Civic Intelligence

Eastern American Certified Development Company Inc.

990 • Fiscal year 2022 • EIN 20-4647454

Jan 01, 2022 to Dec 31, 2022 • Filed on Aug 15, 2023

Organization ProfileWWW.EA504.ORG
438 Broad AvePalisades Park, NJ 07650

(201) 585-0136

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

57th percentile

0.20x

Higher debt load relative to assets than 57% of similar nonprofits.

2022 filings • NTEE S • $1M-$5M nonprofits • Source year 2022

Liabilities / Revenue

51st percentile

0.18x

Higher debt load relative to revenue than 51% of similar nonprofits.

2022 filings • NTEE S • $1M-$5M nonprofits • Source year 2022

Net Margin

95th percentile

75%

Higher net margin than 95% of similar nonprofits.

2022 filings • NTEE S • $1M-$5M nonprofits • Source year 2022

Top Officer Pay

38th percentile

$55,113

Higher top officer pay than 38% of similar nonprofits.

Top officer pay equals 2.6% of source-year revenue.

2022 filings • NTEE S • $1M-$5M nonprofits • Source year 2022

Asset Growth

98th percentile

421%

Faster asset growth than 98% of similar nonprofits.

2022 filings • NTEE S • $1M-$5M nonprofits • Annualized from 2021 to 2022

Revenue Growth

96th percentile

282%

Faster revenue growth than 96% of similar nonprofits.

2022 filings • NTEE S • $1M-$5M nonprofits • Annualized from 2021 to 2022

Balance Sheet
Liabilities / Assets57th percentile

Assets

Up

$1,895,199

Up $1,531,360 (+421%) from 2021

Net Assets

Up

$1,518,582

Up $1,537,071 (+8313%) from 2021

Liabilities

Down

$376,617

Down $5,711 (-1.5%) from 2021

Revenue And Expenses
Liabilities / Revenue51st percentileNet Margin95th percentile

Revenue

Up

$2,131,175

Up $1,573,462 (+282%) from 2021

Expenses

Down

$540,696

Down $378 (-0.1%) from 2021

Net Income

Up

$1,590,479

Up $1,573,840 (+9459%) from 2021

Historical Trend

Balance Sheet Trend

Asset Growth98th percentile

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$2.0M$1.0M$0-$1.0MAssets 2011: $1,392,524Liabilities 2011: $866,569Net Assets 2011: $525,9552011Assets 2012: $111,770Liabilities 2012: $990,357Net Assets 2012: -$878,5872012Assets 2013: $59,915Liabilities 2013: $973,165Net Assets 2013: -$913,2502013Assets 2014: $38,771Liabilities 2014: $858,805Net Assets 2014: -$820,0342014Assets 2015: $355,450Liabilities 2015: $68,758Net Assets 2015: $286,6922015Assets 2016: $478,264Liabilities 2016: $70,221Net Assets 2016: $408,0432016Assets 2017: $179,301Liabilities 2017: $115,735Net Assets 2017: $63,5662017Assets 2018: $239,584Liabilities 2018: $130,200Net Assets 2018: $109,3842018Assets 2019: $608,631Liabilities 2019: $254,830Net Assets 2019: $353,8012019Assets 2020: $366,971Liabilities 2020: $462,880Net Assets 2020: -$95,9092020Assets 2021: $363,839Liabilities 2021: $382,328Net Assets 2021: -$18,4892021Assets 2022: $1,895,199Liabilities 2022: $376,617Net Assets 2022: $1,518,5822022Assets 2023: $1,568,675Liabilities 2023: $312,301Net Assets 2023: $1,256,3742023Assets 2024: $1,145,222Liabilities 2024: $232,022Net Assets 2024: $913,2002024

Highlighted filing

2022

Assets$1,895,199
Liabilities$376,617
Net Assets$1,518,582
Open 2022 Filing

Operations Trend

Revenue Growth96th percentile

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$3.0M$2.0M$1.0M$0-$1.0MRevenue 2011: $1,457,407Expenses 2011: $615,562Net Income 2011: $841,8452011Revenue 2012: $558,184Expenses 2012: $609,759Net Income 2012: -$51,5752012Revenue 2013: $490,707Expenses 2013: $532,932Net Income 2013: -$42,2252013Revenue 2014: $415,534Expenses 2014: $321,674Net Income 2014: $93,8602014Revenue 2015: $1,428,969Expenses 2015: $322,242Net Income 2015: $1,106,7272015Revenue 2016: $694,884Expenses 2016: $573,533Net Income 2016: $121,3512016Revenue 2017: $623,261Expenses 2017: $524,791Net Income 2017: $98,4702017Revenue 2018: $544,054Expenses 2018: $498,236Net Income 2018: $45,8182018Revenue 2019: $576,493Expenses 2019: $332,076Net Income 2019: $244,4172019Revenue 2020: $696,478Expenses 2020: $258,860Net Income 2020: $437,6182020Revenue 2021: $557,713Expenses 2021: $541,074Net Income 2021: $16,6392021Revenue 2022: $2,131,175Expenses 2022: $540,696Net Income 2022: $1,590,4792022Revenue 2023: $1,262,705Expenses 2023: $827,896Net Income 2023: $434,8092023Revenue 2024: $406,656Expenses 2024: $559,837Net Income 2024: -$153,1812024

Highlighted filing

2022

Revenue$2,131,175
Expenses$540,696
Net Income$1,590,479
Open 2022 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2022 to Dec 31, 2022
Signed
Aug 15, 2023
Return Version
2022v5.0
Gross Receipts
$2,131,175
Mission and Program Overview

Mission

The specific purpose of this corporation shall be to foster economic development, create or preserve job and education opportunities, train, stimulate growth, expansion and modernizatin of small businesses.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$68,629$1,163,304▲ $1,094,675
Accounts Receivable$7,329$666,977▲ $659,648
Loans From Officers Directors$339,416$301,037▼ $38,379
Pledges and Grants Receivable$219,047--
Land, Buildings, and Equipment, Net$56,632$48,299▼ $8,333
Prepaid Expenses and Deferred Charges-$10,576-
Total Assets$363,839$1,895,199▲ $1,531,360
Other Assets Total$12,202$6,043▼ $6,159
Liabilities
Accounts Payable and Accrued Expenses$21,548$43,350▲ $21,802
Deferred Revenue$7,500$17,030▲ $9,530
Unsecured Notes Loans Payable$13,864$15,200▲ $1,336
Total Liabilities$382,328$376,617▼ $5,711
Net Assets / Fund Balance
Net Assets With Donor Restrictions-$1,262,942-
Net Assets Without Donor Restrictions$-18,489$255,640▲ $274,129
Total Net Assets Fund Balance$-18,489$1,518,582▲ $1,537,071
Total Liabilities and Net Assets / Fund Balance$363,839$1,895,199▲ $1,531,360

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$48,299$60,286$108,585
Compensation and Service Providers
Top Officer Pay38th percentile

Employees

NameTitleFull / Part TimeBaseTotal
Kwon H JungPresidentFT$55,113$55,113

Board Members and Trustees

NameTitle
Alexander Kangseok ChoiDirector
Charles ParkDirector
Jingu SeoDirector
John HaDirector
Ken Gilho ChoiDirector
Michael ShinDirector
Revenue and Support

Revenue Composition

Contributions and Grants
$1,500,000
Program Service Revenue
$631,173
Investment Income
$2
Other Revenue
$0
Change in Net Assets
$1,590,479

Audited Revenue Reconciliation

Revenue per Audited Statements
$2,131,175
Total Revenue per Audited Statements
$2,131,175
Total Revenue per Form 990
$2,131,175
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$412,671
Salaries, Compensation, and Employee Benefits$128,025
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Fees for Services Other$81,174$16,594-$97,768
Office Expenses$68,861$12,123-$80,984
Current Officers, Directors, Trustees, and Key Employees$55,113--$55,113
Occupancy-$43,058-$43,058
Advertising$39,559$100-$39,659
Other Salaries and Wages-$36,399-$36,399
Fees for Services Legal-$29,625-$29,625
Other Employee Benefits-$28,201-$28,201
Interest-$19,370-$19,370
Fees for Services Accounting-$11,800-$11,800
Travel$7,376$981-$8,357
Depreciation Depletion-$8,332-$8,332
Payroll Taxes-$8,312-$8,312
Insurance-$7,742-$7,742
Other Expenses$25,490$2,431-$2,431
All Other Expenses$1,246$784-$2,030
Total Functional Expenses$298,695$242,001$0$540,696

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$540,696
Total Expenses per Audited Statements$540,696
Total Expenses per Form 990$540,696
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Loans from Officers, Directors, Trustees, and Key Employees$339,416$301,037▼ $38,379
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
No
Other officer compensation reviewed
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
Yes
Management duties delegated
No

Governance Explanations

Form 990, Page 6, Part VI, Line 6

“The corporation has 25 members.”

Form 990, Page 6, Part VI, Line 7A

“Total 25 members are responsible for recommending the board of directors of the corporation. The members have no voting power. Board of directors have voting power.”

Form 990, Page 6, Part VI, Line 7B

“Instead of the members, the board of directors must meet at least quarterly and shall be responsible for cdc staff decisions and actions. A quorum shall require at least 5 directors authorized to vote and majority of presented directors have to agree. The board meetings require a quorum to transact business. A quorum must be present for the duration of the meeting. Sba allows interim vacancies on the board of directors to be filled by a majority of the remaining board of directors. Any person filling an interim vacancy must stand for election at the next annual or special meeting of the boards, whichever comes first. If a new board position is created, it must be filled by a vote of the directors at the next annual or special meeting of the directors. When the board votes on sba loan approval or servicing actions, at least two board directors with commercial loan experience acceptable to sba, other than the cdc manager, must be present and vote. There must be no actual or apparent conflict of interest with respect to any actions of the board. The cdc board of directors may delegate management functions to an executive committee. The executive committee must meet the same requirements as the board of directors but may be appointed by the board of directors.”

Form 990, Page 6, Part VI, Line 11B

“Drafts of form 990 are distributed to the board of directors members to get approval for filing.”

Form 990, Page 6, Part VI, Line 12C

“It is in our bylaws and reports to sba every year.”

Form 990, Page 6, Part VI, Line 19

“UPON REQUEST.”

Filing and Contact Details

Filer

Filer Name
Eastern American Certified
EIN
20-4647454
Phone
2015850136
Address
438 BROAD AVE, PALISADES PARK, NJ 07650
Doing Business As
Eastern American Cdc

Signing Officer

Name
Kwon H Jung
Title
President
Phone
2015414101
Signed
2023-08-15
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Kwon H Jung
Formed
2005
Legal Domicile
Nj
Voting Board Members
7
Independent Board Members
7
Employees
5

Preparer

Firm
Kl CPA & Associates LLC
Address
222 BRIDGE PLAZA S STE 720, FORT LEE, NJ 07024
Preparer
Kenneth K Lee CPA
Phone
2127689144
Supplemental Narrative

Additional Explanations

Form 990, Part IX, Line 11G

“Other professional fees 0 9,050 0 other fees prg 3,938 0 0 504 service fees to sba 29,526 0 0 504 ventures 5,913 0 0 504 economic development 30,481 0 0 outside service 11,316 7,544 0 total 81,174 16,594 0”

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This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THE CORPORATION HAS 25 MEMBERS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1TOTAL 25 MEMBERS ARE RESPONSIBLE FOR RECOMMENDING THE BOARD OF DIRECTORS OF THE CORPORATION. THE MEMBERS HAVE NO VOTING POWER. BOARD OF DIRECTORS HAVE VOTING POWER.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2INSTEAD OF THE MEMBERS, THE BOARD OF DIRECTORS MUST MEET AT LEAST QUARTERLY AND SHALL BE RESPONSIBLE FOR CDC STAFF DECISIONS AND ACTIONS. A QUORUM SHALL REQUIRE AT LEAST 5 DIRECTORS AUTHORIZED TO VOTE AND MAJORITY OF PRESENTED DIRECTORS HAVE TO AGREE. THE BOARD MEETINGS REQUIRE A QUORUM TO TRANSACT BUSINESS. A QUORUM MUST BE PRESENT FOR THE DURATION OF THE MEETING. SBA ALLOWS INTERIM VACANCIES ON THE BOARD OF DIRECTORS TO BE FILLED BY A MAJORITY OF THE REMAINING BOARD OF DIRECTORS. ANY PERSON FILLING AN INTERIM VACANCY MUST STAND FOR ELECTION AT THE NEXT ANNUAL OR SPECIAL MEETING OF THE BOARDS, WHICHEVER COMES FIRST. IF A NEW BOARD POSITION IS CREATED, IT MUST BE FILLED BY A VOTE OF THE DIRECTORS AT THE NEXT ANNUAL OR SPECIAL MEETING OF THE DIRECTORS. WHEN THE BOARD VOTES ON SBA LOAN APPROVAL OR SERVICING ACTIONS, AT LEAST TWO BOARD DIRECTORS WITH COMMERCIAL LOAN EXPERIENCE ACCEPTABLE TO SBA, OTHER THAN THE CDC MANAGER, MUST BE PRESENT AND VOTE. THERE MUST BE NO ACTUAL OR APPARENT CONFLICT OF INTEREST WITH RESPECT TO ANY ACTIONS OF THE BOARD. THE CDC BOARD OF DIRECTORS MAY DELEGATE MANAGEMENT FUNCTIONS TO AN EXECUTIVE COMMITTEE. THE EXECUTIVE COMMITTEE MUST MEET THE SAME REQUIREMENTS AS THE BOARD OF DIRECTORS BUT MAY BE APPOINTED BY THE BOARD OF DIRECTORS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3DRAFTS OF FORM 990 ARE DISTRIBUTED TO THE BOARD OF DIRECTORS MEMBERS TO GET APPROVAL FOR FILING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4IT IS IN OUR BYLAWS AND REPORTS TO SBA EVERY YEAR.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt6OTHER PROFESSIONAL FEES 0 9,050 0 OTHER FEES PRG 3,938 0 0 504 SERVICE FEES TO SBA 29,526 0 0 504 VENTURES 5,913 0 0 504 ECONOMIC DEVELOPMENT 30,481 0 0 OUTSIDE SERVICE 11,316 7,544 0 TOTAL 81,174 16,594 0
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IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PAGE 6, PART VI, LINE 7A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PAGE 6, PART VI, LINE 7B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PAGE 6, PART VI, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PAGE 6, PART VI, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5FORM 990, PAGE 6, PART VI, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc6FORM 990, PART IX, LINE 11G
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ReturnHeader/BuildTS02023-04-26 12:10:37Z
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ReturnHeader/BusinessOfficerGrp/PersonNm0KWON H JUNG
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0PRESIDENT
ReturnHeader/BusinessOfficerGrp/PhoneNum02015414101
ReturnHeader/BusinessOfficerGrp/SignatureDt02023-08-15
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0EASTERN AMERICAN CERTIFIED
ReturnHeader/Filer/BusinessName/BusinessNameLine2Txt0DEVELOPMENT COMPANY INC
ReturnHeader/Filer/BusinessNameControlTxt0EAST
ReturnHeader/Filer/EIN0204647454
ReturnHeader/Filer/PhoneNum02015850136
ReturnHeader/Filer/USAddress/AddressLine1Txt0438 BROAD AVE
ReturnHeader/Filer/USAddress/CityNm0PALISADES PARK
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ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0451343806
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0KL CPA & ASSOCIATES LLC
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt0222 BRIDGE PLAZA S STE 720
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0FORT LEE
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0NJ
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd007024
ReturnHeader/PreparerPersonGrp/PhoneNum02127689144
ReturnHeader/PreparerPersonGrp/PreparationDt02023-08-15
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0KENNETH K LEE CPA
ReturnHeader/ReturnTs02023-08-15T14:33:51-04:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonFirstNm0KWON
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonLastNm0JUNG
ReturnHeader/TaxPeriodBeginDt02022-01-01
ReturnHeader/TaxPeriodEndDt02022-12-31
ReturnHeader/TaxYr02022

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

2022 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$1,895,199
Liabilities
$376,617
Net assets
$1,518,582
Revenue
$2,131,175
Expenses
$540,696
Net income
$1,590,479
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.15$0.23$0.91$0.41$0.56$0.15
2023XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1.57$0.31$1.26$1.26$0.83$0.43
2022Detailed filing. Detailed filing data is available for this year.$1.90$0.38$1.52$2.13$0.54$1.59
2021XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$0.36$0.38$0.02$0.56$0.54$0.02
2020XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$0.37$0.46$0.10$0.70$0.26$0.44
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$0.61$0.25$0.35$0.58$0.33$0.24
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$0.24$0.13$0.11$0.54$0.50$0.05
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$0.18$0.12$0.06$0.62$0.52$0.10
2016Summary only. Only limited summary data is available for this year.$0.48$0.07$0.41$0.69$0.57$0.12
2015Detailed filing. Detailed filing data is available for this year.$0.36$0.07$0.29$1.43$0.32$1.11
2014Detailed filing. Detailed filing data is available for this year.$0.04$0.86$0.82$0.42$0.32$0.09
2013Summary only. Only limited summary data is available for this year.$0.06$0.97$0.91$0.49$0.53$0.04
2012Summary only. Only limited summary data is available for this year.$0.11$0.99$0.88$0.56$0.61$0.05
2011Summary only. Only limited summary data is available for this year.$1.39$0.87$0.53$1.46$0.62$0.84
Peer Organizations

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