Korean Chamber Of Commerce Of Los Angeles
- Assets
- $648.5k
- Revenue
- $396.4k
- Investments
- $0.0
- Employees
- 2
- Location
- Los Angeles, CA
- Founding
- 08/1996
- Data as of
- 06/2021
- EIN
- 95-3997999
Organization Overview
Korean Chamber Of Commerce Of Los Angeles is located in Los Angeles, CA. The organization was established in 1996. 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. As of 06/2021, Korean Chamber Of Commerce Of Los Angeles employed 2 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Korean Chamber Of Commerce Of Los Angeles 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 06/2021, Korean Chamber Of Commerce Of Los Angeles generated $396.4k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 6 years, the organization has seen revenues fall by an average of (7.6%) each year. All expenses for the organization totaled $293.2k during the year ending 06/2021. As we would expect to see with falling revenues, expenses have declined by (10.6%) per year over the past 6 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
TO PROMOTE THE GENERAL WELFARE OF THE KOREAN AMERICAN BUSINESS COMMUNITY IN THE GREATER LOS ANGELES AREA AND TO ENSURE AND FACILITATE THE INTERESTS AND GROWTH OF OUR MEMBERS
Describe the Organization's Program Activity:
Part 3 - Line 4a
COVID-19 CAMPAIGN KACCLA, HANNAM CHAIN, AND HERB WESSON CITY COUNCIL MEMBERS HELD A FOOD- SHARING EVENT TOGETHER TO HELP PEOPLE AFFECTED BY THE COVID-19
KOREAN TOWN REVITALIZATION PROGRAM IN ORDER FOR THOSE WHO WERE AFFECTED BY COVID-9, ESPECIALLY KOREAN RESTAURANTS, TO HELP THEM OVERCOME FINANCIAL HARDHIP, KACCLA HELD A POSTER CONTEST AND RICE-CAKE SOUP SHARING EVENT.
TO PROMOTE THE GENERAL WELFARE OF THE KOREAN AMERICAN BUSINESS COMMUNITY IN THE GREATER LOS ANGELES AREA AND TO ENSURE AND FACILITATE THE INTERESTS AND GROWTH OF OUR MEMBERS.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Il Han Kang President | Officer | 15 | $0 |
Dae Woo Lee CFO | Officer | 10 | $0 |
Kyeong Cheol Ha Secretary | Officer | 10 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $169,351 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $6,540 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $175,891 |
| Total Program Service Revenue | $78,900 |
| Investment income | $141,643 |
| 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 | $396,434 |
| 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 | $74,724 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| 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 | $0 |
| Office expenses | $32,187 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $40,966 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $24,030 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $4,071 |
| All other expenses | $11,870 |
| Total functional expenses | $293,170 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $648,468 |
| 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 | $648,468 |
| 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 | $19,352 |
| Other liabilities | $0 |
| Total liabilities | $19,352 |
| 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 | $629,116 |
| Total liabilities and net assets/fund balances | $648,468 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Korean Chamber Of Commerce Of Los Angeles has recieved totaling $5,000.
| Awarding Organization | Amount |
|---|---|
Seoul Medical Charity Foundation Los Angeles, CA PURPOSE: CHARITABLE CONTRIBUTION | $5,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
The Thunderbirds Phoenix, AZ | $33,696,955 | $84,390,943 |
California Travel And Tourism Commission Sacramento, CA | $86,955,324 | $75,852,594 |
Semi Milpitas, CA | $100,332,447 | $57,588,828 |
San Diego County Capital Asset Leasing Corporation San Diego, CA | $104,250,616 | $41,735,289 |
Western States Petroleum Association Sacramento, CA | $8,481,739 | $30,827,581 |
Iapmo Research And Testing Inc Ontario, CA | $11,214,766 | $46,736,492 |
Specialty Equipment Market Association Diamond Bar, CA | $151,136,909 | $20,614,542 |
California Dental Association Sacramento, CA | $252,495,901 | $15,890,513 |
Chinatown Service Center Los Angeles, CA | $26,778,687 | $27,867,616 |
Sag-Aftra & Industry Sound Recordings Distribution Fund Valley Village, CA | $48,142,351 | $13,604,136 |
Electric & Gas Industries Association Sacramento, CA | $14,735,713 | $15,175,016 |
American Pistachio Growers Fresno, CA | $11,494,323 | $15,365,842 |