Asian Inc
- Assets
- $12.3m
- Revenue
- $4.9m
- Investments
- $0.0
- Employees
- 40
- Location
- San Francisco, CA
- Founding
- 02/1976
- Data as of
- 12/2021
- EIN
- 94-1753170
Organization Overview
Asian Inc is located in San Francisco, CA. The organization was established in 1976. According to its NTEE Classification (S30) the organization is classified as: Economic Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 12/2021, Asian Inc employed 40 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Asian 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 12/2021, Asian Inc generated $4.9m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 5.4% each year. All expenses for the organization totaled $3.5m during the year ending 12/2021. While expenses have increased by 1.2% 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
THE CORE MISSION OF ASIAN, INC. IS THE EMPOWERMENT OF THE ASIAN AMERICAN COMMUNITY TO ACHIEVE SOCIAL EQUALITY BY REDUCING DEPENDENCY TO CREATE AND EXPAND ACCESS TO OPPORTUNITIES IN THE AREAS OF BUSINESS DEVELOPMENT, HOUSING AND EDUCATION. THE MOST SIGNIFICANT ACTIVITIES INCLUDE TECHNICAL ASSISTANCE AND RESEARCH FOR STRENGTHENING THE INFRASTRUCTURES OF ASIAN AMERICAN COMMUNITIES IN NORTHERN CALIFORNIA AND TO ASSIST IN THEIR PHYSICAL, ECONOMIC, AND SOCIAL DEVELOPMENT.
Describe the Organization's Program Activity:
Part 3 - Line 4a
ECONOMIC DEVELOPMENT PROVIDES MANAGEMENT AND TECHNICAL ASSISTANCE PRIMARILY TO A VARIETY OF SMALL AND LARGER ASIAN AMERICAN AND OTHER MINORITY BUSINESSES AND IS FUNDED BY FEDERAL MBDA, DEPARTMENT OF COMMERCE.
HOUSING DEVELOPMENT PROGRAM DEVELOPS HOUSING PROJECTS FOR LOW-TO-MODERATE INCOME HOUSEHOLDS IN SAN FRANCISCO AND SAN JOSE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Lamar Heystek President | Officer | 40 | $140,000 |
David Mendoza Sr. Proje Director | 40 | $131,000 | |
Tony Tang Proj. Director | 40 | $110,888 | |
Nobby Cheng Housing Director | 40 | $108,000 | |
Thomas Galicia Sr. Prop Manager | 40 | $107,500 | |
Herbert Quan Director Of Op | Officer | 40 | $84,295 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $182,363 |
| Related organizations | $0 |
| Government grants | $143,505 |
| All other contributions, gifts, grants, and similar amounts not included above | $98,289 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $424,157 |
| Total Program Service Revenue | $4,102,390 |
| Investment income | $31,796 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $398,096 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | -$76,578 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $4,897,792 |
| 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. | $251,294 |
| Compensation of current officers, directors, key employees. | $78,628 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,685,179 |
| Pension plan accruals and contributions | $141,613 |
| Other employee benefits | $101,633 |
| Payroll taxes | $156,733 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $45,800 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $481,610 |
| Advertising and promotion | $0 |
| Office expenses | $33,078 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $485,423 |
| Travel | $8,843 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $26,007 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $7,764 |
| Insurance | $29,827 |
| All other expenses | $3,176 |
| Total functional expenses | $3,519,444 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $4,645,059 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $2,304,612 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $1,038,025 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $3,530,630 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $825,923 |
| Total assets | $12,344,249 |
| Accounts payable and accrued expenses | $501,222 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $1,060 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $5,481,028 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $633,000 |
| Total liabilities | $6,616,310 |
| Net assets without donor restrictions | $5,307,063 |
| Net assets with donor restrictions | $420,876 |
| 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 | $12,344,249 |
Grants Recieved
Over the last fiscal year, we have identified 9 grants that Asian Inc has recieved totaling $345,429.
| Awarding Organization | Amount |
|---|---|
Consumer Credit Counseling Service Of San Francisco Concord, CA PURPOSE: HOUSING COUNSELING & EDUCATION | $210,225 |
Comerica Charitable Foundation Detroit, MI PURPOSE: COVID-19 INTERVENTION FOR LMI LIMITED-ENGLISH PROFICIENT SMALL BUSINESS RECOVERY & FORECLOSURE INTERVENTION | $30,000 |
Bank Of America Charitable Foundation Inc Charlotte, NC PURPOSE: OPERATIONAL SUPPORT | $25,000 |
Mufg Union Bank Foundation Ag Phoenix, AZ PURPOSE: CHARITABLE | $25,000 |
Jla Foundation Honolulu, HI PURPOSE: EDUCATION, HELP MINORITY OWNED BUS. | $25,000 |
National Coalition For Asian Pacific American Community Dev Washington, DC PURPOSE: Small Business Network | $20,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
San Francisco Travel Association San Francisco, CA | $17,687,275 | $15,738,684 |
Citadel Economic Development Corporation San Bernardino, CA | $7,215,242 | $16,438,545 |
Greater Phoenix Convention & Visitors Bureau Phoenix, AZ | $19,191,750 | $16,242,591 |
Long Beach Area Convention And Visitors Bureau Inc Long Beach, CA | $4,784,571 | $9,189,036 |
San Luis Obispo Visitors & Conference Bureau Incorporated San Luis Obispo, CA | $7,302,521 | $9,818,447 |
Smcu Community Fund Redwood City, CA | $1,513,371 | $6,964,137 |
Maui Economic Development Board Inc Medb Kihei, HI | $10,649,362 | $7,742,311 |
Greater Phoenix Economic Council Phoenix, AZ | $6,926,984 | $7,545,492 |
Santa Monica Travel & Tourism Santa Monica, CA | $2,868,308 | $7,126,411 |
Providence Foundation Of San Francisco San Francisco, CA | $2,572,916 | $7,012,697 |
La Cocina Inc San Francisco, CA | $10,601,250 | $8,307,558 |
Cplc Nevada Inc Phoenix, AZ | $8,204,824 | $6,300,794 |