ASIAN FINANCIAL SOCIETY: Form 990EZ, tax year 2010
View the entire original 990 at ProPublica ↗
- Organization
- ASIAN FINANCIAL SOCIETY (EIN 13-3471772)
- Tax period
- 2010-01-01 to 2010-12-31
- Filed
- 2012-03-12
- IRS object ID
- 201240759349200324
- Schema version
- 2010v3.4
- 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
| Field | Value | IRS element (for citing) |
|---|---|---|
| Timestamp | 2012-03-12T11:32:55-07:00 | Timestamp |
| Tax Period End Date | 2010-12-31 | TaxPeriodEndDate |
| Return Type | 990EZ | ReturnType |
| Tax Period Begin Date | 2010-01-01 | TaxPeriodBeginDate |
Filer Filer
| Field | Value | IRS element (for citing) |
|---|---|---|
| EIN | 133471772 | EIN |
Name Name
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | ASIAN FINANCIAL SOCIETY | BusinessNameLine1 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Name Control | ASIA | NameControl |
| Phone | 9177202588 | Phone |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 32 Broadway Suite 1701 | AddressLine1 |
| City | New York | City |
| State | NY | State |
| ZIP Code | 10004 | ZIPCode |
Officer Officer
| Field | Value | IRS element (for citing) |
|---|---|---|
| Name | SC Arnold Chu | Name |
| Title | Treasurer | Title |
| Phone | 9177202588 | Phone |
| Date Signed | 2012-02-10 | DateSigned |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Tax Year | 2010 | TaxYear |
| Build TS | 2016-02-24 21:20:13Z | BuildTS |
Form 990-EZ IRS990EZ
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Change | X | AddressChange |
| Method Of Accounting Cash | X | MethodOfAccountingCash |
| Schedule B Not Required | X | ScheduleBNotRequired |
| Web Site | www.afstoday.org | WebSite |
| Organization501c3 | X | Organization501c3 |
| Gross Receipts Less Than25000 | X | GrossReceiptsLessThan25000 |
| Gross Receipts | 14726 | GrossReceipts |
| Contributions Gifts Grants Etc | 0 | ContributionsGiftsGrantsEtc |
| Program Service Revenue | 14060 | ProgramServiceRevenue |
| Membership Dues | 656 | MembershipDues |
| Investment Income | 10 | InvestmentIncome |
| Gross Amount From Sale Of Assets | 0 | GrossAmountFromSaleOfAssets |
| Cost Other Basis And Sales Expenses | 0 | CostOtherBasisAndSalesExpenses |
| Gain Or Loss From Sale Of Assets | 0 | GainOrLossFromSaleOfAssets |
| Gaming Gross Income | 0 | GamingGrossIncome |
| Fundraising Gross Income | 0 | FundraisingGrossIncome |
| Special Events Direct Expenses | 0 | SpecialEventsDirectExpenses |
| Special Events Net Income Loss | 0 | SpecialEventsNetIncomeLoss |
| Gross Sales Of Inventory | 0 | GrossSalesOfInventory |
| Cost Of Goods Sold | 0 | CostOfGoodsSold |
| Gro Profit Loss Sales Of Inventory | 0 | GroProfitLossSalesOfInventory |
| Other Revenue Total | 0 | OtherRevenueTotal |
| Total Revenue | 14726 | TotalRevenue |
| Grants And Similar Amounts Paid | 0 | GrantsAndSimilarAmountsPaid |
| Benefits Paid To Or For Members | 0 | BenefitsPaidToOrForMembers |
| Salaries Other Comp Empl Benefits | 0 | SalariesOtherCompEmplBenefits |
| Fees And Oth Pymt To Ind Contractors | 14177 | FeesAndOthPymtToIndContractors |
| Occupancy Rent Utilities And Maint | 115 | OccupancyRentUtilitiesAndMaint |
| Printing Publications Postage | 0 | PrintingPublicationsPostage |
| Other Expenses Total | 0 | OtherExpensesTotal |
| Total Expenses | 14292 | TotalExpenses |
| Excess Or Deficit For Year | 434 | ExcessOrDeficitForYear |
| Net Assets Or Fund Balances BOY | 22462 | NetAssetsOrFundBalancesBOY |
| Other Changes In Net Assets | 0 | OtherChangesInNetAssets |
| Net Assets Or Fund Balances EOY | 22896 | NetAssetsOrFundBalancesEOY |
Cash Savings And Investments CashSavingsAndInvestments
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 22462 | BOY |
| EOY | 22896 | EOY |
Land And Buildings LandAndBuildings
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 0 | BOY |
| EOY | 0 | EOY |
Other Assets Total OtherAssetsTotal
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 0 | BOY |
| EOY | 0 | EOY |
Total Assets TotalAssets
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 22462 | BOY |
| EOY | 22896 | EOY |
Sum Of Total Liabilities SumOfTotalLiabilities
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 0 | BOY |
| EOY | 0 | EOY |
Net Assets Or Fund Balances NetAssetsOrFundBalances
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 22462 | BOY |
| EOY | 22896 | EOY |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Primary Exempt Purpose | Disseminate information about and assist young people and general public in taking advantage of opportunities available for employment and advancement in banking and financial institutions. | PrimaryExemptPurpose |
Program Service Accomplishment ProgramServiceAccomplishment
| Field | Value | IRS element (for citing) |
|---|---|---|
| Description Program Service Accom | 1. AFS 2010 Summer Intern Training - 9 sessions program introduction to a wide range of financial industry; 2. China's Economy in 2010: Forecast and Views - Panel of experts on Chinese economy; 3. Monthly Investment Discussion Group; 4. SIG Bi Monthly Risk Management SIG; 5. Private Equity Investment in China Lecture; 6. Peking University Conference; 7. Investment Opportunities in Emerging Markets; Combined audience of 700+. | DescriptionProgramServiceAccom |
| Grants And Allocations | 0 | GrantsAndAllocations |
| Program Service Expenses | 14098 | ProgramServiceExpenses |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Program Service Expenses | 14098 | TotalProgramServiceExpenses |
Officer Director Trustee Key Empl OfficerDirectorTrusteeKeyEmpl (14 entries)
| Address Line1AddressUS/AddressLine1 | CityAddressUS/City | StateAddressUS/State | ZIP CodeAddressUS/ZIPCode | TitleTitle | Avg Hours Per Wk Devoted To PositionAvgHoursPerWkDevotedToPosition | CompensationCompensation | Contri To Empl Benefit Plans EtcContriToEmplBenefitPlansEtc | Expense Account Other AllowancesExpenseAccountOtherAllowances |
|---|---|---|---|---|---|---|---|---|
| Cheng Yuan | ||||||||
| 32 Broadway Suite 1701 | New York | NY | 10004 | President | 5 | 0 | 0 | 0 |
| SC Arnold Chu | ||||||||
| 32 Broadway Suite 1701 | New York | NY | 10004 | Treasurer | 5 | 0 | 0 | 0 |
| Vivian Tang | ||||||||
| 32 Broadway Suite 1701 | New York | NY | 10004 | Secretary | 1 | 0 | 0 | 0 |
| Catherine Fan | ||||||||
| 32 Broadway Suite 1701 | New York | NY | 10004 | VP | 1 | 0 | 0 | 0 |
| Jonathan Taylor | ||||||||
| 32 Broadway Suite 1701 | New York | NY | 10004 | VP | 2 | 0 | 0 | 0 |
| Tracy Wan | ||||||||
| 32 Broadway Suite 1701 | New York | NY | 10004 | VP | 2 | 0 | 0 | 0 |
| Hongfei Zhang | ||||||||
| 32 Broadway Suite 1701 | New York | NY | 10004 | VP | 1 | 0 | 0 | 0 |
| Maggie Chen | ||||||||
| 32 Broadway Suite 1701 | New York | NY | 10004 | Director | 1 | 0 | 0 | 0 |
| Jin Liu | ||||||||
| 32 Broadway Suite 1701 | New York | NY | 10004 | Director | 2 | 0 | 0 | 0 |
| Jian Kang | ||||||||
| 32 Broadway Suite 1701 | New York | NY | 10004 | Director | 1 | 0 | 0 | 0 |
| Dayong Liu | ||||||||
| 32 Broadway Suite 1701 | New York | NY | 10004 | Director | 4 | 0 | 0 | 0 |
| Ming Xiang | ||||||||
| 32 Broadway Suite 1701 | New York | NY | 10004 | Director | 2 | 0 | 0 | 0 |
| LiuXin Ye | ||||||||
| 32 Broadway Suite 1701 | New York | NY | 10004 | Director | 1 | 0 | 0 | 0 |
| Ying Yen | ||||||||
| 32 Broadway Suite 1701 | New York | NY | 10004 | Director | 3 | 0 | 0 | 0 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Activities Not Previously Rpt | 0 | ActivitiesNotPreviouslyRpt |
| Made Changes To Orgnzng Etc Doc | 0 | MadeChangesToOrgnzngEtcDoc |
| Organization Had UBI | 0 | OrganizationHadUBI |
| Organization Dissolved Etc | 0 | OrganizationDissolvedEtc |
| Direct Indirect Political Expend | 0 | DirectIndirectPoliticalExpend |
| Did Org File Form1120 POL This Year | 0 | DidOrgFileForm1120POLThisYear |
| Made Loans To From Officers | 0 | MadeLoansToFromOfficers |
| Tax Imposed Under IRC4911 | 0 | TaxImposedUnderIRC4911 |
| Tax Imposed Under IRC4912 | 0 | TaxImposedUnderIRC4912 |
| Tax Imposed Under IRC4955 | 0 | TaxImposedUnderIRC4955 |
| Engaged In Excess Benefit Trans | 0 | EngagedInExcessBenefitTrans |
| Amount Of Tax Imposed On Org Mgr | 0 | AmountOfTaxImposedOnOrgMgr |
| Amount Of Tax Reimbursed By Org | 0 | AmountOfTaxReimbursedByOrg |
| Prohibited Tax Shelter Trans | 0 | ProhibitedTaxShelterTrans |
The Books Are In Care Of TheBooksAreInCareOf
| Field | Value | IRS element (for citing) |
|---|---|---|
| Name Person | SC Arnold Chu | NamePerson |
Address US AddressUS
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 32 Broadway Suite 1701 | AddressLine1 |
| City | New York | City |
| State | NY | State |
| ZIP Code | 10004 | ZIPCode |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Telephone Number | 9177202588 | TelephoneNumber |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Foreign Financial Account | 0 | ForeignFinancialAccount |
| Foreign Office | 0 | ForeignOffice |
| Maintain Any Donor Advised Funds | 0 | MaintainAnyDonorAdvisedFunds |
| Does Org Have Hospital | 0 | DoesOrgHaveHospital |
| Tanning Services Provided | 0 | TanningServicesProvided |
| Related Org Controlled Entity | 0 | RelatedOrgControlledEntity |
| Engage Political Cmpgn Activities | 0 | EngagePoliticalCmpgnActivities |
| Engage In Lobbying Activities | 0 | EngageInLobbyingActivities |
| Operating School | 0 | OperatingSchool |
| Trnsfrs Exempt Non Char Related Org | 0 | TrnsfrsExemptNonCharRelatedOrg |
| Part VI Of Comp Of Highest Paid Empl | NONE | PartVIOfCompOfHighestPaidEmpl |
| Part VIA Hghst Paid Cntrct Prof Ser | NONE | PartVIAHghstPaidCntrctProfSer |
| Filed Schedule A | 1 | FiledScheduleA |
Schedule A IRS990ScheduleA
| Field | Value | IRS element (for citing) |
|---|---|---|
| Publicly Supported Org509a2 | X | PubliclySupportedOrg509a2 |
Gifts Grants Contrib Received509 GiftsGrantsContribReceived509
| Field | Value | IRS element (for citing) |
|---|---|---|
| Current Tax Year Minus4 Years | 100 | CurrentTaxYearMinus4Years |
| Current Tax Year Minus3 Years | 350 | CurrentTaxYearMinus3Years |
| Current Tax Year Minus2 Years | 810 | CurrentTaxYearMinus2Years |
| Current Tax Year Minus1 Year | 800 | CurrentTaxYearMinus1Year |
| Current Tax Year | 11352 | CurrentTaxYear |
| Total | 13412 | Total |
Gross Receipts From Admissions GrossReceiptsFromAdmissions
| Field | Value | IRS element (for citing) |
|---|---|---|
| Current Tax Year Minus4 Years | 0 | CurrentTaxYearMinus4Years |
| Current Tax Year Minus3 Years | 0 | CurrentTaxYearMinus3Years |
| Current Tax Year Minus2 Years | 5980 | CurrentTaxYearMinus2Years |
| Current Tax Year Minus1 Year | 3750 | CurrentTaxYearMinus1Year |
| Current Tax Year | 3364 | CurrentTaxYear |
| Total | 13094 | Total |
Gross Receipts From Non UBI GrossReceiptsFromNonUBI
| Field | Value | IRS element (for citing) |
|---|---|---|
| Current Tax Year Minus4 Years | 0 | CurrentTaxYearMinus4Years |
| Current Tax Year Minus3 Years | 0 | CurrentTaxYearMinus3Years |
| Current Tax Year Minus2 Years | 0 | CurrentTaxYearMinus2Years |
| Current Tax Year Minus1 Year | 0 | CurrentTaxYearMinus1Year |
| Current Tax Year | 0 | CurrentTaxYear |
| Total | 0 | Total |
Tax Rev Levied For Org Benefit509 TaxRevLeviedForOrgBenefit509
| Field | Value | IRS element (for citing) |
|---|---|---|
| Current Tax Year Minus4 Years | 0 | CurrentTaxYearMinus4Years |
| Current Tax Year Minus3 Years | 0 | CurrentTaxYearMinus3Years |
| Current Tax Year Minus2 Years | 0 | CurrentTaxYearMinus2Years |
| Current Tax Year Minus1 Year | 0 | CurrentTaxYearMinus1Year |
| Current Tax Year | 0 | CurrentTaxYear |
| Total | 0 | Total |
Value Of Svcs Fclts Furnishd By Govt ValueOfSvcsFcltsFurnishdByGovt
| Field | Value | IRS element (for citing) |
|---|---|---|
| Current Tax Year Minus4 Years | 0 | CurrentTaxYearMinus4Years |
| Current Tax Year Minus3 Years | 0 | CurrentTaxYearMinus3Years |
| Current Tax Year Minus2 Years | 0 | CurrentTaxYearMinus2Years |
| Current Tax Year Minus1 Year | 0 | CurrentTaxYearMinus1Year |
| Current Tax Year | 0 | CurrentTaxYear |
| Total | 0 | Total |
Total509 Total509
| Field | Value | IRS element (for citing) |
|---|---|---|
| Current Tax Year Minus4 Years | 100 | CurrentTaxYearMinus4Years |
| Current Tax Year Minus3 Years | 350 | CurrentTaxYearMinus3Years |
| Current Tax Year Minus2 Years | 6790 | CurrentTaxYearMinus2Years |
| Current Tax Year Minus1 Year | 4550 | CurrentTaxYearMinus1Year |
| Current Tax Year | 14716 | CurrentTaxYear |
| Total | 26506 | Total |
Amts Recd From Disqual Persons AmtsRecdFromDisqualPersons
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 0 | Total |
Amts From Subst Contributors AmtsFromSubstContributors
| Field | Value | IRS element (for citing) |
|---|---|---|
| Current Tax Year Minus4 Years | 0 | CurrentTaxYearMinus4Years |
| Current Tax Year Minus3 Years | 0 | CurrentTaxYearMinus3Years |
| Current Tax Year Minus2 Years | 0 | CurrentTaxYearMinus2Years |
| Current Tax Year Minus1 Year | 0 | CurrentTaxYearMinus1Year |
| Current Tax Year | 0 | CurrentTaxYear |
| Total | 0 | Total |
Support From DQ Ps Etc SupportFromDQPsEtc
| Field | Value | IRS element (for citing) |
|---|---|---|
| Current Tax Year Minus4 Years | 0 | CurrentTaxYearMinus4Years |
| Current Tax Year Minus3 Years | 0 | CurrentTaxYearMinus3Years |
| Current Tax Year Minus2 Years | 0 | CurrentTaxYearMinus2Years |
| Current Tax Year Minus1 Year | 0 | CurrentTaxYearMinus1Year |
| Current Tax Year | 0 | CurrentTaxYear |
| Total | 0 | Total |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Public Support Total509 | 26506 | PublicSupportTotal509 |
Gross Investment Income509 GrossInvestmentIncome509
| Field | Value | IRS element (for citing) |
|---|---|---|
| Current Tax Year Minus4 Years | 10 | CurrentTaxYearMinus4Years |
| Current Tax Year Minus3 Years | 10 | CurrentTaxYearMinus3Years |
| Current Tax Year Minus2 Years | 30 | CurrentTaxYearMinus2Years |
| Current Tax Year Minus1 Year | 10 | CurrentTaxYearMinus1Year |
| Current Tax Year | 10 | CurrentTaxYear |
| Total | 70 | Total |
Post1975 UBTI Post1975UBTI
| Field | Value | IRS element (for citing) |
|---|---|---|
| Current Tax Year Minus4 Years | 0 | CurrentTaxYearMinus4Years |
| Current Tax Year Minus3 Years | 0 | CurrentTaxYearMinus3Years |
| Current Tax Year Minus2 Years | 0 | CurrentTaxYearMinus2Years |
| Current Tax Year Minus1 Year | 0 | CurrentTaxYearMinus1Year |
| Current Tax Year | 0 | CurrentTaxYear |
| Total | 0 | Total |
Investment Income And UBTI InvestmentIncomeAndUBTI
| Field | Value | IRS element (for citing) |
|---|---|---|
| Current Tax Year Minus4 Years | 10 | CurrentTaxYearMinus4Years |
| Current Tax Year Minus3 Years | 10 | CurrentTaxYearMinus3Years |
| Current Tax Year Minus2 Years | 30 | CurrentTaxYearMinus2Years |
| Current Tax Year Minus1 Year | 10 | CurrentTaxYearMinus1Year |
| Current Tax Year | 10 | CurrentTaxYear |
| Total | 70 | Total |
Net Income From Other UBI NetIncomeFromOtherUBI
| Field | Value | IRS element (for citing) |
|---|---|---|
| Current Tax Year Minus4 Years | 0 | CurrentTaxYearMinus4Years |
| Current Tax Year Minus3 Years | 0 | CurrentTaxYearMinus3Years |
| Current Tax Year Minus2 Years | 0 | CurrentTaxYearMinus2Years |
| Current Tax Year Minus1 Year | 0 | CurrentTaxYearMinus1Year |
| Current Tax Year | 0 | CurrentTaxYear |
| Total | 0 | Total |
Other Income509 OtherIncome509
| Field | Value | IRS element (for citing) |
|---|---|---|
| Current Tax Year Minus4 Years | 0 | CurrentTaxYearMinus4Years |
| Current Tax Year Minus3 Years | 0 | CurrentTaxYearMinus3Years |
| Current Tax Year Minus2 Years | 0 | CurrentTaxYearMinus2Years |
| Current Tax Year Minus1 Year | 0 | CurrentTaxYearMinus1Year |
| Current Tax Year | 0 | CurrentTaxYear |
| Total | 0 | Total |
Total Support Total TotalSupportTotal
| Field | Value | IRS element (for citing) |
|---|---|---|
| Current Tax Year Minus4 Years | 110 | CurrentTaxYearMinus4Years |
| Current Tax Year Minus3 Years | 360 | CurrentTaxYearMinus3Years |
| Current Tax Year Minus2 Years | 6820 | CurrentTaxYearMinus2Years |
| Current Tax Year Minus1 Year | 4560 | CurrentTaxYearMinus1Year |
| Current Tax Year | 14726 | CurrentTaxYear |
| Total | 26576 | Total |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Public Support Percentage509 | 0.99737 | PublicSupportPercentage509 |
| Prior Year Support Percentage | 0.998 | PriorYearSupportPercentage |
| Investment Income Percentage | 0.00263 | InvestmentIncomePercentage |
| Prior Yr Invest Income Percentage | 0.002 | PriorYrInvestIncomePercentage |
| Thirty Three Percnt Tests CY509 | X | ThirtyThreePercntTestsCY509 |
Reasonable Cause Explanation ReasonableCauseExplanation
| Field | Value | IRS element (for citing) |
|---|---|---|
| Explanation | The 2010 return was the first Form 990EZ filing for the organization and the return was inadvertently filed after the required due date. Prior to that, only one postcard filing was completed since the organization's annual revenue was typically in the $4,000 to $6,000 range which did not require any filing at that time. This late filing is a one time event due to it being the initial Form 990EZ filing. We now have a lawyer volunteer who is helping us to adhere to all compliance requirements. The organization is 100% volunteer run with no paid staff. We operate in good faith and aim to comply with all applicable regulations, and we believe the facts and circumstances outlined above support an abatement of the penalty given that steps have been taken to ensure that all future filings will be timely. | Explanation |