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KOREAN REGISTER OF SHIPPING INC: Form 990, tax year 2022

View the entire original 990 at ProPublica ↗

Organization
KOREAN REGISTER OF SHIPPING INC (EIN 06-1296306)
Tax period
2022-01-01 to 2022-12-31
Filed
2023-10-15
IRS object ID
202322889349300102
Schema version
2022v5.0
Source
Download XML · Original 990 at ProPublica

Every field in the e-filed return. Faint text is the IRS element name, for citing.

Return header ReturnHeader

FieldValueIRS element (for citing)
Return2023-10-15T07:14:40-04:00ReturnTs
Tax Period End2022-12-31TaxPeriodEndDt

Preparer Firm PreparerFirmGrp

FieldValueIRS element (for citing)
Preparer Firm EIN200845239PreparerFirmEIN

Preparer Firm Name PreparerFirmName

FieldValueIRS element (for citing)
Business Name Line1MICHAEL KWON CPA PCBusinessNameLine1Txt

Preparer US Address PreparerUSAddress

FieldValueIRS element (for citing)
Address Line12050 CENTER AVE SUITE 515AddressLine1Txt
CityFORT LEECityNm
State AbbreviationNJStateAbbreviationCd
ZIP07024ZIPCd
FieldValueIRS element (for citing)
Return Type990ReturnTypeCd
Tax Period Begin2022-01-01TaxPeriodBeginDt

Filer Filer

FieldValueIRS element (for citing)
EIN061296306EIN

Business Name BusinessName

FieldValueIRS element (for citing)
Business Name Line1KOREAN REGISTER OF SHIPPING INCBusinessNameLine1Txt
FieldValueIRS element (for citing)
Business Name ControlKOREBusinessNameControlTxt
Phone2017848886PhoneNum

US Address USAddress

FieldValueIRS element (for citing)
Address Line151 BURLINGTON STREETAddressLine1Txt
CityNORWOODCityNm
State AbbreviationNJStateAbbreviationCd
ZIP07648ZIPCd

Business Officer BusinessOfficerGrp

FieldValueIRS element (for citing)
PersonYANGIL KIMPersonNm
Person TitlePRESIDENTPersonTitleTxt
Phone2017848886PhoneNum
Signature2023-10-02SignatureDt
Discuss With Paid PreparerYes (true)DiscussWithPaidPreparerInd

Signing Officer SigningOfficerGrp

Person Full Name PersonFullName

FieldValueIRS element (for citing)
Person FirstYANGILPersonFirstNm
Person LastKIMPersonLastNm
FieldValueIRS element (for citing)
SSNXXX-XX-XXXXSSN
FieldValueIRS element (for citing)
IRS Responsible Prty Info CurrYes (true)IRSResponsiblePrtyInfoCurrInd

Preparer Person PreparerPersonGrp

FieldValueIRS element (for citing)
Preparer PersonMICHAEL KWONPreparerPersonNm
PTINP00155464PTIN
Phone2019478500PhoneNum
Preparation2023-10-02PreparationDt
FieldValueIRS element (for citing)
Tax2022TaxYr
Build TS2023-04-26 12:10:37ZBuildTS

Form 990 IRS990

FieldValueIRS element (for citing)
Principal OfficerYANGIL KIMPrincipalOfficerNm

US Address USAddress

FieldValueIRS element (for citing)
Address Line151 BURLINGTON STAddressLine1Txt
CityNORWOODCityNm
State AbbreviationNJStateAbbreviationCd
ZIP07648ZIPCd
FieldValueIRS element (for citing)
Gross Receipts$361,000GrossReceiptsAmt
Group Return For AffiliatesfalseGroupReturnForAffiliatesInd
Organization501cYes (X)Organization501cInd
Type Of Organization CorpYes (X)TypeOfOrganizationCorpInd
Formation1990FormationYr
Legal Domicile StateNJLegalDomicileStateCd
Activity Or MissionTO PROMOTE THE SAFETY OF LIFE AND PROPERTY AT SEA BY SETTING STANDARDS OF SAFETY. IMPROVING EXISTING STANDARDS AND ORGANIZING THEM ON A GLOBAL BASISActivityOrMissionDesc
Voting Members Governing Body1VotingMembersGoverningBodyCnt
Voting Members Independent1VotingMembersIndependentCnt
Total Employee2TotalEmployeeCnt
Total Gross UBI$0TotalGrossUBIAmt
CY Contributions Grants$0CYContributionsGrantsAmt
CY Program Service Revenue$0CYProgramServiceRevenueAmt
CY Investment Income$0CYInvestmentIncomeAmt
PY Other Revenue$400,915PYOtherRevenueAmt
CY Other Revenue$361,000CYOtherRevenueAmt
PY Total Revenue$400,915PYTotalRevenueAmt
CY Total Revenue$361,000CYTotalRevenueAmt
CY Grants And Similar Paid$0CYGrantsAndSimilarPaidAmt
CY Benefits Paid To Members$0CYBenefitsPaidToMembersAmt
PY Salaries Comp Emp Bnft Paid$219,428PYSalariesCompEmpBnftPaidAmt
CY Salaries Comp Emp Bnft Paid$184,431CYSalariesCompEmpBnftPaidAmt
CY Total Prof Fndrsng Expns$0CYTotalProfFndrsngExpnsAmt
CY Total Fundraising Expense$0CYTotalFundraisingExpenseAmt
PY Other Expenses$182,750PYOtherExpensesAmt
CY Other Expenses$176,050CYOtherExpensesAmt
PY Total Expenses$402,178PYTotalExpensesAmt
CY Total Expenses$360,481CYTotalExpensesAmt
PY Revenues Less Expenses-$1,263PYRevenuesLessExpensesAmt
CY Revenues Less Expenses$519CYRevenuesLessExpensesAmt
Total Assets BOY$61,005TotalAssetsBOYAmt
Total Assets EOY$61,524TotalAssetsEOYAmt
Total Liabilities BOY$4,863TotalLiabilitiesBOYAmt
Total Liabilities EOY$4,863TotalLiabilitiesEOYAmt
Net Assets Or Fund Balances BOY$56,142NetAssetsOrFundBalancesBOYAmt
Net Assets Or Fund Balances EOY$56,661NetAssetsOrFundBalancesEOYAmt
Info In Schedule O Part IIIYes (X)InfoInScheduleOPartIIIInd
MissionTO PROMOTE THE SAFETY OF LIFE AND PROPERTY AT SEA BY SETTING STANDARDS OF SAFETY. IMPROVING EXISTING STANDARDS AND ORGANIZING THEM ON A GLOBAL BASISMissionDesc
Significant New Program SrvcfalseSignificantNewProgramSrvcInd
Significant ChangefalseSignificantChangeInd
Expense$100,278ExpenseAmt
DescTRAVELLED TO ENGAGE IN A WIDE RANGE OF INSPECTION AND TESTS ON THE SHIP'S ARTICLE, EQUIPMENT FOR MARINE POLLUTION PREVENTION AND CONTAINER OF DANGEROUS GOODS, ETC. TO MAINTAIN THEIR HIGHEST QUALITYDesc

Prog Srvc Accom Acty2 ProgSrvcAccomActy2Grp

FieldValueIRS element (for citing)
Expense$174,966ExpenseAmt
DescSALERIES PAID TO CERTIFIED INSPECTORS TO CARRY OUT STATUTORY SERVICESDesc

Prog Srvc Accom Acty3 ProgSrvcAccomActy3Grp

FieldValueIRS element (for citing)
DescRENTAL EXPENSE FOR THE OFFICEDesc

Prog Srvc Accom Acty Other ProgSrvcAccomActyOtherGrp

FieldValueIRS element (for citing)
Expense$85,237ExpenseAmt
DescPROGRAM SERVICE EXPENSE:51,148. GRANTS AND ALLOCATION:0, REVENUSE:0, ALL OTHER EXPENSES TO ACHIEVE THE ORGANIZATION'S EXEMPT PURPOSE FROM FORM 990.Desc
FieldValueIRS element (for citing)
Total Other Prog Srvc Expense$85,237TotalOtherProgSrvcExpenseAmt
Total Program Service Expenses$360,481TotalProgramServiceExpensesAmt
Described In Section501c3falseDescribedInSection501c3Ind
Schedule B RequiredfalseScheduleBRequiredInd
Political Campaign ActyfalsePoliticalCampaignActyInd
Subject To Proxy TaxfalseSubjectToProxyTaxInd
Donor Advised FundfalseDonorAdvisedFundInd
Conservation EasementsfalseConservationEasementsInd
Collections Of ArtfalseCollectionsOfArtInd
Credit CounselingfalseCreditCounselingInd
Donor Rstr Or Quasi EndowmentsfalseDonorRstrOrQuasiEndowmentsInd
Report Land Building EquipmentYes (true)ReportLandBuildingEquipmentInd
Report Investments Other SecfalseReportInvestmentsOtherSecInd
Report Program Related InvstfalseReportProgramRelatedInvstInd
Report Other AssetsYes (true)ReportOtherAssetsInd
Report Other LiabilitiesYes (true)ReportOtherLiabilitiesInd
Include FIN48 FootnotefalseIncludeFIN48FootnoteInd
Independent Audit Fincl StmtfalseIndependentAuditFinclStmtInd
Consolidated Audit Fincl StmtfalseConsolidatedAuditFinclStmtInd
School OperatingfalseSchoolOperatingInd
Foreign OfficefalseForeignOfficeInd
Foreign ActivitiesfalseForeignActivitiesInd
More Than5000 K To OrgfalseMoreThan5000KToOrgInd
More Than5000 K To IndividualsfalseMoreThan5000KToIndividualsInd
Professional FundraisingfalseProfessionalFundraisingInd
Fundraising ActivitiesfalseFundraisingActivitiesInd
Gaming ActivitiesfalseGamingActivitiesInd
Operate HospitalfalseOperateHospitalInd
Grants To OrganizationsfalseGrantsToOrganizationsInd
Grants To IndividualsfalseGrantsToIndividualsInd
Schedule J RequiredfalseScheduleJRequiredInd
Tax Exempt BondsfalseTaxExemptBondsInd
Loan OutstandingfalseLoanOutstandingInd
Grant To Related PersonfalseGrantToRelatedPersonInd
Business Rln With Org MemfalseBusinessRlnWithOrgMemInd
Business Rln With Fam MemfalseBusinessRlnWithFamMemInd
Business Rln With35 Ctrl EntfalseBusinessRlnWith35CtrlEntInd
Deductible Non Cash ContrifalseDeductibleNonCashContriInd
Deductible Art ContributionfalseDeductibleArtContributionInd
Terminate OperationsfalseTerminateOperationsInd
Partial LiquidationfalsePartialLiquidationInd
Disregarded EntityfalseDisregardedEntityInd
Related EntityfalseRelatedEntityInd
Related Organization Ctrl EntfalseRelatedOrganizationCtrlEntInd
Activities Conducted PrtshpfalseActivitiesConductedPrtshpInd
Schedule O RequiredYes (true)ScheduleORequiredInd
IRP Document0IRPDocumentCnt
IRP Document W2 G0IRPDocumentW2GCnt
Backup Wthld ComplianceYes (true)BackupWthldComplianceInd
Employee2EmployeeCnt
Employment Tax Returns FiledYes (true)EmploymentTaxReturnsFiledInd
Unrelated Bus Incm Over LimitfalseUnrelatedBusIncmOverLimitInd
Foreign Financial AccountfalseForeignFinancialAccountInd
Prohibited Tax Shelter TransfalseProhibitedTaxShelterTransInd
Taxable Party NotificationfalseTaxablePartyNotificationInd
Nondeductible ContributionsfalseNondeductibleContributionsInd
Indoor Tanning ServicesfalseIndoorTanningServicesInd
Subj To Tax Rmnrtn Ex Prcht PymtfalseSubjToTaxRmnrtnExPrchtPymtInd
Subject To Excs Tax Net Invst IncfalseSubjectToExcsTaxNetInvstIncInd
Info In Schedule O Part VIYes (X)InfoInScheduleOPartVIInd
Governing Body Voting Members1GoverningBodyVotingMembersCnt
Independent Voting Member1IndependentVotingMemberCnt
Family Or Business RlnfalseFamilyOrBusinessRlnInd
Delegation Of Mgmt DutiesfalseDelegationOfMgmtDutiesInd
Change To Org DocumentsfalseChangeToOrgDocumentsInd
Material Diversion Or MisusefalseMaterialDiversionOrMisuseInd
Members Or StockholdersfalseMembersOrStockholdersInd
Election Of Board MembersfalseElectionOfBoardMembersInd
Decisions Subject To ApprovafalseDecisionsSubjectToApprovaInd
Minutes Of Governing BodyYes (true)MinutesOfGoverningBodyInd
Minutes Of CommitteesYes (true)MinutesOfCommitteesInd
Officer Mailing AddressfalseOfficerMailingAddressInd
Local ChaptersfalseLocalChaptersInd
Form990 Provided To Gvrn BodyfalseForm990ProvidedToGvrnBodyInd
Conflict Of Interest PolicyfalseConflictOfInterestPolicyInd
Whistleblower PolicyYes (true)WhistleblowerPolicyInd
Document Retention PolicyYes (true)DocumentRetentionPolicyInd
Compensation Process CEOYes (true)CompensationProcessCEOInd
Compensation Process OtherfalseCompensationProcessOtherInd
Investment In Joint VenturefalseInvestmentInJointVentureInd
Upon RequestYes (X)UponRequestInd

Books In Care Of Detail BooksInCareOfDetail

FieldValueIRS element (for citing)
PersonYANGIL KIMPersonNm
Phone2017848886PhoneNum

US Address USAddress

FieldValueIRS element (for citing)
Address Line151 BURLINGTON STAddressLine1Txt
CityNORWOODCityNm
State AbbreviationNJStateAbbreviationCd
ZIP07648ZIPCd

Form990 Part VII Section A Form990PartVIISectionAGrp (2 entries)

TitleTitleTxtAverage Hours Per WeekAverageHoursPerWeekRtHighest Compensated EmployeeHighestCompensatedEmployeeIndReportable Comp From OrgReportableCompFromOrgAmtReportable Comp From Rltd OrgReportableCompFromRltdOrgAmtOther CompensationOtherCompensationAmtOfficerOfficerInd
PAUL D THORNE
EMPLOYEE40.00Yes (X)$114,966$0$0
YANGIL KIM
PRESIDENT40.00$60,000$0$0Yes (X)
FieldValueIRS element (for citing)
Total Reportable Comp From Org$174,966TotalReportableCompFromOrgAmt
Indiv Rcvd Greater Than100 K1IndivRcvdGreaterThan100KCnt
Former Ofcr Employees ListedfalseFormerOfcrEmployeesListedInd
Total Comp Greater Than150 KfalseTotalCompGreaterThan150KInd
Compensation From Other SrcsfalseCompensationFromOtherSrcsInd

Other Revenue Misc OtherRevenueMiscGrp

FieldValueIRS element (for citing)
DescCONTRIBUTION FROM HEAD QUARTEDesc
Total Revenue Column$361,000TotalRevenueColumnAmt
Related Or Exempt Func Income$361,000RelatedOrExemptFuncIncomeAmt
FieldValueIRS element (for citing)
Other Revenue Total$361,000OtherRevenueTotalAmt

Total Revenue TotalRevenueGrp

FieldValueIRS element (for citing)
Total Revenue Column$361,000TotalRevenueColumnAmt
Related Or Exempt Func Income$361,000RelatedOrExemptFuncIncomeAmt

Comp Current Ofcr Directors CompCurrentOfcrDirectorsGrp

FieldValueIRS element (for citing)
Total$60,000TotalAmt
Program Services$60,000ProgramServicesAmt

Other Salaries And Wages OtherSalariesAndWagesGrp

FieldValueIRS element (for citing)
Total$114,966TotalAmt
Program Services$114,966ProgramServicesAmt

Payroll Taxes PayrollTaxesGrp

FieldValueIRS element (for citing)
Total$9,465TotalAmt
Program Services$9,465ProgramServicesAmt

Fees For Services Accounting FeesForServicesAccountingGrp

FieldValueIRS element (for citing)
Total$2,400TotalAmt
Program Services$2,400ProgramServicesAmt

Office Expenses OfficeExpensesGrp

FieldValueIRS element (for citing)
Total$4,554TotalAmt
Program Services$4,554ProgramServicesAmt

Occupancy OccupancyGrp

FieldValueIRS element (for citing)
Total$43,200TotalAmt
Program Services$43,200ProgramServicesAmt

Travel TravelGrp

FieldValueIRS element (for citing)
Total$100,278TotalAmt
Program Services$100,278ProgramServicesAmt

Depreciation Depletion DepreciationDepletionGrp

FieldValueIRS element (for citing)
Total$5,151TotalAmt
Program Services$5,151ProgramServicesAmt

Insurance InsuranceGrp

FieldValueIRS element (for citing)
Total$9,251TotalAmt
Program Services$9,251ProgramServicesAmt

Other Expenses OtherExpensesGrp (4 entries)

DescDescTotalTotalAmtProgram ServicesProgramServicesAmt
AUTO(INCLUDING INSURANCE)$4,533$4,533
TELEPHONE & COMMUNICATION$4,063$4,063
UTILITIES$1,960$1,960
MEAL & ENTERTAINMENT$660$660

Total Functional Expenses TotalFunctionalExpensesGrp

FieldValueIRS element (for citing)
Total$360,481TotalAmt
Program Services$360,481ProgramServicesAmt
Management And General$0ManagementAndGeneralAmt
Fundraising$0FundraisingAmt

Cash Non Interest Bearing CashNonInterestBearingGrp

FieldValueIRS element (for citing)
BOY$25,526BOYAmt
EOY$31,196EOYAmt
FieldValueIRS element (for citing)
Land Bldg Equip Cost Or Other Bss$38,835LandBldgEquipCostOrOtherBssAmt
Land Bldg Equip Accum Deprec$15,657LandBldgEquipAccumDeprecAmt

Land Bldg Equip Basis Net LandBldgEquipBasisNetGrp

FieldValueIRS element (for citing)
BOY$28,329BOYAmt
EOY$23,178EOYAmt

Other Assets Total OtherAssetsTotalGrp

FieldValueIRS element (for citing)
BOY$7,150BOYAmt
EOY$7,150EOYAmt

Total Assets TotalAssetsGrp

FieldValueIRS element (for citing)
BOY$61,005BOYAmt
EOY$61,524EOYAmt

Other Liabilities OtherLiabilitiesGrp

FieldValueIRS element (for citing)
BOY$4,863BOYAmt
EOY$4,863EOYAmt

Total Liabilities TotalLiabilitiesGrp

FieldValueIRS element (for citing)
BOY$4,863BOYAmt
EOY$4,863EOYAmt
FieldValueIRS element (for citing)
Org Does Not Follow FASB117Yes (X)OrgDoesNotFollowFASB117Ind

Rtn Earn Endowment Incm Oth Fnds RtnEarnEndowmentIncmOthFndsGrp

FieldValueIRS element (for citing)
BOY$56,142BOYAmt
EOY$56,661EOYAmt

Total Net Assets Fund Balance TotalNetAssetsFundBalanceGrp

FieldValueIRS element (for citing)
BOY$56,142BOYAmt
EOY$56,661EOYAmt

Tot Liab Net Assets Fund Balance TotLiabNetAssetsFundBalanceGrp

FieldValueIRS element (for citing)
BOY$61,005BOYAmt
EOY$61,524EOYAmt
FieldValueIRS element (for citing)
Reconcilation Revenue Expnss$519ReconcilationRevenueExpnssAmt
Method Of Accounting CashYes (X)MethodOfAccountingCashInd
Accountant Compile Or ReviewfalseAccountantCompileOrReviewInd
FS AuditedfalseFSAuditedInd

Schedule D IRS990ScheduleD

Equipment EquipmentGrp

FieldValueIRS element (for citing)
Other Cost Or Other Basis$38,835OtherCostOrOtherBasisAmt
Book Value$38,835BookValueAmt

Other Land Buildings OtherLandBuildingsGrp

FieldValueIRS element (for citing)
Depreciation$15,657DepreciationAmt
Book Value-$15,657BookValueAmt
FieldValueIRS element (for citing)
Total Book Value Land Buildings$23,178TotalBookValueLandBuildingsAmt

Other Assets Org OtherAssetsOrgGrp

FieldValueIRS element (for citing)
DescSECURITY DEPOSITDesc
Book Value$7,150BookValueAmt
FieldValueIRS element (for citing)
Total Book Value Other Assets$7,150TotalBookValueOtherAssetsAmt

Other Liabilities Org OtherLiabilitiesOrgGrp

FieldValueIRS element (for citing)
DescPAYROLL TAXES PAYABLEDesc
Amt$4,863Amt
FieldValueIRS element (for citing)
Total Liability$4,863TotalLiabilityAmt

Schedule O IRS990ScheduleO

Supplemental Information Detail SupplementalInformationDetail (4 entries)

Form And Line ReferenceFormAndLineReferenceDescExplanationExplanationTxt
FORM 990, PAGE 2, PART III, LINE 4DPROGRAM SERVICE EXPENSE:51,148. GRANTS AND ALLOCATION:0, REVENUSE:0, ALL OTHER EXPENSES TO ACHIEVE THE ORGANIZATION'S EXEMPT PURPOSE FROM FORM 990.
FORM 990, PAGE 6, PART VI, LINE 11BA COPY OF THE ORGANIZATION'S FINAL FORM 990 AS ULTIMATELY FILED WITH THE IRS IS REVIEWED BY PRESIDENT BEFORE IT IS FILED WITH THE IRS
FORM 990, PAGE 6, PART VI, LINE 15ALINE 15A AND 15B - THE ORGANIZATION HAS TWO EMPLOYEES ( PRESIDENT & INSPECTOR) AND THEIR SALERIES ARE DETERMINIED BY THE COMPANSATION COMMITTEE IN EADQUARTERS BASED ON THE DATA AS TO THE COMPARABLE COMPANSATION FOR SIMILARLY QUALIFIED PERSONS IN FUCTIONALLY QUALIFIED PERSONS IN FUNCTIONALLY COMPARABLE POSITIONS ONCE A YEAR, GENERALLY AT THE BEGINING OF THE YEAR
FORM 990, PAGE 6, PART VI, LINE 19FORM 990 IS AVALIABLE TO THE PUBLIC FOR INSPECTION AT THE OFFICE UPON REQUEST