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Nonprofiteer
← 1979 LEGACY CORP

Form 990 for tax year 2022

Filed by 1979 LEGACY CORP.

Totals

Total revenue
$551,629
Total expenses
$640,840
Contributions and grants received
$0
Grants paid
$440,000
Program service revenue
$485,210
Investment income
$0
Other revenue
$66,419
Total assets, end of year
$1,261,196
Total liabilities, end of year
$5,481,465
Net assets or fund balances, end of year
-$4,220,269
Program services expenses (Part IX)
$618,828
Management and general expenses
$22,012
Fundraising expenses
$0
Program service expenses (Part III)
$618,828

Program services were 96.6% 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.

  • 2a · Program service revenue: MANAGEMENT FEES

    total $485,210 · related or exempt $485,210

  • 11a · Other revenue: OPERATING INCOME FROM

    total $66,419 · related or exempt $66,419

  • 11e · Other revenue, total

    $66,419

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $440,000 · program services $440,000

  • 11c · Fees: accounting

    total $5,790 · management and general $5,790

  • 22 · Depreciation, depletion and amortization

    total $308 · management and general $308

  • 23 · Insurance

    total $15,889 · management and general $15,889

  • 24a · Other expenses: OPERATING INCOME FROM S

    total $178,828 · program services $178,828

  • 24b · Other expenses: PERMITS & LICENSES

    total $25 · management and general $25

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $25,923 · end of year $298,871

  • 4 · Accounts receivable

    beginning of year -$24,525 · end of year -$24,625

  • 7 · Other notes and loans receivable

    beginning of year $24,925 · end of year $24,925

  • 9 · Prepaid expenses and deferred charges

    beginning of year $5,297 · end of year $5,296

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

    $12,030

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

    $7,403

  • 10c · Land, buildings and equipment, net

    beginning of year $4,935 · end of year $4,627

  • 12 · Investments: other securities

    beginning of year $885,683 · end of year $952,102

  • 15 · Other assets

    beginning of year $5,920 · end of year $0

  • 17 · Accounts payable and accrued expenses

    beginning of year $0 · end of year $240,000

  • 25 · Other liabilities

    beginning of year $5,059,216 · end of year $5,241,465

  • 27 · Net assets without donor restrictions

    beginning of year -$4,131,058 · end of year -$4,220,269

Mission and programs · 2022

Mission

ITS MISSION IS TO PROVIDE AND FACILITATE BICULTURAL AND BILINGUAL SOCIAL SERVICES, REFERRALS, LOW INCOME HOUSING AND COMMUNITY DEVELOPMENT, AND ADVOCACY, PRIMARILY TO THE BROADER SOUTHERN CALIFORNIA JAPANESE AMERICAN COMMUNITY (INCLUDING THOSE WHOSE ACTIVITIES INTERFACE WITH LITTLE TOKYO) DIRECTLY AND/OR THROUGH AFFILIATED ORGANIZATIONS.

Activities or mission (Part I)

ITS MISSION IS TO PROVIDE AND FACILITATE BICULTURAL AND BILINGUAL SOCIAL SERVICES, REFERRALS, LOW INCOME HOUSING AND COMMUNITY DEVELOPMENT, AND ADVOCACY, PRIMARILY TO THE BROADER SOUTHERN CALIFORNIA JAPANESE AMERICAN COMMUNITY.

  • PROVIDED TECHNICAL ASSISTANCE AND PREDEVELOPMENT FINANCING TO COMMUNITY-BASED ORGANIZATIONS THAT ARE DEVELOPING AFFORDABLE HOUSING IN SOUTHERN CALIFORNIA NEIGHBORHOODS.

    Expenses $178,828

  • PROVIDED FINANCIAL SUPPORT TO LTSC COMMUNITY DEVELOPMENT CORPORATION'S SOCIAL SERVICES AND COMMUNITY DEVELOPMENT ACTIVITIES.

    Expenses $440,000 · Grants $440,000 · Revenue $551,629

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

Listed in Part VII

  • AMY HONJIYO

    PRESIDENT

    Total calculated
    $0
    Hours/week
    0.5

  • GLENN SANADA

    SECRETARY

    Total calculated
    $0
    Hours/week
    0.5

  • RON HIRANO

    TREASURER

    Total calculated
    $0
    Hours/week
    0.5

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

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.

Related partnerships

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

  • 2449 HYPERION LLC

    INVESTMENT · RENTAL - REAL ESTATE · CA · 50% owned · share of income $65,750 · share of assets $612,145

    Directly controlled by LTSC COMMUNITY DEVELOPMENT CORP

  • SAN PEDRO FIRM BUILDING LP

    INVESTMENT · RENTAL - REAL ESTATE · CA · 99% owned · share of income -$178,828 · share of assets $441,940

    Directly controlled by LTSC COMMUNITY DEVELOPMENT CORP

Provenance

Return type
form_990
Tax year
2022
Filed
9 May 2024
IRS schema version
2022v5.0
Source object
202431319349300943

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