Korean It Network Inc in San Jose, California (CA)

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Korean It Network Inc
Employer Identification Number (EIN)412029856
Name of OrganizationKorean It Network Inc
In Care of NameKim & Lee Cpa
Address3003 N First Street 337, San Jose, CA 95134
SubsectionBusiness League
Ruling Date05/2002
DeductibilityContributions are not deductible
FoundationAll organizations except 501(c)(3)
OrganizationCorporation
Exempt Organization StatusUnconditional Exemption
Tax Period12/2007
Assets$100,000 to $499,999
Income$25,000 to $99,999
Filing Requirement990 - Required to file Form 990-N - Income less than $25,000 per year
Asset Amount$189,374
Amount of Income$64,553
Form 990 Revenue Amount$64,553
National Taxonomy of Exempt Entities (NTEE)Community Improvement, Capacity Building: Promotion of Business


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Amount of income in 2007: $64,553
This organization: 

 $64,553
Other organizations performing similar types of work: 

 $88,861

Assets in 2007: $189,374
Korean It Network Inc: 

 $189,374
Other organizations performing similar types of work: 

 $51,691

Expenses in 2007: $212,894
Korean It Network Inc: 

 $212,894
Other organizations performing similar types of work: 

 $80,127

Income to expenses ratio in 2007: 0.3
Korean It Network Inc: 

 0.3
Other organizations performing similar types of work: 

 0.8

Grants share in income in 2007: 100.0%
Korean It Network Inc: 

 100.0%
Other organizations performing similar types of work: 

 1.0%

Financial snapshot ($)

Assets at end of 2007

Expenses for 2007

Revenue, Expenses, and Changes in Net Assets or Fund Balances
2001200220032004200520062007
Total revenue$822,986$762,001$544,941$615,170$356,228$379,507$64,553
Contributions, gifts, grants, and similar amounts received$822,986$761,982$612,050$615,157$356,199$379,504$64,553
Program service revenue including government fees and contracts$0$0$0$0$0$0$0
Membership dues and assessments$0$0$0$0$0$0$0
Investment income$0$0$0$0$0$0$0
Gain or (loss) from sales of assets other than inventory$0$0$-67,130$0$0$0$0
Gross amount from sales of assets other than inventory$0$0$0$0$0$0$0
Less: cost or other basis and sales expenses$0$0$0$0$0$0$0
Net income or (loss) from special events and activities$0$0$0$0$0$0$0
Gross revenue$0$0$0$0$0$0$0
Less: direct expenses other than fundraising expenses$0$0$0$0$0$0$0
Gross profit or (loss) from sales of inventory$0$0$0$0$0$0$0
Gross sales of inventory, less returns and allowances$0$0$0$0$0$0$0
Less: cost of goods sold$0$0$0$0$0$0$0
Other revenue$0$0$0$0$0$0$0
Total expenses$586,516$838,481$533,049$522,373$379,694$294,369$212,894
Grants and similar amounts paid$0$0$0$0$0$0$0
Benefits paid to or for members$0$0$0$0$0$0$0
Salaries, other compensation, and employee benefits$0$0$0$0$0$0$12,158
Professional fees and other payments to independent contractors$0$0$0$0$0$0$2,750
Occupancy, rent, utilities, and maintenance$0$0$0$0$0$0$308
Printing, publications, postage, and shipping$0$0$0$0$0$0$144
Other expenses$0$0$0$0$0$0$197,534
Net assets or fund balances at end of year$236,470$159,990$171,882$273,831$252,425$337,715$189,374
Excess or (deficit) for the year$236,470$-76,480$11,892$92,797$-23,466$85,138$-148,341
Net assets or fund balances at beginning of year$0$236,470$159,990$171,882$273,831$252,425$337,715
Other changes in net assets or fund balances$0$0$0$9,152$2,060$152$0
Balance Sheets
2001200220032004200520062007
Total assets$261,223$159,990$171,882$279,970$252,425$337,909$189,374
Cash, savings, and investments$0$0$0$0$0$0$180,351
Land and buildings$148,599$115,208$23,793$27,989$20,966$14,683$0
Other assets$0$0$0$0$0$0$9,023
Total liabilities$24,753$0$0$6,139$0$194$0
Net assets or fund balances$236,470$159,990$171,882$273,831$252,425$337,715$189,374
Other Information
Did the organization have unrelated business gross income of $1,000 or more during the year covered by this return, and has it filed a tax return on Form 990-T for this year?No
Was there a liquidation, dissolution, termination, or substantial contraction during the year?No
Direct and indirect political expenditures$0
Did the organization file Form 1120-POL for this year?No
Initiation fees and capital contributions$0
Gross receipts for public use of club facilities$0
At any time during the year, did the organization, directly or indirectly, own a controlled entity within the meaning of section 512(b)(13)?
Amount of tax imposed on the organization during the year under: section 4911$0
Amount of tax imposed on the organization during the year under: section 4912$0
Amount of tax imposed on the organization during the year under: section 4955$0
Did the organization engage in any section 4958 excess benefit transaction during the year or did it become aware of an excess benefit transaction from a prior year?
Amount of tax imposed on the organization managers or disqualified persons during the year under sections 4912, 4955, and 4958$0
Amount of tax above, reimbursed by the organization$0
At any time during the tax year, was the organization a party to a prohibited tax shelter transaction?No
Compensation of the Five Highest Paid Employees Other Than Officers, Directors, and Trustees (for 2007)
CompensationContributions to employee benefit plans & deferred compensationExpense account and other allowances
$0$0$0
$0$0$0
$0$0$0
$0$0$0
$0$0$0
Total number of other employees paid over $50,0000
Statements About Activities (for 2007)
Expenses paid or incurred in connection with the lobbying activities$0
Did the organization receive or hold an easement for conservation purposes, including easements to preserve open space, the environment, historic land areas or historic structures?
Did the organization provide credit counseling, debt management, credit repair, or debt negotiation services?
Did the organization maintain any donor advised funds?
Did the organization make any taxable distributions under section 4966?
Did the organization make a distribution to a donor, donor advisor, or related person?
The total number of donor advised funds owned at the end of the tax year$0
The aggregate value of assets held in all donor advised funds owned at the end of the tax year$0
The total number of separate funds or accounts owned at the end of the tax year (excluding donor advised funds included above) where donors have the right to provide advice on the distribution or investment of amounts in such funds or accounts$0
The aggregate value of assets held in all funds or accounts included above at the end of the tax year$0
Reason for Non-Private Foundation Status
The organization is not a private foundation because it is
Support Schedule
2000200120022003200420052006
Total$0$0$0$0$0$0$0
Gifts, grants, and contributions received$0$0$0$0$0$0$0
Membership fees received$0$0$0$0$0$0$0
Gross receipts from admissions, merchandise sold or services performed, or furnishing of facilities in any activity that is related to the organization's charitable, etc., purpose$0$0$0$0$0$0$0
Gross income from interest, dividends, amounts received from payments on securities loans (section 512(a)(5)), rents, royalties, and unrelated business taxable income (less section 511 taxes) from businesses acquired by the organization after June 30, 1975$0$0$0$0$0$0$0
Net income from unrelated business activities not included above$0$0$0$0$0$0$0
Tax revenues levied for the organization's benefit and either paid to it or expended on its behalf$0$0$0$0$0$0$0
The value of services or facilities furnished to the organization by a governmental unit without charge. Do not include the value of services or facilities generally furnished to the public without charge$0$0$0$0$0$0$0
Other income$0$0$0$0$0$0$0
Lobbying Expenditures by Electing Public Charities (for 2007)
Total exempt purpose expenditures$0
Total lobbying expenditures$0
Total lobbying expenditures to influence public opinion (grassroots lobbying)$0
Total lobbying expenditures to influence a legislative body (direct lobbying)$0
Other exempt purpose expenditures$0
Lobbying nontaxable amount$0
Grassroots nontaxable amount$0
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Number of organizations performing similar types of work
Alaska94
Alabama235
Arkansas185
Arizona346
California1,926
Colorado437
Connecticut191
District of Columbia411
Delaware63
Florida987
Georgia500
Hawaii127
Iowa226
Idaho137
Illinois781
Indiana331
Kansas211
Kentucky222
Louisiana232
Massachusetts358
Maryland360
Maine108
Michigan504
Minnesota341
Missouri377
Mississippi119
Montana114
North Carolina452
North Dakota65
Nebraska146
New Hampshire92
New Jersey401
New Mexico156
Nevada171
New York967
Ohio640
Oklahoma208
Oregon366
Pennsylvania679
Rhode Island73
South Carolina192
South Dakota91
Tennessee282
Texas1,208
Utah166
Virginia613
Vermont69
Washington451
Wisconsin359
West Virginia109
Wyoming44
International34
Total17,957

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