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KOREAN REGISTER OF SHIPPING INC: Form 990, tax year 2020

View the entire original 990 at ProPublica ↗

Organization
KOREAN REGISTER OF SHIPPING INC (EIN 06-1296306)
Tax period
2020-01-01 to 2020-12-31
Filed
2021-08-19
IRS object ID
202132319349301603
Schema version
2020v4.0
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)
Return2021-08-19T14:50:15-05:00ReturnTs
Tax Period End2020-12-31TaxPeriodEndDt

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 Begin2020-01-01TaxPeriodBeginDt

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)
PersonSANG RAK LEEPersonNm
Person TitlePRESIDENTPersonTitleTxt
Phone2017848886PhoneNum
Signature2021-08-16SignatureDt
Discuss With Paid PreparerYes (true)DiscussWithPaidPreparerInd

Signing Officer SigningOfficerGrp

Person Full Name PersonFullName

FieldValueIRS element (for citing)
Person FirstSANGPersonFirstNm
Person LastLEEPersonLastNm
FieldValueIRS element (for citing)
SSNXXX-XX-XXXXSSN

Preparer Person PreparerPersonGrp

FieldValueIRS element (for citing)
Preparer PersonMICHAEL KWONPreparerPersonNm
PTINP00155464PTIN
Phone2019478500PhoneNum
Preparation2021-08-16PreparationDt
FieldValueIRS element (for citing)
Tax2020TaxYr
Build TS2022-09-23 18:48:47ZBuildTS

Form 990 IRS990

FieldValueIRS element (for citing)
Principal OfficerSANG RAK LEEPrincipalOfficerNm

US Address USAddress

FieldValueIRS element (for citing)
Address Line151 BURLINGTON STAddressLine1Txt
CityNORWOODCityNm
State AbbreviationNJStateAbbreviationCd
ZIP07648ZIPCd
FieldValueIRS element (for citing)
Gross Receipts$414,994GrossReceiptsAmt
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$435,000PYOtherRevenueAmt
CY Other Revenue$406,944CYOtherRevenueAmt
PY Total Revenue$435,000PYTotalRevenueAmt
CY Total Revenue$406,944CYTotalRevenueAmt
CY Grants And Similar Paid$0CYGrantsAndSimilarPaidAmt
CY Benefits Paid To Members$0CYBenefitsPaidToMembersAmt
PY Salaries Comp Emp Bnft Paid$222,717PYSalariesCompEmpBnftPaidAmt
CY Salaries Comp Emp Bnft Paid$225,408CYSalariesCompEmpBnftPaidAmt
CY Total Prof Fndrsng Expns$0CYTotalProfFndrsngExpnsAmt
CY Total Fundraising Expense$0CYTotalFundraisingExpenseAmt
PY Other Expenses$186,338PYOtherExpensesAmt
CY Other Expenses$171,926CYOtherExpensesAmt
PY Total Expenses$409,055PYTotalExpensesAmt
CY Total Expenses$397,334CYTotalExpensesAmt
PY Revenues Less Expenses$25,945PYRevenuesLessExpensesAmt
CY Revenues Less Expenses$9,610CYRevenuesLessExpensesAmt
Total Assets BOY$51,600TotalAssetsBOYAmt
Total Assets EOY$61,210TotalAssetsEOYAmt
Total Liabilities BOY$3,805TotalLiabilitiesBOYAmt
Total Liabilities EOY$3,805TotalLiabilitiesEOYAmt
Net Assets Or Fund Balances BOY$47,795NetAssetsOrFundBalancesBOYAmt
Net Assets Or Fund Balances EOY$57,405NetAssetsOrFundBalancesEOYAmt
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$93,676ExpenseAmt
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$214,800ExpenseAmt
DescSALERIES PAID TO CERTIFIED INSPECTORS TO CARRY OUT STATUTORY SERVICESDesc

Prog Srvc Accom Acty3 ProgSrvcAccomActy3Grp

FieldValueIRS element (for citing)
Expense$42,000ExpenseAmt
DescRENTAL EXPENSE FOR THE OFFICEDesc

Prog Srvc Accom Acty Other ProgSrvcAccomActyOtherGrp

FieldValueIRS element (for citing)
Expense$46,858ExpenseAmt
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$46,858TotalOtherProgSrvcExpenseAmt
Total Program Service Expenses$397,334TotalProgramServiceExpensesAmt
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 BodyYes (true)Form990ProvidedToGvrnBodyInd
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)
PersonSANG RAK LEEPersonNm
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)$142,800$0$0
SANG RAK LEE
PRESIDENT40.00$72,000$0$0Yes (X)
FieldValueIRS element (for citing)
Total Reportable Comp From Org$214,800TotalReportableCompFromOrgAmt
Indiv Rcvd Greater Than100 K1IndivRcvdGreaterThan100KCnt
Former Ofcr Employees ListedfalseFormerOfcrEmployeesListedInd
Total Comp Greater Than150 KfalseTotalCompGreaterThan150KInd
Compensation From Other SrcsfalseCompensationFromOtherSrcsInd

Gross Amount Sales Assets GrossAmountSalesAssetsGrp

FieldValueIRS element (for citing)
Other$8,050OtherAmt

Less Cost Oth Basis Sales Expnss LessCostOthBasisSalesExpnssGrp

FieldValueIRS element (for citing)
Other$8,050OtherAmt

Other Revenue Misc OtherRevenueMiscGrp

FieldValueIRS element (for citing)
DescCONTRIBUTION FROM HEAD QUARTEDesc
Total Revenue Column$406,944TotalRevenueColumnAmt
Related Or Exempt Func Income$406,944RelatedOrExemptFuncIncomeAmt
FieldValueIRS element (for citing)
Other Revenue Total$406,944OtherRevenueTotalAmt

Total Revenue TotalRevenueGrp

FieldValueIRS element (for citing)
Total Revenue Column$406,944TotalRevenueColumnAmt
Related Or Exempt Func Income$406,944RelatedOrExemptFuncIncomeAmt

Comp Current Ofcr Directors CompCurrentOfcrDirectorsGrp

FieldValueIRS element (for citing)
Total$72,000TotalAmt

Other Salaries And Wages OtherSalariesAndWagesGrp

FieldValueIRS element (for citing)
Total$142,800TotalAmt

Payroll Taxes PayrollTaxesGrp

FieldValueIRS element (for citing)
Total$10,608TotalAmt

Fees For Services Legal FeesForServicesLegalGrp

FieldValueIRS element (for citing)
Total$5,830TotalAmt

Fees For Services Accounting FeesForServicesAccountingGrp

FieldValueIRS element (for citing)
Total$2,700TotalAmt

Office Expenses OfficeExpensesGrp

FieldValueIRS element (for citing)
Total$4,010TotalAmt

Occupancy OccupancyGrp

FieldValueIRS element (for citing)
Total$42,000TotalAmt

Travel TravelGrp

FieldValueIRS element (for citing)
Total$93,676TotalAmt

Depreciation Depletion DepreciationDepletionGrp

FieldValueIRS element (for citing)
Total$2,694TotalAmt

Insurance InsuranceGrp

FieldValueIRS element (for citing)
Total$7,996TotalAmt

Other Expenses OtherExpensesGrp (4 entries)

DescDescTotalTotalAmt
TELEPHONE & COMMUNICATION$4,419
AUTO(INCLUDING INSURANCE)$4,391
UTILITIES$1,642
OUTSIDE SERVICE$1,239

All Other Expenses AllOtherExpensesGrp

FieldValueIRS element (for citing)
Total$1,329TotalAmt

Total Functional Expenses TotalFunctionalExpensesGrp

FieldValueIRS element (for citing)
Total$397,334TotalAmt
Program Services$0ProgramServicesAmt
Management And General$0ManagementAndGeneralAmt
Fundraising$0FundraisingAmt

Cash Non Interest Bearing CashNonInterestBearingGrp

FieldValueIRS element (for citing)
BOY$44,231BOYAmt
EOY$20,480EOYAmt
FieldValueIRS element (for citing)
Land Bldg Equip Cost Or Other Bss$38,835LandBldgEquipCostOrOtherBssAmt
Land Bldg Equip Accum Deprec$5,255LandBldgEquipAccumDeprecAmt

Land Bldg Equip Basis Net LandBldgEquipBasisNetGrp

FieldValueIRS element (for citing)
BOY$219BOYAmt
EOY$33,580EOYAmt

Other Assets Total OtherAssetsTotalGrp

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

Total Assets TotalAssetsGrp

FieldValueIRS element (for citing)
BOY$51,600BOYAmt
EOY$61,210EOYAmt

Other Liabilities OtherLiabilitiesGrp

FieldValueIRS element (for citing)
BOY$3,805BOYAmt
EOY$3,805EOYAmt

Total Liabilities TotalLiabilitiesGrp

FieldValueIRS element (for citing)
BOY$3,805BOYAmt
EOY$3,805EOYAmt
FieldValueIRS element (for citing)
Org Does Not Follow FASB117Yes (X)OrgDoesNotFollowFASB117Ind

Rtn Earn Endowment Incm Oth Fnds RtnEarnEndowmentIncmOthFndsGrp

FieldValueIRS element (for citing)
BOY$47,795BOYAmt
EOY$57,405EOYAmt

Total Net Assets Fund Balance TotalNetAssetsFundBalanceGrp

FieldValueIRS element (for citing)
BOY$47,795BOYAmt
EOY$57,405EOYAmt

Tot Liab Net Assets Fund Balance TotLiabNetAssetsFundBalanceGrp

FieldValueIRS element (for citing)
BOY$51,600BOYAmt
EOY$61,210EOYAmt
FieldValueIRS element (for citing)
Reconcilation Revenue Expnss$9,610ReconcilationRevenueExpnssAmt
Method Of Accounting CashYes (X)MethodOfAccountingCashInd
Accountant Compile Or ReviewfalseAccountantCompileOrReviewInd
FS AuditedfalseFSAuditedInd

Schedule D IRS990ScheduleD

Other Land Buildings OtherLandBuildingsGrp

FieldValueIRS element (for citing)
Other Cost Or Other Basis$38,835OtherCostOrOtherBasisAmt
Depreciation$5,255DepreciationAmt
Book Value$33,580BookValueAmt
FieldValueIRS element (for citing)
Total Book Value Land Buildings$33,580TotalBookValueLandBuildingsAmt

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$3,805Amt
FieldValueIRS element (for citing)
Total Liability$3,805TotalLiabilityAmt

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