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Otakorp INC FY2020 filing

Tax-deductible

Hanover, MD501(c)(3)Arts & Culture EIN 25-1800552Revenue $365K in FY2020

On file with the IRSotakorp.org961 Mercantile Dr Ste D/E, 21076-3164 · Hanover, MDTax-exempt since Oct 1997Publicly supported charity — 170(b)(1)(A)(vi)

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To foster an awareness and promote the appreciation of asian culture, primarily through its media and entertainment and the artistic community involved in their creation, by providing a forum for exhibition, discussion, workshops, and activities related to the same; moreover to provide an environment and support mechanism by which a similar artistic community can arise in the united states.

501(c)(3) charity; gifts are tax-deductible.
40¢ of each $1 spent went to programs.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX

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FY2020 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
501(c)(3)
not on the IRS revocation list
Looks good: listed by the IRS and not on the revocation list.
IRS BMF · Auto-Revocation List
Tax-deductible gifts
Yes
Donations are tax-deductible
Looks good: the IRS lists gifts to it as deductible.
IRS Pub. 78 · IRS BMF
Latest return
FY2024
latest Form 990
Looks good: the latest return is for FY2024, 2 tax years back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
4 of 5
filings with a surplus
Average surplus $715K a year · 23% of revenue · last 5 filings
Fine: a surplus in 4 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Spent on programs
40%
of spending
Concern: 40% of spending went to programs; under 50%.
Pt IX · Ln 25 · col B
Cash reserves
4 mo
of spending, in cash
Looks good: 3.9 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
1
named funder · $5K
Fine: 1 funder names it on their filings; under 3.
Funders’ Sch. I, 990-PF
Liabilities
$28K
15% of total assets
Looks good: liabilities are 15% of assets; 50% or less.
Pt X · Ln 26
Independent board members
121
of 121 voting members
Looks good: 121 of 121 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$365K
Spent
$585K
To programs
40%
Net assets
$163K
By yearFY2020–FY2024
Revenue
$365K
FY2020
Tap a bar for its year
Revenue by fiscal year
FY2020$365K
FY2021$1.8M
FY2022$5.2M
FY2022$214K
FY2023$3.8M
FY2024$4.4M
Expenses
$585K
FY2020
Tap a bar for its year
Expenses by fiscal year
FY2020$585K
FY2021$1.5M
FY2022$2.9M
FY2022$111K
FY2023$3.4M
FY2024$3.6M
Net assets
$163K
FY2020
Tap a bar for its year
Net assets by fiscal year
FY2020$163K
FY2021$451K
FY2022$2.7M
FY2022$2.8M
FY2023$3.2M
FY2024$4.1M

From the FY2020 Form 990 (year ending October 2020) · figures checked against the IRS filing · see the original

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You’re viewing the FY2020 filing — not the latest on file. See the latest (FY2024) →

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2024. IRS ruling in Oct 1997.

IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Where the money goes

40 cents of each dollar spent went to programs.

Program services 40% · $233K Management & general 60% · $352K

Form 990 Part IX, line 25, columns B–D. Every line is in By the numbers.

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Who runs it and what they're paid

19 people listed on the 990.

Part VII, Section A · reportable compensation · most recent filed roster (FY2019); the FY2020 filing did not itemize Part VII
Nick Avgerinos
Member at La
$0Pt VII · Sec A
Joey Bruno
Comptroller
$0Pt VII · Sec A
Simon Chambers
Member at La
$0Pt VII · Sec A
Brian Cutler
Member at La
$0Pt VII · Sec A
Elizabeth Cutler
Correspondin
$0Pt VII · Sec A
Libby Cutler
Member at La
$0Pt VII · Sec A
Lee Fenner
Member at La
$0Pt VII · Sec A
John Gluth
Member at La
$0Pt VII · Sec A
See Otakorp INC executive salaries →

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Questions the 990 asks

The form asks each of these directly. These are the filed answers.

  • Family or business ties among officersPt VI · Ln 2Yes
  • Top official's pay set by an independent reviewPt VI · Ln 15aNo

Programs and updates

Promotes Asian culture through media, entertainment, and artistic community events.

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Provided by the organization

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3 programs · $233K · in their own filed words · FY2019
01

Otakorp, inc. Hosted an educational and immersive virtual event, OTAKON.ONLINE, which included panels, lectures, workshops, concerts, film and video presentations, and virtual appearances by those involved in the creation, production, and distribution of asian art and culture.

$233Kprogram expense
02

Otakorp, inc. Initiated a relationship with the embassy of the republic of korea in order to continue our cross-cultural mission. Furthermore, we worked with japan's artistic community and its popular arts industry to bring programming, exhibitions, and discussion on japanese media, entertainment, and culture to OTAKON.ONLINE.

Pt IX · col B
03

In 2020, otakorp, inc. Coordinated with the japan-america society of washington, D.C. To sponsor the sakura matsuri japanese street festival in washington, D.C., which would have continued to develop otakorp, INC.'S outreach in promoting asian culture, media and entertainment in the united states, had the covid 19 pandemic not forced the…

Pt IX · col B

Funders

Who pays for it.

From grant filings on record. Receipts are incomplete: individual donors are never listed.

Grants

Schedule I · funders on record
Grants received · FY2024
American Online Giving Foundation INCFY2024$5K
Total grants receivedfrom 1 funder$5K

By the numbers

The FY2020 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$365K
Ln 12
Fees for servicesLn 2g$359K
Other incomeLn 4–11$5K
Gifts and grantsLn 1h$718
Money outPt IX
$585K
Ln 25
Programscol B$233K
Managementcol C$352K
Owns and owesPt X
$163K
net assets · Ln 32
Cash and savingsLn 1–2$189K
Total assetsLn 16$191K
LiabilitiesLn 26$28K
PeoplePt VI, VII
19
listed · VII A
PaidVII A0
Voting boardVI 1a121
IndependentVI 1b121
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$718
Fees for servicesLn 2g$359K
Other incomeLn 4–11$5K
Total revenueLn 12$365K
Assets in detailPt X, end of year
CashLn 1$189K
Cash and savings togetherLn 1–2$189K
Total assetsLn 16$191K
LiabilitiesLn 26$28K
Net assetsLn 32$163K
OperationsPt I, VI
EmployeesI 50
VolunteersI 6853
Fiscal year endsHeaderOctober
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13Yes
Records policyVI 14Yes
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY20End FY20
Cash and savingsLn 1–2$347K$189K
Total assetsLn 16$352K$191K
LiabilitiesLn 26−$31K$28K
Net assetsLn 32$383K$163K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Legal feesLn 11b$118K$118K
Accounting feesLn 11c$31K$31K
Advertising and promotionLn 12$15K$15K
Office expensesLn 13$22K$22K
Information technologyLn 14$35K$35K
OccupancyLn 16$49K$49K
TravelLn 17$2K$2K
Conferences, conventions and meetingsLn 19$215K$211K$3K
InsuranceLn 23$4K$4K
Other expenses (24a–d)Ln 24$95K$95K
Total functional expensesLn 25$585K$233K$352K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest $4.4M$3.6M$858K$4.1M 990 PDF
FY2023 $3.8M$3.4M$358K$3.2M 990 PDF
FY2022 $5.2M$2.9M$2.3M$2.7M 990 PDF
FY2021 $1.8M$1.5M$287K$451K 990 PDF
FY2020 Viewing $365K$585K−$220K$163K 990 PDF

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Schedules filed Part IV

III · Programs R · Related orgs G · Fundraising L · Interested persons I · Grants A · Public support O · Explanations
See the full FY2020 990 (6 parts)
Part I · Summary $365,102 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $3,421$718
I-9 Program service revenuePrior year $2,567,873$359,265
I-10 Investment income$0
I-11 Other revenuePrior year −$5,099$5,119
I-12 Total revenuePrior year $2,566,195$365,102
I-13 Grants and similar amounts paid$0
I-14 Benefits paid to members$0
I-15 Salaries and benefits$0
I-16a Professional fundraising fees$0
I-17 Other expensesPrior year $2,569,270$585,016
I-18 Total expensesPrior year $2,569,270$585,016
I-19 Revenue less expensesPrior year −$3,075−$219,914
Part VI · Governance 121 of 121 board members independent, 2 to look at
VI-1a Voting members of the governing body121
VI-1b Independent voting members121
VI-2 Family or business relationship among officers or directorsYes
VI-15a Process for setting top official's payNo
VI-12a Written conflict of interest policyYes
VI-13 Written whistleblower policyYes
VI-14 Document retention and destruction policyYes
Part VIII · Statement of revenue $365,102 across 5 lines filed
Lines not itemized here account for $3,331 of total revenue; see the IRS return.
VIII-1f All other contributions, gifts and grants$718
VIII-1h Total contributions, gifts and grants$718
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $359,265$359,265
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Excluded from tax $1,788$1,788
VIII-12 Total revenueRelated to mission $362,596 · Excluded from tax $1,788$365,102
Part IX · Statement of functional expenses $585,016 across 10 lines filed
IX-11b Legal feesManagement $117,822$117,822
IX-11c Accounting feesManagement $30,875$30,875
IX-12 Advertising and promotionManagement $15,044$15,044
IX-13 Office expensesPrograms $21,632$21,632
IX-14 Information technologyManagement $35,341$35,341
IX-16 OccupancyManagement $49,276$49,276
IX-17 TravelManagement $1,940$1,940
IX-19 Conferences, conventions and meetingsPrograms $211,157 · Management $3,366$214,523
IX-23 InsuranceManagement $3,702$3,702
IX-24 Other expenses (24a–d)Management $94,861$94,861
IX-25 Total functional expensesPrograms $232,789 · Management $352,227 · Fundraising $0$585,016
Part X · Balance sheet $191,275 assets, 8 lines filed
X-1 Cash, non-interest-bearingStart of year $346,683$188,843
X-4 Accounts receivableStart of year $5,533$2,432
X-16 Total assetsStart of year $352,216$191,275
X-25 Other liabilitiesStart of year −$30,860$28,113
X-26 Total liabilitiesStart of year −$30,860$28,113
X-27 Net assets without donor restrictionsStart of year $383,076$163,162
X-32 Total net assets or fund balancesStart of year $383,076$163,162
X-33 Total liabilities and net assetsStart of year $352,216$191,275
Part XI · Reconciliation of net assets $163,162 net assets at year end
XI-1 Total revenue$365,102
XI-2 Total expenses$585,016
XI-3 Revenue less expenses−$219,914
XI-4 Net assets at start of year$383,076
XI-10 Net assets at end of year$163,162

Form 990 e-file (XML) FY2020 from the IRS · Classification, formation year and address from the IRS Business Master File

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