Korean American Chamber Of Commerce Usa
- Assets
- $39.6k
- Revenue
- $221.8k
- Investments
- $0.0
- Employees
- 1
- Location
- Apopka, FL
- Founding
- 04/2004
- Data as of
- 05/2022
- EIN
- 30-0210554
Organization Overview
Korean American Chamber Of Commerce Usa is located in Apopka, FL. The organization was established in 2004. 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. Korean American Chamber Of Commerce USA is a 501(c)(6) and as such, is described as a "Business League, Chambers of Commerce, or Real Estate Board" by the IRS.
For the year ending 05/2022, Korean American Chamber Of Commerce USA generated $221.8k in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 12.2% each year . All expenses for the organization totaled $193.4k during the year ending 05/2022. While expenses have increased by 9.6% per year over the past 7 years. They've been increasing with an increasing level of total revenue. 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
OUR MISSION IS TO PROMOTE, SUPPORT, AND GUIDE KOREAN AMERICAN BUSINESSES AND BUSINESS AND CIVIC LEADERS IN THE US, AND FOSTER THE CAPACITY AND WILLINGNESS TO DEVELOP, ORGANIZE AND IMPROVE THE BUSINESS ENVIRONMENT AND STIMULATE A VIBRANT ECONOMY IN OUR COMMUNITIES AND BEYOND.
Describe the Organization's Program Activity:
Part 3 - Line 4a
MEMBERS AND BOARD OF DIRECTORS MEETING COMBINED WITH OUR ORGANIZATION'S INCOMING PRESIDENT'S INAUGURATION (TYPICALLY IN EVERY TWO YEARS): THE PURPOSE OF THIS EVENT WAS TO INTRODUCE THE ORGANIZATION'S NEW PRESIDENT AND ITS GOVENING BODY TO THE MEMBERS AND TO EDUCATE OUR MEMBERS ON THE MANY BENEFITS WE OFFER TO THEM INCLUDING REFERRAL SOURCES, BUSINESS TRADE OPPORTUNITIES, PRODUCT AND SERVICE SOURCING RECOMMENDATIONS, AND OTHER BUSINESS SUPPORT. ALSO AT THE MEETING, WE DISCUSSED THE ORGANIZATION'S ACTIVITIES AND PROGRAMS TARGETED TO TAKE PLACE OVER THE FOLLOWING TWO YEARS AND RELATED GOALS, OPPORTUNITIES AND BUDGETS. THIS EVENT WAS HELD IN APOPKA, FLORIDA FOR THREE DAYS IN MAY AND ABOUT 150 MEMBERS ATTENDED
ANNUAL WORLD-WIDE KOREAN BUSINESS CONVENTION: THIS EVENT WAS HELD IN SEOUL, KOREA FOR THREE DAY IN OCTOBER 2021. ABOUT EIGHTY-FIVE PEOPLE ATTENDED. THE PRIMARY PUPOSE OF THIS EVENT WAS TO PROVIDE OPPORTUNITIES FOR OUR MEMBERS TO EXPAND THEIR NETWORKS, SHARE KNOWLEDGE WITH EACH OTHER, BUILD THEIR CREDIBILITY, TAKE ADVANTAGE OF BUSINESS RESOURCES, AND SUPPORT THEIR PROFESSIONAL DEVELOPMENT.
MEMBERS WORKSHOPS,ANNUAL MEMBERS AND BOARD MEETINGS: ABOUT 150 MEMBERS ATTENDED THIS EVENT HELD IN ATLANTA, GEORGIA FOR THREE DAYS IN MAY 2022 WHICH PROVIDED NEW MEMBER TRAINING AND LOCAL GUEST SPEAKERS ON A VARIETY OF TOPICS PERTINENT TO OUR KOREAN AMERICAN BUSINESS LEADERS. FOR EXAMPLE, WE HEARD FROM A SPEAKER FROM THE SBA OFFICE ON HOW TO SUCCESSFULLY APPLY FOR BUSINESS LOANS, AND OTHER SPEAKERS DISCUSSED HOW TO MARKET YOUR BUSINESS IN A COST-EFFECTIVE WAY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Seung W Hong Excutive Dir | OfficerTrustee | 10 | $0 |
Yeong Tae Bark CFO | Officer | 10 | $0 |
Hans H Choe First Vice P | Officer | 10 | $0 |
Byung G Hwang President | Officer | 20 | $0 |
Kenneth Cho Vice Preside | Officer | 10 | $0 |
Sunny Kim First Vice P | Officer | 10 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $113,254 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $55,000 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $168,254 |
| Total Program Service Revenue | $53,538 |
| 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 | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $221,792 |
| 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 | $24,000 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $1,836 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $24,850 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $7,700 |
| Office expenses | $7,053 |
| Information technology | $8,488 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $11,118 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $99,443 |
| Interest | $0 |
| Payments to affiliates | $7,000 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $1,870 |
| Total functional expenses | $193,358 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $38,127 |
| Savings and temporary cash investments | $1,500 |
| 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 | $39,627 |
| Accounts payable and accrued expenses | $3,800 |
| 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 | $3,800 |
| Net assets without donor restrictions | $35,827 |
| 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 | $39,627 |
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