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Nonprofiteer
← ASIAN INC

Form 990 for tax year 2022

Filed by ASIAN INC.

Totals

Total revenue
$4,447,185
Total expenses
$4,072,368
Contributions and grants received
$296,843
Grants paid
$0
Program service revenue
$3,787,380
Investment income
$31,881
Other revenue
$331,081
Total assets, end of year
$13,642,103
Total liabilities, end of year
$7,573,221
Net assets or fund balances, end of year
$6,068,882
Program services expenses (Part IX)
$3,062,179
Management and general expenses
$959,092
Fundraising expenses
$51,097
Program service expenses (Part III)
$3,062,179

Program services were 75.2% 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.

  • 1c · Fundraising events

    $232,185

  • 1f · All other contributions, gifts and grants

    $64,658

  • 2a · Program service revenue: ASSET MANAGEMENT FEES

    total $91,380 · related or exempt $91,380

  • 2b · Program service revenue: CONTRACT INCOME

    total $3,092,749 · related or exempt $3,092,749

  • 2c · Program service revenue: PROGRAM INCOME

    total $603,251 · related or exempt $603,251

  • 3 · Investment income

    total $31,881 · related or exempt $31,881

  • 4 · Income from investment of tax-exempt bond proceeds

    total $0

  • 5 · Royalties

    total $0

  • 6a · Gross rents

    real property $808,360

  • 6b · Less rental expenses

    real property $405,571

  • 6c · Rental income or loss

    real property $402,789

  • 6d · Net rental income or loss

    total $402,789 · related or exempt $402,789

  • 7d · Net gain or loss

    total $0

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

    $232,185

  • 8b · Fundraising events: direct expenses

    $73,845

  • 8c · Net income from fundraising events

    total -$73,845

  • 9c · Net income from gaming

    total $0

  • 10c · Net income from sales of inventory

    total $0

  • 11a · Other revenue: MISCELLANEOUS INCOME

    total $2,137 · related or exempt $2,137

  • 11e · Other revenue, total

    $2,137

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $0

  • 2 · Grants to domestic individuals

    total $0

  • 3 · Grants to foreign organizations and individuals

    total $0

  • 4 · Benefits paid to or for members

    total $0

  • 5 · Compensation of officers, directors and key employees

    total $325,929 · program services $269,433 · management and general $52,991 · fundraising $3,505

  • 6 · Compensation of disqualified persons

    total $0

  • 7 · Other salaries and wages

    total $2,092,570 · program services $1,729,844 · management and general $340,220 · fundraising $22,506

  • 8 · Pension plan contributions

    total $130,089 · program services $104,435 · management and general $25,105 · fundraising $549

  • 9 · Other employee benefits

    total $201,159 · program services $150,632 · management and general $44,823 · fundraising $5,704

  • 10 · Payroll taxes

    total $205,036 · program services $170,539 · management and general $32,412 · fundraising $2,085

  • 11a · Fees: management

    total $0

  • 11b · Fees: legal

    total $7,838 · program services $7,838

  • 11c · Fees: accounting

    total $64,800 · management and general $64,800

  • 11d · Fees: lobbying

    total $0

  • 11e · Fees: professional fundraising services

    total $0

  • 11f · Fees: investment management

    total $0

  • 11g · Fees: other

    total $368,341 · program services $352,015 · management and general $16,269 · fundraising $57

  • 12 · Advertising and promotion

    total $0

  • 13 · Office expenses

    total $39,636 · program services $24,651 · management and general $14,227 · fundraising $758

  • 14 · Information technology

    total $0

  • 15 · Royalties

    total $0

  • 16 · Occupancy

    total $480,911 · program services $173,275 · management and general $305,152 · fundraising $2,484

  • 17 · Travel

    total $17,652 · program services $15,315 · management and general $2,140 · fundraising $197

  • 18 · Travel or entertainment for public officials

    total $0

  • 19 · Conferences, conventions and meetings

    total $0

  • 20 · Interest

    total $31,023 · management and general $31,023

  • 21 · Payments to affiliates

    total $0

  • 22 · Depreciation, depletion and amortization

    total $6,938 · program services $2,223 · management and general $4,681 · fundraising $34

  • 23 · Insurance

    total $30,274 · program services $22,237 · management and general $7,592 · fundraising $445

  • 24a · Other expenses: Postage and Shipping

    total $29,545 · program services $26,547 · management and general $2,975 · fundraising $23

  • 24b · Other expenses: BAD DEBT EXPENSES

    total $11,500 · fundraising $11,500

  • 24c · Other expenses: MISC. EXPENSE

    total $9,973 · program services $2,197 · management and general $7,176 · fundraising $600

  • 24d · Other expenses: TRAINING

    total $9,926 · program services $8,730 · management and general $1,196

  • 24e · All other expenses

    total $9,228 · program services $2,268 · management and general $6,310 · fundraising $650

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $4,645,059 · end of year $5,481,951

  • 2 · Savings and temporary cash investments

    end of year $0

  • 3 · Pledges and grants receivable

    end of year $0

  • 4 · Accounts receivable

    beginning of year $2,304,612 · end of year $2,534,423

  • 5 · Loans and receivables from officers and key people

    end of year $0

  • 6 · Loans and receivables from disqualified persons

    end of year $0

  • 7 · Other notes and loans receivable

    beginning of year $1,038,025 · end of year $943,594

  • 8 · Inventories for sale or use

    end of year $0

  • 9 · Prepaid expenses and deferred charges

    end of year $0

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

    $4,348,387

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

    $824,694

  • 10c · Land, buildings and equipment, net

    beginning of year $3,530,630 · end of year $3,523,693

  • 11 · Investments: publicly traded securities

    end of year $0

  • 12 · Investments: other securities

    end of year $0

  • 13 · Investments: program-related

    end of year $0

  • 14 · Intangible assets

    end of year $0

  • 15 · Other assets

    beginning of year $825,923 · end of year $1,158,442

  • 17 · Accounts payable and accrued expenses

    beginning of year $501,222 · end of year $588,393

  • 21 · Escrow or custodial account liability

    beginning of year $1,060 · end of year $1,065

  • 23 · Secured mortgages and notes payable

    beginning of year $5,481,028 · end of year $6,294,897

  • 25 · Other liabilities

    beginning of year $633,000 · end of year $688,866

  • 27 · Net assets without donor restrictions

    beginning of year $5,307,063 · end of year $5,648,006

  • 28 · Net assets with donor restrictions

    beginning of year $420,876 · end of year $420,876

Mission and programs · 2022

Mission

The core mission of ASIAN, Inc. is the empowerment of the Asian American Community to achieve social equality by reducing dependency to create and expand access to opportunities in the areas of business development, housing and education. The most significant activities include technical assistance and research for strengthening the infrastructures of Asian American Communities in Northern California and to assist in their physical, economic, and social development.

  • HOUSING DEVELOPMENT PROGRAM DEVELOPS HOUSING PROJECTS FOR LOW-TO-MODERATE INCOME HOUSEHOLDS IN SAN FRANCISCO AND SAN JOSE.

    Expenses $1,555,471 · Revenue $2,331,615

  • ECONOMIC DEVELOPMENT PROVIDES MANAGEMENT AND TECHNICAL ASSISTANCE PRIMARILY TO A VARIETY OF SMALL AND LARGER ASIAN AMERICAN AND OTHER MINORITY BUSINESSES AND IS FUNDED BY FEDERAL MBDA, DEPARTMENT OF COMMERCE.

    Expenses $1,506,708 · Revenue $1,560,093

As filed on the 2022 return.

Listed in Part VII

  • Lamar Heystek

    President

    Total calculated
    $200,787
    From this org
    $167,663
    From related orgs
    $0
    Other
    $33,124
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $167,663
    Bonus
    not reported
    Other
    not reported
    Deferred
    not reported
    Nontaxable benefits
    $33,124
    Filer's total
    $200,787

  • David Mendoza

    SR. PROJE DIRECTOR

    Total calculated
    $145,376
    From this org
    $145,376
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

  • Thomas Galicia

    SR. Prop Manager

    Total calculated
    $138,292
    From this org
    $138,292
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

  • Tony Tang

    PROJ. DIRECTOR

    Total calculated
    $128,606
    From this org
    $128,606
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

  • Dro Abrahamian

    COO

    Total calculated
    $125,143
    From this org
    $98,769
    From related orgs
    $0
    Other
    $26,374
    Hours/week
    40

  • Nobby Cheng

    HOUSING DIRECTOR

    Total calculated
    $119,852
    From this org
    $119,852
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

  • Frank Fung

    Chairman

    Total calculated
    $0
    Hours/week
    2

  • Robert Lo

    VICE-CHAIR

    Total calculated
    $0
    Hours/week
    2

  • Betty Lem

    Treasurer

    Total calculated
    $0
    Hours/week
    2

  • Aubri Bryan

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    2

  • Christina Ciu

    Secretary

    Total calculated
    $0
    Hours/week
    2

  • Andrew Chau

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    2

  • Jonathan Leong

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    2

  • Roger Royse

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    2

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

  • 1a · Tax indemnification and gross-up payments
  • 1b · Written policy on the line-1a expenses
  • 2 · Substantiation required before reimbursing expenses
  • 3 · Approval by the board or compensation committee

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

The filer's explanations (Part III)

Part I, Line 1a: Relevant information in regards to selections on 1a.
SEVERANCE PAYMENT TO THOMAS GALICIA - $27,588

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.

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.

  • 421 Turk Street Associates LP

    TAX CREDIT LOW INCOME HOUSING · CA · general or managing partner

  • 2300 Van Ness Associates LP

    Tax Credit Low Income Housing · CA · general or managing partner

  • 518 Minna Street Associates LP

    Tax Credit Low Income Housing · CA · general or managing partner

  • 479 Natoma Street Associates LP

    Tax Credit Low Income Housing · CA · general or managing partner

  • Lassen Housing Associates LP

    Tax Credit Low Income Housing · CA · general or managing partner

  • KDF Post Street LP

    Tax Credit Low Income Housing · CA · general or managing partner

  • 1167 Mission Street LLC

    Tax Credit Low Income Housing · CA · general or managing partner

Provenance

Return type
form_990
Tax year
2022
Filed
15 November 2023
IRS schema version
2022v5.0
Source object
202313199349323676

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