Lake Merritt Asian Cultural Arts Center Affordable Housing Corp
- Assets
- $559.4k
- Revenue
- $69.3k
- Investments
- $0.0
- Employees
- 0
- Location
- Oakland, CA
- Founding
- 07/2014
- Data as of
- 12/2023
- EIN
- 46-3434797
Organization Overview
Lake Merritt Asian Cultural Arts Center Affordable Housing Corp is located in Oakland, CA. The organization was established in 2014. According to its NTEE Classification (W99) the organization is classified as: Public & Societal Benefit N.E.C., under the broad grouping of Public & Societal Benefit and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Lake Merritt Asian Cultural Arts Center Affordable Housing Corp is a 501(c)(4) and as such, is described as a "Civic League, Social Welfare Organization, and Local Association of Employees" by the IRS.
For the year ending 12/2023, Lake Merritt Asian Cultural Arts Center Affordable Housing Corp generated $69.3k in total revenue. This represents relatively stable growth, over the past 5 years the organization has increased revenue by an average of 4.6% each year. All expenses for the organization totaled $78.0k during the year ending 12/2023. While expenses have increased by 10.1% per year over the past 5 years. They've been increasing with an increasing level of total revenue. 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
LEASE AFFORDABLE INSTRUCTIONAL SPACE FOR THE TEACHING OF ASIAN MARTIAL ARTS. THE SPACE IS LEASED TO ABOUT 5 MARTIAL ARTS PROVIDERS ON AN HOURLY BASIS. MOST OF THE HOURS ARE RENTED BY NON-PROFIT ORGANIZATIONS PROVIDING LOW COST TO FREE INSTRUCTION TO MORE THAN 200 RESIDENTS OF OAKLAND AND SURROUNDING CITIES LEASE THE RESIDENTIAL PORTION OF THE PROPERTY TO 6 LOW INCOME RESIDENTS OF OAKLAND CA AT AFFORDABLE RATES. IN 2021 THERE WAS 100% OCCUPANCY. MOST OF THE RESIDENTS ARE INVOLVED IN PROVIDING LOW COST TO FREE MARTIAL ARTS AND SELF-DEFENSE TRAINING TO OAKLAND YOUTHS AND ADULTS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE EXPENSES FOR ALL PORTIONS OF OUR PROGRAM SERVICES ARE OVERALL BUILDING EXPENSES SUCH AS MORTGAGE, PROPERTY TAX, INSURANCE ETC. AND SO CANNOT BE DIVIDED BETWEEN THE 2 PROGRAMS SHARING THE BUILDING BASED ON USE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Noya Kansky Resident Director | Trustee | 0.25 | $0 |
Rowan Powell Resident Director, President | Trustee | 0.25 | $0 |
Timothy Sheehan Artist Director | Trustee | 0.25 | $0 |
Amanda Marini General Director | Trustee | 0.25 | $0 |
Uchechukwu Mowete Artist Director | Trustee | 0.25 | $0 |
Michael Esmailzadeh CFO | Officer | 2 | $0 |
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 | $6,040 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $6,040 |
| Total Program Service Revenue | $63,301 |
| 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 | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $69,341 |
| 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 | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $420 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $6,837 |
| All other expenses | $0 |
| Total functional expenses | $78,003 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $109,415 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| 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 | $450,000 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $559,415 |
| 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 | $298,248 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $298,248 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $109,415 |
| Paid-in or capital surplus, or land, building, or equipment fund | $151,752 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $559,415 |