Otakorp Inc
- Assets
- $526.3k
- Revenue
- $1.8m
- Investments
- $0.0
- Employees
- 0
- Location
- Glen Burnie, MD
- Founding
- 10/1997
- Data as of
- 10/2021
- EIN
- 25-1800552
Organization Overview
Otakorp Inc is located in Glen Burnie, MD. The organization was established in 1997. According to its NTEE Classification (A23) the organization is classified as: Cultural & Ethnic Awareness, under the broad grouping of Arts, Culture & Humanities and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Otakorp Inc is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 10/2021, Otakorp Inc generated $1.8m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 6 years, the organization has seen revenues fall by an average of (8.4%) each year. All expenses for the organization totaled $1.5m during the year ending 10/2021. As we would expect to see with falling revenues, expenses have declined by (12.8%) per year over the past 6 years. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
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.
Describe the Organization's Program Activity:
Part 3 - Line 4a
OTAKORP, INC. SPONSORED ITS ANNUAL MEETING AS AN IN-PERSON EVENT. THIS 3- DAY EDUCATIONAL AND IMMERSIVE FESTIVAL OF ASIAN POPULAR ARTS AND CULTURE, CALLED OTAKON, INCLUDED PANELS, LECTURES, WORKSHOPS, CONCERTS, FILM AND VIDEO PRESENTATIONS, AND LIVE APPEARANCES BY THOSE INVOLVED IN THE CREATION, PRODUCTION, AND DISTRIBUTION OF ASIAN ART AND CULTURE. IN 2021 OUR EVENT WAS ONE OF THE FIRST EVENTS OF ITS KIND TO RETURN IN THE WASHINGTON D.C. AREA, SUPPORTED BY 560 IN PERSON VOLUNTEERS AND 100 VOLUNTEERS WORKING REMOTELY. OTAKON'S ATTENDANCE WAS MUCH BETTER THAN ANTICIPATED WITH 25,564 ATTENDEES OVER EACH OF THE THREE DAYS. NOTABLY OUR COVID PRECAUTIONS WERE STRONG AS THERE WERE NO REPORTED OUTBREAKS FROM OUR EVENT. OUR PRESENCE IN WASHINGTON, DC WAS WELCOMED BY MANY LOCAL REPRESENTATIVES, THE EMBASSY OF JAPAN, THE EMBASSY OF THE REPUBLIC OF KOREA, AND NATIONAL ORGANIZATIONS SUCH AS THE LIBRARY OF CONGRESS. THE EVENT IS ONE OF THE LARGEST OF ITS TYPE IN THE UNITED STATES AND HAS BEEN OUR PRIMARY EVENT SINCE THE FOUNDING OF THE CORPORATION.
IN 2021, 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 CONTINUED TO DEVELOP OTAKORP, INC.'S OUTREACH IN PROMOTING ASIAN CULTURE, MEDIA, AND ENTERTAINMENT IN THE UNITED STATES.
OTAKORP, INC. CONTINUED TO DEVELOP ITS RELATIONSHIPS WITH THE EMBASSY OF THE REPUBLIC OF KOREA AND THE EMBASSY OF JAPAN IN ORDER TO CONTINUE OUR CROSS-CULTURAL MISSION. FURTHERMORE, WE WORKED WITH BOTH JAPAN AND SOUTH KOREA'S ARTISTIC COMMUNITIES AND POPULAR ARTS INDUSTRIES TO BRING PROGRAMING, EXHIBITIONS, AND DISCUSSION OF THEIR MEDIA, ENTERTAINMENT, AND CULTURE TO OTAKON. THIS CONTINUED NETWORKING WAS IMPORTANT IN SUPPORTING A RETURN TO IN-PERSON FORUMS AND TO SUPPORT AND FOSTER SIMILAR ARTISTIC COMMUNITIES IN THE UNITED STATES AS IT BECAME SAFE TO DO SO.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Matthew Graves Recording Se | OfficerTrustee | 10 | $0 |
Joey Bruno Comptroller | OfficerTrustee | 10 | $0 |
Elizabeth Cutler Correspondin | OfficerTrustee | 6 | $0 |
Brian Cutler Vice Preside | OfficerTrustee | 15 | $0 |
Rachel Jackson Vice Preside | OfficerTrustee | 7 | $0 |
Rachael Mccleary Recording Se | OfficerTrustee | 15 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Dsl Sound Inc Audio Visual Sv | 10/30/19 | $485,047 |
Hargrove Inc Display Service | 10/30/19 | $251,698 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $46,274 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $46,274 |
| Total Program Service Revenue | $1,758,352 |
| Investment income | $0 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $27,936 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,832,562 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $77,756 |
| Fees for services: Accounting | $15,661 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $32,089 |
| Information technology | $36,132 |
| Royalties | $0 |
| Occupancy | $44,416 |
| Travel | $22,915 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $1,244,051 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $2,238 |
| All other expenses | $0 |
| Total functional expenses | $1,545,126 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $523,901 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $2,432 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $526,333 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $75,735 |
| Total liabilities | $75,735 |
| Net assets without donor restrictions | $450,598 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $526,333 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Otakorp Inc has recieved totaling $2,402.
| Awarding Organization | Amount |
|---|---|
Amazonsmile Foundation Seattle, WA PURPOSE: GENERAL SUPPORT | $2,402 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Ukraine House Dc Foundation Inc Washington, DC | $1,061,730 | $19,720,781 |
Chinese Culture And Community Service Center Inc Gaithersburg, MD | $7,709,480 | $10,886,588 |
Kutztown University Foundation Kutztown, PA | $74,779,996 | $14,561,087 |
Association Of Science-Technology Centers Incorporated Washington, DC | $7,016,883 | $7,242,482 |
National Indian Gaming Association Washington, DC | $8,458,922 | $8,172,394 |
Greater Philadelphia Falun Dafa Association Philadelphia, PA | $1,063,316 | $4,579,656 |
Saudi Arabian U S Business Council Inc Vienna, VA | $3,546,346 | $2,319,248 |
Qatar-America Institute Washington, DC | $5,645,634 | $216,792 |
National Italian American Foundation Inc Washington, DC | $11,046,552 | $2,585,652 |
Center For Black Educator Development Elkins Park, PA | $576,593 | $2,351,434 |
Arab Center Washington Inc Washington, DC | $1,324,287 | $2,306,023 |
Conquistadores Del Cielo Williamsburg, VA | $361,595 | $2,072,328 |