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KOREAN REGISTER OF SHIPPING INC: Form 990, tax year 2017

View the entire original 990 at ProPublica ↗

Organization
KOREAN REGISTER OF SHIPPING INC (EIN 06-1296306)
Tax period
2017-01-01 to 2017-12-31
Filed
2018-11-15
IRS object ID
201803199349318220
Schema version
2017v2.3
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)
Return2018-11-15T18:17:28-05:00ReturnTs
Tax Period End2017-12-31TaxPeriodEndDt

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 Begin2017-01-01TaxPeriodBeginDt

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
Signature2018-11-13SignatureDt
Discuss With Paid PreparerYes (true)DiscussWithPaidPreparerInd

Preparer Person PreparerPersonGrp

FieldValueIRS element (for citing)
Preparer PersonMICHAEL KWONPreparerPersonNm
PTINP00155464PTIN
Phone2019478500PhoneNum
Preparation2018-11-14PreparationDt

Filing Security Information FilingSecurityInformation

IP Address IPAddress

FieldValueIRS element (for citing)
I Pv4 Address184.152.108.188IPv4AddressTxt
FieldValueIRS element (for citing)
IP2018-11-15IPDt
IP Tm17:17:28IPTm
IP TimezoneCSIPTimezoneCd
Filing License TypePFilingLicenseTypeCd
At Submission Creation Device Id6135A2D454B8050267FE6A0F8D068B102CE8FA6FAtSubmissionCreationDeviceId
At Submission Filing Device Id74EE63EFF8A7E28997AF19957391053717F97E50AtSubmissionFilingDeviceId
FieldValueIRS element (for citing)
Tax2017TaxYr
Build TS2019-02-21 02:37:17ZBuildTS

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$425,436GrossReceiptsAmt
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$409,139PYOtherRevenueAmt
CY Other Revenue$425,436CYOtherRevenueAmt
PY Total Revenue$409,139PYTotalRevenueAmt
CY Total Revenue$425,436CYTotalRevenueAmt
CY Grants And Similar Paid$0CYGrantsAndSimilarPaidAmt
CY Benefits Paid To Members$0CYBenefitsPaidToMembersAmt
PY Salaries Comp Emp Bnft Paid$212,067PYSalariesCompEmpBnftPaidAmt
CY Salaries Comp Emp Bnft Paid$232,837CYSalariesCompEmpBnftPaidAmt
CY Total Prof Fndrsng Expns$0CYTotalProfFndrsngExpnsAmt
CY Total Fundraising Expense$0CYTotalFundraisingExpenseAmt
PY Other Expenses$225,441PYOtherExpensesAmt
CY Other Expenses$207,724CYOtherExpensesAmt
PY Total Expenses$437,508PYTotalExpensesAmt
CY Total Expenses$440,561CYTotalExpensesAmt
PY Revenues Less Expenses-$28,369PYRevenuesLessExpensesAmt
CY Revenues Less Expenses-$15,125CYRevenuesLessExpensesAmt
Total Assets BOY$30,541TotalAssetsBOYAmt
Total Assets EOY$16,099TotalAssetsEOYAmt
Total Liabilities BOY$2,872TotalLiabilitiesBOYAmt
Total Liabilities EOY$3,555TotalLiabilitiesEOYAmt
Net Assets Or Fund Balances BOY$27,669NetAssetsOrFundBalancesBOYAmt
Net Assets Or Fund Balances EOY$12,544NetAssetsOrFundBalancesEOYAmt
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 ChangeYes (true)SignificantChangeInd
Expense$127,270ExpenseAmt
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$222,417ExpenseAmt
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$48,874ExpenseAmt
FieldValueIRS element (for citing)
Total Other Prog Srvc Expense$48,874TotalOtherProgSrvcExpenseAmt
Total Program Service Expenses$440,561TotalProgramServiceExpensesAmt
Described In Section501c3falseDescribedInSection501c3Ind
Schedule B RequiredfalseScheduleBRequiredInd
Political Campaign ActyfalsePoliticalCampaignActyInd
Subject To Proxy TaxfalseSubjectToProxyTaxInd
Donor Advised FundfalseDonorAdvisedFundInd
Conservation EasementsfalseConservationEasementsInd
Collections Of ArtfalseCollectionsOfArtInd
Credit CounselingfalseCreditCounselingInd
Temp Or Permanent EndowmentsfalseTempOrPermanentEndowmentsInd
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 With Officer EntfalseBusinessRlnWithOfficerEntInd
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
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 WeekAverageHoursPerWeekRtOfficerOfficerIndReportable Comp From OrgReportableCompFromOrgAmtReportable Comp From Rltd OrgReportableCompFromRltdOrgAmtOther CompensationOtherCompensationAmtKey EmployeeKeyEmployeeInd
SANG RAK LEE
PRESIDENT40.00Yes (X)$72,000$0$0
PAUL D THORNE
EMPLOYEE40.00$150,417$0$0Yes (X)
FieldValueIRS element (for citing)
Total Reportable Comp From Org$222,417TotalReportableCompFromOrgAmt
Indiv Rcvd Greater Than100 K1IndivRcvdGreaterThan100KCnt
Former Ofcr Employees ListedfalseFormerOfcrEmployeesListedInd
Total Comp Greater Than150 KYes (true)TotalCompGreaterThan150KInd
Compensation From Other SrcsfalseCompensationFromOtherSrcsInd

Other Revenue Misc OtherRevenueMiscGrp

FieldValueIRS element (for citing)
DescCONTRIBUTION FROM HEAD QUARTEDesc
Total Revenue Column$425,436TotalRevenueColumnAmt
Related Or Exempt Func Income$425,436RelatedOrExemptFuncIncomeAmt
FieldValueIRS element (for citing)
Other Revenue Total$425,436OtherRevenueTotalAmt

Total Revenue TotalRevenueGrp

FieldValueIRS element (for citing)
Total Revenue Column$425,436TotalRevenueColumnAmt
Related Or Exempt Func Income$425,436RelatedOrExemptFuncIncomeAmt

Comp Current Ofcr Directors CompCurrentOfcrDirectorsGrp

FieldValueIRS element (for citing)
Total$222,417TotalAmt

Payroll Taxes PayrollTaxesGrp

FieldValueIRS element (for citing)
Total$10,420TotalAmt

Fees For Services Accounting FeesForServicesAccountingGrp

FieldValueIRS element (for citing)
Total$5,175TotalAmt

Office Expenses OfficeExpensesGrp

FieldValueIRS element (for citing)
Total$3,303TotalAmt

Occupancy OccupancyGrp

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

Travel TravelGrp

FieldValueIRS element (for citing)
Total$127,270TotalAmt

Conferences Meetings ConferencesMeetingsGrp

FieldValueIRS element (for citing)
Total$1,233TotalAmt

Depreciation Depletion DepreciationDepletionGrp

FieldValueIRS element (for citing)
Total$3,704TotalAmt

Insurance InsuranceGrp

FieldValueIRS element (for citing)
Total$5,597TotalAmt

Other Expenses OtherExpensesGrp (4 entries)

DescDescTotalTotalAmt
TELEPHONE & COMMUNICATION$8,371
AUTO(INCLUDING INSURANCE)$7,865
UTILITIES$1,545
POSTAGE & DELIVERY$1,065

All Other Expenses AllOtherExpensesGrp

FieldValueIRS element (for citing)
Total$596TotalAmt

Total Functional Expenses TotalFunctionalExpensesGrp

FieldValueIRS element (for citing)
Total$440,561TotalAmt
Program Services$0ProgramServicesAmt
Management And General$0ManagementAndGeneralAmt
Fundraising$0FundraisingAmt

Cash Non Interest Bearing CashNonInterestBearingGrp

FieldValueIRS element (for citing)
BOY$14,214BOYAmt
EOY$3,476EOYAmt
FieldValueIRS element (for citing)
Land Bldg Equip Cost Or Other Bss$18,880LandBldgEquipCostOrOtherBssAmt
Land Bldg Equip Accum Deprec$13,407LandBldgEquipAccumDeprecAmt

Land Bldg Equip Basis Net LandBldgEquipBasisNetGrp

FieldValueIRS element (for citing)
BOY$9,177BOYAmt
EOY$5,473EOYAmt

Other Assets Total OtherAssetsTotalGrp

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

Total Assets TotalAssetsGrp

FieldValueIRS element (for citing)
BOY$30,541BOYAmt
EOY$16,099EOYAmt

Other Liabilities OtherLiabilitiesGrp

FieldValueIRS element (for citing)
BOY$2,872BOYAmt
EOY$3,555EOYAmt

Total Liabilities TotalLiabilitiesGrp

FieldValueIRS element (for citing)
BOY$2,872BOYAmt
EOY$3,555EOYAmt
FieldValueIRS element (for citing)
Org Does Not Follow SFAS117Yes (X)OrgDoesNotFollowSFAS117Ind

Rtn Earn Endowment Incm Oth Fnds RtnEarnEndowmentIncmOthFndsGrp

FieldValueIRS element (for citing)
BOY$27,669BOYAmt
EOY$12,544EOYAmt

Total Net Assets Fund Balance TotalNetAssetsFundBalanceGrp

FieldValueIRS element (for citing)
BOY$27,669BOYAmt
EOY$12,544EOYAmt

Tot Liab Net Assets Fund Balance TotLiabNetAssetsFundBalanceGrp

FieldValueIRS element (for citing)
BOY$30,541BOYAmt
EOY$16,099EOYAmt
FieldValueIRS element (for citing)
Reconcilation Revenue Expnss-$15,125ReconcilationRevenueExpnssAmt
Method Of Accounting CashYes (X)MethodOfAccountingCashInd
Accountant Compile Or ReviewfalseAccountantCompileOrReviewInd
FS AuditedfalseFSAuditedInd
Federal Grant Audit RequiredfalseFederalGrantAuditRequiredInd

Schedule D IRS990ScheduleD

Equipment EquipmentGrp

FieldValueIRS element (for citing)
Other Cost Or Other Basis$18,880OtherCostOrOtherBasisAmt
Depreciation$13,407DepreciationAmt
Book Value$5,473BookValueAmt
FieldValueIRS element (for citing)
Total Book Value Land Buildings$5,473TotalBookValueLandBuildingsAmt

Other Assets Org OtherAssetsOrgGrp (2 entries)

DescDescBook ValueBookValueAmt
SECURITY DEPOSIT$4,650
SECURITY DEPOSIT$2,500
FieldValueIRS element (for citing)
Total Book Value Other Assets$7,150TotalBookValueOtherAssetsAmt

Other Liabilities Org OtherLiabilitiesOrgGrp (3 entries)

DescDescAmtAmt
FEDERAL WITHHOLDING TAX PAYABLE$2,505
STATE WITHHOLDING TAX PAYABLE$966
FUTA TAX PAYABLE$84
FieldValueIRS element (for citing)
Total Liability$3,555TotalLiabilityAmt

Schedule J IRS990ScheduleJ

FieldValueIRS element (for citing)
Severance PaymentfalseSeverancePaymentInd
Supplemental Nonqual Rtr PlanfalseSupplementalNonqualRtrPlanInd
Equity Based Comp ArrngmfalseEquityBasedCompArrngmInd

Rltd Org Officer Trst Key Empl RltdOrgOfficerTrstKeyEmplGrp

FieldValueIRS element (for citing)
PersonPAUL D THORNEPersonNm
TitleEMPLOYEETitleTxt
Base Compensation Filing Org$150,417BaseCompensationFilingOrgAmt
Total Compensation Filing Org$150,417TotalCompensationFilingOrgAmt

Schedule O IRS990ScheduleO

Supplemental Information Detail SupplementalInformationDetail (4 entries)

Form And Line ReferenceFormAndLineReferenceDescExplanationExplanationTxt
FORM 990, PAGE 2, PART III, LINE 3PROGRAM SERVICE EXPENSES: 48,874, GRANTS AND ALLOCATIONS:0, REVENUE:0, ALL OTHER EXPENSES TO ACIVE THE ORGANIZATION'S EXEMPT PURPOSE FROM 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