Skip to content
Nonprofiteer
← LTSC COMMUNITY DEVELOPMENT CORPORATION

Form 990 for tax year 2022

Filed by LTSC COMMUNITY DEVELOPMENT CORPORATION.

Totals

Total revenue
$23,573,245
Total expenses
$13,882,380
Contributions and grants received
$18,066,685
Grants paid
$0
Program service revenue
$3,554,189
Investment income
$0
Other revenue
$1,952,371
Total assets, end of year
$83,519,714
Total liabilities, end of year
$42,909,311
Net assets or fund balances, end of year
$40,610,403
Program services expenses (Part IX)
$11,911,310
Management and general expenses
$1,424,150
Fundraising expenses
$546,920
Program service expenses (Part III)
$11,911,310

Program services were 85.8% 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.

  • 1c · Fundraising events

    $26,814

  • 1e · Government grants (contributions)

    $9,735,735

  • 1f · All other contributions, gifts and grants

    $8,304,136

  • 2a · Program service revenue: REAL ESTATE INCOME

    total $1,257,084 · related or exempt $1,257,084

  • 2b · Program service revenue: SERVICE FEE

    total $1,169,897 · related or exempt $1,169,897

  • 2c · Program service revenue: DEVELOPER FEES

    total $609,720 · related or exempt $609,720

  • 2d · Program service revenue: ASSET & PROPERTY MANAGEMENT

    total $280,618 · related or exempt $280,618

  • 2e · Program service revenue: PARTNERSHIP FEES

    total $236,870 · related or exempt $236,870

  • 8a · Fundraising events: gross income

    $688,446

  • 8a · Fundraising events: contributions included on line 1c

    $26,814

  • 8b · Fundraising events: direct expenses

    $265,817

  • 8c · Net income from fundraising events

    total $422,629 · excluded $422,629

  • 11a · Other revenue: FORGIVENESS OF DEBT

    total $1,496,450 · related or exempt $1,496,450

  • 11b · Other revenue: OTHER REVENUE - MISC.

    total $352,891 · related or exempt $352,891

  • 11c · Other revenue: OPERATING LOSS FROM INVESTMENT

    total -$319,599 · related or exempt -$319,599

  • 11e · Other revenue, total

    $1,529,742

Functional expenses

Part IX, the statement of functional expenses.

  • 7 · Other salaries and wages

    total $6,005,457 · program services $4,691,996 · management and general $962,123 · fundraising $351,338

  • 9 · Other employee benefits

    total $962,251 · program services $737,528 · management and general $172,078 · fundraising $52,645

  • 10 · Payroll taxes

    total $509,883 · program services $404,847 · management and general $77,908 · fundraising $27,128

  • 11a · Fees: management

    total $303,090 · program services $303,090

  • 11b · Fees: legal

    total $42,355 · program services $42,242 · management and general $113

  • 11c · Fees: accounting

    total $44,070 · program services $35,651 · management and general $6,769 · fundraising $1,650

  • 11g · Fees: other

    total $90,479 · program services $70,952 · management and general $19,527

  • 12 · Advertising and promotion

    total $9,912 · program services $9,696 · management and general $216

  • 13 · Office expenses

    total $275,271 · program services $212,837 · management and general $17,267 · fundraising $45,167

  • 16 · Occupancy

    total $1,275,557 · program services $1,222,726 · fundraising $52,831

  • 17 · Travel

    total $41,918 · program services $37,548 · management and general $4,029 · fundraising $341

  • 19 · Conferences, conventions and meetings

    total $180,711 · program services $158,748 · management and general $21,963

  • 20 · Interest

    total $258,379 · program services $248,117 · management and general $10,262

  • 22 · Depreciation, depletion and amortization

    total $87,374 · program services $85,708 · management and general $1,666

  • 23 · Insurance

    total $115,589 · program services $99,373 · management and general $11,513 · fundraising $4,703

  • 24a · Other expenses: PROGRAM EXPENSES

    total $2,632,123 · program services $2,632,123 · management and general $0 · fundraising $0

  • 24b · Other expenses: FACILITY OPERATIONS

    total $486,517 · program services $464,695 · management and general $21,822 · fundraising $0

  • 24c · Other expenses: SUPPLIES

    total $336,030 · program services $313,365 · management and general $22,665 · fundraising $0

  • 24d · Other expenses: OTHER EXPENSES

    total $225,414 · program services $140,068 · management and general $74,229 · fundraising $11,117

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $7,235,332 · end of year $11,827,033

  • 2 · Savings and temporary cash investments

    beginning of year $598,371 · end of year $915,519

  • 3 · Pledges and grants receivable

    beginning of year $1,038,342 · end of year $981,425

  • 4 · Accounts receivable

    beginning of year $1,702,716 · end of year $654,734

  • 9 · Prepaid expenses and deferred charges

    beginning of year $156,312 · end of year $140,792

  • 10a · Land, buildings and equipment: cost or other basis

    $14,801,625

  • 10b · Land, buildings and equipment: accumulated depreciation

    $1,097,627

  • 10c · Land, buildings and equipment, net

    beginning of year $5,089,784 · end of year $13,703,998

  • 11 · Investments: publicly traded securities

    beginning of year $2,345,755 · end of year $6,195,414

  • 12 · Investments: other securities

    beginning of year $2,647,702 · end of year $6,476,385

  • 15 · Other assets

    beginning of year $26,386,202 · end of year $42,624,414

  • 17 · Accounts payable and accrued expenses

    beginning of year $728,229 · end of year $4,493,735

  • 19 · Deferred revenue

    beginning of year $8,790 · end of year $6,290

  • 23 · Secured mortgages and notes payable

    beginning of year $9,650,605 · end of year $24,538,920

  • 25 · Other liabilities

    beginning of year $1,284,237 · end of year $13,870,366

  • 27 · Net assets without donor restrictions

    beginning of year $35,433,768 · end of year $40,515,593

  • 28 · Net assets with donor restrictions

    beginning of year $94,887 · end of year $94,810

Mission and programs · 2022

Mission

THE PURPOSE OF THE ORGANIZATION IS TO PLAN, PROMOTE AND SUPPORT COMMUNITY DEVELOPMENT ACTIVITIES WHICH PRESERVE THE JAPANESE AMERICAN AND MULTI-ETHNIC CULTURE AND HISTORY OF LITTLE TOKYO AND CONTRIBUTE TO ITS PHYSICAL, SOCIAL, CULTURAL AND ECONOMIC REVITALIZATION; TO SERVE AS A RESOURCE FOR SIMILAR COMMUNITY ECONOMIC DEVELOPMENT EFFORTS IN OTHER LOW-INCOME COMMUNITIES, PARTICULARLY ASIAN AND PACIFIC ISLANDER COMMUNITIES; AND TO DEVELOP, PROVIDE AND MAINTAIN AFFORDABLE HOUSING AND HOUSING-RELATED SERVICES IN THE LITTLE TOKYO AREA AND IN THE GREATER LOS ANGELES METROPOLITAN AREA FOR THE BENEFIT OF LOW TO MODERATE INCOME PEOPLE.

Activities or mission (Part I)

THE PURPOSE OF THE ORGANIZATION IS TO PROVIDE A COMPREHENSIVE ARRAY OF SOCIAL WELFARE AND COMMUNITY DEVELOPMENT ACTIVITIES TO ASSIST LOW INCOME PERSONS AND OTHERS IN NEED.

  • PROMOTED COMMUNITY ECONOMIC DEVELOPMENT THROUGH DEVELOPING, PROVIDING, AND MAINTAINING AFFORDABLE HOUSING; WORKED TO PRESERVE THE UNIQUE CULTURAL LEGACY AND LIFE OF THE LITTLE TOKYO COMMUNITY BY ACQUIRING AND RENOVATING FOUR OF THE 15 BUILDINGS IN THE LITTLE TOKYO HISTORIC DISTRICT ON FIRST STREET; PROVIDED SERVICES TO RESIDENTS OF THE ORGANIZATION'S AFFORDABLE HOUSING BUILDINGS IN THE IMMEDIATE DOWNTOWN LOS ANGELES AREA

    Expenses $2,928,466 · Revenue $1,885,032

  • PROVIDED MULTILINGUAL SOCIAL SERVICES; ORIGINALLY FOUNDED TO SERVE MONOLINGUAL JAPANESE LIVING IN LITTLE TOKYO, THE ORGANIZATION CONTINUED TO SERVE THIS POPULATION AND HAS EXPANDED TO SERVE THE JAPANESE AMERICAN POPULATION THROUGHOUT SOUTHERN CALIFORNIA, AS WELL AS OTHER ASIAN IMMIGRANT POPULATIONS IN LOS ANGELES. SERVICES HAVE EXPANDED TO CHILDREN, YOUTH, YOUNG ADULT AND ADULT POPULATIONS.

    Expenses $2,735,745 · Revenue $1,016,012

  • WORKED WITH LITTLE TOKYO RESIDENTS AND STAKEHOLDERS TO IMPROVE THE COMMUNITY AND REPRESENT THEIR VOICES IN THE ONGOING DEVELOPMENT OF THE NEIGHBORHOOD; DEVELOPED AND MANAGED A MULTI-PURPOSE SPORTS AND ACTIVITIES CENTER TO PROVIDE A FACILITY WHERE YOUTH AND FAMILIES CAN CONGREGATE AND ENGAGE IN MEANINGFUL ACTIVITIES THAT EMPHASIZE SPORTSMANSHIP, TEAMWORK, DIVERSITY AND HEALTHY-LIVING; SERVED AS THE FISCAL SPONSOR FOR A NUMBER OF PROGRAMS, OFFERING TECHNICAL ASSISTANCE, AS WELL AS MANAGEMENT AND ADMINISTRATIVE SUPPORT TO HELP THE PROGRAMS FULFILL THEIR RESPECTIVE GOALS AND MISSIONS.ADMINISTERED SUBSIDIZED, HIGH QUALITY CHILD CARE FOR PRIMARILY LOW-INCOME FAMILIES WITH CHILDREN AGES SIX WEEKS TO FIVE YEARS OLD. THE FAMILY CHILD CARE PROGRAM INVOLVES HOME-BASED PROVIDERS WHO SERVICE NEWBORNS AND TODDLERS, AND ANGELINA PRESCHOOL SERVICES THREE TO FIVEYEAR-OLDS. THE PROGRAMS ARE DEVELOPMENTAL, CHILD-ORIENTED, SERVICE PROGRAM COSTS OF OTHER, NON-CHILDCARE, RELATED PROGRAMS, PARENT-FRIENDLY AND STAFFED BY SKILLED PROFESSIONALS.

    Expenses $6,247,099 · Revenue $2,182,887

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

Listed in Part VII

  • Dick Kaku

    PRESIDENT

    Total calculated
    $0
    Hours/week
    1.5

  • Miguel Nunez

    VICE PRESIDENT

    Total calculated
    $0
    Hours/week
    0.8

  • Bomee Fain

    CFO

    Total calculated
    $117,200
    From this org
    $117,200
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

  • Erich Nakano

    EXECUTIVE DIRECTOR

    Total calculated
    $152,790
    From this org
    $152,790
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $152,790 + $152,790 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $152,790 + $152,790 related

  • Claire Kitayama

    SECRETARY

    Total calculated
    $0
    Hours/week
    1.5

  • Edwin Takahashi

    TREASURER

    Total calculated
    $0
    Hours/week
    0.8

  • Alan Nishio

    BOARD OF GOVERNORS CHAIR

    Total calculated
    $0
    Hours/week
    0.8

  • David Mitani

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    0.8

  • Kathy Masaoka

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    0.8

  • George Tanaka

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    0.8

  • David Uyehara

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    0.8

  • Akemi Arakaki

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    0.8

  • Kelsey Iino

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    0.8

  • Keith Terasaki

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    0.8

  • Dennis Arguelles

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    0.8

  • Mark Usui

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    0.8

  • Jessica Chang

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    0.8

  • Jeff Schaffer

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    0.8

  • Kira Conlon

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    0.8

  • Karen Umemoto

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    0.8

  • Kirk Sasaki

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    0.8

  • Kelly Takasu

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    0.8

  • Jeffry Yonemura

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    0.8

  • Maria Cabildo

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    0.8

  • Seia Watanabe

    MEMBER

    Total calculated
    $0
    Hours/week
    0.8

  • Betty Avila

    MEMBER

    Total calculated
    $0
    Hours/week
    0.8

  • Bibiana Rosalia

    MEMBER

    Total calculated
    $0
    Hours/week
    0.8

  • Chris Aihara

    MEMBER

    Total calculated
    $0
    Hours/week
    0.8

  • Takao Suzuki

    HIGH COMPENSATED EMPLOYEE

    Total calculated
    $134,269
    From this org
    $134,269
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

  • Margaret Shimada

    HIGH COMPENSATED EMPLOYEE

    Total calculated
    $116,666
    From this org
    $116,666
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

  • Ron Fong

    HIGH COMPENSATED EMPLOYEE

    Total calculated
    $112,446
    From this org
    $112,446
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

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

None.

Answered no

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

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.

  • A3M INC

    501(C)(3) · COMMUNITY DEVELOPMENT · CA

    Directly controlled by LTSC COMMUNITY DEVELOPMENT CORP

  • BUDOKAN INC

    501(C)(3) · COMMUNITY DEVELOPMENT · CA

    Directly controlled by LTSC COMMUNITY DEVELOPMENT CORP

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

  • CROCKER APARTMENTS LP

    RENTAL REAL ESTATE · CA · income $0 · assets $14,580,193

    Directly controlled by LTSC COMMUNITY DEVELOPMENT CORPORATION

  • FSN A APARTMENTS LP

    RENTAL REAL ESTATE · CA · income $0 · assets $2,836,083

    Directly controlled by LTSC COMMUNITY DEVELOPMENT CORPORATION

  • FSN B APARTMENTS LP

    RENTAL REAL ESTATE · CA · income $0 · assets $0

    Directly controlled by LTSC COMMUNITY DEVELOPMENT CORPORATION

Related partnerships

Part III: related organizations taxable as a partnership, with the filer's share.

  • 2449 HYPERION LLC

    RELATED · RENTAL REAL ESTATE · CA · 50% owned · share of income $65,750 · share of assets $264,615

  • SAN PEDRO FIRM BUILDING LP

    RELATED · RENTAL REAL ESTATE · CA · 1% owned · share of income -$62,273 · share of assets $145,443 · general or managing partner

  • LPE LIMITED PARTNERSHIP

    RELATED · RENTAL REAL ESTATE · CA · 1% owned · share of income -$3,251 · share of assets $673,548 · general or managing partner

  • OLD UNION CHURCH GENRAL

    RELATED · RENTAL REAL ESTATE · CA · 50% owned · share of income -$46,703 · share of assets $842,872 · general or managing partner

  • FAR EAST BUILDING LP

    RELATED · RENTAL REAL ESTATE · CA · 0.01% owned · share of income -$7 · share of assets $132,418 · general or managing partner

  • MENLO FAMILY HOUSING LP

    RELATED · RENTAL REAL ESTATE · CA · 0.05% owned · share of income -$28 · share of assets $136,513 · general or managing partner

  • ANGELINA ASSOCIATES LP

    RELATED · RENTAL REAL ESTATE · CA · 0.05% owned · share of income -$302 · share of assets $219,429 · general or managing partner

  • LDK SENIOR APARTMENTS LP

    RELATED · RENTAL REAL ESTATE · CA · 0.01% owned · share of income -$36 · share of assets $168,156 · general or managing partner

  • 36TH AND BROADWAY LP

    RELATED · RENTAL REAL ESTATE · CA · 0.05% owned · share of income -$263,630 · share of assets $4,611,357 · general or managing partner

  • PHD APARTMENTS LP

    RELATED · RENTAL REAL ESTATE · CA · 0.05% owned · share of income -$90 · share of assets $22,464 · general or managing partner

  • EPWORTH APARTMENTS LP

    RELATED · RENTAL REAL ESTATE · CA · 0.34% owned · share of income -$14 · share of assets $64,776 · general or managing partner

  • PWC FAMILY HOUSING LP

    RELATED · RENTAL REAL ESTATE · CA · 0.01% owned · share of income -$37 · share of assets $1,903,917 · general or managing partner

  • NEW HAMPSHIRE FAMILY HOUSING LP

    RELATED · RENTAL REAL ESTATE · CA · 0.6% owned · share of income -$40 · share of assets $78,989 · general or managing partner

  • CESAR CHAVEZ GARDENS LP

    RELATED · RENTAL REAL ESTATE · CA · 0.01% owned · share of income -$9 · share of assets $84,367 · general or managing partner

  • RENO APARTMENTS LP

    RELATED · RENTAL REAL ESTATE · CA · 0.05% owned · share of income $2 · share of assets $899,826 · general or managing partner

  • 700 SIMMONS LLC

    RELATED · RENTAL REAL ESTATE · CA · 50% owned · share of income -$8,931 · share of assets $1,508,519 · general or managing partner

  • SMV HOUSING LP

    RELATED · RENTAL REAL ESTATE · CA · 0.01% owned · share of assets $38,269,488 · general or managing partner

Provenance

Return type
form_990
Tax year
2022
Filed
5 July 2023
IRS schema version
2022v5.0
Source object
202301869349301215

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.