Otakorp Inc
- Assets
- $2.9m
- Revenue
- $214.0k
- Investments
- $0.0
- Employees
- 0
- Location
- Hanover, MD
- Founding
- 10/1997
- Data as of
- 12/2022
- EIN
- 25-1800552
Organization Overview
Otakorp Inc is located in Hanover, MD. The organization was established in 1997. According to its NTEE Classification (A23) the organization is classified as: Cultural & Ethnic Awareness, under the broad grouping of Arts, Culture & Humanities and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Otakorp Inc 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 12/2022, Otakorp Inc generated $214.0k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 8 years, the organization has seen revenues fall by an average of (28.4%) each year. All expenses for the organization totaled $110.6k during the year ending 12/2022. As we would expect to see with falling revenues, expenses have declined by (35.1%) per year over the past 8 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO FOSTER AN AWARENESS AND PROMOTE THE APPRECIATION OF ASIAN CULTURE, PRIMARILY THROUGH ITS MEDIA AND ENTERTAINMENT AND THE ARTISTIC COMMUNITY INVOLVED IN THEIR CREATION, BY PROVIDING A FORUM FOR EXHIBITION, DISCUSSION, WORKSHOPS, AND ACTIVITIES RELATED TO THE SAME; MOREOVER TO PROVIDE AN ENVIRONMENT AND SUPPORT MECHANISM BY WHICH A SIMILAR ARTISTIC COMMUNITY CAN ARISE IN THE UNITED STATES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
OTAKORP, INC. MADE LOGISTIC AND CONTRACTUAL PREPARATIONS FOR ITS UPCOMING 2023 ANNUAL MEETING. THIS 3-DAY EDUCATIONAL AND IMMERSIVE FESTIVAL OF ASIAN POPULAR ARTS AND CULTURE, CALLED OTAKON, INCLUDES PANELS, LECTURES, WORKSHOPS, CONCERTS, FILM AND VIDEO PRESENTATIONS, AND LIVE APPEARANCES BY THOSE INVOLVED IN THE CREATION, PRODUCTION, AND DISTRIBUTION OF ASIAN ART AND CULTURE. WE ANTICIPATE HOSTING OVER 35,000 ATTENDEES ACROSS THE THREE DAYS OF THE 2023 EVENT, WHICH WILL BE SUPPORTED BY APPROXIMATELY 800 VOLUNTEERS. OTAKON IS ONE OF THE LARGEST EVENTS OF ITS TYPE IN THE UNITED STATES AND HAS BEEN OUR PRIMARY EVENT SINCE THE FOUNDING OF THE CORPORATION.
OTAKORP, INC. COORDINATED WITH A NUMBER OF OTHER REGIONAL EVENTS, SUCH AS NEKOCON AND PAX UNPLUGGED, TO CONTINUE ITS EFFORTS TO CROSS-PROMOTE INTEREST IN ASIAN CULTURE, MEDIA, AND ENTERTAINMENT IN THE UNITED STATES.
OTAKORP, INC. CONTINUED TO DEVELOP ITS RELATIONSHIPS WITH THE EMBASSY OF THE REPUBLIC OF KOREA AND THE EMBASSY OF JAPAN IN ORDER TO CONTINUE OUR CROSS-CULTURAL MISSION. FURTHERMORE, WE FOLLOWED UP ON RECENTLY COMPLETED MEETINGS WITH REPRESENTATIVES OF BOTH JAPAN AND SOUTH KOREA'S ARTISTIC COMMUNITIES AND POPULAR ARTS INDUSTRIES TO BRING PROGRAMING, EXHIBITIONS, AND DISCUSSION OF THEIR MEDIA, ENTERTAINMENT, AND CULTURE TO OTAKON. THIS CONTINUED NETWORKING IS NECESSARY TO SUPPORT AND FOSTER SIMILAR ARTISTIC COMMUNITIES IN THE UNITED STATES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Robert Brian Cutler President | OfficerTrustee | 20 | $0 |
John Gluth Vice Preside | OfficerTrustee | 15 | $0 |
Matt Smiechowski Treasurer | OfficerTrustee | 10 | $0 |
Joey Bruno Comptroller | OfficerTrustee | 10 | $0 |
Mel Hardy Correspondin | OfficerTrustee | 8 | $0 |
Matthew Graves Recording Se | OfficerTrustee | 10 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Dsl Sound Inc Audio Visual Sv | 10/30/19 | $485,047 |
Hargrove Inc Display Service | 10/30/19 | $251,698 |
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 | $686 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $686 |
| Total Program Service Revenue | $212,404 |
| Investment income | $0 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $919 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $214,009 |
| 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 | $0 |
| Fees for services: Legal | $48,750 |
| Fees for services: Accounting | $4,818 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $1,755 |
| Office expenses | $21 |
| Information technology | $4,045 |
| Royalties | $0 |
| Occupancy | $18,613 |
| Travel | $3,855 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $21,391 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $2,138 |
| All other expenses | $5,195 |
| Total functional expenses | $110,581 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,924,624 |
| Savings and temporary cash investments | $0 |
| 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 | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $2,924,624 |
| Accounts payable and accrued expenses | $0 |
| 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 | $80,153 |
| Total liabilities | $80,153 |
| Net assets without donor restrictions | $2,844,471 |
| 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 | $0 |
| Total liabilities and net assets/fund balances | $2,924,624 |