISTANI, BANGLADESH AND INDIAN COMMUNITIES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Herb Chen Vice President | OfficerTrustee | 0 | $0 |
Cora Munoz President | OfficerTrustee | 0 | $0 |
Yung-Chen Lu Treasurer | OfficerTrustee | 0 | $0 |
Bounthanh Phommasathith Secretary | OfficerTrustee | 0 | $0 |
Ying Hao Trustee | Trustee | 0 | $0 |
Joseph Hau Trustee | Trustee | 0 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $139,495 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $139,495 |
| Total Program Service Revenue | $8,400 |
| Investment income | $36,539 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $2,380 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $186,814 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $269 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $1,802 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $31,577 |
| Office expenses | $1,189 |
| Information technology | $17,966 |
| Royalties | $0 |
| Occupancy | $1,992 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $568 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,930 |
| Insurance | $903 |
| All other expenses | $7,810 |
| Total functional expenses | $76,572 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $267,920 |
| Savings and temporary cash investments | $627,199 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $3,774 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $898,893 |
| Accounts payable and accrued expenses | $974 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $974 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $897,919 |
| Total liabilities and net assets/fund balances | $898,893 |
Grants Recieved
Over the last fiscal year, we have identified 2 grants that Asian Festival Corporation has recieved totaling $2,925.
| Awarding Organization | Amount |
|---|---|
Nisource Charitable Foundation Columbus, OH PURPOSE: CORPORATE DONATION | $2,500 |
Jp Morgan Chase Foundation New York, NY PURPOSE: GENERAL OPERATING SUPPORT | $425 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
York County Agricultural Society York, PA | $13,244,124 | $7,172,303 |
500 Festival Inc Indianapolis, IN | $6,763,861 | $5,772,745 |
Kentucky Derby Festival Inc Louisville, KY | $6,625,289 | $3,844,478 |
The Parade Company Detroit, MI | $3,309,193 | $3,267,080 |
Lorain County Agricultural Society Wellington, OH | $4,929,165 | $4,841,309 |
Mercer County Fairgrounds Inc Celina, OH | $1,357,772 | $2,172,389 |
Pennsylvania Petroleum Association Inc Middletown, PA | $4,020,377 | $1,812,041 |
Monroe County Fair Association Monroe, MI | $6,321,386 | $2,036,000 |
Cleveland National Air Show Inc Cleveland, OH | $1,205,857 | $2,047,075 |
Marion County Agricultural Society Inc Marion, OH | $712,159 | $1,483,488 |
Ohio Equine And Agricultural Association Inc Springfield, OH | $3,559,831 | $1,335,609 |
Hartford Independent Agricultural Society Croton, OH | $1,940,434 | $1,642,782 |