Hawaii Korean Chamber Of Commerce
- Assets
- $131.0k
- Revenue
- $0.0
- Investments
- $0.0
- Employees
- 0
- Location
- Honolulu, HI
- Founding
- 11/1975
- Data as of
- 12/2023
- EIN
- 23-7370901
Organization Overview
Hawaii Korean Chamber Of Commerce is located in Honolulu, HI. The organization was established in 1975. According to its NTEE Classification (S41) the organization is classified as: Chambers of Commerce & Business Leagues, under the broad grouping of Community Improvement & Capacity Building and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Hawaii Korean Chamber Of Commerce is a 501(c)(4) and as such, is described as a "Civic League, Social Welfare Organization, and Local Association of Employees" by the IRS.
For the year ending 12/2023, Hawaii Korean Chamber Of Commerce generated $41.7k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 9 years, the organization has seen revenues fall by an average of (13.3%) each year. All expenses for the organization totaled $24.1k during the year ending 12/2023. As we would expect to see with falling revenues, expenses have declined by (17.6%) per year over the past 9 years. You can explore the organizations financials more deeply in the financial statements section below.
Form
990EZ
Mission & Program ActivityExcerpts From the 990EZ Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
TO ENHANCE BUSINESS OPPORTUNITIES FOR OUR MEMBERS BY PROMOTING KOREAN BUSINESS DIVERSITY AND GROWTH, CREATING ECONOMIC VITALITY WITHIN HAWAII AND INTERNATIONALLY.
Describe the Organization's Program Activity:
Part 3
THE ANNUAL KOREAN FESTIVAL IS ONE OF THE PREMIER CULTURAL EVENTS IN HAWAII, BRINGING TOGETHER A BROAD ARRAY OF LOCAL BUSINESSES, COMMUNITY GROUPS AND INDIVIDUAL VOLUNTEERS FROM THE KOREAN COMMUNITY IN A JOINT CELEBRATION OF THEIR UNIQUE HERITAGE.
THE HAWAII KOREAN CHAMBER OF COMMERCE (HKCC) MEMBERSHIP ENCOMPASSES A BROAD CROSS-SECTION OF BUSINESSES, PROFESSIONALS, AND ENTREPRENEURS. HKCC PROMOTES BUSINESS DEVELOPMENT, TRADE, AND TOURISM BETWEEN HAWAII AND KOREA THROUGH NON-RECURRING INNOVATIVE PROGRAMS NOT PREVIOUSLY LISTED.
THE HAWAII KOREAN CHAMBER OF COMMERCE IS PLEASED TO OFFER ITS ANNUAL SCHOLARSHIP TO OUTSTANDING STUDENTS WHO ARE ENROLLED OR WILL BE ENROLLING FULL-TIME IN AN ACCREDITED FOUR-YEAR COLLEGE FOR UNDERGRADUATE STUDIES. THE SCHOLARSHIP IS AIMED AT CIVIC-MINDED INDIVIDUALS WHO HAVE A COMMITMENT TO SERVE THE NEEDS OF THE IMMEDIATE COMMUNITY AND SOCIETY AT LARGE. THE SCHOLARSHIP CONSISTS OF THREE 2,000 AWARDS. THE RECIPIENTS WILL RECEIVE THEIR AWARDS AT THE ANNUAL KOREAN FESTIVAL. ALL RECIPIENTS OR A REPRESENTATIVE OF THE RECIPIENTS MUST BE PRESENT AT THE KOREAN FESTIVAL TO RECEIVE THE AWARD. QUALIFIED APPLICANTS MUST: BE OF KOREAN ANCESTRY (50% OR MORE) RESIDE IN HAWAII BE A COLLEGE-BOUND, GRADUATING HIGH SCHOOL SENIOR OR A FULL-TIME UNDERGRADUATE STUDENT AT AN ACCREDITED FOUR-YEAR COLLEGE.
HKCC HOLDS NUMEROUS FINANCIAL PLANNING SEMINARS EACH YEAR FOR THE KOREAN COMMUNITY THROUGH THE HELP OF ITS DIRECTORS AND MEMBERS, WHO REPRESENT FIRMS SUCH AS MORGAN STANLEY DEAN WITTER, MERRILL LYNCH, AXA, AND EDWARD JONES. HKCC ALSO BENEFITS KOREAN SENIOR CITIZENS WITH SPECIAL SEMINARS, SUCH AS THE AARP SEMINAR ON MEDICARE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Gina K Nakamura President | 0.5 | $0 | |
Kyong Won Oh Vice-Preside | 0.5 | $0 | |
Grace Ogawa Secretary | 0.5 | $0 | |
Ryan Hamadon Treasurer | 0.5 | $0 | |
Karen Choe Director | 0 | $0 | |
Daejin Kim Director | 0 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $39,443 |
| Total Program Service Revenue | $0 |
| Membership dues | $0 |
| Investment income | $2,254 |
| Gain or Loss | $0 |
| Net Income from Gaming & Fundraising | $0 |
| Other Revenue | $0 |
| Total Revenue | $41,697 |
| Statement of Expenses | |
|---|---|
| Grants and similar amounts paid | $0 |
| Benefits paid to or for members | $0 |
| Salaries, other compensation, and employee benefits | $0 |
| Professional fees and other payments to independent contractors | $1,495 |
| Occupancy, rent, utilities, and maintenance | $4,587 |
| Printing, publications, postage, and shipping | $399 |
| Other expenses | $16,890 |
| Total expenses | $24,071 |
| Balance Sheet | |
|---|---|
| Cash, savings, and investments | $91,645 |
| Other assets | $0 |
| Total assets | $131,045 |
| Total liabilities | $0 |
| Net assets or fund balances | $131,045 |