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← WORLD TRADE CENTER ASSOCIATION LOS ANGELES-LONG BEACH

Form 990 for tax year 2024

Filed by WORLD TRADE CENTER ASSOCIATION LOS ANGELES-LONG BEACH.

Totals

Total revenue
$103,697
Total expenses
$598,628
Contributions and grants received
$55,000
Grants paid
$0
Program service revenue
$48,697
Investment income
$0
Other revenue
$0
Total assets, end of year
$100,445
Total liabilities, end of year
$726,897
Net assets or fund balances, end of year
-$626,452
Program services expenses (Part IX)
$541,301
Management and general expenses
$46,702
Fundraising expenses
$10,625
Program service expenses (Part III)
$541,301

Program services were 90.4% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Listed in Part VII

  • STEPHEN CHEUNG

    PRESIDENT AND CEO

    Total calculated
    $426,154
    From this org
    $0
    From related orgs
    $401,374
    Other
    $24,780
    Hours/week
    20 + 43 related

    Schedule J breakdown matched by us

    Base
    $0 + $351,374 related
    Bonus
    $0 + $50,000 related
    Other
    $0
    Deferred
    $0 + $20,700 related
    Nontaxable benefits
    $0 + $4,080 related
    Filer's total
    $0 + $426,154 related

  • KENDAL R TURNER

    EXEC. VICE PRES./CFO

    Total calculated
    $277,888
    From this org
    $0
    From related orgs
    $256,969
    Other
    $20,919
    Hours/week
    20 + 43 related

    Schedule J breakdown matched by us

    Base
    $0 + $236,969 related
    Bonus
    $0 + $20,000 related
    Other
    $0
    Deferred
    $0 + $16,839 related
    Nontaxable benefits
    $0 + $4,080 related
    Filer's total
    $0 + $277,888 related

  • RON FRIERSON

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1 + 3 related

  • ALISON CLARK

    VP BUS. ASST. & INT'L TRADE

    Total calculated
    $188,703
    From this org
    $0
    From related orgs
    $182,812
    Other
    $5,891
    Hours/week
    20 + 30 related

    Schedule J breakdown matched by us

    Base
    $0 + $177,812 related
    Bonus
    $0 + $5,000 related
    Other
    $0
    Deferred
    $0 + $5,891 related
    Nontaxable benefits
    $0
    Filer's total
    $0 + $188,703 related

  • WILLIAM POWLES

    SR. DIR. INT'L. TRADE

    Total calculated
    $156,572
    From this org
    $0
    From related orgs
    $149,284
    Other
    $7,288
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $0 + $141,784 related
    Bonus
    $0 + $7,500 related
    Other
    $0
    Deferred
    $0 + $7,288 related
    Nontaxable benefits
    $0
    Filer's total
    $0 + $156,572 related

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

  • 4a · Severance or change-of-control payment

Answered no

  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

The filer's explanations (Part III)

PART I, LINE 4A
IN 2024, ALISON CLARK, WHO SERVED AS VICE PRESIDENT BUSINESS ASSISTANCE AND INTERNATIONAL TRADE, RECEIVED SEVERANCE COMPENSATION TOTALING $21,590.
PART I LINE 3
THE ORGANIZATION'S CEO IS COMPENSATED BY A RELATED ORGANIZATION, ECONOMIC DEVELOPMENT CORPORATION OF LOS ANGELES COUNTY (LAEDC), WHERE HE SERVES AS THE PRESIDENT/CEO. LAEDC'S BOARD HAS A PROCESS FOR REVIEWING AND APPROVING THE COMPENSATION OF ITS OFFICERS AND KEY EMPLOYEES ON A REGULAR BASIS TO DETERMINE IT IS FAIR AND REASONABLE WITH THE GOAL OF RETAINING EMPLOYEES AT COMPENSATION LEVELS WITHIN APPROPRIATE MARKET VALUE. THE PROCESS FOR DETERMINING THE COMPENSATION PAID TO MR. CHEUNG INCLUDES THE APPROVAL OF THE COMPENSATION ARRANGEMENT IN ADVANCE, WITH ALL PERSONS WITH A CONFLICT OF INTEREST ABSTAINING FROM THE DELIBERATION AND DISCUSSION OF THE TRANSACTION. THE BOARD OF DIRECTORS REVIEWS DATA OF COMPARABLE COMPENSATION FOR SIMILARLY QUALIFIED NONPROFIT EXECUTIVES AT SIMILARLY SITUATED ENTITIES. THE DOCUMENTATION IN THE BOARD MINUTES INCLUDES THE TERMS OF THE TRANSACTION AND THE DATE OF APPROVAL, THE MEMBERS WHO WERE PRESENT DURING THE DEBATE AND VOTE ON THE TRANSACTION, A DESCRIPTION OF THE COMPARABLE DATA AND HOW IT WAS OBTAINED, AND DOCUMENTATION OF THE BASIS FOR THE DETERMINATION.

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

No itemized grants to organizations on this return.

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

Provenance

Return type
form_990
Tax year
2024
Filed
14 May 2026
IRS schema version
2024v5.5
Source object
202611359349310861

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