Civic Intelligence

Eastern American Certified Development Company Inc.

990 • Fiscal year 2023 • EIN 20-4647454

Jan 01, 2023 to Dec 31, 2023 • Filed on Jul 29, 2024

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

55th percentile

0.20x

Higher debt load relative to assets than 55% of similar nonprofits.

2023 filings • NTEE S • $1M-$5M nonprofits • Source year 2023

Liabilities / Revenue

54th percentile

0.25x

Higher debt load relative to revenue than 54% of similar nonprofits.

2023 filings • NTEE S • $1M-$5M nonprofits • Source year 2023

Net Margin

83rd percentile

34%

Higher net margin than 83% of similar nonprofits.

2023 filings • NTEE S • $1M-$5M nonprofits • Source year 2023

Top Officer Pay

31st percentile

$0

Higher top officer pay than 31% of similar nonprofits.

Top officer pay equals 0.0% of source-year revenue.

2023 filings • NTEE S • $1M-$5M nonprofits • Source year 2023

Asset Growth

9th percentile

-17%

Faster asset growth than 9% of similar nonprofits.

2023 filings • NTEE S • $1M-$5M nonprofits • Annualized from 2022 to 2023

Revenue Growth

9th percentile

-41%

Faster revenue growth than 9% of similar nonprofits.

2023 filings • NTEE S • $1M-$5M nonprofits • Annualized from 2022 to 2023

Balance Sheet
Liabilities / Assets55th percentile

Assets

Down

$1,568,675

Down $326,524 (-17%) from 2022

Net Assets

Down

$1,256,374

Down $262,208 (-17%) from 2022

Liabilities

Down

$312,301

Down $64,316 (-17%) from 2022

Revenue And Expenses
Liabilities / Revenue54th percentileNet Margin83rd percentile

Revenue

Down

$1,262,705

Down $868,470 (-41%) from 2022

Expenses

Up

$827,896

Up $287,200 (+53%) from 2022

Net Income

Down

$434,809

Down $1,155,670 (-73%) from 2022

Historical Trend

Balance Sheet Trend

Asset Growth9th 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

2023

Assets$1,568,675
Liabilities$312,301
Net Assets$1,256,374
Open 2023 Filing

Operations Trend

Revenue Growth9th 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

2023

Revenue$1,262,705
Expenses$827,896
Net Income$434,809
Open 2023 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2023 to Dec 31, 2023
Signed
Jul 29, 2024
Return Version
2023v5.0
Gross Receipts
$1,262,705
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$1,163,304$815,904▼ $347,400
Accounts Receivable$666,977$708,496▲ $41,519
Loans From Officers Directors$301,037$259,781▼ $41,256
Land, Buildings, and Equipment, Net$48,299$40,498▼ $7,801
Prepaid Expenses and Deferred Charges$10,576--
Total Assets$1,895,199$1,568,675▼ $326,524
Other Assets Total$6,043$3,777▼ $2,266
Liabilities
Deferred Revenue$17,030$30,160▲ $13,130
Unsecured Notes Loans Payable$15,200$13,864▼ $1,336
Accounts Payable and Accrued Expenses$43,350$8,496▼ $34,854
Total Liabilities$376,617$312,301▼ $64,316
Net Assets / Fund Balance
Net Assets With Donor Restrictions$1,262,942$1,088,142▼ $174,800
Net Assets Without Donor Restrictions$255,640$168,232▼ $87,408
Total Net Assets Fund Balance$1,518,582$1,256,374▼ $262,208
Total Liabilities and Net Assets / Fund Balance$1,895,199$1,568,675▼ $326,524

Asset Categories

AssetBook ValueDepreciationBasis
Leasehold Improvements$35,811$17,905$53,716
Other Land Buildings$3,899$46,786$50,685
Equipment$788$3,396$4,184
Compensation and Service Providers
Top Officer Pay31st percentile

Board Members and Trustees

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

Revenue Composition

Contributions and Grants
$420,475
Program Service Revenue
$804,599
Investment Income
$29,069
Other Revenue
$8,562
All Other Contributions
$420,475
Change in Net Assets
$434,809

Audited Revenue Reconciliation

Revenue per Audited Statements
$1,262,705
Total Revenue per Audited Statements
$1,262,705
Total Revenue per Form 990
$1,262,705
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$777,881
Salaries, Compensation, and Employee Benefits$50,015
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Fees for Services Other$316,153$2,354-$318,507
Office Expenses$212,156$16,459-$228,615
Advertising$48,470--$48,470
Occupancy-$45,324-$45,324
Travel$26,727$306-$27,033
Other Salaries and Wages-$24,000-$24,000
Other Employee Benefits-$15,510-$15,510
Fees for Services Accounting-$14,100-$14,100
Interest$14,003--$14,003
Payroll Taxes-$10,505-$10,505
Fees for Services Legal-$9,193-$9,193
Depreciation Depletion-$7,802-$7,802
Insurance-$7,269-$7,269
Other Expenses$7,875$5,419-$5,419
All Other Expenses$2,742$2,296-$5,038
Total Functional Expenses$655,695$172,201$0$827,896

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$827,896
Total Expenses per Audited Statements$827,896
Total Expenses per Form 990$827,896
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$301,037$259,781▼ $41,256
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
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
2024-07-29
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
4

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

“Loan service fees 316,153 0 0 other fees 0 2,354 0 total 316,153 2,354 0”

Raw XML Appendix393 raw XML fields

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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IRS990ScheduleD/OtherLandBuildingsGrp/DepreciationAmt046786
IRS990ScheduleD/OtherLandBuildingsGrp/OtherCostOrOtherBasisAmt050685
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IRS990ScheduleD/TotalRevenuePerForm990Amt01262705
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IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/LoanPurposeTxt1COVER CASH DEFICIENCIES
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IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/PersonNm1HYE J YANG
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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/ExplanationTxt6LOAN SERVICE FEES 316,153 0 0 OTHER FEES 0 2,354 0 TOTAL 316,153 2,354 0
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PAGE 6, PART VI, LINE 6
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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IRS990/TaxablePartyNotificationInd0false
IRS990/TaxExemptBondsInd0false
IRS990/TerminateOperationsInd0false
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IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt0655695
IRS990/TotalFunctionalExpensesGrp/TotalAmt0827896
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IRS990/TotalLiabilitiesGrp/BOYAmt0376617
IRS990/TotalLiabilitiesGrp/EOYAmt0312301
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IRS990/TotalProgramServiceExpensesAmt0655695
IRS990/TotalProgramServiceRevenueAmt0804599
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ReturnHeader/BuildTS02024-08-08 14:25:15Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0true
ReturnHeader/BusinessOfficerGrp/PersonNm0KWON H JUNG
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0PRESIDENT
ReturnHeader/BusinessOfficerGrp/PhoneNum02015414101
ReturnHeader/BusinessOfficerGrp/SignatureDt02024-07-29
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
ReturnHeader/Filer/USAddress/StateAbbreviationCd0NJ
ReturnHeader/Filer/USAddress/ZIPCd007650
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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/PreparationDt02024-07-30
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0KENNETH K LEE CPA
ReturnHeader/ReturnTs02024-07-30T13:43:26-04:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02023-01-01
ReturnHeader/TaxPeriodEndDt02023-12-31
ReturnHeader/TaxYr02023

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

2023 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$1,568,675
Liabilities
$312,301
Net assets
$1,256,374
Revenue
$1,262,705
Expenses
$827,896
Net income
$434,809
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
2023Detailed filing. Detailed filing data is available for this year.$1.57$0.31$1.26$1.26$0.83$0.43
2022Facts available. Structured filing facts are available, but richer extracted sections are limited.$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