2022-11-15T11:26:32-06:00 2021-12-31 330700332 VASQUEZ COMPANY LLP 655 N CENTRAL AVE STE 1550 GLENDALE CA 91203 990 2021-01-01 953879699 KOREAN RESOURCE CENTER INC KORE 3239373718 900 CRENSHAW BLVD UNIT B LOS ANGELES CA 90019 ANGELA OH BOARD CHAIRPERSON 3239373718 2022-11-14 1 ANGELA OH 999009999 REGINA L PRINCE CPA P00576936 2138731700 3 AAL1 IAL1 2021 2022-09-23 18:48:47Z ANGELA OH 900 CRENSHAW BLVD UNIT B LOS ANGELES CA 90019 2218069 0 X WWW.KRCLA.ORG X 1983 CA SEE SCHEDULE O 10 10 26 15 -25262 0 2148194 2049899 11540 38733 1882 1279 -31840 -27638 2129776 2062273 225012 262993 0 0 957826 1058369 0 0 97954 677147 748594 1859985 2069956 269791 -7683 4249474 4114106 1885656 1861721 2363818 2252385 X SEE SCHEDULE O 0 0 650825 262993 38733 VIETRISEVIETRISE ADVANCES SOCIAL JUSTICE AND BUILDS POWER WITH WORKING-CLASS VIETNAMESE AND IMMIGRANT COMMUNITIES IN ORANGE COUNTY. WE BUILD LEADERSHIP AND CREATE SYSTEMIC CHANGE THROUGH ORGANIZING, NARRATIVE CHANGE, CULTURAL EMPOWERMENT, AND CIVIC ENGAGEMENT. IN 2021, VIETRISE EDUCATED, TRAINED AND OUTREACHED TO MORE THAN 1000 COMMUNITY MEMBERS. 309112 IMMIGRANT LEGAL SERVICEKRC PROVIDES IN-LANGUAGE LEGAL SERVICES AND EDUCATION TO LOW-INCOME IMMIGRANT KOREAN AMERICANS, ASIAN AMERICANS AND PACIFIC ISLANDERS (AAPI), AND OTHER LOW-INCOME COMMUNITIES OF COLOR. RECOGNIZED BY THE DEPARTMENT OF JUSTICE'S BOARD OF IMMIGRATION APPEALS (BIA), ACCREDITED KRC STAFF CONDUCT A VARIETY OF IMMIGRATION LEGAL SERVICES AT LOW TO NO COST PROVIDE LINGUISTICALLY AND CULTURALLY APPROPRIATE LEGAL SERVICES TO OUR COMMUNITY. IN 2021, KRC ASSISTED DIRECTLY AND PROVIDED INFORMATION TO OVER 3,200 COMMUNITY MEMBERS. 288755 ORGANIZING/CIVIC ENGAGEMENTPROMOTING AND HELPING KOREAN AMERICANS AND IMMIGRANTS OBTAIN AMERICAN CITIZENSHIP AND VOTING RIGHTS WITH THE GREATER GOAL OF BUILDING A NATIONAL MOVEMENT FOR SOCIAL CHANGE. ALSO, HELPING KOREAN AMERICAN AND IMMIGRANTS PROTECT THEIR CIVIL RIGHTS AND LIBERTIES. IN 2021, KRC TRAINED KOREAN AMERICAN YOUTH AND OTHER YOUTH ON HOW TO BUILD NETWORKS WITHIN THE IMMIGRANT AND YOUNG ADULT ORGANIZING SPACES. THEY WERE ALSO TRAINED IN CIVIL ENGAGEMENT AND ON HIGHLY CRITICAL AND POLITICAL TOPICS THAT AFFECT IMMIGRANT COMMUNITIES. 391805 HEALTHCARE IS A HUMAN RIGHT - EVERYONE SHOULD HAVE ACCESS TO QUALITY HEALTH CARE AND PUBLIC BENEFITS. ENSURE ACCESS TO LOW-COST OR FREE HEALTH CARE AND COVERAGE, WITH INFORMATION IN PATIENTS' PRIMARY LANGUAGES. PRESERVE AND FULLY FUND THE SOCIAL SERVICE "SAFETY NET" FOR EVERYONE. PROVIDE LOW-INCOME IMMIGRANT WOMEN AND GIRLS WITH ACCESS TO CULTURALLY APPROPRIATE INFORMATION NECESSARY TO MAKE INFORMED DECISIONS ABOUT THEIR REPRODUCTIVE HEALTH AND RIGHTS. REPRODUCTIVE HEALTH NEEDS TO BE AN INTEGRAL PART OF OUR STATE SAFETY NET. THE KOREAN RESOURCE CENTER HAS PIONEERED IN MULTIPLE DIGITAL AND DATA PROGRAMMATIC AREAS AMONG COMMUNITY BUILDING ORGANIZATIONS IN SOUTHERN CALIFORNIA OVER FIFTEEN YEARS.HOUSING - KRC'S HOUSING PROGRAM PROVIDES RENTAL HOUSING COUNSELING AND FINANCIAL MANAGEMENT/ BUDGET COUNSELING TO THE MOST VULNERABLE MEMBERS OF THE KOREAN AMERICAN COMMUNITY OF GREATER LOS ANGELES AND ORANGE COUNTY. WE SEEK TO CREATE SAFER COMMUNITIES AND EMPOWER LOW-INCOME RESIDENTS OF ALL AGES THROUGH LINGUISTICALLY AND CULTURALLY COMPETENT HOUSING COUNSELING INCLUDING AFFORDABLE HOUSING COUNSELING, TENANTS' RIGHT EDUCATION AND RESOLVING FINANCIAL CHALLENGES. IN 2021, KRC ASSISTED DIRECTLY AND PROVIDED INFORMATION TO MORE THAN 2,210 COMMUNITY MEMBERS. 391805 1640497 1 1 0 1 0 0 0 0 0 0 1 0 0 1 0 1 1 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 35 0 1 26 1 1 1 0 0 0 0 0 0 0 0 0 0 0 X 10 10 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 0 0 CA X BETHANY LEAL 3239373718 900 CRENSHAW BLVD UNIT B LOS ANGELES CA 90019 ANGELA OH BOARD CHAIR 1.00 X X 0 0 0 BEA OLVERA STOTZER BOARD TREASURER 1.00 X X 0 0 0 HYUN WOO SHIN DIRECTOR 1.00 X 0 0 0 JAMES MULLER DIRECTOR 1.00 X 0 0 0 SUN HEE CHOI DIRECTOR 1.00 X 0 0 0 JULIE LEE KURUMADA DIRECTOR 1.00 X 0 0 0 WONKOO CHANG BOARD SECRETARY 1.00 X X 0 0 0 ZU KIM DIRECTOR 1.00 X 0 0 0 HEAJA KIM DIRECTOR 1.00 X 0 0 0 PAMILLA LEW DIRECTOR 1.00 X 0 0 0 TONG CHO KIM EXECUTIVE DIRECTOR 40.00 X 48385 0 0 48385 0 0 0 0 0 0 0 23825 563715 1462359 2049899 PROGRAM FEES 813311 22483 22483 MANAGEMENT SERVICES 813311 16250 16250 38733 1279 1279 117984 155796 -37812 -37812 -25262 -12550 OTHER INCOME 900099 10174 10174 10174 2062273 38733 -25262 -1097 X 262993 262993 48385 39181 5925 3279 860630 696910 105396 58324 66306 48700 14350 3256 83048 67954 10111 4983 10487 10487 356919 179595 153539 23785 154064 142383 10006 1675 34236 34031 205 9207 9197 10 40775 32624 8151 5687 5687 25101 22008 2879 214 COMMUNITY SUPPORT 89988 86481 3507 DUES & SUBSCRIPTIONS 10686 2517 8161 8 MEALS & ENTERTAINMENT 5765 3690 2075 FUNDRAISING 2420 2420 3259 1746 1513 2069956 1640497 331505 97954 905969 965900 137592 137730 246753 75571 235 25583 19971 8629 2868754 218061 2683583 2650693 105371 150000 250000 4249474 4114106 92704 109687 1792952 1752034 1885656 1861721 X 2087331 2077733 276487 174652 2363818 2252385 4249474 4114106 -7683 -103750 0 X 0 1 X 1 0 X 1795412 2650925 2874520 2148194 2049899 11518950 30325 24610 42273 11540 38733 147481 1825737 2675535 2916793 2159734 2088632 11666431 0 0 0 11666431 1482 27646 0 1530 15176 45834 1482 27646 1530 15176 45834 5074 10174 15248 1827219 2703181 2916793 2166338 2113982 11727513 0.99480 0.99840 0.00390 0.00110 X SCHEDULE A, PART III, LINE 12, EXPLANATION OF OTHER INCOME: OTHER INCOME - 2020 AMOUNT: $ 5,074. 2021 AMOUNT: $ 10,174. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 3379 7108 10487 1630010 1640497 232025 58006 0 0 272751 281375 225043 232025 1011194 1516791 60996 42441 2217 10487 116141 68188 70344 56261 58006 252799 379199 2217 3379 5596 105371 -5371 100000 104344 1027 105371 53635 50000 709 104344 50000 3635 53635 1.00000 0 0 1666500 1666500 1024757 84302 940455 36414 2957 33457 141083 130802 10281 2650693 CASH HELD AS COLLATERAL FOR LOAN 150000 RESTRICTED CASH HELD FOR ENDOWMENT 100000 250000 X 2275248 52500 160475 212975 2062273 0 2062273 2282931 52500 160475 212975 2069956 0 2069956 PART V, LINE 4: THE ORGANIZATION'S ENDOWMENT CONSISTS OF FUNDS ESTABLISHED BY A DONOR TO PROVIDE FUNDING FOR EDUCATIONAL AND SCHOLARSHIP USE. THE ORGANIZATION'S BOARD OF DIRECTORS HAS INTERPRETED THE CALIFORNIA UNIFORM PRUDENT MANAGEMENT OF INSTITUTIONAL FUNDS ACT (UPMIFA) AS REQUIRING THE PRESERVATION OF THE FAIR VALUE OF THE ORIGINAL GIFT AS OF THE DATE OF THE DONOR-RESTRICTED ENDOWMENT FUNDS, UNLESS THERE ARE EXPLICIT DONOR STIPULATIONS TO THE CONTRARY. AT DECEMBER 31, 2021 AND 2020, THERE WERE NO SUCH DONOR STIPULATIONS. AS A RESULT OF THIS INTERPRETATION, THE ORGANIZATION RETAINS IN PERPETUITY: A) THE ORIGINAL VALUE OF INITIAL AND SUBSEQUENT GIFT AMOUNTS DONATED TO THE ENDOWMENT, AND B) ANY ACCUMULATIONS TO THE ENDOWMENT MADE IN ACCORDANCE WITH THE DIRECTION OF THE APPLICABLE DONOR GIFT INSTRUMENT AT THE TIME THE ACCUMULATION IS ADDED. DONORRESTRICTED AMOUNTS NOT RETAINED IN PERPETUITY ARE SUBJECT TO APPROPRIATION FOR EXPENDITURE IN A MANNER CONSISTENT WITH THE STANDARD OF PRUDENCE PRESCRIBED BY UPMIFA. PART X, LINE 2: THE ORGANIZATION WAS ORGANIZED AS A CALIFORNIA NONPROFIT CORPORATION AND IS RECOGNIZED BY THE INTERNAL REVENUE SERVICES AS EXEMPT FROM FEDERAL INCOME TAXES UNDER INTERNAL REVENUE CODE (IRC) SECTION 501(A). IT IS CLASSIFIED AS AN ORGANIZATION DESCRIBED IN IRC SECTION 501(C)(3), AND IS NOT CONSIDERED A PRIVATE FOUNDATION. THE ORGANIZATION IS REQUIRED TO FILE ANNUALLY A RETURN OF ORGANIZATION EXEMPT FROM INCOME TAX (FORM 990) WITH THE IRS. IN ADDITION, IT IS SUBJECT TO INCOME TAX ON NET INCOME THAT IS DERIVED FROM BUSINESS ACTIVITIES THAT ARE UNRELATED TO ITS EXEMPT PURPOSES. THE ORGANIZATION HAS EVALUATED ITS TAX POSITIONS AND THE CERTAINTY AS TO WHETHER THOSE POSITIONS WILL BE SUSTAINED IN THE EVENT OF AN AUDIT BY TAXING AUTHORITIES AT THE FEDERAL AND STATE LEVELS. THE PRIMARY TAX POSITIONS EVALUATED RELATE TO THE ORGANIZATION'S CONTINUED QUALIFICATION AS A TAX-EXEMPT ORGANIZATION AND WHETHER THERE ARE UNRELATED BUSINESS INCOME ACTIVITIES THAT WOULD BE TAXABLE. MANAGEMENT HAS DETERMINED THAT ALL INCOME TAX POSITIONS WILL MORE LIKELY THAN NOT BE SUSTAINED UPON POTENTIAL AUDIT OR EXAMINATION; THEREFORE, NO DISCLOSURES OF UNCERTAIN INCOME TAX POSITIONS ARE REQUIRED. THE ORGANIZATION'S INCOME TAX RETURNS REMAIN SUBJECT TO EXAMINATION FOR ALL TAX YEARS ENDED ON OR AFTER DECEMBER 31, 2017 WITH REGARD TO ALL TAX POSITIONS AND RESULTS REPORTED. PART XI, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSES 160,475. PART XII, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSES 160,475. 0 UNEMPLOYMENT ASSISTANCE 354 262993 BOOK 1 0 0 0 0 0 0 0 0 PART I, LINE 4A EXECUTIVE DIRECTOR TONG CHO KIM RECEIVED A $5,000 SEVERANCE PAY FOR YEAR 2021. FORM 990 PAGE 1 PART 1 LINE 1 KRC'S MISSION IS AS FOLLOWS, -EDUCATE THE PUBLIC ON ISSUES AFFECTING KOREAN AMERICANS; -ADVOCATE FOR THE CIVIL RIGHTS AND IMMIGRANT RIGHTS OF KOREAN AMERICANS; -FACILITATE GRASSROOTS ORGANIZING AND ELECTORAL/CIVIC PARTICIPATION OF KOREAN AMERICANS; -WORK FOR COMMUNITY ECONOMIC DEVELOPMENT AND HOUSING ISSUES; -INITIATE DIALOGUE AND BUILD COALITIONS WITH OTHER COMMUNITIES OF COLOR; -PRESERVE AND PROMOTE THE CULTURAL HERITAGE OF KOREAN AMERICANS AS PART OF A MULTICULTURAL AMERICA; AND -PROVIDE NEEDED SOCIAL AND COMMUNITY SERVICES TO TRADITIONALLY MARGINALIZED GROUPS. FORM 990 PAGE 2 PART III LINE 1 TO PROMOTE KOREAN HISTORY AND CULTURAL APPRECIATION, ENHANCE KOREAN HERITAGE IN THE KOREAN AMERICAN COMMUNITY, PROVIDE SOCIAL SERVICES TO THE KOREAN COMMUNITY, EMPOWER THE KOREAN AMERICAN COMMUNITY THROUGH CIVIC EDUCATION AND CIVIC PARTICIPATION, ENSURE COMMUNITY ECONOMIC DEVELOPMENT AND SAFE SANITARY, AND AFFORDABLE HOUSING FOR PRIMARILY LOW INCOME PERSONS IN THE CITY OF LOS ANGELES, PARTICULARLY KOREATOWN, WEST LOS ANGELES, MID-WILSHIRE AND SOUTH LOS ANGELES. FORM 990, PART VI, SECTION B, LINE 11B COPIES OF THE FORM 990 ARE DISTRIBUTED TO ALL BOARD MEMBERS PRIOR TO FILING. A REVIEW AND APPROVAL IS CONDUCTED BY A COMMITTEE SELECTED BY THE BOARD. FORM 990, PART VI, SECTION B, LINE 12C THE ORGANIZATION HAS A CONFLICT OF INTEREST POLICY THAT COVERS ALL OFFICERS, DIRECTORS, AND EMPLOYEES (COVERED PERSONS). TO PROPERLY MONITOR AND ENFORCE A CONFLICT OF INTEREST POLICY, THE ORGANIZATION IS DILIGENT IN REVIEWING THE ANNUAL DISCLOSURE FORMS SUBMITTED BY COVERED PERSONS, AND IN COMPILING AND MAINTAINING A LIST OF POTENTIALLY CONFLICTED ENTITIES AND INDIVIDUALS. PROPOSED TRANSACTIONS ARE MATCHED AGAINST THE LIST AS A MEANS OF IDENTIFYING POSSIBLE CONFLICTS. THE BOARD PRESIDENT IS ULTIMATELY RESPONSIBLE FOR MAINTAINING THE LIST AND SCREENING FOR POSSIBLE CONFLICTS OF INTEREST WHEN DEALING WITH MAJOR VENDORS AND SERVICE PROVIDERS. THE ORGANIZATION REQUESTS THAT THE VENDOR OR SERVICE PROVIDER TO DISCLOSE ANY RELATIONSHIP - PERSONAL, FINANCIAL, OR OTHERWISE - THAT THE VENDOR OR SERVICE PROVIDER HAS WITH ANY OF THE ORGANIZATION'S DIRECTORS, OFFICER, EMPLOYEES OR VOLUNTEERS. IF THE BOARD IDENTIFIES ANY POTENTIAL OR ACTUAL CONFLICT OF INTEREST, WHEN AN EMPLOYEE HAS ANY QUESTIONS CONCERNING WHETHER A PROPOSED ACTION MIGHT POSE A CONFLICT OF INTEREST, THAT EMPLOYEE MUST ASK FOR REVIEW OF THE PROPOSED ACTION BY THE EXECUTIVE DIRECTOR. THE EXECUTIVE DIRECTOR MAY REQUIRE THAT THE REQUEST BE PUT IN WRITING, AND MAY RESPOND FORMALLY, IN ORDER TO DOCUMENT THE REVIEW PROCESS. SUCH PERSONS ARE PROHIBITED FROM PARTICIPATING IN THE GOVERNING BODY'S DELIBERATIONS AND DECISIONS IN THE TRANSACTION. FORM 990, PART VI, SECTION B, LINE 15A THE ORGANIZATION'S BOARD OF DIRECTORS HAS A PROCESS FOR REVIEWING AND APPROVING THE COMPENSATION OF THE EXECUTIVE DIRECTOR ON A REGULAR BASIS TO DETERMINE IT IS FAIR AND REASONABLE WITH THE GOAL OF RETAINING EMPLOYEES AT COMPENSATION LEVELS WITHIN APPROPRIATE MARKET RANGE. THE PROCESS FOR DETERMINING THE COMPENSATION PAID TO THE EXECUTIVE DIRECTOR INCLUDES THE APPROVAL OF THE COMPENSATION ARRANGEMENT IN ADVANCE, WITH ALL PERSONS WITH A CONFLICT OF INTEREST ABSTAINING FROM THE DELIBERATION AND DISCUSSION OF THE TRANSACTION. THE BOARD REVIEWS DATA OF COMPARABLE COMPENSATION FOR SIMILARLY QUALIFIED NONPROFIT EXECUTIVES AT SIMILARLY SITUATED ENTITIES. THE DOCUMENTATION IN THE CORPORATE MINUTES BOOK INCLUDES THE TERMS OF THE TRANSACTION AND THE DATE OF APPROVAL, THE MEMBERS WHO WERE PRESENT DURING THE DEBATE AND VOTE ON THE TRANSACTION, A DESCRIPTION OF THE COMPARABLE DATA AND HOW IT WAS OBTAINED, AND DOCUMENTATION OF THE BASIS FOR THE DETERMINATION. FORM 990, PART VI, SECTION C, LINE 19 THE GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS ARE AVAILABLE TO THE GENERAL PUBLIC UPON REQUEST. THEY ARE ALSO AVAILABLE AT THE ORGANIZATION'S OFFICE DURING REGULAR BUSINESS HOURS. FORM 990, PART IX, LINE 11G INDEPENDENT CONTRACTORS: PROGRAM SERVICE EXPENSES 174,633. MANAGEMENT AND GENERAL EXPENSES 6,476. FUNDRAISING EXPENSES 4,952. TOTAL EXPENSES 186,061. PROFESSIONAL FEES: PROGRAM SERVICE EXPENSES 4,962. MANAGEMENT AND GENERAL EXPENSES 147,063. FUNDRAISING EXPENSES 18,833. TOTAL EXPENSES 170,858.