Skip to content
Nonprofiteer
← KOREAN AMERICAN CHAMBER OF COMMERCE USA

Form 990 for tax year 2022

Filed by KOREAN AMERICAN CHAMBER OF COMMERCE USA.

Totals

Total revenue
$378,805
Total expenses
$79,167
Contributions and grants received
$378,805
Grants paid
$0
Program service revenue
$0
Investment income
$0
Other revenue
$0
Total assets, end of year
$360,457
Total liabilities, end of year
$24,992
Net assets or fund balances, end of year
$335,465
Program services expenses (Part IX)
$22,317
Management and general expenses
$56,850
Fundraising expenses
$0
Program service expenses (Part III)
not reported

Program services were 28.2% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 1b · Membership dues

    $18,825

  • 1e · Government grants (contributions)

    $356,493

  • 1f · All other contributions, gifts and grants

    $3,487

Functional expenses

Part IX, the statement of functional expenses.

  • 7 · Other salaries and wages

    total $24,000 · management and general $24,000

  • 10 · Payroll taxes

    total $1,836 · management and general $1,836

  • 11c · Fees: accounting

    total $3,564 · management and general $3,564

  • 12 · Advertising and promotion

    total $4,877 · program services $4,222 · management and general $655

  • 13 · Office expenses

    total $7,245 · program services $3,370 · management and general $3,875

  • 17 · Travel

    total $15,624 · program services $8,956 · management and general $6,668

  • 19 · Conferences, conventions and meetings

    total $1,809 · program services $1,809

  • 21 · Payments to affiliates

    total $9,300 · management and general $9,300

  • 24a · Other expenses: OTHER ASSISTANCE

    total $4,496 · management and general $4,496

  • 24b · Other expenses: REGISTRATION FEE-HANSANG

    total $3,960 · program services $3,960

  • 24c · Other expenses: PROFESSIONAL DUES

    total $1,790 · management and general $1,790

  • 24d · Other expenses: BANK SERVICE CHARGES

    total $495 · management and general $495

  • 24e · All other expenses

    total $171 · management and general $171

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $38,127 · end of year $31,130

  • 2 · Savings and temporary cash investments

    beginning of year $1,500 · end of year $82,103

  • 9 · Prepaid expenses and deferred charges

    end of year $247,224

  • 17 · Accounts payable and accrued expenses

    beginning of year $3,800

  • 19 · Deferred revenue

    end of year $20,000

  • 25 · Other liabilities

    end of year $4,992

  • 27 · Net assets without donor restrictions

    beginning of year $35,827 · end of year $335,465

Mission and programs · 2022

Mission

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.

  • 20TH WORLD KOREAN BUSINESS CONVENTION: THIS EVENT WAS HELD AT THE ULSAN EXHIBITION AND CONVENTION CENTER IN ULSAN, KOREA FROM NOVEMBER 1 THROUGH NOVEMBER 3, 2022. THE CHAMBER PARTNERED WITH THE KOREAN BUSINESS GLOBAL PARTNERSHIP TO PUT ON THIS EVENT, WHOSE PRIMARY PURPOSE IS TO PROVIDE OPPORTUNITIES FOR OUR MEMBERS TO EXPAND THEIR NETWORKS, SHARE KNOWLEDGE, BUILD THEIR CREDIBILITY OUTSIDE THE U.S., TAKE ADVANTAGE OF BUSINESS RESOURCES, AND SUPPORT THEIR PROFESSIONAL DEVELOPMENT. ABOUT THREE HUNDRED KOREAN BUSINESSES FROM OUTSIDE OF KOREA ATTENDED.

  • NEXT GENERATION MEETING/SEMINAR: THE NEXT GENERATION CONVENTION COMMITTEE OF THE CHAMBER AIMS TO FOSTER BUSINESS RELATIONSHIPS AMONG THE YOUNG PROFESSIONALS WITHIN OUR PRIMARY GEOGRAPHIES. THE COMMITTEE GALVANIZES A CORE GROUP TO PROVIDE MUTUAL SUPPORT, GUIDANCE, AND ENCOURAGEMENT AS THEY NAVIGATE THE BUSINESS WORLD BY NETWORKING AND PROVIDING SOCIAL EVENTS, EDUCATIONAL SEMINARS AND ESTABLISHING A NETWORK OF YOUNG PROFESSIONALS FOR DIALOGUE OUTSIDE SCHEDULED EVENTS. IN 2022, WE HELD NEXT GENERATION MEETINGS/SEMINARS IN THE FOLLOWING THREE CITIES: - SANTA CLARA, CALIFORNIA. IT WAS HELD AT A MEMBER'S RESIDENCE ON JUNE 10TH AND 11TH, 2022, WITH ABOUT 30 MEMBERS IN ATTENDANCE. - HOUSTON, TEXAS. IT WAS HELD AT A RESTAURANT ON JUNE 17TH AND 18TH, 2022. - SEATTLE, WASHINGTON. IT WAS HELF IN CONJUNCTION WITH THE LOCAL WABA KOREAN FESTIVAL ON JULY 15TH AND 16TH, 2022, WITH ABOUT 35 MEMBERS IN ATTENDANCE.

As filed on the 2022 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Ju Hwan Choi

    VICE CHAIRMA

    Total calculated
    $0
    Hours/week
    8

  • Ron Chung

    VICE CHAIRMA

    Total calculated
    $0
    Hours/week
    8

  • Seung W Hong

    EXCUTIVE DIR

    Total calculated
    $0
    Hours/week
    12

  • Hyung R Kim

    BOARD CHAIRM

    Total calculated
    $0
    Hours/week
    12

  • Sung Kim

    BOARD OF DIR

    Total calculated
    $0
    Hours/week
    8

  • Suna Om

    BOARD OF DIR

    Total calculated
    $0
    Hours/week
    8

  • Yeong Tae Bark

    CFO

    Total calculated
    $0
    Hours/week
    12

  • Kenneth Cho

    VICE PRESIDE

    Total calculated
    $0
    Hours/week
    12

  • Hans H Choe

    FIRST VICE P

    Total calculated
    $0
    Hours/week
    12

  • Byung G Hwang

    PRESIDENT

    Total calculated
    $0
    Hours/week
    25

  • Hyun Kim

    VICE PRESIDE

    Total calculated
    $0
    Hours/week
    12

  • Sunny Kim

    FIRST VICE P

    Total calculated
    $0
    Hours/week
    12

  • Ted Lee

    SR VICE PRES

    Total calculated
    $0
    Hours/week
    12

  • Sean Roh

    VICE PRESIDE

    Total calculated
    $0
    Hours/week
    12

  • Mi Kyong Rojas

    DIRECTOR

    Total calculated
    $0
    Hours/week
    12

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.

Grants on this return

No itemized grants to organizations on this return.

Provenance

Return type
form_990
Tax year
2022
Filed
23 December 2024
IRS schema version
2022v5.0
Source object
202443589349301254

Check it against the return as filed: the GivingTuesday Data Lake hosts a public copy of the original XML.

The source document this was parsed from is served over the API, which is where bulk and document access live.